Property prices have risen nationally 7.6 per cent1 since January 2023 with Melbourne prices rising consistently for the last 11 months now up 4.5 per cent2 since the start of the year.
Seller sentiment shifted dramatically in the second half of 2023 as the demand for housing ramps up despite rising interest rates. The key drivers being population growth, limited housing supply, residential construction lagging behind the required pace and an ultra-strong rental market. The outlook for property growth in 2024 is positive with good capital gains forecasted for Melbourne over the next 18-24 months due to these factors including the strength of Melbourne’s employment market.
At Miles we have observed a pronounced need for housing in Banyule and surrounds with an increased number of buyers looking to secure a home. In the last three months we’ve had in excess 4600 inspections for the 110 properties we’ve sold in this timeframe. Melbourne’s auction clearance rate has remained steady for the last three months at an average of 74 per cent3 Banyule’s auction clearance rate is higher at 79.5 per cent4, again underscoring the strong demand in this area.
We’ve had some outstanding results with homes selling strongly above their reserve prices with multiple bidders competing for the keys.
20 Fairy Street in Ivanhoe is one such property, an elegant weatherboard residence in the sought-after Fairy Hills neighborhood. The campaign attracted 77 buyers leads and 3 bidders on the day with the fast-moving auction leaving some bidders unable to get a chance to raise their hand. The property sold for $3,470,000, a price that underscores the high demand for quality turn-keys homes in premium locations.
14 Della Torre Crescent, Ivanhoe also enjoyed a very strong sales campaign which led to 5 bidders fighting hard for the keys. 103 people inspected the fully renovated 4-bedroom home with a solar heated swimming pool located near the Darebin Parklands. It sold for $3,621,000, significantly above the reserve set by the vendors, again demonstrating how strong the current market is.
Are you selling in 2024?
If you are thinking about selling in 2024 or just curious about the value of your home in the current market, please get in touch. We will provide you with an up-to-date appraisal and any further advice you may need in order to make a decision.
Season’s Greetings and all the best from the team at Miles.
