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Market Update | 25 & 26 September 2021

September 28, 2021 Leave a comment

๐–๐ข๐ญ๐ก ๐ญ๐ก๐ž ๐†๐ซ๐š๐ง๐ ๐…๐ข๐ง๐š๐ฅ ๐ข๐ง ๐๐ž๐ซ๐ญ๐ก, ๐ข๐ญ ๐ฐ๐š๐ฌ ๐ฎ๐ง๐ฎ๐ฌ๐ฎ๐š๐ฅ๐ฅ๐ฒ ๐›๐ฎ๐ฌ๐ฒ ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐ฅ๐š๐ฌ๐ญ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฐ๐ž๐ž๐ค๐ž๐ง๐ ๐ข๐ง ๐’๐ž๐ฉ๐ญ๐ž๐ฆ๐›๐ž๐ซ. ๐–๐ข๐ญ๐ก ๐ค๐ข๐œ๐ค-๐จ๐Ÿ๐Ÿ ๐š๐ญ ๐Ÿ•:๐Ÿ๐Ÿ“๐ฉ๐ฆ ๐–๐€ ๐ญ๐ข๐ฆ๐ž, ๐ญ๐ก๐ž๐ซ๐ž ๐ฐ๐š๐ฌ ๐ฉ๐ฅ๐ž๐ง๐ญ๐ฒ ๐จ๐Ÿ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ฒ ๐Ÿ๐จ๐ซ ๐š๐ ๐ž๐ง๐ญ๐ฌ ๐ญ๐จ ๐ซ๐ฎ๐ง ๐ฉ๐ซ๐ข๐ฏ๐š๐ญ๐ž ๐ข๐ง๐ฌ๐ฉ๐ž๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐š๐ง๐ ๐œ๐š๐ฅ๐ฅ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐จ๐ง๐ฅ๐ข๐ง๐ž.


Boasting an inspirational renovation, the iconic Glenvill home at 13 Silverene Court in Vermont South drew a lot of interest throughout the campaign, despite the impact of an extended lockdown. Offering a superb lifestyle amongst well-kept, landscaped gardens, six bidders competed to secure the home during the online auction. Auctioneer Jeremy Desmier knocked the property down to the successful bidder at $1,723,000.


On Sunday afternoon, Director Ben Williams conducted a relaxed online auction to determine who would be the new owner of the three-bedroom family home at 33 Thornhill Drive in Forest Hill. A total of five bidders participated, until just two determined bidders traded bids until the successful purchaser placed the winning bid!


My team and I sold the near-new, masterfully designed home at 16 Peter Street in Box Hill North prior to its scheduled online auction, for $1,670,000. Recently constructed by the owner, the four-bedroom home offers glamorous interiors, deluxe Neff kitchen and sophisticated lounge/dining out to an undercover alfresco.


As we settle into the Spring selling period, it is clear that whilst it may look a little different, buyer demand remains high. The REA Group reports that prices increased rapidly during the pandemic, with data showing a 20.7% increase in national property prices over the 12 months to August.


The reduction in stock levels due to the extended lockdown has had an impact, creating a high level of pent-up demand. With the easing of restrictions to allow for private inspections and for photography and marketing to be completed, this should help to provide buyers with a greater level of choice and reduce some of the competition for individual properties.


Record low borrowing rates have also been a major driver of the increase in property prices, with the Reserve Bank of Australia holding official interest rates at the record low of 0.1% at its monthly meeting.

