Home > Uncategorized > Market Update | 6 & 7 March 2021

Market Update | 6 & 7 March 2021

Melbourne’s auction market continued to achieve solid results well over the Labour Day long weekend, with 84% of properties sold at auction, the same figure as the week prior.

Last month, news that Australia had experienced the fastest growing property prices in almost two decades made headlines across the country, with both capital cities and regional areas recording price increases. To date, the latest data from Domain suggests that ‘the limited number of properties on the market is barely meeting buyer demand’ in what has been described as ‘bursting at the seams after a long year of restrictions that suppressed buying and selling for weeks at a time.’

With the sheer level of competition forcing house prices up quickly, record-low interest rates and improved consumer sentiment have also resulted in a flood of investors returning to the market, many targeting the country’s high end, luxury property market. ‘There are definitely more investors popping up in the housing market, more than we’ve typically had,’ one agent recalled.

Domain senior research analyst Nicola Powell said the property market had changed dramatically since last year. “At the start of this year, really from the end of last year, sellers and buyers have been in a different position because the market is rising rapidly,” Dr Powell said. “If you sell first before you purchase, what many may now be finding is that the market is running away from them and gaining in price.”

Our vendors Alan and Melissa Wesson feel very lucky they have somewhere to live if they cannot find another property when they sell. We listed their Surrey Hills home of 20 years this week, but they also own an apartment in the are too. “We’re not overly concerned about it,” Mr Wesson said. “We’d like to get a reasonable price for our place and find another that ticks all of our criteria boxes. We would be prepared to wait for that.”

Success. It’s a Fletchers thing.

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