Victorian housing market tipped for strong run to Easter as positive signs grow

Victoria might be sweating through its hottest weekend of the year, but the property market is going to be feeling the heat for the next fortnight.

PropTrack recorded 350 results yesterday from the 532 homes testing the market this week, down from more than 1000 slated almost every week since the start of February.

But a healthy 62 per cent clearance rate has boosted confidence ahead of the state tackling a monster two weeks ahead with more than 3400 homes scheduled to test the market.

PropTrack is expecting in excess of 1600 homes to be auctioned next week and more than 1800 the following week as home sellers race to get in before a traditional pause for the Easter long weekend.

Senior economist Angus Moore said while things might quiet down again after the holiday period, next week’s auction numbers are up 48 per cent from the same time a year ago.

“And clearance rates in Melbourne have been reasonably solid across the start of this year so far, bouncing around the mid 60s most weekends, which is slightly stronger than what we were seeing towards the end of 2023,” Mr Moore said.

5 Duggan St, Balwyn North, sold for $3.426m.

Ray White Victoria chief auctioneer Jeremy Tyrrell said he expected the state would have a strong run into Easter.

“Across the board, our data is showing strong increases in open inspection traffic, bidder numbers at auction, new listings to market and even reports of increases in home loan pre-approvals,” Mr Tyrrell said.

The best results recorded by PropTrack yesterday were the $3.426m sale of a four-bedroom house at 5 Duggan St, Balwyn North, and the $2.59m auction sale of 9 Munro St, Black Rock.