April finished on a strong note following the traditionally quieter holiday period, with a number of significant sales transacting throughout the week, including a home in Toorak selling privately in excess of $13 million and an off-the-plan apartment trading close to $10 million. Fresh supply has entered the market in significant numbers, and buyers have responded accordingly, with well-attended inspections and a genuine sense of momentum among those looking to act. Auction activity is on the rise, and we see this trend continuing as more sellers commit to the season and new opportunities present themselves week on week.
The recent RBA decision to raise the cash rate by 25 basis points to 4.35 per cent will inevitably generate fresh headlines, but this is a move the market has largely anticipated. Buyers have had time to factor this into their thinking, and the activity we're seeing reflects that. Demand for quality property in Melbourne's premium suburbs continues to outweigh supply, and serious buyers are not stepping back. What is happening on the ground tells a very different story to the one often painted in the media. Sentiment among active buyers and sellers remains confident and, importantly, forward-looking. There is a clear willingness to transact when the property is right.
For those considering a move this autumn, the conditions are there to achieve a strong result. If you'd like a confidential appraisal or an informed view of your local market, we welcome the conversation.
