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

As we come to the end of the year and start to consider what the 2025 property market will look like, it is pleasing to see that home prices across the country hit a record high in October. Auction numbers have once again increased, after the Melbourne Cup public holiday saw many Victorians enjoy an extra-long weekend.

Median House Prices – September 2024 Quarter:

Quarterly median price data from the Real Estate Institute of Victoria (REIV) showed modest price changes across the state for the period ending 30 September 2024, but outer Melbourne units and apartments bucked the trend to show considerable growth for the third consecutive quarter.

Over the past five years, outer Melbourne units and apartments have increased 18.8 per cent and eight out of the top twenty suburbs for house prices came from outer Melbourne, with Keysborough as the strongest performer, rising 6.8 per cent to $1,015,000.

Prices were steady overall for houses and units in metropolitan Melbourne, recording a 0.1 per cent increase to $916,000 and 0.2 per cent to $628,000 respectively. Kew (up by 8.5 per cent to $2,810,000) and Burwood (up by 8.4 per cent to $1,452,000) recorded the highest increase in house prices.

Home seller advertises reserve in move that gets six bidders, $100k premium:

One of our Forest Hill vendors selling their home via auction over the weekend made the unusual decision to advertise their home's reserve price weeks ahead of auction day and sold for more than $100,000 above expectations.

Selling agent, Fletchers Director & Auctioneer Rob Sheahan said, "I think that the reserve being disclosed is the way of the future. He said all the buyers he spoke to after the auction had "loved it". "They knew what it was, and while they got outbid, they had seen that as soon as it hit the reserve it was on the market…so if the other bidders weren't there, it would have sold for that price."

The property was initially listed with a typical quoted price range, but after 50 groups attended the first open for inspection, and a discussion with the vendor, the property was changed to a $925,000 advertised reserve. When he put it under the hammer, the first bid came in low, before a second bid pushed it onto the market. With six buyers chasing it, the home wound up selling for $1.08m. "It was a crazy result," Mr. Sheahan said.

Fletchers Auction Weekend:

The Fletchers Group was thrilled to achieve a strong auction clearance rate of 81% for our clients over the weekend. If we can assist you with your property plans for the remainder of the year or to discuss a selling strategy for the new year, please give us a call.