REA Director of Economic Research, Cameron Kusher commented, โ€œ๐˜ต๐˜ฉ๐˜ฆ ๐˜ข๐˜ฏ๐˜ค๐˜ฉ๐˜ฐ๐˜ณ๐˜ช๐˜ฏ๐˜จ ๐˜ฐ๐˜ง ๐˜ญ๐˜ฐ๐˜ธ ๐˜ช๐˜ฏ๐˜ต๐˜ฆ๐˜ณ๐˜ฆ๐˜ด๐˜ต ๐˜ณ๐˜ข๐˜ต๐˜ฆ๐˜ด ๐˜ช๐˜ด ๐˜ข ๐˜ฃ๐˜ช๐˜จ ๐˜ฅ๐˜ณ๐˜ช๐˜ท๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง ๐˜ฑ๐˜ณ๐˜ช๐˜ค๐˜ฆ ๐˜จ๐˜ณ๐˜ฐ๐˜ธ๐˜ต๐˜ฉ ๐˜ฃ๐˜ถ๐˜ต ๐˜ต๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ฐ๐˜ต๐˜ฉ๐˜ฆ๐˜ณ ๐˜ง๐˜ข๐˜ค๐˜ต๐˜ฐ๐˜ณ๐˜ด ๐˜ด๐˜ถ๐˜ค๐˜ฉ ๐˜ข๐˜ด ๐˜ข๐˜ฏ ๐˜ฐ๐˜ฏ๐˜จ๐˜ฐ๐˜ช๐˜ฏ๐˜จ ๐˜ด๐˜ช๐˜จ๐˜ฏ๐˜ช๐˜ง๐˜ช๐˜ค๐˜ข๐˜ฏ๐˜ต ๐˜ฅ๐˜ช๐˜ด๐˜ค๐˜ฐ๐˜ฏ๐˜ฏ๐˜ฆ๐˜ค๐˜ต ๐˜ฃ๐˜ฆ๐˜ต๐˜ธ๐˜ฆ๐˜ฆ๐˜ฏ ๐˜ฅ๐˜ฆ๐˜ฎ๐˜ข๐˜ฏ๐˜ฅ ๐˜ง๐˜ฐ๐˜ณ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ฑ๐˜ฆ๐˜ณ๐˜ต๐˜ช๐˜ฆ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ด๐˜ถ๐˜ฑ๐˜ฑ๐˜ญ๐˜บ ๐˜ฐ๐˜ง ๐˜ฑ๐˜ณ๐˜ฐ๐˜ฑ๐˜ฆ๐˜ณ๐˜ต๐˜ช๐˜ฆ๐˜ด ๐˜ง๐˜ฐ๐˜ณ ๐˜ด๐˜ข๐˜ญ๐˜ฆ, ๐˜ฐ๐˜ฏ๐˜จ๐˜ฐ๐˜ช๐˜ฏ๐˜จ ๐˜ณ๐˜ฆ๐˜ด๐˜ต๐˜ณ๐˜ช๐˜ค๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ฐ๐˜ฏ ๐˜ฉ๐˜ฐ๐˜ธ ๐˜ฑ๐˜ฆ๐˜ฐ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ค๐˜ข๐˜ฏ ๐˜ด๐˜ฑ๐˜ฆ๐˜ฏ๐˜ฅ ๐˜ต๐˜ฉ๐˜ฆ๐˜ช๐˜ณ ๐˜ฎ๐˜ฐ๐˜ฏ๐˜ฆ๐˜บ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ข๐˜ค๐˜ต ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ฑ๐˜ฆ๐˜ฐ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ญ๐˜ฐ๐˜ฐ๐˜ฌ๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฐ ๐˜ถ๐˜ฑ๐˜จ๐˜ณ๐˜ข๐˜ฅ๐˜ฆ ๐˜ต๐˜ฉ๐˜ฆ๐˜ช๐˜ณ ๐˜ฉ๐˜ฐ๐˜ฎ๐˜ฆ๐˜ด ๐˜ฃ๐˜ฆ๐˜ค๐˜ข๐˜ถ๐˜ด๐˜ฆ ๐˜ต๐˜ฉ๐˜ฆ๐˜บ ๐˜ด๐˜ฑ๐˜ฆ๐˜ฏ๐˜ฅ ๐˜ด๐˜ฐ ๐˜ฎ๐˜ถ๐˜ค๐˜ฉ ๐˜ต๐˜ช๐˜ฎ๐˜ฆ ๐˜ต๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆโ€.


Congratulations to all the Dees fans, what a game over the weekend! Stay safe and be well.


๐’๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ. ๐ˆ๐ญโ€™๐ฌ ๐š ๐…๐ฅ๐ž๐ญ๐œ๐ก๐ž๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .

