18th March 2024 / Jeremy Desmier: Market Update | 16 & 17 March 2024

We enjoyed another weekend of sunshine, albeit much more bearable than the high temperatures we experienced last weekend! The Domain Group recorded a clearance rate of 62% from the reported results, on par with the same time last year.

In Camberwell an incredible result was achieved by "Team Jam" (Jackie Chu, Aaron Zhao and Mark Fletcher), for the three-bedroom, single-level home at 1/2 Trumper Street. Five bidders competed to secure the keys and a prime Camberwell location, with Mark knocking the property down to the successful bidder at $1,870,000.

Offering exciting development potential across the road from the strip shops, the classic original home at 160 Eley Road in Burwood East sold for $985,000. Auctioneer Ian van Eijk and co-agent Michelle Yan treated the crowd to delicious coffee from Chubby Marion Bakery, which was extremely well received!

In Malvern East, four bidders competed to secure the two-bedroom home on approximately 1,006 sqm at 5 Oravel Avenue. Auctioneer Michael Richardson sold the property under the hammer for $1,500,000.

The REA Group reports that almost 7,500 properties will head to auction this fortnight, as strong selling conditions encourage homeowners to go to market. Buyer demand appears to be keeping up with the flood of new property listings, as many home seekers look to get in ahead of an expected rate cut later this year.

Nationally, there were 16.6% more new listings in February compared to a year earlier, driven by Melbourne and Sydney. PropTrack Senior Economist, Angus Moore, said increasing certainty around market conditions was boosting seller confidence.

"Supporting this busier start to the year was strong demand, unemployment that remained low by historical standards, strong population growth, tight rental market conditions, and a more stable outlook for interest rates," Mr Moore said.

"Markets are no longer expecting a further increase in interest rates, with an expectation of cuts as soon as the second half of this year." Mr Moore noted the extra day in February due to the leap year will have raised volumes relative to non-leap years.

We're looking forward to another 'Super Saturday' of auctions this weekend, before a pause in activity due to the Easter break.

If we can assist you with any of your property plans this year, please give us a call!