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.

What’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, “A mismatch between available supply and demonstrated demand is keeping markets skewed in favour of sellers”. 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 action… prices will inevitably skyrocket when interest rates drop so it’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 you’re considering your next move, contact your local Noel Jones office or visit noeljones.com.au and we’ll be happy to assist.

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