A quieter Saturday this week with real estate markets hitting the pause button to enjoy the Labour Day long weekend.

But the Melbourne property scene has done anything BUT pause so far in 2024! Stock levels have consistently been 10-20% higher than the same time last year. Typically this would put downward pressure on barometers like auction clearance rates but the first 2 months of 2024 have recorded clearances around 10% stronger than the same time last year. If we isolate the markets in and around Manningham, Whitehorse, Nillumbik and Banyule, clearance rates at auction are even stronger.

So why is the market resisting cost of living pressures?

More certainty that interest rates have peaked and talk of up to 6 interest rate cuts in the next 12 months have many buyers wanting to get into the market close to what they see as the ground floor. Continual immigration into Victoria at levels around 250,000 new arrivals per year has created the rental crisis and will put an upward drive into home prices as more and more renters become buyers. Interestingly, the Sydney market has already kicked away by 7.7% last year and the Melbourne market almost invariably takes its lead from Sydney.

At Barry Plant Manningham, we feel that we need to know the market and the policies, trends and metrics that affect it. We’re not just agents but businessmen and women who work in the exciting world of property. We know our stuff so that we can help guide our clients in the decisions that they make…… and why wouldn’t we? After all, we’re just people helping people navigate their way through this market we call real estate.

Please see below our impressive sales for the week!

• 9 Exeter Close, Templestowe Lower sold for $1,748,500
• 229 Thompsons Road, Lower Templestowe sold for $1,168,000
• 4 McGahy Street, Templestowe Lower sold for $1,530,000
• 1/5 Ashford Street, Templestowe Lower sold for $1,070,000
• 2 Outhwaite Avenue, Doncaster sold for $800,000
• 16/107 Whittens Lane, Doncaster sold for $595,000
• 2/4 Woodlands Road, Heathmont sold for $490,000
• 10/750 Doncaster Road, Doncaster sold for $273,000
• 200 Eltham-Yarra Glen Road, Kangaroo Ground sold!
• 36 Timber Ridge, Doncaster sold!
• 3 Freedman Avenue, Boronia sold!

Currently under offer and will be sold soon:

• 129 Westering Road, Christmas Hills
• 396 St Helena Road, Eltham North
• 13 Serafini Court, Eltham North
• 1 Regina Court, Eltham
• 193 Ryans Road, Eltham North
• 6 Rotino Crescent, Lalor
• 1/136 Parker Street, Templestowe
• 201/1 Mitcham Road, Donvale
• 6 Swansfield Court, Warrandyte
• 3/113 King Street, Templestowe
• 174 Blackburn Road, Doncaster East
• 310/1 Danks Street, Port Melbourne

Spiro Drossos

Managing Director

Barry Plant Eastern Group