Hi,
Last weekend, the Domain auction clearance rate for Melbourne came in at 74% on 490 auctions reported. 363 sold at auction, 41 were withdrawn and 86 properties passed in. The same weekend last year resulted in a clearance rate of 54%.
Last weekend’s auctions had lots of activity with multiple bidders reported at many. Confidence has improved and is continuing to build and buyers who have been sitting on their hands for quiet some time now have the confidence to transact.
That being said, the past three weeks have been quieter in the real estate world, with a limited amount of new properties coming onto the market due to the school holidays. The kids are back at school today and stock levels should now improve for the next six weeks before a very short lull for the AFL Grand Final.
The next RBA meeting is on the 11th and 12th of August and the ‘rates on hold’ decision at the previous meeting was an unexpected and controversial one. The RBA wouldn’t decide to decrease the interest rate until they have the June quarter inflation data for 2025 which will be released at the end of July. The unemployment rate rose to 4.3 per cent in June from 4.1 per cent in May and has been slowly creeping up since 2022.
The second half of 2025 is shaping up to be an active one in Melbourne’s property market with many buyers ready to buy and stock levels starting to rise now that school holidays have finished.
Have a great week.
Kim Easterbrook – Managing Director
