Market Update – MAY 2024

The real estate market is constantly evolving, and staying informed is key to making smart investment decisions. In this month’s market update, we’ll provide an overview of the latest trends, key statistics, and insights for May 2024 in the Melbourne property market.

Market Trends

The property market in May 2024 has shown steady growth, with increased buyer demand and limited supply driving up prices. Both residential and commercial properties are seeing heightened interest, particularly in metropolitan areas.

Key Statistics

Median Property Prices
Median property prices have risen by 3% compared to April 2024, reflecting strong market confidence. Auction Clearance Rates: Auction clearance rates have remained robust at 75%, indicating a competitive market.
Days on Market
The average days on market for properties have decreased to 28 days, signifying quick turnovers.

Sector Highlights

Residential Market
Family homes and apartments in sought-after suburbs continue to perform well, with notable demand for properties offering home office spaces and outdoor areas.
Commercial Market
The commercial sector is seeing increased activity, particularly in the retail and office spaces, driven by business expansions and new ventures.

Expert Insights

According to Frank Karavidas, Director at Cercle Property, “The current market dynamics present excellent opportunities for both buyers and sellers. It’s crucial to stay informed and act swiftly to capitalise on the favorable conditions.”

May 2024 has proven to be a vibrant month for the real estate market, with strong performance across various sectors. Staying updated with the latest trends and insights is essential for making informed decisions. Contact Cercle Property for personalized advice and market analysis tailored to your needs.