Categories: Uncategorized

Market Update | 11 & 12 September 2021

September 14, 2021 Leave a comment

๐€๐ฌ ๐ฐ๐ž ๐ฆ๐š๐ซ๐ค ๐š๐ง๐จ๐ญ๐ก๐ž๐ซ ๐ฐ๐ž๐ž๐ค๐ž๐ง๐ ๐ข๐ง ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง, ๐ฐ๐žโ€™๐ซ๐ž ๐ฏ๐ž๐ซ๐ฒ ๐ฆ๐ฎ๐œ๐ก ๐ฅ๐จ๐จ๐ค๐ข๐ง๐  ๐Ÿ๐จ๐ซ๐ฐ๐š๐ซ๐ ๐ญ๐จ ๐ง๐ž๐ฑ๐ญ ๐ฐ๐ž๐ž๐ค, ๐ฐ๐ก๐ž๐ง ๐ฐ๐ž ๐ก๐จ๐ฉ๐ž ๐ญ๐จ ๐ฌ๐ž๐ž ๐ญ๐ก๐ž ๐Ÿ•๐ŸŽ% ๐Ÿ๐ข๐ซ๐ฌ๐ญ ๐๐จ๐ฌ๐ž ๐ฏ๐š๐œ๐œ๐ข๐ง๐ž ๐ญ๐ก๐ซ๐ž๐ฌ๐ก๐จ๐ฅ๐ ๐ฆ๐ž๐ญ ๐š๐ง๐ ๐ญ๐ก๐ž ๐ฌ๐ฎ๐›๐ฌ๐ž๐ช๐ฎ๐ž๐ง๐ญ ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง ๐จ๐Ÿ ๐จ๐ง๐ž-๐จ๐ง-๐จ๐ง๐ž ๐ข๐ง๐ฌ๐ฉ๐ž๐œ๐ญ๐ข๐จ๐ง๐ฌ.


Buyer demand has continued to build throughout the lockdown and is likely to burst once the property market can reopen, with buyers set to face stiff competition and bullish prices to secure their dream home.


We saw a glimpse of this demand over the weekend, with two strong online auctions achieving excellent results. The beautifully updated home at 7 Liddle Way in Vermont attracted seven bidders, after the team conducted a final virtual inspection on Thursday morning. Offering multiple living zones and tucked away from the main roads, the competition was fierce, and the home sold under the hammer.


The property at 23 Ian Grove in Burwood saw five bidders compete to secure the home, and over 100 people tuning in online to watch the auction. The low maintenance, three-bedroom home is in the Mount Waverley Secondary College Zone and is on its own title, with no ownerโ€™s corporation fees. Amazingly, with no public inspections conducted due to lockdown, none of the five bidders had actually inspected the property! Auctioneer Steven Zervas knocked the property down to the successful bidder at $1,171,000.


With house prices rising by double digits over the past year in some sought-after suburbs on the back of low interest rates and a lockdown-fuelled desire from more space, the Domain Group reports that there are still good opportunities to get into the market, if buyers consider a nearby location or a different type of property.


Buyer demand is up 77.6% in the Stonnington (east) statistical region compared to this time last year, whilst demand in Bayside has jumped 73.8% and Boroondara is up 42.5%. There has also been strong rises in the tree-change hotspot of the Macedon Ranges and more affordable options such as Keilor and Tullamarine/Broadmeadows. Meanwhile in Warrandyte, house prices rose 25.8% in the year to June according to Domain figures, representing the biggest rise in Melbourne outside of the Mornington Peninsula.


