As the Spring selling season warms up and national home prices continue to rise, we're keeping a close eye on the market and bringing you the latest real estate updates!
First-Home Buyers Make a Comeback
Victoria’s first-home buyer market is surging, reaching its highest level in nearly two years. The Australian Bureau of Statistics (ABS) data revealed that 3,556 first-time buyers committed to a mortgage in July, bringing the state’s total to 39,336 over the last 12 months. This marks the highest number of first-home buyers since December 2022, when the Reserve Bank's rate hikes began to sideline many market entrants.
PropTrack economist Anne Flaherty noted that first-home buyers will likely continue to drive sales this Spring. With more listings in their typical price ranges hitting the market, she says first-home buyers "will have a lot of power this Spring." Investor sell-offs are a key factor, giving new buyers the opportunity to enter the market with more options.
Spring Brings More Choice for Buyers
Spring is the busiest season in Australia’s real estate market, and this year is no exception. PropTrack’s Home Price Index shows national home prices rose by 0.2% in August, marking 20 consecutive months of growth and pushing prices 6.2% higher than a year ago. Sellers are feeling confident, and market activity is heating up as the Spring selling season picks up speed.
New listings are trending higher, and we expect a surge in available properties in the coming weeks. This increase in supply gives buyers more options, with the number of homes advertised for sale surpassing the figures from last year. It's shaping up to be an exciting season with plenty of competition for the best properties.
Affordable Suburbs Still in Demand
Despite rising prices, there are still suburbs attracting plenty of attention due to their relative affordability. The REA group identified the top three most-searched suburbs in each capital city, with a focus on those with median sale prices below the city’s median.
In Victoria, Frankston, Sunbury, and Craigieburn topped the list for house searches under Melbourne’s median price of $870,000. For units, Melbourne, Richmond, and Hawthorn were the most searched, offering alternatives below the city’s median unit price of $605,000.
Fletchers Auction and Property Updates
This past weekend, the Fletchers Group achieved a 72% auction success rate, helping our clients secure fantastic results.
In Glen Iris, two bidders competed for the stunning five-bedroom Hamptons-style home at 4 Jese Street. Auctioneer Michael Rosano sold the property under the hammer for $3,280,000.
We’re here to help you navigate this dynamic market and achieve the best results for your property!
GET TO KNOW JEE CHIN https://lnkd.in/g_FKASqB
Group Distribution Director at Chetwood Bank
5moAny mortgage adviser in George Morgan CeMAP area who gets a call from him to come in and see you then please make time for him in your diary. The value and drive he will add will be worth the time 🕰️ Well done Chetwood Financial Limited another great addition to our team !