Hi,
The Melbourne auction clearance rate dipped slightly to 67% but that was due to a very high volume auction weekend. 1,263 auctions were reported to Domain with 841 selling, 134 withdrawn and 288 passed in. In comparison, the same weekend last year resulted in a clearance rate of 61%.
The Domain House Price Report was released last week which showed Melbourne’s Sept 25 quarterly median house price increased 2.2% to $1,083,043. Very close but still $10,000 lower than the record high in 2021. The median unit price rose 1.7% in the September quarter to $590,597 which is within $12,000 of the record high in December 2021.
Property prices are predicted to continue to rise throughout the December quarter but the rate of the price growth will be highly impacted by the RBA’s interest rate decision next week. If interest rates are reduced, the rate of property price growth may be higher than if they were to stay on hold. Each interest rate reduction this year has resulted in a instant increase in buyer confidence in the property market.
The countdown is on to Christmas with only a few more weeks of auction campaigns launching and then mid November to mid December will move into a private sale market and the activity of off market properties will rise in the lead up to Christmas.
Have a great week
Kim Easterbrook – Managing Director