For buyers priced out of the inner suburbs, I suggest Box Hill North instead of neighbouring Balwyn North and Mont Albert North. โ€œ๐˜›๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ด๐˜ต๐˜ช๐˜ญ๐˜ญ ๐˜ฆ๐˜น๐˜ค๐˜ฆ๐˜ญ๐˜ญ๐˜ฆ๐˜ฏ๐˜ต ๐˜ฃ๐˜ถ๐˜บ๐˜ช๐˜ฏ๐˜จ ๐˜ฐ๐˜ฑ๐˜ฑ๐˜ฐ๐˜ณ๐˜ต๐˜ถ๐˜ฏ๐˜ช๐˜ต๐˜ช๐˜ฆ๐˜ด ๐˜ต๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ฃ๐˜ถ๐˜ต ๐˜บ๐˜ฐ๐˜ถโ€™๐˜ณ๐˜ฆ ๐˜ด๐˜ต๐˜ช๐˜ญ๐˜ญ ๐˜ด๐˜ฐ ๐˜ค๐˜ญ๐˜ฐ๐˜ด๐˜ฆ ๐˜ต๐˜ฐ ๐˜ข ๐˜ญ๐˜ฐ๐˜ต ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜ข๐˜ฎ๐˜ฆ๐˜ฏ๐˜ช๐˜ต๐˜ช๐˜ฆ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ง๐˜ข๐˜ค๐˜ช๐˜ญ๐˜ช๐˜ต๐˜ช๐˜ฆ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ด๐˜ค๐˜ฉ๐˜ฐ๐˜ฐ๐˜ญ๐˜ด. ๐˜‰๐˜ถ๐˜บ๐˜ฆ๐˜ณ๐˜ด ๐˜ข๐˜ณ๐˜ฆ ๐˜ฅ๐˜ฆ๐˜ง๐˜ช๐˜ฏ๐˜ช๐˜ต๐˜ฆ๐˜ญ๐˜บ ๐˜ด๐˜ต๐˜ข๐˜ณ๐˜ท๐˜ฆ๐˜ฅ ๐˜ง๐˜ฐ๐˜ณ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ฑ๐˜ฆ๐˜ณ๐˜ต๐˜บโ€ฆ๐˜ต๐˜ฉ๐˜ฐ๐˜ด๐˜ฆ ๐˜ฑ๐˜ฆ๐˜ฐ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ด๐˜ฐ๐˜ญ๐˜ฅ ๐˜ด๐˜ฐ๐˜ฎ๐˜ฆ๐˜ต๐˜ฉ๐˜ช๐˜ฏ๐˜จ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฏ๐˜ฆ๐˜ฆ๐˜ฅ ๐˜ต๐˜ฐ ๐˜ฃ๐˜ถ๐˜บ ๐˜ด๐˜ฐ๐˜ฎ๐˜ฆ๐˜ต๐˜ฉ๐˜ช๐˜ฏ๐˜จโ€ฆ.๐˜ต๐˜ฉ๐˜ฆ๐˜บโ€™๐˜ณ๐˜ฆ ๐˜ท๐˜ฆ๐˜ณ๐˜บ ๐˜ง๐˜ณ๐˜ถ๐˜ด๐˜ต๐˜ณ๐˜ข๐˜ต๐˜ฆ๐˜ฅโ€.


Keep safe and be well.


๐’๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ. ๐ˆ๐ญโ€™๐ฌ ๐š ๐…๐ฅ๐ž๐ญ๐œ๐ก๐ž๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .

Categories: Uncategorized

Market Update | 4 & 5 September 2021

September 7, 2021 Leave a comment

๐€๐ฌ ๐•๐ข๐œ๐ญ๐จ๐ซ๐ข๐š’๐ฌ ๐ž๐ฑ๐ญ๐ž๐ง๐๐ž๐ ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง ๐ซ๐จ๐ฅ๐ฅ๐ฌ ๐จ๐ง, ๐ฃ๐ฎ๐ฌ๐ญ ๐Ÿ“๐ŸŽ๐Ÿ“ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ฐ๐ž๐ซ๐ž ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐ ๐จ๐ฏ๐ž๐ซ ๐ญ๐ก๐ž ๐ฐ๐ž๐ž๐ค๐ž๐ง๐, ๐ฐ๐ข๐ญ๐ก ๐ฆ๐š๐ง๐ฒ ๐ฏ๐ž๐ง๐๐จ๐ซ๐ฌ ๐œ๐ก๐จ๐จ๐ฌ๐ข๐ง๐  ๐ญ๐จ ๐ฐ๐ข๐ญ๐ก๐๐ซ๐š๐ฐ ๐ญ๐ก๐ž๐ข๐ซ ๐ก๐จ๐ฆ๐ž๐ฌ. ๐“๐ก๐ž ๐…๐ฅ๐ž๐ญ๐œ๐ก๐ž๐ซ๐ฌ ๐ญ๐ž๐š๐ฆ ๐ก๐š๐ ๐ญ๐ฐ๐จ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐, ๐›๐จ๐ญ๐ก ๐ฌ๐ž๐ฅ๐ฅ๐ข๐ง๐  ๐ฉ๐ซ๐ข๐จ๐ซ ๐š๐ฌ ๐š๐œ๐œ๐ž๐ฉ๐ญ๐š๐›๐ฅ๐ž ๐จ๐Ÿ๐Ÿ๐ž๐ซ๐ฌ ๐ฐ๐ž๐ซ๐ž ๐ซ๐ž๐œ๐ž๐ข๐ฏ๐ž๐.


