28th October 2024 / Jeremy Desmier: Market Update | 26 & 27 October 2024

With one month remaining in Melbourne's Spring market, prospective buyers continue to be spoilt for choice with over 1,600 auctions held across the state over the weekend. We'll consider the property market forecast for 2025 in this update, as well as the wrap on the auction weekend that was!

Melbourne Property Market Forecast for 2025

Melbourne's property values are expected to play catchup over the next year or two, after its housing market didn't perform as strongly as some other capitals over the last few years.

The long-term fundamentals of Melbourne remain strong, with a robust economy, strong population growth tipped to overtake that of Sydney, and new infrastructure in the pipeline, making it one of the most liveable cities in the world.

There is significant opportunity in Melbourne's property market, with strategic investors and homebuyers actively looking to upgrade doing well. A-grade homes and investment-grade properties remain in strong demand, many holding their values well. Whilst many discretionary buyers and sellers have left the present market, life continues to go on in the Victorian capital and when they realise interest rate rises have stopped, and that inflation is under control (we're past the peak already), they will come back into the market with a vengeance.

Fletchers Auction Weekend

The Fletchers Group achieved a success rate of 61% over the weekend, with several properties attracting multiple bidders.

Partner & Auctioneer, Michael Rosano, commented that it isn't very often to attract seven bidders at auction in the current market, however that's exactly how many buyers competed at the auction of 153A Summerhill Road in Glen Iris. Masterfully designed, the three-bedroom home sold under the hammer for $1,670,000.

The fully renovated, two-bedroom villa unit at 3/43 Clyde Street in Kew East also performed well at auction day, also attracting seven bidders and selling for an incredible $1,025,000.

In Templestowe Lower, four bidders participated at the auction of the immaculately presented, three-bedroom home at 5 Hill View Parade. Agent Shea Lamont noted that the successful bidders hadn't planned on bidding but ended up securing their first family home for $1,302,000.

We will see auction activity reduced this coming weekend, as a result of the Melbourne Cup public holiday on Tuesday. If we can assist you with any property plans, please give us a call.