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

Across Melbourne, it's a tale of many markets. However, in the Eastern suburbs very low stock levels, the re-emergence of International money and wounded underbidders desperate to secure a home, is what's driving the current momentum. We wait to see what the pre and post Easter market does in terms of listing levels, and if any increase in stock levels will have a positive or negative effect on rising prices.

On the weekend, Melbourne hosted 1,125 auctions, up 38.2% from last week. Of the 966 results, 68.2% collected so far have been successful, up from last week's preliminary clearance rate of 67.7%. Last year, there were 1,574 auctions held across the city with a final clearance rate of 67.6% reported. Last week's preliminary clearance rate was 70.8%, the highest since March 2022. The Fletchers Group was thrilled to achieve a 79% success rate on the weekend for our clients.

The RBA board will hold its March meeting today and is expected to lift the official cash rate by another 25 basis points to 3.6 per cent.

Flooded in natural light and located centrally to Deakin Uni, zoned education facilities, Forest Hill Chase as well as parks, trails and sporting facilities 56 Robinlee Avenue, Burwood East sold for a strong $1,470,000. A total of 7 bidders, all young families, took the home more than $200,000 above reserve with selling agents Michelle Yan & Ian Van Eijk commenting that 'property which has that ready-to-move-in factor about them appeals to many at the moment with building costs still at an all-time high, families are prepared to stretch that extra little bit in order to safeguard themselves for the future'.

Diagonally opposite the lush fairways of Box Hill Golf Course, 1257 Riversdale Road, Box Hill South offered an outstanding opportunity for a family dreaming of seeking zoning for highly sought-after Roberts McCubbin Primary School and Box Hill High School. Selling well on the day, Partner Stefan Cook & Director Spring Chen presided over a beautifully executed campaign which saw 2 bidders battle it out with the result landing at $1,852,000.

It is evident that in this market, well-priced and smartly presented homes are achieving strong results. Should you be considering entering the market, our agents would be delighted to provide you with a strategy to set you up for success over the Autumn selling season.

Get in touch today!