Home > Uncategorized > Market Update | 21 & 22 August 2021

Market Update | 21 & 22 August 2021

๐Ž๐ฏ๐ž๐ซ ๐ญ๐ก๐ž ๐ฐ๐ž๐ž๐ค๐ž๐ง๐, ๐•๐ข๐œ๐ญ๐จ๐ซ๐ข๐š ๐ฐ๐š๐ฌ ๐จ๐ง๐œ๐ž ๐š๐ ๐š๐ข๐ง ๐ฉ๐ฅ๐š๐œ๐ž๐ ๐ข๐ง ๐š ๐ฌ๐ญ๐š๐ญ๐ž-๐ฐ๐ข๐๐ž ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง, ๐ฐ๐ข๐ญ๐ก ๐ซ๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐š๐ซ๐ž๐š๐ฌ ๐ฃ๐จ๐ข๐ง๐ข๐ง๐  ๐ฆ๐ž๐ญ๐ซ๐จ๐ฉ๐จ๐ฅ๐ข๐ญ๐š๐ง ๐Œ๐ž๐ฅ๐›๐จ๐ฎ๐ซ๐ง๐ž ๐ข๐ง ๐š ๐›๐ข๐ ๐ญ๐จ ๐œ๐ฎ๐ซ๐› ๐ญ๐ก๐ž ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐  ๐ฌ๐ฉ๐ซ๐ž๐š๐ ๐จ๐Ÿ ๐‚๐Ž๐•๐ˆ๐ƒ-๐Ÿ๐Ÿ— ๐š๐œ๐ซ๐จ๐ฌ๐ฌ ๐จ๐ฎ๐ซ ๐œ๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ.


Although just over 1,100 auctions were schedule in Melbourne on Saturday, some were postponed due to the lockdown. Those vendors brave enough to proceed were rewarded, with the Fletchers Group achieving a 100% success rate between properties sold under the hammer and prior to auction.


In a marathon online auction lasting 90 minutes, two bidders tussled over the renovated home at 9 Kawarren Street in Balwyn North, which eventually sold for $2,421,500. I fielded more than 100 bids from the front room of my home, with bids of just $500 taking up the final 30 minutes of the auction. The underbidders twice conceded and congratulated the other party, only to jump back in with more offers. The home sold for more than $200,000 over the reserve price โ€“ it was on the market at $2.2 million โ€“ an example of how successful online auctions can be.


โ€œ๐˜๐˜ฆ๐˜ฏ๐˜ฅ๐˜ฐ๐˜ณ๐˜ด ๐˜ค๐˜ข๐˜ฏ ๐˜ฃ๐˜ฆ ๐˜ฉ๐˜ฆ๐˜ด๐˜ช๐˜ต๐˜ข๐˜ฏ๐˜ต ๐˜ข๐˜ณ๐˜ฐ๐˜ถ๐˜ฏ๐˜ฅ ๐˜ช๐˜ต ๐˜ฃ๐˜ฆ๐˜ค๐˜ข๐˜ถ๐˜ด๐˜ฆ ๐˜ช๐˜ตโ€™๐˜ด ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ฆ๐˜ข๐˜ณ ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜ถ๐˜ฏ๐˜ฌ๐˜ฏ๐˜ฐ๐˜ธ๐˜ฏ, ๐˜ข๐˜ฏ๐˜ฅ ๐˜ข ๐˜ค๐˜ฐ๐˜ถ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ฐ๐˜ง ๐˜บ๐˜ฆ๐˜ข๐˜ณ๐˜ด ๐˜ข๐˜จ๐˜ฐ ๐˜ช๐˜ต ๐˜ธ๐˜ข๐˜ด๐˜ฏโ€™๐˜ต ๐˜จ๐˜ฆ๐˜ฏ๐˜ฆ๐˜ณ๐˜ข๐˜ญ ๐˜ฑ๐˜ณ๐˜ข๐˜ค๐˜ต๐˜ช๐˜ค๐˜ฆ, ๐˜ฃ๐˜ถ๐˜ต ๐˜ช๐˜ต ๐˜ช๐˜ด ๐˜ฏ๐˜ฐ๐˜ธ, ๐˜ข๐˜ฏ๐˜ฅ ๐˜โ€™๐˜ฎ ๐˜ฏ๐˜ฐ๐˜ต ๐˜ด๐˜ถ๐˜ณ๐˜ฆ ๐˜ช๐˜ง ๐˜ช๐˜ตโ€™๐˜ด ๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ต๐˜ฐ ๐˜ด๐˜ต๐˜ข๐˜บ, ๐˜ฃ๐˜ถ๐˜ต ๐˜ช๐˜ตโ€™๐˜ด ๐˜ข ๐˜ฑ๐˜ณ๐˜ฐ๐˜ญ๐˜ช๐˜ง๐˜ช๐˜ค ๐˜ธ๐˜ข๐˜บ ๐˜ฐ๐˜ง ๐˜ด๐˜ฆ๐˜ญ๐˜ญ๐˜ช๐˜ฏ๐˜จโ€.


