7th May 2019 / Rob Fletcher: Auction Snapshot | 4 & 5 May 2019

The latest auction results from the weekend have proven that Melbourne's property market continues to hold firm despite enduring vigilance from buyers. When compared with last week, the increase in clearance rates and number of auctions held on Saturday is 'a sign there's a bit more confidence in the market,' said one agent.

Coming off the back of the Easter and ANZAC Day public holidays and with the upcoming May 18th election on the horizon, industry experts say the spike in numbers at auction is largely due to an increase in investor activity. 'They want to buy before the election. When the market dropped in the GFC (global financial crisis), it dropped a lot. But when things are turning, the investors come out and they buy because they know it's going to go up a lot', according to Domain.

After weeks of mulling over whether to cut interest rates, the decision to leave the cash rate on hold at 1.5% was announced on Tuesday 7th May 2019. Earlier in the week, News.com.au said 'interest rate cuts are coming – but probably not this week. Expectations that the Reserve Bank will cut the official cash rate for the first time in 32 months appear to be waning, despite the odds of a move being at their highest point in years'.

Saxo Bank Market specialist, Eleanor Creagh said it would be 'somewhat controversial for them to cut rates with less than two weeks until the Federal election.'

Don't forget, if you're planning on selling this year, Fletchers is offering you the chance to win 1 of 4 $10,000 travel vouchers! Book an appraisal and sell with us in 2019 for your chance to win. For conditions of entry, please visit fletchers.net.au/100yeartravel.