25th July 2023 / Jeremy Desmier: Market Update | 22 & 23 July 2023

This past weekend showed a little more hesitancy across the board, with lower clearance rates reported in most of our suburbs. Conflicting pricing predictions and limited housing supply have made it difficult for people to make important home decisions, but brighter news may be ahead!

With REA reporting on whether 'borrowers may have already seen the last hike', we wait in the hope that with this changing of the guard, could the incoming Reserve Bank governor Michele Bullock's leadership mark the start of a new cycle with forecasters saying that 'Ms Bullock will cut interest rates within months of taking over the top job'.

Experts agree that interest rates are likely at their highest point or will soon reach their peak. This presents a great opportunity as we enter the Spring market, where we can expect significant shifts in both supply and demand.

The key moving forward will be really understanding your local market: it's all about the micro ups and downs. According to Dr. Nicola Powell, Chief of Research & Economics at Domain, house prices experience periods of growth followed by smaller declines or periods of stability. So, if you're looking to sell and buy simultaneously, you'll find balance in the same market. Learn from past price cycles and make informed decisions.

In Fletchers News, 41 Lawerence Street was the standout auction on the weekend, put to market by Director & Auctioneer Michael Richardson. A prosperous opportunity for young families, savvy investors or empty nesters, its wide appeal drew in a crowd and resulted in 5 bidders pushing the result $100,000 above reserve.

A little closer to the CBD in Balwyn North, Partner Rino Presutto oversaw a seamless campaign at 4/13-15 Lemon Road, a stylish split-level retreat that had been architect designed. On the market for $1,300,000 the home sold for $1,510,000 – a great result for townhouses in the local area.

Let us help you achieve your property goals with confidence - get in touch with your local Fletchers agent today!