A change in the market can mean more time for buyers and sellers.
July saw 510 properties sold in the Victorian Real Estate Board (VREB) region. This is 40 per cent less than the 835 properties that changed hands in July 2021 and a 17 per cent drop compared to June sales figures.
Year-over-year, condo sales fell 40 percent to 172, while sales of single-family homes fell more than 35 percent to 254.
VREB President Karen Dini-Smith said in a statement: “We have noted in the past that there is a shift in the local housing market. “This continued in July as sales slowed and we saw fewer listings come to market with more existing properties remaining for sale. This slowdown means a calmer and friendlier environment for decision-making, which will benefit both sellers and buyers and be a relief to many.”
There were 2,162 active listings at the end of July, up five percent from June and more than 70 percent of the 1,270 properties for sale at the end of July 2021.
“We’re going to see volatility in rates and prices because of the high interest rates and inflation that are happening right now,” Dini-Smith added. “Values rise and fall from time to time, and historically local real estate values have gradually increased over time… The government’s recent focus has been on demand-side mechanisms and other market reforms, such as a mandatory three-day cooling-off period starting in 2023 for a better long-term future.” Time to address the housing supply crisis, which will put significant pressure on house prices for the next round.
The average single-family home in Victoria’s core was $1,433,800 in July, down from $1.46 million in June, but up from the $1.2-million seen in July 2021.
The benchmark for a condo in the core was $639,600, down from $643,100 in June, but up significantly from $502,600 last July.
The price of a single-family home on the Peninsula was $1,332,600 in July, down from $1.34 million in June but up from $1.12 million in July 2021. From $576,200 in July 2021.
On the West Shore, the benchmark for single-family homes hasn’t moved much in a year. It was $1,136,400 in July, down slightly from $1.14 million in June, but up $1.12 from July 2021. The benchmark for condos paints a different picture, with July’s price of $555,200 up from $545,900 in June, but higher than last time. July price $453,600.
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Economic real estate
