17th June 2024 / Jeremy Desmier: Market Update | 15 & 16 June 2024

We were relieved that the sun came out over the weekend, as temperatures are certainly dropping to wintery levels! The Domain Group recorded a clearance of 61% from 753 auctions reported on the weekend.

In Malvern, the beautiful three-bedroom Victorian home at 36 Glendearg Grove boasts a stunning renovation and two living zones, attracting three bidders. Auctioneer Michael Richardson passed the property in to the highest bidder, selling the home post-auction for $2,610,000.

The immaculately presented home at 26 Sylvia Street, Blackburn South is situated in a low traffic cul-de-sac, just metres from buses, shops and schools. Auctioneer Ben Williams fielded bids from three parties, selling the home under the hammer for $1,320,000.

The cool, retro 1960's family home at 153 Willsmere Road in Kew offers sensational views to beautiful Hyde Park and is in a prime location within walking distance to Willsmere Village and with easy access to transport, schools and parks. The home was sold under the hammer for $1,883,000.

The REA Group reports that the total value of Australia's residential housing market has soared to $10.7 trillion in the first three months of the year, despite elevated interest rates and cost of living increases. That's more than the total value of Australia's superannuation, listed share market and commercial property markets combined.

The average price of residential dwellings rose by $14,300 to $959,300 in the March quarter, with the total value of residential dwellings rising in all states and territories.

The rising property market has boosted confidence for both buyers and sellers, with PropTrack data showing auction clearance rates remain robust, despite a sharp jump in the number of homes hitting the market this year.

PropTrack senior economist Eleanor Creagh said strong buyer demand is absorbing uplift in new home listings, fuelling further price growth. "A housing supply shortfall matched by strong demand is outweighing the impacts of higher borrowing costs and stretched affordability," Ms Creagh said.

While borrowing capacity has fallen in line with higher interest rates, Ms Creagh said expectations for further price growth was continuing to spur on activity. "Ongoing home price rises are likely incentivising many to overcome affordability challenges and transact with the expectation of continued growth. As a result, home prices have remained resilient to the higher interest rate environment," she said.

We're looking forward to another bust auction weekend coming up! If you need any assistance with your property plans, please get in touch.