Melbourne Property And Auctions
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It's the Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of the Real Estate Podcast, available on iHeartRadio and also Spotify and Apple Podcasts, or wherever you get your podcasts from. And it's Tuesday, the 25th of May for 2022, with the month really starting to run itself down. June is just around the corner. And coming up, we're going to be talking with Fabian Sinelli from Melbourne, taking a look at the property market there. Fabian very much tracks the pulse of the city and knows it inside out. I see that Peter Dutton is set to stand unopposed today in the contest for the next leader of the Liberal Party.
It follows the shock defeat on Saturday of former Treasurer Josh Frydenberg, who was once tipped as a future Prime Minister. And sticking with politics, Scott Morrison is set to lose a lot more than just the election on Saturday night. As everyone around the country is confronted with the cost of living... Morrison's own take-home salary has been affected going from $550,000 to $211,000 and he's lost the use of rent-free accommodation, free groceries, a private VIP plane and a taxpayer-funded chef and chauffeur. So the election loss brings the Morrison family budget now to nearly $1,000 a day. Still well ahead, we should say, of most Australian families. It's the main centre forecast with propertybuyer.com.au.
Let's check out your weather around Australia. First, we go to Sydney, expecting showers with a possible morning storm and a high of 20 degrees. Good morning to you in Melbourne, expecting a fine sunny day and 19. Brisbane, showers to increase throughout the day, a high of 23. And in Perth, expecting sunshine, a ditto on yesterday and 21 degrees is your forecast high. informing you on real estate. Wake up every morning to the Real Estate Podcast. Well, what is happening in the Melbourne market? Well, let's find out. And welcome to the podcast, Fabian Sinelli. He's the Managing Director and Auctioneer from EYS Auctions. Good morning, Fabian. Welcome back to the podcast. Morning Craig, thanks for having me again.
Great to have you on and since we last spoke it seems like a lot has happened so with that in mind let's focus our attention on Melbourne which like the rest of the country has the election behind it. So how does your local market there in Melbourne feel at the moment post-election? Yeah, look, great question, Craig. I think what we're seeing at the moment is the market is normalising. We're starting to see clearance rates sit around that 60% mark, which is pretty fair given the settling down of that post-pandemic boom, the interest rate rise and, of course, the federal election that's just happened. What I found interesting the previous weekend that we've just experienced, not including the last one, given the fact that that was federal election weekend, I don't think we can use that weekend as an example.
But the weekend before, so the 14th of May, we've seen property values in Melbourne dip. So we've seen them drop 0.2% in the last week. We've seen them drop 0.4% from last month. But, Craig, positively, we're actually 6.6% above over the last 12 months, which is actually significant. the strongest performing capital city in Australia for price growth. So that comes back to what I was saying on the last show about our market going through a correction. So to still be up 6.6% from this time last year is a huge positive. It just simply means that we've gone from a strong market to a normal market since 2022 kicked off. Another observation I've also found, Craig, is that good quality stock in this market that's priced well will still generate enough competition and more than likely sell.
But it's those upper end properties that are starting to feel the biggest pinch. And I think that's because of that rate rise. The not-so-in-demand properties need a different strategy in this market, plain and simple. So, for example, tenanted properties, apartments, potentially poorly presented properties and maybe land, agents should really start looking at in-room auctions to generate more buzz and competition as those types of properties probably wouldn't benefit an onsite method in this market.
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