Hi,
Melbourne’s first Super Saturday for the year was a good test to see how the property market has reacted to the new year interest rate rise. There were 961 auctions reported to Domain with 635 selling, 231 passing in and 95 withdrawn resulting in a solid clearance rate of 66%. In comparison, the same weekend last year also resulted in a 66% clearance rate.
The property market seems to have bounced back somewhat from the initial interest rate rise shock a few weeks ago which is very much how the property market performed when interest rates were rising in 2022/2023. There was a pause from buyers when the interest rate rise was announced, and then back to a somewhat normal market a week or two thereafter.
We had a busy week last week successfully purchasing properties for five clients and missing out on two properties. All negotiations had competing buyers. The property market is still fast paced with some properties selling before the end of EOI or auction. Numbers at auctions and open for inspections on the weekend were high and the auctions we attended all had active bidding and all sold under the hammer.
An auction result worth mentioning. A huge auction result in Fitzroy North where a former milk bar sold for almost $1,000,000 over reserve. 558 Rae Street, Fitzroy North is an architecturally designed renovated period home on 549 sqm. The 4 bedroom 2 bathroom 1 living with a double garage was quoted $3,900,000 to $4,300,000 prior to auction. Five bidders competing to secure the property and the property had reached it’s reserve at $4,200,000 and sold for $5,100,000.
Have a great week.
Kim Easterbrook – Managing Director
