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Steady Finish to 2024 Auction Season

As 2024 draws to a close, the auction market has wrapped up the year with steady, albeit slightly subdued, results. With the holiday season rapidly approaching, auction activity has naturally waned, but overall, sellers have experienced a solid finish to the season. Here are the key takeaways and insights from the past week:

Key Takeaways

National Clearance Rate: The national weekend auction market reported a clearance rate of 54.1% this past week, a decline from 60.1% the previous week and below the 58.7% recorded during the same weekend last year.

Seasonal Trends: The spring selling season concluded with generally solid results for most sellers, though activity predictably tapered off as the year’s final auctions wrapped up.

Melbourne: Melbourne maintained a steady clearance rate of 63.7%, just below the 64.0% from the prior week and lower than the 64.7% recorded during the same weekend last year.

Melbourne Auction Results

Melbourne continued to deliver steady results, with a clearance rate of 63.7% recorded this past week. This result is virtually unchanged from the previous week’s 64.0%, signaling ongoing buyer interest even as auction volumes began to drop. Compared to last year’s corresponding weekend clearance rate of 64.7%, Melbourne’s market remains resilient.

Melbourne’s 2024 Property Market Overview

The broader Melbourne property market in 2024 demonstrated remarkable resilience despite challenges such as fluctuating interest rates and buyer caution. Key trends included:

Strong Suburban Performance: Suburban areas, particularly those offering larger homes and family-friendly amenities, continued to attract robust demand, often outperforming inner-city properties.

First-Home Buyer Activity: Government incentives and more affordable entry-level pricing spurred increased participation from first-home buyers, bolstering the market’s lower end.

Investor Activity: Investor interest remained steady, with many seeking opportunities in Melbourne’s apartment market, where yields have shown signs of recovery.

Heading into 2025, Melbourne’s diverse property landscape positions it as a market to watch, with early indications suggesting continued buyer demand and seller confidence.

Looking Ahead

The 2024 auction season concludes with clear evidence of steady market performance despite seasonal slowdowns. As the real estate market takes its traditional holiday break, all eyes will be on early 2025 to gauge buyer sentiment and seller activity.

For buyers, the quieter end-of-year period presents opportunities to secure properties with potentially less competition. Sellers, meanwhile, can look forward to renewed activity as the new year begins.

Our experienced team of advisors will guide, execute, and deliver the best possible results for our clients. Call Cynthia on 0432 327 945 for an initial free consultation.

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