A total of 559 sales were recorded across Melbourne and Geelong in November, a 10% decrease on the number of sales recorded in October. The November interest rate rise likely dampened purchaser enthusiasm with many prospective buyers now likely to delay purchasing until the new year when the trajectory of future interest rates will become clearer.
The Ladder (Gross Sales)
All of metropolitan Melbourne’s regions were represented amongst the top trading projects in November, for the first time since June the two top selling projects were from outside the North region.
Sales by Region
The West was the only region to record an increase in gross sales in November and in doing so reclaimed its place atop the market share leaderboard. The West’s increase in sales across November was driven by smaller more affordable lots accounting for a large proportion of lots sold. In comparison to other regions the West recorded the smallest median lot size and lowest median sold price across the month.
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