There were only two inspections before Melbourneโ€™s sixth lockdown was announced, which made vendor Nav Krishnan feel a little nervous, with the auction held on a day when the Andrews Government announced further restrictions, including a lockdown for regional Victoria.


โ€œ๐˜๐˜ต ๐˜ธ๐˜ข๐˜ด ๐˜ณ๐˜ฆ๐˜ข๐˜ญ๐˜ญ๐˜บ ๐˜ฏ๐˜ฆ๐˜ณ๐˜ท๐˜ฆ-๐˜ณ๐˜ข๐˜ค๐˜ฌ๐˜ช๐˜ฏ๐˜จ ๐˜ฃ๐˜ฆ๐˜ค๐˜ข๐˜ถ๐˜ด๐˜ฆ ๐˜ฐ๐˜ง ๐˜ญ๐˜ฐ๐˜ค๐˜ฌ๐˜ฅ๐˜ฐ๐˜ธ๐˜ฏ. ๐˜ž๐˜ฆ ๐˜ธ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ญ๐˜ช๐˜ฌ๐˜ฆ, โ€˜๐˜ˆ๐˜ณ๐˜ฆ ๐˜ธ๐˜ฆ ๐˜จ๐˜ฐ๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฐ ๐˜ข๐˜ถ๐˜ค๐˜ต๐˜ช๐˜ฐ๐˜ฏ ๐˜ฐ๐˜ณ ๐˜ฏ๐˜ฐ๐˜ต?โ€™,โ€ Mr Krishnan said. โ€œ๐˜‰๐˜ถ๐˜ต ๐˜ต๐˜ฉ๐˜ช๐˜ด ๐˜ณ๐˜ฆ๐˜ด๐˜ถ๐˜ญ๐˜ต ๐˜ธ๐˜ข๐˜ด ๐˜ด๐˜ถ๐˜ฑ๐˜ฆ๐˜ณ ๐˜ฆ๐˜น๐˜ค๐˜ฆ๐˜ญ๐˜ญ๐˜ฆ๐˜ฏ๐˜ต ๐˜ฆ๐˜ท๐˜ฆ๐˜ฏ ๐˜ช๐˜ง ๐˜ธ๐˜ฆ ๐˜ฅ๐˜ช๐˜ฅ๐˜ฏโ€™๐˜ต ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ข ๐˜ญ๐˜ฐ๐˜ค๐˜ฌ๐˜ฅ๐˜ฐ๐˜ธ๐˜ฏ. ๐˜–๐˜ฏ๐˜ฆ ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ข๐˜ค๐˜ต๐˜ฐ๐˜ณ๐˜ด ๐˜ธ๐˜ข๐˜ด ๐˜ต๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ธ๐˜ฐ๐˜ฏโ€™๐˜ต ๐˜ฃ๐˜ฆ ๐˜ข ๐˜ญ๐˜ฐ๐˜ต ๐˜ฐ๐˜ง ๐˜ฏ๐˜ฆ๐˜ธ ๐˜ฉ๐˜ฐ๐˜ฎ๐˜ฆ๐˜ด ๐˜ฐ๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ข๐˜ณ๐˜ฌ๐˜ฆ๐˜ต, ๐˜ข๐˜ต ๐˜ญ๐˜ฆ๐˜ข๐˜ด๐˜ต, ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฏ๐˜ฆ๐˜ข๐˜ณ ๐˜ง๐˜ถ๐˜ต๐˜ถ๐˜ณ๐˜ฆ.โ€ The location of the house inside the coveted Balwyn High School zone was also a major drawcard.


As stock levels begin to tighten up due to the lockdown, it is becoming very frustrating for both vendors waiting to put their property on the market, and those buyers keen to purchase. We have even seen some properties sell to keen buyers, sight-unseen! These are certainly very trying times and we continue to work with both our vendors and buyers to facilitate transactions as best we can, whether that be via virtual inspections or reaching out to our database.


We strongly believe that itโ€™s important to get the ball rolling if youโ€™re considering selling, to ensure youโ€™re ahead of the pack when the inevitable post-lockdown rush to market begins. Eighteen months into the pandemic, our team is adaptable to the conditions and is available to assist you with advice and strategy. Don’t hesitate to contact me today for a confidential discussion.


๐’๐ญ๐š๐ฒ ๐ฌ๐š๐Ÿ๐ž ๐š๐ง๐ ๐›๐ž ๐ฐ๐ž๐ฅ๐ฅ. ๐Ÿ˜ท

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