25th March 2024 / Jeremy Desmier: Market Update | 23 & 24 March 2024

Whilst there was certainly a buzz in the air due to the Grand Prix this weekend, it also marks another "Super Saturday" in real estate, with 1,679 homes scheduled for auction across Melbourne. A 13.2 per cent increase on the numbers last week, it was the busiest Saturday of auctions since April 2022!

Prospective buyers were spoilt for choice, with more home sellers considering it a good time to put their property on the market, leading to an influx of new home listings across the country. The surge in activity is particularly notable in capital cities, where new listings reach their highest levels since 2022, according to PropTrack.

Seller confidence has significantly improved in the past 12 months, largely driven by perceptions of rising prices and increased buyer demand. Over a third of sellers in a recent survey conducted by realestate.com.au anticipated further price increases in the next six months, paralleled by a similar proportion foreseeing a surge in buyer demand.

Lifestyle changes, such as relocating to a different area or seeking a property with specific amenities like a pool or more space, were the primary motivations for selling. Downsizing ranked second, reflecting the preferences of Australia's aging population seeking properties better suited to their evolving needs.

Over the weekend, two bidders competed to secure the striking, architecturally designed home at 23 Fowler Street in Box Hill South. Described by Domain as an example of a "mullet house"…a property that is old school out the front, and a party in the back. Marketed by Mark Fletcher and Spring, the R&K Verniers built home was successfully auctioned by Stefan Cook, and is an effortless mix of traditional and contemporary design.

In the blue-chip suburb of Canterbury, an incredible five bidders competed to secure the immaculate, single-level townhouse at 2/22 Rochester Road. Set in a period-style group of four, the property is located on the fringe of the Golden Mile and sold under the hammer by Auctioneer Jeremy Desmier for $1,482,000.

In Ringwood North, four bidders sought to secure the five-bedroom family home at 6 Albany Close. At the end of a tightly-held court, the property was declared sold to the successful bidder by Auctioneer Reilly Waterfield for $1,462,000.

The upcoming Easter weekend will see a pause in auctions, however there will still be several open for inspections scheduled. We hope you all have a wonderful Easter break!