18th September 2023 / Jeremy Desmier: Market Update | 16 & 17 September 2023

We enjoyed stunning Spring weather over the weekend, as approximately 858 properties went up for auction in Melbourne. The Domain Group reports a clearance rate of 63%, compared to 59% at the same time last year.

A number of buyers are now feeling the pressure to secure a home before Christmas, as the year rapidly pushes to a close. Whilst there has been a seasonal uplift in auction numbers, there is still not enough stock to satisfy buyer demand.

After school holidays come to an end and post the AFL Grand Final at the end of the month, we do expect that there will be more properties coming onto the market, providing more choice for buyers.

Over the weekend, we saw four bidders compete to secure the stylish, three-bedroom single-level home at 2/11 Simpson Street in Mitcham. Offering lovely views to Mount Dandenong, the home was on the market at $870,000 with competition pushing the price to $1,006,000 – sold by Director & Auctioneer, Rob Sheahan.

The stylish, three-bedroom home at 1/1715-1719 Malvern Road in Glen Iris is located at the front of a secure development and is just seconds from Glen Iris train station and village eateries. It took just two bidders to see the property achieve an under the hammer sales result of $1,455,000 by Director & Auctioneer Michael Richardson.

Located in the heart of Donvale, the three-bedroom home at 6 Astelot Drive had been refurbished and boasted a prominent position, zoned for Donvale Primary School. Marketed by Partner Rino Presutto, the property attracted competition from three bidders and sold under the hammer.

As the value of Australia's residential housing market rebounds back above $10 trillion, new data reveals the suburbs that have seen their median house or unit price top a million dollars. Data from PropTrack shows 13 suburbs have entered Australia's one million dollar club for the first time, as property prices continue to rise, reaching new record highs in some parts of the country.

In Melbourne, units in the inner suburb of Kew East joined the million-dollar club for the first time, boasting a median price of $1.1 million. A number of Melbourne suburbs also re-entered the million-dollar club: houses in Maribyrnong in the city's inner northwest, houses in Ringwood East in the outer east and units in Canterbury in the inner east.

PropTrack senior economist, Angus Moore notes that properties in the inner east are where prices have performed their best over the past year.

We're looking forward to another busy auction weekend this week, before a quiet one due to the AFL Grand Final. Please give us a call if you need any real estate advice!