8th August 2023 / Jeremy Desmier: Market Update | 5 & 6 August 2023

We saw signs of positive momentum over the weekend, with an impressive 75% clearance rate (Fletchers Group reports 78%). This steady rate indicates a sense of stability, as most properties are being sold at or just slightly above their reserve prices. As we have previously discussed, experts predict a more balanced market to emerge in the near future, and with the Spring season just three weeks away, this expected shift appears to be fast approaching.

The housing market experienced a significant shift just a year ago, when interest rates rose for the first time in over a decade. This brought an end to the extraordinary property price growth that had been seen for years. However, recent trends indicate a positive change in selling conditions. Auction clearance rates have consistently surpassed the levels seen in the latter half of last year. Despite this, overall sentiment towards selling has remained low so far. A new survey conducted by realestate.com.au reveals these attitudes could be changing. If interest rates have indeed reached their peak, market sentiment is expected to improve. This, in turn, will restore confidence in both buyers and sellers and could potentially lead to a bustling spring season.

In Fletchers news, Jeremy Desmier led a successful auction campaign at 2/529 Whitehorse Road, Surrey Hills. This spacious villa unit, situated in the highly esteemed Balwyn Hill School Zone, was sold for $1,386,000 under the hammer. It is nestled within a delightful and well-maintained boutique group, offering utmost privacy. The property attracted competitive bidding from three interested parties.

Over in the North, Director Thomas Bechelli conducted a stellar campaign at 60 Outhwaite Road in Heidelberg. Enjoying the convenience of the bus to nearby Northland around the corner, the Austin Hospital and La Trobe Uni, this single level, three-bedroom home garnered strong interest with five competitive bidders on the day realising a result of $841,500.

The stunning, four-bedroom home at 75 Victoria Road in Mont Albert attracted a large crowd and saw three bidders vying for ownership against the backdrop of the iconic streetscape. Marketed under the guidance of Director Spring Chen, the home achieved an impressive price of $2,300,000.

In order to succeed in today's digital-driven housing market, it is crucial to have a strong online presence. By effectively showcasing your home, strategically timing your listing, and telling a compelling story, you can stand out from the competition. In a crowded digital landscape, the key to capturing the market's attention and connecting with the right buyers lies in storytelling. Now is the ideal time to start preparing your campaign for the upcoming Spring market!

Contact your local Fletchers agent today to get started.

Get in touch HERE.