11th June 2024 / Jeremy Desmier: Market Update | 8 & 9 June 2024

It was a quiet weekend due to the King's Birthday public holiday, with auction numbers reduced to the lowest volume held in a week since Easter. The preliminary clearance rate recorded by CoreLogic was 63.2% from approximately 468 auctions.

In Nunawading, we saw three bidders compete to secure the stylish single-level home at 3/16 Oxford Street. Offering a spacious lounge and granite kitchen, the property sold under the hammer by Director Rob Sheahan to first-home buyers for $950,000.

Boasting modern, luxury living, the property at 1/30 Lorimer Street in Greensborough attracted two bidders and was sold under the hammer for $851,000.

The Reserve Bank board held the cash rate steady for the fourth consecutive meeting in May, with the release of higher-than-expected inflation figures for the March quarter translating into a new 'higher for longer' mantra. In the May decision notes, the board reiterated its determination to being inflation back within the target range and stated they are not "ruling anything in or out".

Despite this, property prices climbed further across the country in May, the PropTrack Home Price Index shows, with Australia's median home value rising another 0.3% over the month to a new record high. The data shows there has been a reshuffle in the rankings of the capitals, with Brisbane now tied with Canberra as the nation's second-most expensive capital after Sydney.

PropTrack's senior economist Eleanor Creagh said there were more homes for sale across the country, but the uptick in supply still wasn't enough to satisfy demand from buyers, which has pushed prices higher.

"With housing supply unable to meet demand, national home prices have cycled through 17 consecutive months of growth to hit a fresh peak in May", she said. "Despite a rise in the number of homes for sale this year, strong population growth, tight rental markets, and home equity gains continue to bolster strong demand". Further price growth is expected in the months ahead, Ms Creagh said, although perhaps not quite at the rapid pace seen earlier this year.

The number of auctions is set to bounce back this weekend, with around 2,300 properties scheduled to go under the hammer across the country. If you need any assistance with your property plans over the Winter season, please give us a call.