Melbourne Property Market in Balance Between Buyers and Sellers, with Buyers Possibly Gaining Control Soon

Melbourne’s Property Market Balancing Between Buyers and Sellers

Melbourne’s property market is currently experiencing a busy autumn season with auction numbers significantly higher than last year. This influx has left the market in almost perfect balance between buyers and sellers, although buyers may soon gain the upper hand.

The number of homes going under the hammer and overall listings have increased compared to last year, providing house hunters with more options. Despite this, the state’s clearance rate has dipped from a 70 percent average in February to a 66 percent average over the past four weeks.

According to preliminary figures, this week’s clearance rate stands at 66.5 percent from 505 results. PropTrack economist Anne Flaherty noted that this level of activity is unusual for the school holidays, hinting at a potentially busier market in the coming weeks.

Next week, economists anticipate 1012 auctions across the state, marking a significant increase from the previous year. The market has seen an additional 200 sellers compared to last year, indicating a growing interest in selling properties.

Noteworthy sales from this week include the $3.06 million paid for 16 Cremorne Rd, Balwyn, and the $2.395 million sale of a house at 11 Wilmoth St, Northcote. Additionally, investors have shown interest in the market, as demonstrated by a four-bedroom townhouse in Burwood selling well above reserve.

As interest rates are forecasted to decrease, more investors are expected to enter the market, potentially shifting the balance towards buyers. It will be interesting to see how the market evolves post-school holidays and throughout the winter season. Stay tuned for more updates on Melbourne’s dynamic property market.