15th April 2024 / Jeremy Desmier: Market Update | 13 & 14 April 2024

The Autumn property market continues to be strong, after a short pause over the Easter break. The number of homes going under the hammer and broader listing numbers are both up on last year, giving prospective buyers more choice and creating greater balance between buyers and sellers. The preliminary clearance rate for the week was 66.5%, with the Fletchers Group achieving a strong success rate of 80%.

PropTrack economist, Anne Flaherty said the figures were "pretty impressive" for school holidays, but the market was "unusually busy" for this time of year. "It will be interesting to see what happens post school holidays; to see if that leads to a lift in the clearance rate...if it falls below that (mid 60's), that's a sign we are heating more toward a buyer's market."

She commented further that it looks like the Winter selling season will be busier than last year as well.

The expectation of an interest rate cut in either late 2024 or early in 2025 has injected optimism in the industry, giving both buyers and sellers greater confidence to get into the market. Housing demand has been buoyed by population growth, tight rental markets and resilient labour market conditions. Home equity gains also remain in play, alongside the stable interest rate environment.

Over the weekend, we saw a record high achieved at 7 Boardman Close, Box Hill South where three bidders competed to secure the single-level family home. Marketed by Ian van Eijk, the property is located just steps from Gardiners Creek Reserve and sold under the hammer for $1,145,000.

In Bundoora, five bidders sought to secure the modern family home at 22 Gonella Crescent. Conveniently located and boasting neutral tones throughout, the home was marketed by Director Tim Yu and sold for $1,163,000.

In Surrey Hills, a family home for over 75 years built by our vendor's parents, sold post-auction. We are thrilled for our vendors and the successful purchasers of 28 Weybridge Street! Situated on a substantial 792 sqm approx. block, the property offers immense future potential within a highly coveted, blue-chip suburb.

Just over 1,000 auctions are scheduled for the coming weekend - up from just 679 a year prior. We're looking forward to seeing continued strong competition and activity in the market, even as we move into the colder months of Winter.

If you need any advice for your property plans, please get in touch.