16th September 2024 / Jeremy Desmier: Market Update | 14 & 15 September 2024

As we move further into the Spring selling season, it will become increasingly important for seller's homes to stand out, particularly as there are a lot of properties still to hit the market.

PropTrack economist Anne Flaherty said Melbourne's property market was showing resilience at the moment, but warned that even if auction clearance rates hold at approximately 60 per cent until the end of Spring, it will likely be because some sellers have listened to the market and accepted buyers' vews on price at auction.

"Sellers are competing for buyers at this point and anything that gives your property an edge compared to another property will help you along", Ms Flaherty said. However, the economist also noted that many of the issues could improve with a cut to interest rates.

Real Estate Institute of Victoria (REIV) president, Jacob Caine, said for anyone hoping to sell to a first-home buyer or a family, making the home look like it needs as little work done as possible was vital this Spring.

Sellers with more modest budgets would be wise to focus on the key rooms of their home, as buyers often determined whether they would inspect a home based on the first image or two they saw of it online. In most cases, he advised the focus should be on improving the interior, but for those selling a renovator's delight, it's more about making the home's potential clear without wasting too much effort.

Over the weekend, Melbourne hosted the highest number of auctions across the country, with approximately 1,114 homes going under the hammer - the city's highest auction count since the week leading into Easter.

In Reservoir, two bidders competed to secure the superb single-level residence at 15 McMahon Road. Positioned in a blue-chip location, Auctioneer Nick Mylonas sold the home under the hammer for $820,000.

Four bidders participated in the auction of the five-bedroom family home at 34 Bramley Drive in Ringwood North. Marketed by Kaining Ma, the property was sold under the hammer for $1,485,000.

The high-quality, freestanding town residence at 1/55 Campbell Street in Kew boasts a location close to transport, elite private schools, and vibrant Harp Village. The home was sold under the hammer by Director & Auctioneer Mark Fletcher.

The number of auctions in the coming weekend will increase again, before dropping back the week after due to the AFL Grand Final long weekend. If we can assist with any of your real estate needs, please give us a call.