Home > Auction Wrap > Auction Snapshot | 16 & 17 November

Auction Snapshot | 16 & 17 November

Melbourne’s property market continues to go from strength to strength as it maintains strong auction clearance rates and buyer activity in the lead up to Christmas.

After pushing through the highs and lows of the 2018-19 downturn, the market has defied the expectations of many to make an unprecedently quick recovery. REIV President, Leah Calnan, said ‘Victorian property is a growth asset; anybody who bought in the market five years ago would see an amazing return.’

In fact, a recent report from The Australian Financial Review forecasts a surge in house prices of 11% for Melbourne over the next 12 months. Population growth, three interest rate cuts and loosened credit restrictions have all been attributed to the resurgence.

While the positive market conditions have proved encouraging for buyers, demand continues to outweigh supply as listing volumes have remained particularly low in recent months. Nerida Conisbee from the REA Group cites this as an early part of the recovery cycle, speculating the imbalance will lead to ‘strong prices rises in premium suburbs’.

In Fletchers news, the charming brick Californian Bungalow at 18 Fowler Street in Box Hill South pushed past the 2 million dollar mark at auction last Saturday. Originally on the market for $1,885,000, the 5 bedroom, 2 storey residence saw 4 bidders fight it out for the set of keys. Congratulations to our vendors on the highly successful outcome.

Results. It’s a Fletchers thing.

Categories: Auction Wrap
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