The Spring selling season has officially come to an end and now we look forward to a few more auction weekends before a short break to celebrate the festive season. It may be close to the end of the year, but there is still a lot of activity happening in the property market!
PropTrack Home Price Index – November 2024:
National home prices reached a new peak in November, following 23 consecutive months of growth. The national median home value hit $800,000 for the first time and housing demand has remained defiant to persistent affordability constraints, despite the surge in stock for sale.
Over the months ahead home prices are expected to lift, though the pace is expected to remain softer trailing the strong growth in prices over recent years.
The increase in properties hitting the market this year has been met with strong demand, but increased stock for sale has been a contributor to slowing price growth, along with affordability constraints and the sustained higher interest rate environment.
Once interest rates begin to fall next year, affordability will ease slightly, bolstering confidence and fueling activity among potential buyers.
Fletchers Auction Weekend
Melbourne experienced an absolute downpour on Saturday, with most auctions being held indoors as a result. The Fletchers team achieved a solid 63% success rate for our clients.
In Templestowe, three bidders competed to secure the grand, five-bedroom family home at 7 Dellwood Court. The property was sold under the hammer for $1,380,000.
Five bidders participated at the auction of 34/305 Canterbury Road in Forest Hill, which offered peaceful, single-level living. The property was sold for $730,000.
Just three auction weekends for 2024 to go! If you would like to chat about your property plans, please give us a call.
by Jeremy Desmier in Market Updates
