Streetwhispers 19.02.2025 - Melbourne property market update
- sven6287
- Feb 19
- 4 min read
Good Morning ,
I hope your week’s been off to a solid start. The market’s ticking along nicely, except in a few spots where stock is piling up and refusing to budge. Case in point: the Peninsula (or as a colleague put it, Victoria’s holiday house superstore). Plenty on the shelves, but not everything’s flying off them.
The big news this week is, of course, the rate cut - though I wouldn’t expect too much from it. With this easing cycle expected to be shallower than past ones, the road to recovery will be long and bumpy. And that’s not necessarily a bad thing. In a world of instant gratification, it’s a good lesson in patience for the younger crowd.
For buyers, the takeaway is simple: be careful what you commit to. Make sure you have contingencies in place. What happens if your situation changes and you’re forced to sell - or worse, forced to sell quickly? The property you buy needs to tick the right boxes, the kind that will draw competition no matter the market conditions.
What's happening with the market?
I'm glad you asked.
In terms of our Melbourne property market update - the REIV’s 82% preliminary clearance rate from 441 auctions might seem strong - especially after the same clearance rate from 341 auctions last week, but compared to the same time last year - 79% from 848 auctions? Interestingly enough, this resembles the same result as last week for the yearly comparison. Numbers of transactions are down, the sentiment appears to be solid.
We secured three properties so far in February - again, all off-markets. Don’t sell yourself short - get professional representation.
One more note on off-markets - agents offer them to buyers who know exactly what they want and are ready to act. In a buoyant market, that’s often an underbidder from a recent auction, where the agent has solid evidence the property fits their criteria. Because we’ve done the groundwork with our clients, these opportunities come to us first - before they hit the public.
Working with us means that you won’t miss out, you won’t pay too much, and you won’t buy a bad home.
Peak and Pits
70 Newry St FITZROY NORTH 3068 - Private Sale $1,515,000
Persistence beats resistance. First listed in June 2024 (REIV glitch?), but ultimately sold right on the money compared to its peers. Nicely updated with room for a few cosmetic touches in the bathroom - because who doesn’t love a little inner-north terrace?
70 Whitby St BRUNSWICK WEST 3055 VIC - Auction $1,350,000
Not quite the $985K–$1.08M the agent initially suggested to the market, but a solid result nonetheless. Given that 131 Whitby sold for $1.26M with a better location and a sturdier brick build, this one still held its own.
12 Michael Street Fitzroy North, VIC, 3068 Private Sale $1,205,000
Good buy? Let’s break it down:
Location: Tick! A leafy, tree-lined street surrounded by period homes in a pocket of Fitzroy North that feels like a neighbourhood.
Position: Tick! A corner block gives you maximum flexibility if you’re thinking of renovating or extending.
Price: In line with what inferior properties in Fitzroy North are going for.
I’d have bought that.
2/86 Type St RICHMOND 3121 VIC - Auction $1,505,000
When analysing the development, there’s clear evidence that high $1Ms are achievable. Back in ‘21, Unit 8 (this one) sold for $1,801,000. You could argue it had a slight edge - more modern in some ways, plus a few quirky extras (like a rooftop glasshouse-shower in the ensuite… alright then).
But if privacy matters and you make some smart cosmetic choices, I’d let competition push me to pay this. And despite what you might think, competition isn’t a bad thing. Sure, off-market would be ideal, but strong interest should give you confidence - you’re not the only one seeing value here.
3 York St ST KILDA WEST 3182 - Private Sale $2,310,000
Now, this one’s a cracking package for a young professional couple or fit and active empty nesters. Nothing to do - get your car off the street, low maintenance (at least for a period home), solid brick, beach nearby, Di Stasio… but why am I selling it to you? It’s already gone.
A proud price tag? Yeah, maybe. But I doubt there was any shortage of interest. Unless you fancied living on Canterbury Road or in a rendered ‘90s double-storey, this is the going rate for a spot like this.
10/24 Park St ST KILDA WEST 3182 VIC - Sold Before Auction $675,000
First-home buyers - this one’s for you.
Location: Tram on your doorstep, walk everywhere you need daily - tick.
Floorplan: Proper entrance hall, a kitchen with space for a table, a bright, well-sized living area, and a separate powder room - cracking.
The bedrooms? A bit on the skinny side (ideally, you want at least 3 metres in width). Dealbreaker? Not necessarily. Check the sales history - some in this block were fetching mid-$800Ks back in 2019. Your money should be safe here.
