Something Is In The Air
Spring/Early Summer ’24 Results Flat: But 2025 Is Off To A Good Start

It may be Christmas cheer continues; or perhaps it’s the hope of further declining interest rates in 2025; or it could be a Trump effect spilling over that it’s time at last to act decisively and with clear intent. Whatever the cause, the residential property market in Melbourne has opened in much more positive spirits than its lethargic drag seen throughout 2024. Political change may be on the horizon. Victoria has stumbled and blundered its way in recent years both financially and in social direction. People are tired, almost exhausted, with indecisive leadership lost in a world of mindless trivia and pretence which is bringing about Monty Python-esque silliness to the citizens of this State. Enough is enough; the frustration can be felt and heard.  Home buyers anticipate and hope it will soon end.

Auction success rates have jumped in February, the first true auction month in residential sales. And although not reported in this Update, March is continuing the February trend. Values overall have likely drifted slightly lower in the past twelve months. However three to six months of current strength – should it continue, would make up for that lost ground. This is more so true of prices in Melbourne than provincial areas. Country areas boomed due to the COVID disruption, however we feel the “return to norm” has been and will continue to re balance the situation. Our June Quarterly Update will reveal if current upbeat sentiment was maintained. We expect more of the same in the near future.

Bruce Renowden
0412 100 501
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Over 45 years industry experience.