20th May 2024 / Jeremy Desmier: Market Update | 18 & 19 May 2024

We were thankful that the sun was shining on Saturday, as temperatures in Melbourne were quite chilly over the weekend. The cool weather didn't deter prospective buyers, with the Fletchers Group thrilled to record a 94% clearance rate for our clients, with several auctions extremely well attended, with multiple bidders in competition.

In Surrey Hills, a large crowd watched on as six parties traded bids to secure the single-level, ultimate downsizer home at 8 Drewett Street. Stylishly renovated, the property was marketed by Spring Chen and immaculately presented, in a convenient location within the Camberwell High School zone. Auctioneer Jeremy Desmier expertly fielded bids until the property was sold under the hammer for $1,400,000.

In Bundoora, the meticulously maintained and charming home at 6 Cambridge Way attracted five bidders, and was sold under the hammer by auctioneer Jake Popalis for $885,000.

Conveniently located and finely crafted, the five-bedroom home at 58 Dunlavin Road in Nunawading sold on auction day for $2,250,000. Nestled behind the 1927 Federation Bungalow facade, the property boasts spectacularly renovated living areas, and was marketed and sold by Director Rob Sheahan.

The REA Group reports that Melbourne recorded a nation-leading 50 per cent increase to the number of new homes being added to the market in April compared to a year ago, giving purchasers hundreds more properties to choose from. PropTrack economist Anne Flaherty said that next week, Melbourne would continue an "unseasonably high" auction run, with 1,200 homes to test the market.

Interestingly, preliminary findings from a recent InfoTrack survey of Australians who bought and sold property in the last twelve months revealed that high interest rates were not a major deterrent for aspiring buyers. Instead, many first home buyers' desperation to get onto the property ladder - and escape rapidly rising rents - outweighed their anxiety about high interest rates.

For first home buyers, the rule of thumb appears to be, "get in when you can". According to Lee Bailie, head of property at InfoTrack, high interest rates were more likely to influence the type of property purchased, rather than being the deciding factor in whether to purchase at all. First home buyers are charging back into the real estate market nation-wide, as home loan approvals return to highs last seen since before the Covid pandemic.

We're looking forward to another busy weekend, the last of the Autumn selling season. If we can assist with any of your property plans this year, please give us a call.