This time last year, the Melbourne property market felt eerily quiet. Many sales campaigns ran with little to no depth a property would go to market, and if you were lucky, you had one genuinely interested buyer. For agents, vendors, and even buyers, it was a game of low energy and even lower urgency.
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Another week, another consistent set of auction clearance rates for Melbourne hovering anywhere between the high 60s and low 80s depending on which data source you rely on. What’s clear is that despite the stability in market performance, there’s a growing sentiment among agents that deals are anything but straightforward.
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With Melbourne’s auction clearance rates continuing to hold steady and talk of interest rate cuts now well and truly on the cards from the Reserve Bank of Australia (RBA), many are asking the question: Are we on the edge of the next phase of the property cycle?
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With the auction clearance rate holding firm hovering in the high 70s to low 80s depending on which data source you trust it’s easy to assume the property market is simply “stable.” And while that stability may suggest calm conditions, it’s actually masking a more complex story playing out beneath the surface.
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