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

The first auction weekend of Spring saw more than 2,400 homes scheduled to go under the hammer across the country. Melbourne saw a 24% rise year-on-year, with 961 properties set for auction. The weather didn't disappoint, with the beautiful Spring sunshine sticking around for Father's Day on Sunday.

PropTrack economist, Anne Flaherty, notes that "one of the reasons we're seeing such a busy start to Spring is that there's probably a whole cohort of sellers who had held off selling their properties over the first half of this year."

Whilst uncertainty around interest rates had led many people to delay their plans to buy or sell, two months of interest rates being held steady is restoring market confidence.

With more properties coming onto the market during the Spring selling season, buyers will benefit by having more choice than they have had in the first half of the year. Fletchers Director, Rob Sheahan, notes that the trend seems to be less bidders per property at auction, but that there are still good quality buyers in the market. Those vendors willing to be realistic on price and prepared to meet the market will have the most success.

Over the weekend, the Fletchers Group was thrilled to achieve a 76% clearance rate, above the industry average.

In Templestowe Lower, six bidders competed to secure the much-loved family home at 6 Millard Street. In spotless condition, the three-bedroom property offered an exceptional opportunity for modernisation or redevelopment (STCA) in a convenient location. Marketed by Partner Rino Presutto, the property sold under the hammer.

The stunning five-bedroom home at 1 Harcourt Street in Blackburn North attracted four bidders. Boasting three fabulous living zones and a location within walking distance to schools, parks and shopping, Auctioneer Ben Williams sold the property under the hammer for $1,970,000.

In Viewbank, the perfectly positioned home at 9 Rangeview Court offered astute buyers an incredible opportunity to purchase an immaculate property in a sought-after location. The four-bedroom home was declared sold at $1,191,000 by Auctioneer Greg Taylor.

With interest rates expected to be kept on hold for a third consecutive month, we hope to see continued increase in confidence levels in the market as we move further into Spring.

If you need any real estate advice, please give us a call.