27th November 2023 / Jeremy Desmier: Market Update | 25 & 26 November 2023

On the last weekend of November, before summer and the festive season arrives, the Domain Group reported that over 1,000 properties were scheduled to go under the hammer. The Fletchers Group was thrilled to achieve an 87% success rate for our clients, compared to the 56% recorded by Domain.

The increase in auction volumes across the country has seen clearance rates cooled, as property owners attempt to secure a transaction before Christmas. The volume of auction and private sale listings is also higher than last year, particularly in Sydney and Melbourne, according to realestate.com.au.

PropTrack Senior Economist, Angus Moore, said that whilst clearance rates have fallen slightly in recent weeks, there is no correlation to be drawn on how that will affect prices. "Clearance rates are a little softer, but not a lot, and it's still much stronger than what we saw at the same time last year."

Other factors may price more important in determining price moves, such as borrowing power, a tightening rental market, and buyer demand.

Over the weekend, we saw an incredible six bidders compete to secure the stylish, three-bedroom home at 1B Through Road in Camberwell. Marketed by Spring Chen, the property is central to everything a family could desire and sold under the hammer for $1,596,000. Spring also successfully sold 10 Toogoods Rise in Box Hill North, with a very pleasing result for the vendor & purchaser! Jeremy Desmier also sold after auction, 3/6 Arnott Street, Mont Albert North.

In Burwood, Auctioneer Mark Fletcher fielded bids from five parties keen to secure the renovated, three-bedroom single-level unit at 3/89 Middleborough Road. Offering just a short walk to local amenities, the home was sold under the hammer for $951,000.

The neatly presented, four-bedroom home at 12 Wicklow Street in Pascoe Vale offered potential buyers an opportunity to extend, renovate or redevelop on approximately 503 sqm. The home was sold in post-auction negotiations by Auctioneer Jason Salan.

Even with another interest rate rise on the cards, PropTrack's Angus Moore said that property demand remains strong. "The rental markets are just very tight at the moment, which shows that are a lot of people looking for places to live and not a lot of places to live," he said. "We're also seeing low unemployment and wages growth, both of which are really important for getting a mortgage and being able to service it, and therefore for housing demand".

We are seeing seller demand continue well into this late stage of the year, which is traditionally quieter as Christmas and the New Year approaches. If you're looking to buy over this period, it's worthwhile to reach out to your local agent to be kept informed of any off-market properties that are doing a soft launch of their campaign this side of Christmas.

Please get in touch if you would like to get an update on your property, or simply have a chat about the market.