With the clearance rate holding steady at 75% we are still seeing this skewed by the lack of clarity around auction numbers.

With auctions being cancelled or sold early we are seeing an approach of best not run if it wont succeed by the agents.
– Scheduled Auctions 895
– Reported Auctions 466
– Total Sold 348

Current State Of The Market
– Melbourne home prices were flat in April, growing 3% over the last year, while unit values grew 2.5% over the year.
– Melbourne’s property values have risen 11% since the onset of Covid, but they are still -4.0% below their previous peak in March 2022.
– The average price of a Melbourne standalone house is the lowest it has been against its Sydney equivalent in around twenty years.

Suburban Performance:

– 306 suburbs notched up price growth in the last financial year.
– 192 suburbs, 47% of the city’s total, now boast typical seven-figure house prices.
– Experts predict more suburbs will join the $1 million club in the next year.

Population Growth:

– Melbourne’s population is forecast to continue growing, with the Victorian government aiming to increase the population to 8 million by 2050.
– This growth is expected to drive demand for housing, with an estimated 1.5 million more dwellings needed over the next 30 years.

Expert Forecasts:

– ANZ forecasts a 3-4% property price rise in Melbourne in 2024.
– CBA forecasts a 5% property price rise in Melbourne in 2024.
– NAB forecasts a 5.5% property price rise in Melbourne in 2024.
– Westpac forecasts a 3% property price rise in Melbourne in 2024.
– PropTrack forecasts a 1-4% property price rise in Melbourne in 2024.
– SQM forecasts up to a -3% property price fall in Melbourne in 2024.

In conclusion, while Melbourne’s property market has not performed as strongly as some other capitals over the last year, it is expected to gain ground in 2024, driven by population growth, tight supply, and a strong economy. However, the market remains fragmented, with some suburbs outperforming others.