9th May 2023 / Jeremy Desmier: Market Update | 6 & 7 May 2023

This week, Melbourne demonstrated its resilience with a continued high clearance rate despite the Reserve Bank's surprise decision to increase interest rates. As buyers again begin to realign with this shift, the number of properties for sale remains limited, however tight supply may be enough to prevent any serious disruption in market recovery.

Despite these changes, there is a beacon of hope for those feeling overwhelmed by increasing interest rates and cost of living: property owners can take comfort knowing that real estate markets remain steady - giving them options to transact should their finances require it. Fletchers Director Rob Sheahan comments that, "I think one of the reasons is the restricted stock of properties for sale, which means that buying environment is still quite competitive."

In Fletchers news, our Group achieved another solid clearance rate of 82%. Around the grounds...

A wonderful result was achieved on Saturday at 34 Wood Street in Templestowe, a beautifully updated three-bedroom home selling for $1,225,000. Just metres from the Yarra River and next to the Ruffey Creek Trail, this property offered endless possibilities of extension, building new or constructing townhouses (STCA). Director & Auctioneer Michael Richardson sealed this outstanding deal, saying it was a boost of confidence for this section of the market which has really felt the strain of rising building costs over past 12 months or more. "It's great to see buyers re-engaging with properties such as this, buying traditional family homes that over time can be chipped away at."

Director & Auctioneer Ben Williams, presided over an outstanding result at 6 Greenwood Court in Vermont on the weekend, selling this luxurious four-bedroom residence for a huge price of 1,602,000! Situated in a tranquil cul-de-sac, it features three fabulous living zones with an entertainer's alfresco to enjoy inspiring views of the Dandenong Ranges. The property came complete with premium appliances and butler's pantry as well as plenty of parking space - double auto garage + single carport! Just minutes away from Rangeview Primary School, village cafes, parks and major highways such Eastland and Eastlink; what more could one want? When asked why he found the home so appealing: according to Ben "it was too good not be snapped up quickly."

Looking for your next home in Victoria? We've got you covered.

In Malvern East, a Spanish Mission home awaits. For a truly royal experience, the lounge with its ornate ceiling roses and charming timber detail offers an elegant and inviting setting complete with open fireplace perfect for creating formal yet intimate dining experiences. Enjoy your evenings in opulent comfort accompanied by beautiful leadlight windows. Situated on an expansive corner allotment, potential buyers will have the opportunity to explore all that 17 Karma Avenue has to offer when Director Michael Richardson auctions the home on Saturday 3 June from 10:30am!

In Ballarat, 104 Claredon Street has just been listed. A premier Soldiers Hill home offers a spectacular combination of old-world charm and modern amenities. The tastefully renovated interior includes charming chandeliers, a bright Hamptons style kitchen with marble benchtops and island bar, as well as an inviting raised timber deck for outdoor entertaining in the spacious backyard. Enjoy being conveniently located moments from Ballarat Train Station yet surrounded by lush tree lined streets - it's not to be missed!

For over a century, we've been helping families find their perfect home. Our fourth-generation real estate agency proudly serves the eastern and inner-city suburbs of Melbourne with 26 offices to choose from! Let us join you on your property journey - get in touch with your local Fletchers agent today.