The easing of interest rate increases toward the end of 2023 fostered a more stable purchasing environment, bolstering confidence and stimulating activity across most sectors of the market. This stability is expected to further fuel buyer activity throughout the year.

We have seen a surge in buyer interest throughout 2023 and the first quarter of 2024, with an average of more than 60 buyers per listing across our 500-plus sales.

This intense competition has resulted in brisk activity, with the average time on the market dipping below 30 days and properties receiving interest from multiple potential buyers.

Surprisingly, about 15 per cent of our sales have been to buyers from Boroondara, likely drawn to Manningham's affordability, family friendly atmosphere and excellent amenities. International buyers – particularly from China – have also made their presence felt, accounting for close to 15 per cent of sales.

Building on our strong results in 2023, the first quarter of 2024 saw our listings jump by almost 30 per cent compared to the same period the previous year. This increase in volume has not dampened momentum, with nearly 92 per cent of our auctions resulting in successful sales.

Properties situated within sought-after school catchment zones and in close proximity to essential amenities, such as shopping centres, transport hubs and healthcare facilities, continue to outperform, attracting discerning buyers seeking convenience and quality of life.