19th November 2024 / Jeremy Desmier: Market Update | 16 & 17 November 2024

Auction activity continued to ramp up over October, with the weekly auction count by CoreLogic exceeding the 3,000 mark across the country for the second time this year, over the week ending 27 October.

Home Prices Staging a Comeback:

Home prices across the country have hit a record high in October, new data shows, with most capital cities recording monthly price growth.

The national median hit a record high of $797,000 after seeing a 0.3% growth in October and 5.6% growth in the past 12 months.

Melbourne saw the strongest monthly growth of any capital city in its median dwelling price – up 0.5% to $793,000 – the PropTrack Home Price Index released today revealed.

It is the first time in six months that Melbourne has recorded price growth, and REA Group senior economist Eleanor Creagh said even before it started seeing falls, the city was experiencing "subdued" price growth compared to other cities. She noted further that Melbourne could be more attractive to prospective buyers – "potentially buyers are looking ahead to next year and interest rates beginning to move lower, although there is still a lot of uncertainty around the timing of that first interest rate cut."

REIV: Victorian Government urged to support rental providers:

Almost nine-in-ten (90 per cent) rental providers are private investors, with the majority owning just one rental property. Kelly Ryan, CEO of the Real Estate Institute of Victoria (REIV), says the government must look at ways to improve investor confidence, a critical ingredient to boost rental supply and build a resilient rental ecosystem.

"A good rental ecosystem depends on both rental providers and renters receiving mutual benefit. We urgently need the introduction of incentives that keep rental providers in the market and supplying homes, rather than more change. What we don't need is more regulation that makes it harder to build investor confidence."

Fletchers Auction Weekend:

Over the weekend, the Fletchers Group was thrilled to achieve a clearance rate of 72% for our clients. A highlight result from the weekend was for the auction of 7 Pretoria Street in Deepdene, which saw an incredible ten bidders compete to secure the unique family home. In the Balwyn High School zone, the property offered an opportunity to renovate or redevelop.

Give us a call if we can assist with any of your upcoming property plans.