Auction clearance rates have remained robust, and at Jellis Craig, as with the rest of the market, we are experiencing an increase in volume of property compared with the same period in June last year (up 19 per cent in 2024). It is also positive to see that whilst listings are up, attendance at inspections remains consistent year on year.

After a period of successive interest rate rises through 2022 and 2023, the market is now responding well to the expectation that we are at the top of the rate cycle, with anticipation that rates are likely to start to reduce in early 2025. This has fostered a sense of certainty in the economic outlook, which has spurred more buyers to enter the market.

While interest rates are a key consideration in influencing housing market conditions, they are not the only factor.

Median property prices in Victoria