12th March 2024 / Jeremy Desmier: Market Update | 9 & 10 March 2023

Victorian residents felt the heat through an absolutely scorching long weekend, as a heatwave saw three days of temperatures in the high 30Cs. Thankfully we're starting to feel the effects of a welcome cool change, however according to PropTrack, the property market is set to be feeling the heat over the next fortnight.

A healthy 62% clearance rate from the 350 results was recorded, boosting confidence ahead of the next two weeks, where more than 3,400 homes are scheduled to test the market. PropTrack is expecting more than 1,600 homes to be auctioned next week and more than 1,800 the following week, as home sellers race to get in before a traditional pause for the Easter long weekend at the end of March.

Senior economist Angus Moore said that while things might quiet down again after the holiday period, next week's auction numbers are up 48% from the same time a year ago. "Clearance rates in Melbourne have been reasonably solid across the start of this year so far, bouncing around the mid 60s most weekends, which is slightly stronger than what we were seeing towards the end of 2023," Mr Moore said.

We are certainly seeing strong turnouts from prospective buyers at open for inspections and bidders on auction day in the lead up to the Easter break.

Domain senior economist, Dr Nicola Powell notes that "the cash rate is expected to fall two times this year, so I do think that is helping to feed greater positivity amongst buyers and sellers, particularly for buyers. Those that understand market dynamics will have that knowledge that once we do see the cash rate being cut, it will likely spark greater demand and therefore greater levels of competition."

Over the weekend, we saw the charming 1950's weatherboard home at 50 Park Road in Surrey Hills sell for $1,600,000. On a prime corner block, the home offered its new owners scope for future modernisation.

In Bundoora, the well-located home at 3 Bowral Court offered a great opportunity for first home buyers and investors. Initially passing in on a genuine bid, the home was sold post auction by Director Tim Yu for $785,000.

We're looking forward to a busy couple of weeks…and hopefully some milder weather before a short break over Easter! If we can assist with any of your property plans, give us a call.