Home > Uncategorized > Market Update | 20 & 21 March 2021

Market Update | 20 & 21 March 2021

Another stunning weekend of results for the Fletchers group on Saturday, with over 94% of properties selling at auction. Once again, our dedicated sales team has surpassed Victoria’s state-wide clearance rate of 84%, with 18 properties sold across our network.

In what some agents are now referring to as a ‘second Spring’, current buyer activity and low stock levels have become the catalysts for rising house prices, with auctions becoming more competitive as the weeks progress. Despite a wave of public holidays on the horizon, next weekend is expected to be even busier, with more than 1,550 auctions currently scheduled across Victoria.

In Surrey Hills, a stunning three-bedroom Californian Bungalow at 53 Suffolk Road sold under the hammer for $2.1 million, $455,000 above the reserve. Four active bidders pushed the final sale price well beyond its initial $1.7 million price point.

Reflecting on the intense competition for properties in the area, my thoughts are that ‘the market is rapidly increasing at the moment, and while from a vendor’s perspective it is heaven, from a buyer’s perspective, it is tricky because they’re aware that if they don’t buy now, then prices are going to be higher next month.’

More stock is expected to come onto the market in the coming months as more vendors feel at ease putting their properties on the market. ‘I find activity breeds activity. If people are seeing prices going up, as a seller, you are more comfortable putting your property on the market. As a buyer, you are perhaps more prepared to step out of your comfort zone’.

Success. It’s a Fletchers thing.

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