What's the market like in Melbourne at the moment?

**Arimeh** · September 5th, 2011, 12:51 PM

Just wondering if someone could tell me what the market is like in Melbourne at the moment, if its as slow as it is down here in tassie or not?

The average time for a house to sell down here used to be 3 months, now its more like 18 months to 2 years to shift a property.

Our RE agent has been talking to someone from Melbourne and he thinks she is interested enough to make an offer, however the contract would be subject to the sale to her property.

I don't mind this, I think a contract is better than no contract - but just wanting to get an idea on how long I will be waiting before the contract could possibly settle! LOL

Does anyone know?

**FabFiona** · September 5th, 2011, 01:05 PM

Depends what suburb. Auction rates across Melb are around 60% at the moment. Regional areas are a bit slower.

If you know the suburb that will give me a better idea.

**nickle730** · September 5th, 2011, 01:06 PM

We just sold our house. We had an offer within a few days of listing, but they wanted a 20 day settlement and we couldn't make that work. We had plenty of interest but no bids at auction; most of the interest was from people who had not yet sold themselves. We sold 2 weeks after auction (so 6 weeks after listing) for slightly more than what we wanted.

I think any property will sell if it is priced correctly, taking into account the current market place. Do you know what area of Melbourne your prospective buyer is from?

**~Gee_Whizzy~** · September 5th, 2011, 01:07 PM

my sister and her DH recently sold their house and it was on the market for 2 months.

hth

**Manhattan** · September 5th, 2011, 01:19 PM

Like everywhere, Melbourne's property market has cooled. However, given the suburb, price, quality of the property, and the seller's expectations, many houses have no problem selling quickly.

Fwiw, we sold our house just over 4 months ago. We had a one month auction campaign and we had several offers prior to the auction, and then it sold for more than the reserve on auction day. We even had enough confidence in our property to buy before we sold despite everyone telling us not to. The house we bought was on the market for 4 days!

Like FF, would be keen to know what suburb? We could even have a sticky on real estate dot com to see if it's any good!

**OceanPrincess** · September 5th, 2011, 01:41 PM

I'd have to agree - I don't think it's anywhere as bad as Tasmania by the sounds of it! Some houses can sit for a while if they are not priced right but some move really quickly.

Some areas are picking up, some are slowing. It's a bit up and down!

**Nai** · September 5th, 2011, 01:41 PM

Depends on the suburb but most houses that get passed in at auction seem to sell within 2-3 weeks, provided that the price is reasonable of course.

**~me~** · September 5th, 2011, 02:15 PM

I live in a high growthe area...over 220 properties on the market at the moment. If they don't sell within the first month of being listed, they are hanging around for a very long time.
One house that I have noticed has been on the market for over 18mths. The guy is doing anything to help himself as in the garden is very much to one persons taste and the inside is not great.
The good ones are being snapped up quickly. Most of the houses around here are selling for $450,000-$550,000+ so people should be a little picky.

**meow** · September 5th, 2011, 02:25 PM

My aunty just sold her place within a couple of weeks. Super run down and needing loads of repair but it was snapped up at a price she was really with. Melbourne still has lots of growth going on so I can't see the property market slowing too much.

**Arimeh** · September 5th, 2011, 02:37 PM

Thanks guys

That gives me some hope. I have no idea where she lives, doubt the RE agent will tell us, however, if (and this is a BIG if) she wants to enter into a contract, I'll find it out then and let you know (just the suburb obviously not the whole address... LOL)

Cross your fingers, this could be it!!