11th September 2023 / Jeremy Desmier: Market Update | 9 & 10 September 2023

The Spring selling season is well underway, with the REA Group reporting a strong preliminary clearance rate of 69.5% for the third Super Saturday in a row for Victoria. The Fletchers Group was thrilled to achieve an 84% success rate for our clients.

New Domain data reveals the clearance rate – the proportion of advertised homes transaction – went up over the month of August, hitting 69.6% for the combined capital cities, representing an annual increase of 16.5%. Domain's chief of research and economics, Dr Nicola Powell, says the August Auction Report contains positive signs to start Spring.

"While the clearance rate hasn't quite reached the peak we saw in June, the numbers are still impressive compared to recent years," she says. The strong run of clearance rates indicates that selling conditions remain strong on top of auction listings rising.

With a third consecutive month of interest rates being held steady, buyers have more confidence as it appears that interest rates may have reached their peak. AMP Chief Economist, Shane Oliver, says that incoming RBA governor, Michele Bullock, should get a "much easier run of it" than her predecessor, with her first move on interest rates expected to be a cut in 2024.

Over the weekend, we saw four bidders compete to secure the luxurious, single-level home at 23 Fortuna Avenue in Balwyn North. Zoned for Balwyn High School, the impressive family home was sold under the hammer by Auctioneer Jeremy Desmier.

The contemporary family home at 4 Kingsbridge Court, Croydon Hills attracted four bidders on auction day. In a pristine court location, the property boasts a gourmet stone kitchen, two expansive living zones and a convenient location within walking distance to schools, shops, and transport. Marketed by Jack Sammut, the property sold under the hammer for $1,451,000.

In Blackburn, the lovely three-bedroom home at 5 Peak Court sold under the hammer for $1,300,000 with three bidders in competition. Marketed by Director Spring Chen, the home is just steps from Blackburn Lake and the primary school.

Another 1,055 properties are scheduled to go under the hammer next weekend, with Melbourne set to enjoy exceptional Spring weather.

If you're considering selling or would simply like an update on the estimated value of your home, please give us a call.