North Melbourne shows the selective buyer more plainly than almost anywhere in the inner north. The apartment market is deep and active, with well over three hundred one and two-bedroom units sold across the year and the two-bedroom stock clearing at close to seven in ten. The house market is where buyers are taking their time.
Two-bedroom houses near $1.034m are clearing at around half, and three-bedroom homes near $1.341m are sitting close to ten weeks on market at a similar rate. Buyers are comparing widely and in no hurry.
That makes realistic pricing essential. A well-presented character home still draws interest, but buyers are quick to move past anything that looks ahead of the market or needs work. Pricing to this year's genuine local sales, rather than a stronger figure from a year or two ago, is what turns a longer campaign into a sale.
Median sale price for houses in North Melbourne is $1,242,500, down 1.7% from last year.
Median sale price for units in North Melbourne is $561,000, up 18.1% from last year.
Properties sold for houses in North Melbourne is 118, down 5.6% from last year.
Properties sold for units in North Melbourne is 363, up 16.0% from last year.
Auction clearance for houses in North Melbourne is 62.2%, down 1.7% from last year.
Auction clearance for units in North Melbourne is 79.4%, up 11.2% from last year.
Av days on market for houses in North Melbourne is 42, down 20.8% from last year.
Av days on market for units in North Melbourne is 34, down 12.8% from last year.
$1,730,000
$1,295,000
$1,242,500
$1,130,000
$1,100,000
$472,000
Wondering what homes are actually selling for locally? Browse recently sold properties in the area
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The Reserve Bank's decision to leave the cash rate on hold at 4.35 per cent is welcome news for buyers, sellers and businesses alike. While it's not a silver bullet for Melbourne's property market, it should provide some reassurance that the aggressive phase of the interest rate tightening cycle may be easing.
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