Market Update | May 2024 Edition

Your May monthly update from Noel Jones, including the latest property market statistics and news from our team.

Melbourne saw a relatively stable month during April, with many people taking time off during the Easter long weekend, school holidays and ANZAC Day break.

Property prices remained stable for houses and units throughout the month, while industry-wide auction clearance rates held steady at around 60 per cent.

The good news is that with demand still outstripping supply, competition amongst buyers is high and we are still achieving excellent results for sellers.

Whatโ€™s affecting Melbourne property prices?

Property prices are affected by three things; supply, demand and the cost of money.

The reason we are seeing a relatively stagnant market is that after recent inflation figures defied expectations, economic forecasters say they expect interest rates will remain at their current high level until at least November.

In a way, this is positive for buyers and investors because they are finally able to enjoy more predictability around sales results.

The reason higher interest rates are not causing prices to drop is the lack of supply. As CoreLogic explained in its April report, โ€œA mismatch between available supply and demonstrated demand is keeping markets skewed in favour of sellersโ€. This is allowing our team to achieve strong outcomes for vendors.

A recent report from Property Investor Magazine highlighted that now is the perfect time for investors to take actionโ€ฆ prices will inevitably skyrocket when interest rates drop so itโ€™s a good idea to make a move while you can get value for money.

Giving back

In other news, Croydon Ranges Hockey Club is the recipient of the Noel Jones Community Support Program Grant for April. This $1000 grant comes from the percentage of each sale made through the Noel Jones network that is allocated to support our local communities. Visit our CSP page and download an application page to find out more.

If youโ€™re considering your next move, contact your local Noel Jones office or visit noeljones.com.au and weโ€™ll be happy to assist.

Share:

More Posts

ELEVATE 2025

ELEVATE 2025 delivered an incredible day of learning, inspiration and connection. From powerhouse speakers to real-world insights, our team came away motivated and equipped to finish the year strong. Hereโ€™s a look at some of the moments that made it special. Thinking about your next move? Discover what a career at Noel Jones could look like here

Market Update | June 2025 Edition

Australia’s inflation remains steady, with annual growth at 2.4% in April. Underlying inflation, which is the Reserve Bankโ€™s key indicator also sits comfortably within the 2โ€“3% target range, coming in at 2.8%. In response, the RBA reduced the cash rate by 0.25% in May, bringing it down to 3.85%. This marks the second cut this year, providing relief to mortgage

Meet Our June CSP Grant Recipient

Meet Our June CSP Grant Recipient Weโ€™re proud to announce Box Hill City Band as the recipient of our June Community Support Grant. This talented group of young musicians, Box Hill Academy Brass, has won the Australian National Band Championships two years in a row and is now preparing to represent Australia at the prestigious New Zealand Brass Band Championships

Meet Our May CSP Grant Recipient

Meet Our May CSP Grant Recipient Since launching the Noel Jones Community Support Program, weโ€™ve proudly contributed over $45,000 across 30 grants to local groups and initiatives. From schools and sports clubs to charities and community organisations, these grants have helped support education, health, and social impact programs throughout our neighbourhoods. Our May 2025 grant has been awarded to Chirnside

Send Us A Message

Good Job!

Thanks for taking the time to let me know about your needs.

I look forward to helping you find your new home.โ€‹

Buyer Requirements

Thank you!

Iโ€™ll be in touch soon with information on the suburb youโ€™re buying in.

Find Out More