Home > Uncategorized > Market Update | 19 & 20 June 2021

Market Update | 19 & 20 June 2021

𝐃𝐞𝐬𝐩𝐢𝐭𝐞 𝐦𝐨𝐬𝐭 𝐜𝐚𝐦𝐩𝐚𝐢𝐠𝐧𝐬 𝐛𝐞𝐢𝐧𝐠 𝐢𝐧𝐭𝐞𝐫𝐫𝐮𝐩𝐭𝐞𝐝 𝐝𝐮𝐞 𝐭𝐨 𝐭𝐡𝐞 𝐥𝐨𝐜𝐤𝐝𝐨𝐰𝐧, 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐰𝐞𝐫𝐞 𝐬𝐭𝐢𝐥𝐥 𝐰𝐞𝐥𝐥-𝐚𝐭𝐭𝐞𝐧𝐝𝐞𝐝 𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤𝐞𝐧𝐝, 𝐰𝐢𝐭𝐡 𝐛𝐮𝐲𝐞𝐫𝐬 𝐫𝐞𝐦𝐚𝐢𝐧𝐢𝐧𝐠 𝐤𝐞𝐞𝐧 𝐭𝐨 𝐬𝐞𝐜𝐮𝐫𝐞 𝐭𝐡𝐞𝐢𝐫 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐨𝐟 𝐜𝐡𝐨𝐢𝐜𝐞. 𝐖𝐡𝐢𝐥𝐬𝐭 𝐬𝐨𝐦𝐞 𝐫𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐫𝐞𝐦𝐚𝐢𝐧, 𝐭𝐡𝐞 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐦𝐚𝐫𝐤𝐞𝐭 𝐜𝐚𝐧 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞 𝐭𝐨 𝐟𝐮𝐧𝐜𝐭𝐢𝐨𝐧, 𝐰𝐢𝐭𝐡 𝐛𝐮𝐲𝐞𝐫𝐬 𝐧𝐨 𝐥𝐨𝐧𝐠𝐞𝐫 𝐡𝐞𝐥𝐝 𝐛𝐚𝐜𝐤.

In Forest Hill, the lifestyle convenience on offer at the auction of 5A Norma Road saw two bidders compete for the two-storey town residence. Auctioneer Jee Chin was thrilled to see the home sell under the hammer for $1,004,000. Over in Ringwood, the stylishly updated home at 2 Ashcombe Drive was successfully sold post auction for $1,060,000.

On Sunday, the auction at 31 Culwell Avenue in Mitcham attracted two bidders but was passed in at $1,500,000. The property was later sold for $1,565,000 to the highest bidder, after a lengthy negotiation process. Comprehensively renovated and extended the home is brilliantly located within walking distance to local parks and transport.

In other property news, the Domain Group reports that Melbourne’s first home buyers are not taking any longer to enter the market than they were this time last year, despite the pandemic property boom. Melbourne first home buyers are reported to need six years to save a deposit for an entry level home. Domain senior research analyst, Dr Nicola Powell, points to wage growth and government incentives that are helping first home buyers get into the market. In addition, she says “the majority of Melbourne’s house price growth has been in the upper segment of the market…the lower segment of the market did see price growth as well, but not by as much as the upper end”.

Success. It’s a Fletchers thing.

#news

Categories: Uncategorized
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