14th October 2024 / Jeremy Desmier: Market Update | 12 & 13 October 2024

We were treated to stunning Spring weather and strong auction results on another busy auction weekend, and plenty of property news across Melbourne.

Melbourne Home Price Gains

Prices are on the move in 95 Melbourne suburbs according to PropTrack, and 58 of them are home to typical price tags below $1 million. Lyndhurst in the city's southeast tops the list, with the $930,420 median home value up $32,100 in the past 12 months after a 3.6 per cent growth spurt. Nearby Junction Village is also up, rising $21,418 (3.4 per cent) to $659,000.

PropTrack economist, Anne Flaherty, said with interest rates at their highest level since 2011, it wasn't surprising many of the suburbs where prices are still growing were amongst the city's more affordable. "What we are seeing is that the share of suburbs that have a median that falls within the buying range of a lot of first-home buyers is shrinking, and that's meaning that those more affordable suburbs and pockets are drawing in a higher share of all buyers out there". Ms Flaherty said.

New Listings Hit Peak Not Seen Since 2015

According to PropTrack, analysis of new listings on realestate.com.au during the month of September revealed that volumes in September 2024 were 2.8 per cent higher over the month and 10.1 per cent higher year-on-year. This makes it the most active September for new listings since the same month in 2015.

The surge in activity puts the month on par with February of this year – typically the high point for listings as new properties enter the market after the holiday lull. According to Cameron Kusher, PropTrack's director of economic research, new listings have been on the rise in Melbourne, Sydney, Hobart and Canberra for more than a year.

Fletchers Auction Weekend

After owning the home for an incredible 53 years, our vendor of 13 Crellin Street in Doncaster East sold her property under the hammer to a lovely family. Three bidders competed to secure the spacious home, which sold for $1,684,500.

The classic three-bedroom home at 34 Penrose Street in Box Hill South attracted two bidders, with auctioneer Stefan Cook selling the property under the hammer for $1,311,000.

Offered for sale for the first time, the original family home at 12 Vega Street in Balwyn North was an emotional experience for our vendors. The highly desirable street and exciting opportunity attracted three bidders, with the home selling under the hammer.

If we can assist with any of your property plans, please give us a call.