6th May 2024 / Jeremy Desmier: Market Update | 4 & 5 May 2024

We saw over 1,000 auctions held on a beautiful Autumn weekend in Melbourne, with a preliminary clearance rate of 60% recorded by Domain. This is the first weekend since prior to Easter where we have seen over 1,000 auctions.

Four bidders competed to secure the perfectly designed, three-bedroom home at 12 Paisley Street in Box Hill North. On a single level, the home is in an extraordinary convenient location and was sold under the hammer by auctioneer Stefan Cook for $993,000.

In Blackburn North, the renovated three-bedroom home at 1/12 Harcourt Street offered potential buyers a seamless blend of classic charm and modern comfort. A family haven, the property was sold by Ian van Eijk for $1,201,000.

Australian home values have continued to trend higher in April, with CoreLogic's National Home Value Index (HVI) rising 0.6%. Melbourne's property market has stabilised, and almost every capital city recording stronger growth conditions across the lower value range of the market.

Housing values have continued to trend higher, even in the face of high interest rates, affordability issues, and cost of living pressures. The persistent rise in housing values can be drawn back to the insufficient supply of housing relative to demand. The mismatch between available supply and demonstrated demand keeps markets skewed in favour of sellers in most cities across the country.

In Melbourne and Sydney, increasing confidence amongst sellers has seen the flow of new listings hitting the market this year surge, improving choice for buyers. In March 2024, total listings in Melbourne were 12.8% higher than in March 2023. In good news for prospective buyers, they have consistently enjoyed more choice relative to other markets, with the total number of properties listed for sale sitting above the decade average since mid-winter.

The volume of auctions across the country is set to rise this weekend, with more than 2,200 properties scheduled to go under the hammer. If you need any assistance with your property plans this year, please give us a call.