7th February 2023 / Jeremy Desmier: Market Update | 4 & 5 February 2023

The rain may have come pouring down this weekend but both inspections and pricing saw a significant uptick with Victoria's clearance rate creeping towards the 80s (76%) compared to last week when we saw it closer to 70.

With the RBA set to meet again today, a 25-point rate hike is widely anticipated even in the wake of 8 consecutive increases. In promising signs, it appears Melbourne's buyers are now well adjusted to forward planning with many already factoring future rate rises into their pre-purchase calculations, as we notice a significant increase in both foot traffic & online enquiry.

It may have been Mary Poppins opening weekend, however all the best seats were front row at Senior Property Consultant Ian Van Eijk's auction of 401 Springfield Road, Nunawading on Saturday. A competitive call with 3 bidders pushing the result towards the top end of the price guide.

Across the river in Ormond, Partner & Auctioneer Steven Zervas auctioned 1/269 Tucker Road for our Glen Eira team selling for $56,000 above reserve. An attractive period facade, located on a main road saw this 2 bedroom, no parking property hotly contested amongst 5 bidders. A very positive outcome.

Our rental team continues to work hard to service the demand across our communities. It's been a historic time for rental values, as we saw many households pausing on making the jump to homeownership, resulting in increased rental demand keeping rents moving higher.

With some scheduling interruptions ahead in regards Labour Day & Easter, pre-planning your timing will be imperative when maximising your result. Our team are well rested after the Christmas & New Year break and excited to help you achieve your real estate goals in 2023.