12th February 2024 / Jeremy Desmier: Market Update | 10 & 11 February 2024

The summer weather didn't disappoint over the weekend, with prospective buyers basking in the sunshine as they attended inspections and auctions.

In Ashburton, two bidders competed to secure the stunning four-bedroom home at 3 Oliver Street. Freshly painted throughout, the elegant home boasts a sparkling pool and fun-filled entertaining zones. The property was sold under the hammer by agent and auctioneer, Michael Rosano, for $2,350,000.

Offering potential to build a luxurious new residence, the neatly original home at 16 Wingan Avenue in Camberwell saw three parties bid for the opportunity. Zoned for Canterbury Primary School and Camberwell High School, the property was sold by Director & Auctioneer, Michael Richardson, for $2,300,000.

After interest rates were left on hold this month, many potential buyers are asking the question – should I buy a house now, or wait until interest rates fall? According to the latest Domain House Report for the December quarter, both house and unit prices across combined capitals have hit new record levels, adding a fresh urgency to the dilemma.

Domain's Chief of Research & Economics, Dr Nicola Powell, advise potential buyers to "keep calm and carry on". She adds, "when you're purchasing property, it's for a long-term investment and you are going to ride multiple property cycles, and that's how you build financial wealth. So, if I would give any advice, it would be to buy when it's right for you – housing markets are complex and often impossible to predict."

We certainly agree with that advice, that the best time to buy is when you're personally and financially ready.

The just-released Domain report certainly indicates that price growth will continue, with Melbourne showing a steady recovery. The median national house price has now reached $1,094,539, which is 2.1 per cent up on the previous quarter, and 7.8 per cent up on the year.

Most commentators believe interest rates will be cut this year which will help affordability and buyers' borrowing power but may also further encourage more people to enter the market. At the moment, there is still a shortage of good homes for sale, so when you find the right property for you, it's time to act.

We're looking forward to another busy week in real estate! Get in touch if we can assist with any of your property needs.