Hi ,
The Domain auction clearance rate for last weekend came in at 70% on a very big auction weekend. 1,073 auctions were reported with 747 selling, 217 passing in and 109 withdrawn. In comparison, the clearance rate last year was 62%. In addition, the REIV have recorded 188 private sales. There won’t be many auctions this weekend coming due to the King’s Birthday public holiday.
Melbourne property was all over the news this morning with radio stations reporting “Melbourne is back”… “Melbourne property price gains leading the nation”. The confidence in Melbourne property is gaining momentum. PropTrack released data over the weekend that suggests Melbourne property rose $250 per day in May and it is the fifth month straight that home price growth has been in achieved in Melbourne. May was the biggest single month of growth for house prices since 2021. There are strong predictions now that Melbourne will surpass its previous record median price of $960,000 by the end of the year.
We have seen a significant increase in new buyer enquiry in our office from all sorts of property buyers being investors (mostly interstate), first home buyers, upsizers (family homes) and downsizers. Many of these buyers are still getting their finances in order and are not quite ready to purchase, but buying a property has become top of mind now for many. I am predicting slow and steady growth this year rather than any boom times as buyers are still cautious, but certainly more confident than before.
Have a great week.
Kim Easterbrook – Managing Director
