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Market Wrap


With Winter now behind us, the Spring season of auctions, Footy finals and the Spring Carnival has begun! After a record number of auctions in July, and an incredibly buoyant market throughout Winter as a whole, the month of August continued to prove the soundness in the market. Auction numbers were slightly lower with 3,119 properties going under the hammer in August, compared to 3,566 in July, but the clearance rate did increase to 76% compared to 75% the previous month. We continued to see solid competition at auctions which has been consistent over the last 12 months, with Melbourne home prices rising 12.7% in this time. We witnessed firsthand this strong market sentiment, with some outstanding results including 1&2/37 Raleigh St, Prahran selling for $1,656,000, 11a Percy St, Prahran selling for $1,310,000 and 11/11-13 Llaneast St, Armadale – a one bedroom apartment selling for $565,000!

After a highly successful 2016/2017 financial year, we were fortunate enough to be awarded the #1 hockingstuart office at our annual awards ball – the highest accolade of the night. The award is judged not only on our sales performance, market share and property management performance, but also is weighted heavily against client feedback from every buyer, vendor, landlord and tenant. We are extremely proud of this achievement as it highlights our commitment to our clients in giving them the best service and results possible.

Further to our commitment to our clients, we are also committed to giving back to our local community – from Monday 4th September to Saturday 23rd September we will be holding a food-drive in our office, and collecting non-perishable goods to donate to Prahran Mission's Emergency Relief department; which focuses on helping those who are effected by homelessness, family violence, receiving no income, limited government assistance or those effected by mental health issues.

Moving forward, it is set to be a busy Spring with plenty of properties hitting the market for auctions in September and it is already looking like it will be a busy October and November for our office. With the AFL Grand Final on the 30th September and Spring Carnival kicking off in early November, October could be the perfect time to auction your own home with no public holidays/long weekends throughout the month.

If you do have any property plans make sure you get in touch with hockingstuart’s number 1 office!

Market Wrap