4th December 2023 / Jeremy Desmier: Market Update | 2 & 3 December 2023

The start of the summer season felt more like a winter's day on Saturday, with unrelenting rain forcing most, if not all, auctions indoors and undercover. Whilst the weather conditions weren't ideal, it didn't seem to deter buyers, with the Fletchers Group achieving an 84% clearance rate for our clients.

In Nunawading, five bidders competed to secure the three bedroom, meticulously maintained home at 24 Winchester Road. The delightful home, perfect for a young family, was sold under the hammer by Auctioneer David Taylor, for $1,101,500.

Two bidders fought it out for the keys to 34 Garnet Street, located in the heart of Preston. Ideal for families or savvy investors, the charming four-bedroom home sold under the hammer for $1,170,000.

Several properties sold in negotiations post-auction, highlighting the value in bidding to secure that first right of negotiation. These included the immaculately styled town residence at 3/17 Hollsmoor Road in Camberwell, sold by Spring Chen, and the five-bedroom family home at 49 Woolnough Drive in Mill Park, sold by Tim Yu.

Home prices are reported to have climbed to new heights again, delivering an early Christmas present to homeowners and defying the recent interest rate increase. The latest PropTrack Home Price Index shows that the national median home value climbed a further 0.22% in November to a new record high, although the pace of growth slowed as more properties hit the market.

PropTrack senior economist, Eleanor Creagh, said that while the flow of new listings has risen, demand for housing has kept pace. "Strong housing demand, buoyed by record net overseas migration, tight rental markets, low unemployment and home equity gains, has worked alongside limited housing stock to offset the impacts of higher interest rates this year."

This spring was busier than the last, buyer and seller confidence is buoyant, and choice has improved significantly in the major capitals.

The market is set to be tested in the next couple of weeks before the festive season, with 1,500 homes scheduled to go under the hammer this weekend, and 1,250 across the final auction weekend of the year on December 16 and 17. With the property market significantly quieter until the end of January, this may cause these final two auction weekend of the year to be robust.

If you would like some advice on your property situation, please give us a call.