23rd July 2024 / Jeremy Desmier: Market Update | 20 & 21 July 2024

We certainly felt the winter chill over the weekend, on a very rainy and grey day across Melbourne. With school holidays over, the number of auctions held was approximately 734, with a preliminary clearance rate of 66.9% recorded by CoreLogic. The Fletchers Group was thrilled to achieve a 92% success rate for our clients.

Overall, auction markets have held reasonably firm in the clearance rate through winter so far, but clearance rates have reduced relative to the first quarter of the year, due to the trend in new listings tracking at above average levels and total advertised inventory is now higher than a year ago. Buyers have more choice, especially in Melbourne, where CoreLogic reports that listings are close to 14% above the previous five-year average and 17% higher than at the same time last year.

Over the weekend, four bidders competed at the auction of the two-bedroom, front villa unit at 1/33 Zetland Road in Mont Albert. Boasting a beautifully maintained front garden, the property was sold under the hammer by Jeremy Desmier.

The cutting-edge, four-bedroom family home at 10A Dingley Street in Templestowe Lower attracted three bidders on auction day. The property was marketed by Milan Kinda and sold under the hammer for $1,941,000.

As we near the commencement of the popular Spring selling season, we expect that there will be the usual influx of properties coming to market. With greater choice for prospective buyers, it is important for sellers to have their home priced correctly, and their property stands out. It is incredibly important to invest in high-quality photography and property styling, to create the most competition and achieve the best result.

Home prices rose 6.55% to $787,000 across the country during the 12 months to June 2024, according to PropTrack. Whilst Melbourne home price growth was slightly lower, down 0.07% over the past year, house prices are expected to rise in the coming months.

In addition to being auction day on Saturday, approximately 320 staff and their partners, and valued suppliers of the Fletchers Group glammed up for our Hollywood-themed Annual Awards Night. It was a fabulous evening where we recognised the brilliance, dedication, and innovation within our corporate family.

We're looking forward to another busy auction weekend coming up! If you need any real estate advice, please get in touch with your local Fletchers agent.