13th May 2024 / Jeremy Desmier: Market Update | 11 & 12 May 2024

We were treated to another stunning display of Autumn weather in Melbourne as we enjoyed another busy Saturday in real estate, then an enjoyable Sunday celebrating the women in our lives for Mother's Day.

Whilst the Domain Group recorded a clearance rate of 58% for Melbourne, the Fletchers Group was thrilled to achieve a strong 86% clearance rate for our clients.

Over the weekend, the charismatic weatherboard home at 5 Thema Street in Nunawading attracted four bidders, selling under the hammer for $1,500,000. Rich with personality, the home was auctioned by Director Rob Sheahan and offered the successful purchaser two spacious living zones, north-facing alfresco deck, and a convenient location.

After being on the market twice before, our vendors of 153 Summerhill Road in Glen Iris made it third time lucky with agent & auctioneer Michael Rosano. After lengthy negotiations post-auction, the stylishly renovated, Art Deco home was sold and all parties were thrilled with the result!

In Mill Park, Director Tim Yu, auctioneer Jake Popalis and the team at Fletchers Bundoora successfully sold two properties under the hammer – 17 Buckmaster Drive selling for $702,500 with 3 bidders and 18 Hawthorn Court selling for $789,000 with 5 bidders.

With the Reserve Bank keeping interest rates on hold once again, Melbourne's auction market benefited from buyers feeling a little more confident because of the decision. There is still plenty of speculation as to what the next move will be, but we continue to see sought-after properties perform well.

Many homebuyers are also set to pocket savings from the cost-of-living measures in the upcoming 2024 federal budget, which will include more than $11 billion in new spending for housing and new home building. Federal Treasurer Jim Chalmers will deliver a cost-of-living focused budget, that he says won't contribute to inflation.

The biggest part of the cost-of-living relief in the budget will be the updated stage three tax cuts, which will see all taxpayers get a cut from 1 July, with more of the benefit going towards low- and middle-income earners. The changes will lower the tax rate for lower brackets, while workers on the highest two tax brackets will see the threshold raised.

Next weekend, a total of 1,148 auctions are expected across Victoria. If you need any advice on your property situation, please give us a call!