24th April 2023 / Jeremy Desmier: Market Update | 22 & 23 April 2023

The REIV recorded that 442 auctions were reported over the weekend, with the Victorian industry-wide clearance rate settling at 81%. The Fletchers Group was thrilled to achieve a strong 93% success rate for our clients, with a buzz of post-Easter buyer activity.

In Vermont, the auction of the quality three-bedroom home at 8 Aubrey Street saw a culmination of 100 years of life transformed in one moment. Three bidders competed to secure the spacious family home in a prized location, with Auctioneer Ian van Eijk noting that the auction was "a big moment for both seller and buyers".

The desirable family home at 2 Northwood Street in Ringwood East attracted four bidders seeking to secure the property, which boasts an expansive floorplan, landscaped gardens, and city views. Marketed by Senior Property Consultant Rob Forbes, the property sold under the hammer for $1,160,000.

In Surrey Hills, the single-level villa haven at 2/9 Tyndall Street needed just two bidders to achieve an excellent result of $1,080,000 at auction. In a first-class location close to a wide range of amenities, the property was attractive to both downsizers and first-home buyers.

As we approach the winter selling market, REIV President Andrew Meehan said the Victorian property market was stabilising following the recent price boom and that while some uncertainty remains about the impact of interest rate rises, there is positive market activity.

"Despite pressures from the interest rate increases, the market remains robust, particularly in outer ring suburbs, strong demand is likely to continue throughout the rest of the year".

PropTrack senior economist, Ms Eleanor Creagh, echoed this sentiment, noting that "national home prices continued to stabilise in March and moved slightly higher by 0.13%, bringing the cumulative bounce to date to 0.49% for the quarter".

The combination of population growth through immigration and limited stock has helped to shore-up prices. "Fewer properties are hitting the market compared to the same time last year, which is creating a more competitive buying environment and buoying home values as there remains sufficient buyer demand to help keep prices resilient."

Of course, the path for home prices will be influenced by many variables, including the level of supply hitting the market and the trajectory of interest rates.

It will be quieter for the last auction weekend of April, before activity starts building up throughout May – the final month of autumn already!

For any real estate advice, please reach out today.