4th April 2023 / Jeremy Desmier: Market Update | 1 & 2 April 2023

There were 1,188 homes taken to auction across Melbourne this week, the busiest auction week since mid-December (1,226). We are excited to announce that the Fletchers Group achieved one of our highest clearance rates for the year so far, 82%!

In Melbourne, Domain reports that the active bidders per property have risen to 2.8 in February and March, up from a low of 2.2 last November.

Home buyers are now likely to face more competition as the number of active bidders per auction inches upwards and the property market shows signs of stabilising. Auction clearance rates have been holding in some areas, suggesting that prices are stable or rising over recent weeks, on Domain data, and some neighbourhoods have been even stronger. Tuesday's Reserve Bank board meeting will offer clues as to whether further interest rate rises are likely.

Westpac senior economist Matthew Hassan said it was too soon to say if the national uptick in prices as measured by CoreLogic was part of an upwards trend or just a stabilisation. "When you have price movement in the 0.5 per cent range, that can be a wrinkle. It's not an uptick in prices, it's more the end of declines."

First-home buyers emerged for a four-way tussle over a two-bedroom apartment overlooking the lush 20 acres of Burnley Park on Saturday. Fletchers Director & 4th generation family member, Nick Fletcher, listed the 3/32 Park Grove with the property declared on the market at $590,000 and selling for $640,000 on the day. A great result!

An extremely well attended auction saw 1/63 Muir Street in Mount Waverley sell for $222,000 above reserve. Partner & Auctioneer, Steven Zervas, commented that 'whether you were an empty nester seeking lifestyle convenience or a first home buyer, single, couple or a young family keen to secure a position surrounded by many first-class schools, it was a property that had very broad appeal'. The home itself was single level with two generous bedrooms and living areas flooded with natural light. The front home of three, with access to its own secure car accommodation, a huge draw card in this section of the market.

Tucked very privately at the rear of a contemporary trio, 3/5 Franklin Road, Doncaster East sold on Saturday for a strong $1,305,500. Director Jason Salan presided over a well-attended campaign, commenting the result could be put down to the homes 'first-class location, walking distance to Jackson Court, ample amenities and transport,' and is why above-average bidding (five parties on the day) took the home above its reserve.

As we break and recharge over the Easter break, we wish everyone in our community a safe and wonderful long weekend and we look forward to seeing you all on the other side of the chocolate-fest.

If you're considering selling post-Easter, get in touch with your local Fletchers Agent today!