The Miles team are thrilled to be celebrating our 100 years in business this year, an achievement we feel immensely proud of. We’ve also expanded our residential sales team and have welcomed five new agents into our fold including a new Partner – Gordon Hope who is a very well respected and successful agent and auctioneer in Banyule.
The Melbourne property market has kicked off 2024 with a strong start with renewed confidence among both buyers and sellers - a continuation from the last quarter of 2023. The Banyule area, in particular has shown steady growth, underlining its continual appeal in the broader Melbourne market.
Stable Interest Rates and Increased Market Activity
As interest rates have stabilised, there has been a noticeable uptick in market activity. Sellers and buyers have re-entered the market with renewed enthusiasm, contributing to a significant rise in property listings. Melbourne experienced its busiest February in more than a decade, a trend that continued into March and April with more properties scheduled to come to market in the next few months. Our agents have observed increased certainty around market conditions, which has significantly boosted both buyer and seller confidence.
Melbourne and Banyule
The median house price in Melbourne saw a 2 per cent increase from the previous quarter, rising to $929,000. The Banyule's median house price is notably higher at $1,122,500, reflecting the high demand for prime real estate. Specific suburbs such as Ivanhoe and Macleod have experienced stronger growth, with increases of 11 per cent in both suburbs. Ivanhoe East saw a 9.6 per cent rise and Viewbank rose by 6.5 per cent reflecting the strong demand for family homes.
Auction Clearance Rates Show Buyer Confidence
The first quarter of 2024 has maintained an auction clearance rate of around 75 per cent across Melbourne, indicating strong buyer confidence. This level of activity underscores a healthy market for both buying and selling.
Interest Rate Outlook
The property market is not anticipating further interest rate increases. With inflation figures moving back towards the RBA’s target range of 2-3 per cent, there is an expectation of a potential rate cut in the second half of 2024. Such a move would likely encourage more buyer activity.
Residential Sales Highlights
The first quarter also saw impressive residential sales figures, with nearly 4500 buyer inspections for 107 properties sold. Top sales included 88 The Eyrie, Eaglemont and the Skipper House at 45 Outlook Drive in Eaglemont, designed by iconic architect Walter Burley Griffin, and a very successful off-market sale at 10 Fairy Street in Ivanhoe.
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 an informed decision.
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