20th November 2023 / Jeremy Desmier: Market Update | 18 & 19 November 2023

The REIV reported a clearance rate of 73% on the weekend, compared to 64% at the same time last year. We are approaching the end of the year at a rapid pace, with just four auction weekends left for 2023. Many buyers are still keen to secure a property before the end of the year, with strong competition seen for several properties.

Over the weekend in Blackburn, four bidders competed to secure the stylish, single-level home at 2/5 Linden Street, Tucked privately at the rear of two, the home is just metres from parkland and within walking distance to several amenities. Director & Auctioneer Ben Williams knocked the property down to the successful bidder at $906,000.

The opportunity to renovate, extend or redevelop close to schools, shops and transport was on offer at the auction of 38 Barkly Street in Ringwood. Five bidders competed to secure the property, with Director & Auctioneer Reilly Waterfield selling the home under the hammer.

The near-new, four-bedroom home at 43A Elizabeth Street in Doncaster East showcased the latest trends in luxury decor and home technology. Marketed by Director Spring Chen, the property attracted three bidders on auction day and was sold by Director & Auctioneer Rob Sheahan for $1,950,000.

The Domain Group reports that women have overtaken men in solo home loans, and the trend is continuing upwards. Buyer Agent, Michelle May, says "a lot of these are younger single female property buyers, but now there's also an older demographic of post-divorce, newly single women over 40 joining them to buy after downsizing from their marital home."

"I think both groups are looking at what they really want from life and are deciding to take their first solo steps on the property ladder...women are far more likely to really want to be independent and take control of their own destinies by investing in the lives they want."

The latest analysis from ME Bank has found the proportion of single female home loan applications has now exceeded those made by single males, hitting 53 per cent. Their average loan size has also increased by 15 per cent. "This data shows that gender is no barrier when it comes to buying your own home," says ME Bank head of home loans, James Sheffield.

We're looking forward to another busy weekend again, for the final auction weekend of November before Summer and the festive season hit! If you need any real estate advice, please reach out.