29th April 2024 / Jeremy Desmier: Market Update | 27 & 28 April 2024

We enjoyed a stunning display of Autumn weather on the weekend, perfect for selling and buying real estate, with the Domain Group recording an auction clearance rate of 62%. The Fletchers Group was thrilled to achieve a strong success rate of 75% for our clients.

We saw four bidders compete to secure the attractive, four-bedroom family home at 27 Vogue Avenue in Vermont South. Boasting spacious living areas, gourmet kitchen and alfresco courtyard, the home sold under the hammer by auctioneer Ben Williams for $1,305,000.

Offering a fantastic opportunity for first home buyers, downsizers and investors, the fully renovated home at 3/1 Nicholson Street in Balwyn North attracted five bidders. The property sold under the hammer by auctioneer Sarah Lowry to the successful bidder, who purchased the property as an investment.

In Eltham North, the property at 23 Dunbarton Drive offered prospective buyers a warm and inviting atmosphere, with four-bedrooms, updated kitchen, and spacious backyard. The property was sold by auctioneer Jake Popalis for $910,000 to the successful bidder.

Amongst discussion regarding the inflation rate and the possibility that cuts to interest rates not occurring until the end of the year, or even next year, the Domain House Price Report shows that Australia's median house price has hit a record $1.113 million.

Whilst Melbourne's median house price has fallen back to $1.032 million, Domain chief of research and economics, Dr Nicola Powell, doesn't expect it to fall below $1 million. "We're still expecting a more stable outcome for Melbourne prices...we're not expecting them to see a significant dip."

"Prices are still rising, and what it showcases is the lack of supply that we have across Australia - and when you throw forward and think about building approvals at a 12-year low, that undersupply will continue to place pressure on pricing," she explained.

If you're considering selling or would simply like an updated on the value of your home in the current market, please give us a call.