Home > Uncategorized > Market Update | 7 & 8 August 2021

Market Update | 7 & 8 August 2021

๐‘ฝ๐’Š๐’„๐’•๐’๐’“๐’Š๐’‚๐’๐’” ๐’˜๐’†๐’“๐’† ๐’‘๐’๐’–๐’๐’ˆ๐’†๐’… ๐’Š๐’๐’•๐’ ๐’‚๐’๐’-๐’•๐’๐’ ๐’‡๐’‚๐’Ž๐’Š๐’๐’Š๐’‚๐’“ ๐’•๐’†๐’“๐’“๐’Š๐’•๐’๐’“๐’š ๐’๐’‚๐’”๐’• ๐’˜๐’†๐’†๐’Œ, ๐’˜๐’Š๐’•๐’‰ ๐’•๐’‰๐’† ๐’ˆ๐’๐’—๐’†๐’“๐’๐’Ž๐’†๐’๐’• ๐’‚๐’๐’๐’๐’–๐’๐’„๐’Š๐’๐’ˆ ๐’•๐’‰๐’† ๐’”๐’Š๐’™๐’•๐’‰ ๐’”๐’•๐’‚๐’•๐’†-๐’˜๐’Š๐’…๐’† ๐’๐’๐’„๐’Œ๐’…๐’๐’˜๐’ โ€“ ๐’”๐’๐’‚๐’•๐’†๐’… ๐’‡๐’๐’“ ๐’”๐’†๐’—๐’†๐’ ๐’…๐’‚๐’š๐’”, ๐’‰๐’๐’˜๐’†๐’—๐’†๐’“ ๐’•๐’‰๐’†๐’“๐’† ๐’Š๐’” ๐’”๐’‘๐’†๐’„๐’–๐’๐’‚๐’•๐’Š๐’๐’ ๐’•๐’‰๐’‚๐’• ๐’Š๐’• ๐’˜๐’Š๐’๐’ ๐’†๐’™๐’•๐’†๐’๐’… ๐’‡๐’–๐’“๐’•๐’‰๐’†๐’“.

Once again, sellers, buyers and agents swiftly adapted to the circumstances, with several auctions scheduled for the weekend moving online. It may have been the online format or the number of bidders (9!), but whatever the cause, our auction of 28 Stanley Grove in Canterbury went for over an hour and a half! The original clinker brick home was being offered for sale for the first time in 49 years, located in one of Canterburyโ€™s most beautiful groves. The successful bidder fashioned her own paddle for the occasion!

The stunning, builderโ€™s-own home at 10 Woburn Street in Heidelberg also sold under the hammer via online auction. Attracting six bidders, the luxurious home enjoys a premier Heidelberg Hill position and is also central to schools, transport and lifestyle options.

Domain research has reported this week that Melbourneโ€™s unit prices are set to blow out further this year, as young buyers abandon their dreams of a house and turn to apartments instead. Melbourneโ€™s median house price soared past $1 million in the June 2021 quarter, defying the pandemic and setting a new record. Units also hit a record price, rising to a median of $572,793.

While the cost of a unit sits at nearly half that of a house, experts say affordability issues will force many in the market, particularly first-home buyers, to purchase apartments rather than houses, which will then drive unit prices higher again. Domain chief of research and economics Nicola Powell said the higher house prices climbed, the more demand would flow into units.

โ€œ๐˜š๐˜ฐ๐˜ฎ๐˜ฆ ๐˜ฑ๐˜ฆ๐˜ฐ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ง๐˜ฐ๐˜ณ๐˜ค๐˜ฆ๐˜ฅ ๐˜ต๐˜ฐ ๐˜ฃ๐˜ถ๐˜บ ๐˜ข ๐˜ถ๐˜ฏ๐˜ช๐˜ต ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ๐˜ช๐˜ณ ๐˜ฅ๐˜ฆ๐˜ด๐˜ช๐˜จ๐˜ฏ๐˜ข๐˜ต๐˜ฆ๐˜ฅ ๐˜ด๐˜ถ๐˜ฃ๐˜ถ๐˜ณ๐˜ฃ๐˜ด,โ€ Dr. Powell said. โ€œ๐˜๐˜ตโ€™๐˜ด ๐˜ข๐˜ฃ๐˜ฐ๐˜ถ๐˜ต ๐˜ต๐˜ฉ๐˜ฆ๐˜ฎ ๐˜จ๐˜ฆ๐˜ต๐˜ต๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต ๐˜ณ๐˜ถ๐˜ฏ๐˜จ ๐˜ฐ๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ญ๐˜ข๐˜ฅ๐˜ฅ๐˜ฆ๐˜ณ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ช๐˜ต ๐˜ฉ๐˜ข๐˜ด ๐˜ต๐˜ฐ ๐˜ฃ๐˜ฆ ๐˜ข ๐˜ถ๐˜ฏ๐˜ช๐˜ต ๐˜ฃ๐˜ฆ๐˜ค๐˜ข๐˜ถ๐˜ด๐˜ฆ ๐˜ฉ๐˜ฐ๐˜ถ๐˜ด๐˜ฆ ๐˜ฑ๐˜ณ๐˜ช๐˜ค๐˜ฆ๐˜ด ๐˜ข๐˜ณ๐˜ฆ ๐˜ด๐˜ฐ ๐˜ฉ๐˜ช๐˜จ๐˜ฉโ€.

We will all keenly wait to hear the news on easing of the latest restrictions. Until then, stay safe!

๐‘บ๐’–๐’„๐’„๐’†๐’”๐’”. ๐‘ฐ๐’•โ€™๐’” ๐’‚ ๐‘ญ๐’๐’†๐’•๐’„๐’‰๐’†๐’“๐’” ๐’•๐’‰๐’Š๐’๐’ˆ.

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