Melbourne Auctions - Pricing
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What is the main topic discussed in this episode?
It's the Real Estate Podcast across every state, city and town of Australia. And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning, also on Spotify and Apple and wherever you get your podcast from. It is a Thursday morning, the 28th day of July for 2022. Yes, the month is running out. Coming up, we're going to be looking at the Melbourne auction scene with Fabian Sinelli, who is right in the thick of all the auctions going on there right now. And if you're celebrating your birthday for the 28th today, you are sharing it on the same day as Jacqueline Kennedy Onassis. She would have been celebrating today, but she died back in 1994. And of course, inflation was the big talking point yesterday.
It's the highest it has been in 21 years, currently now sitting at 6.1%. And it looks like next week all predictions are the RBA is going to raise the cash rate another 50 basis points. In the June quarter, one of the biggest increases that was announced yesterday was new dwellings. So that's construction costs up by 5.5%, petrol up by 4%, which we are all feeling. And the shortage of building supplies and labour combined with high freight costs and a high level of new building construction is all helping push up the cost of a newly built property. Now just take a look at those vegetables. They went up 7.3%. Remember, this is just for between March and June. And the September quarter, the economists are predicting not great things for, and the current trend is likely to continue.
And when you factor in that a good chunk of this pain is coming from the Ukraine war, trying to get Putin to the negotiating table when he knows that it's far better for him to keep fighting and being a global disruptor to the world economy is such a dangerous position that we are all in. So as you can see, things are not great. But if anybody can manage the storm, the Aussies can. From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. It's the main centre forecast with propertybuyer.com.au. All right, let's check on your weather around Australia. And good morning if you're in Sydney this morning, expecting a sunny Thursday. Your high of 19 degrees.
Melbourne, the showers to increase and a high of 13. Brisbane blue skies with sunshine in 20 degrees and in Perth the rain is also turning up at a high of 21 degrees.
What is the current state of the Melbourne auction market?
Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30. Let's talk Melbourne property and auctions, a podcast series with Fabian Cinelli. And what is happening in the Melbourne market right now? Well, let's find out. And welcome to the podcast, Fabian Sinelli, Managing Director and Auctioneer from EYS Auctions. A very good morning to you, Fabian. Welcome back to The Breakfast Podcast. Good morning, Craig. How are you? Pretty good. You're still battling a little bit. Still got a little bit of COVID going on, but you're powering through it. Powering through it. We've been very, very lucky with mild symptoms across our household. But, you know, look, avoided it for two and a half years.
We were never going to avoid it forever. Yeah, roll on spring. And we're going to get to spring in just a moment. But we are looking at the state of the Melbourne property and auctions. And every time that we get to speak, it seems like something's happened between our interviews. So many different talking points in the market, almost hard to track. It's very hard to track at the moment. The good news, though, is that I feel like This is probably the first show that we've had in a number of weeks where I genuinely think we are experiencing a stabilised market. I think the Melbourne market at the moment is stable. Clearance rates aren't really dropping. Yes, they're not rising. But importantly, they're not dropping any further than where they sit at the moment.
A really interesting stat that I found the last week or so is, and I've had this backed up with a number of my clients, private sale clearance rates within 30 days right now for Metro Melbourne are at 11%.
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