Home > Uncategorized > Market Update | 14 & 15 August 2021

Market Update | 14 & 15 August 2021

𝐀𝐬 𝐩𝐞𝐨𝐩𝐥𝐞 𝐢𝐧 𝐦𝐞𝐭𝐫𝐨𝐩𝐨𝐥𝐢𝐭𝐚𝐧 𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞 𝐬𝐞𝐭𝐭𝐥𝐞𝐝 𝐢𝐧𝐭𝐨 𝐚𝐧 𝐞𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐋𝐨𝐜𝐤𝐝𝐨𝐰𝐧 𝟔.𝟎, 𝐭𝐡𝐨𝐬𝐞 𝐢𝐧 𝐫𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐕𝐢𝐜𝐭𝐨𝐫𝐢𝐚 𝐫𝐞𝐜𝐞𝐢𝐯𝐞𝐝 𝐚 𝐰𝐞𝐥𝐜𝐨𝐦𝐞 𝐫𝐞𝐩𝐫𝐢𝐞𝐯𝐞 𝐰𝐢𝐭𝐡 𝐫𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐞𝐚𝐬𝐢𝐧𝐠. 𝐖𝐢𝐭𝐡 𝐭𝐡𝐞 𝐥𝐨𝐜𝐤𝐝𝐨𝐰𝐧 𝐬𝐭𝐢𝐥𝐥 𝐢𝐧 𝐩𝐥𝐚𝐜𝐞 𝐢𝐧 𝐦𝐞𝐭𝐫𝐨 𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞, 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐫𝐞𝐦𝐚𝐢𝐧 𝐯𝐢𝐫𝐭𝐮𝐚𝐥 𝐚𝐧𝐝 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐞𝐝 𝐨𝐧𝐥𝐢𝐧𝐞.

Four bidders participated in the auction of 30 Russell Street in Camberwell, a double brick Federation residence nestled within the richly tree-lined Tara Estate. We gave each bidder plenty of time to put their stamp on the auction and secure the home, with the auction running for over an hour! The property was formally passed in to the highest bidder, who went on to purchase the home in post-auction negotiations.

My colleague Gail Logan and I also sold 2/7 Warwick Court, Surrey Hills in post-auction negotiations.

The auction of 13 Catherine Avenue in Doncaster East was much quicker, with the three bidders taking just 20 minutes to determine who would be the new owner. Auctioneer Jason Salan declared the four-bedroom, renovated family home under the hammer for $1,614,000.

The brilliantly designed, five-bedroom home at 15 Invermay Grove in Rosanna was auctioned by the Fletchers Banyule team over the weekend, offering buyers a substantial family home in an excellent location. It took competition from just two bidders to see the property sell under the hammer.

The Domain Group reports that overall, auction numbers continue to trend lower due to the restrictive lockdowns in Melbourne and Sydney – however, auction volumes also continue to defy the traditional winter glut.

In their July 2021 Auction Report, the Domain Group found that prior to escalated restrictions, Melbourne and Sydney were set for the busiest July on record. Whilst this did not eventuate, more sellers are choosing to postpone their auctions to a later date rather than taking their properties off the market, unlike the initial COVID lockdown last year. The strength in homes going under the hammer illustrates that sellers are more likely to proceed with their sale during periods of short, sharp lockdowns.

Please stay safe and well. 😷

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

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