Under current restrictions, in-person inspections and on-site auctions are banned, impacting what would usually be the start of the busy Spring selling season. Regional Victoria looks set for an earlier reprieve, with Premier Daniel Andrews hinting that lockdown settings could be lifted this week. Once these restrictions are lifted, our Bellarine office will have greater capacity to service their clients and facilitate transactions again.


In metro Melbourne, agents have been doing their best to assist buyers by arranging virtual inspections of properties in conjunction with vendors. In the current circumstances, we have seen a surge in demand for properties being sold for their land value only, with purchasers often happy to buy sight-unseen, as they know they’ll only be knocking the home down anyway.


I recently sold a clinker brick duplex via online auction, which sold for a whopping $4.088 million under the hammer. One of the biggest rebuild sales, the auction of 28 Stanley Grove in Canterbury lasted for an hour and 40 minutes, with 152 bids being made during an intense battle to buy the property. “T๐˜ฉ๐˜ฆ ๐˜ฑ๐˜ฆ๐˜ณ๐˜ด๐˜ฐ๐˜ฏ ๐˜ธ๐˜ฉ๐˜ฐ ๐˜ฃ๐˜ฐ๐˜ถ๐˜จ๐˜ฉ๐˜ต ๐˜ช๐˜ต ๐˜ธ๐˜ข๐˜ด ๐˜ข๐˜ฏ ๐˜ˆ๐˜ถ๐˜ด๐˜ต๐˜ณ๐˜ข๐˜ญ๐˜ช๐˜ข๐˜ฏ ๐˜ค๐˜ช๐˜ต๐˜ช๐˜ป๐˜ฆ๐˜ฏ ๐˜ญ๐˜ช๐˜ท๐˜ช๐˜ฏ๐˜จ ๐˜ฐ๐˜ท๐˜ฆ๐˜ณ๐˜ด๐˜ฆ๐˜ข๐˜ด โ€“ ๐˜ต๐˜ฉ๐˜ฆ๐˜บ ๐˜ฉ๐˜ข๐˜ฅ ๐˜ฏ๐˜ฐ ๐˜ช๐˜ฏ๐˜ต๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ฐ๐˜ฏ ๐˜ฐ๐˜ง ๐˜ญ๐˜ฐ๐˜ฐ๐˜ฌ๐˜ช๐˜ฏ๐˜จ ๐˜ข๐˜ต ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ฑ๐˜ฆ๐˜ณ๐˜ต๐˜บ ๐˜ช๐˜ฏ ๐˜ฑ๐˜ฆ๐˜ณ๐˜ด๐˜ฐ๐˜ฏ”.


Some modest restrictions are due to ease in metro Melbourne around 23 September, when 70% of the population has received one dose of the vaccine. With vaccination rates ramping up across the state, this could be brought forward as soon as 19 September. Under these eased restrictions, private inspections of unoccupied premises will be permitted, which will be a welcome move forward for the real estate industry.


On behalf of the Fletchers team, I hope that all the Fathers and Father-figures had a wonderful day on Sunday. Of course, we also remember those who are no longer with us.


Stay safe and be well.


๐’๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ. ๐ˆ๐ญ’๐ฌ ๐š ๐…๐ฅ๐ž๐ญ๐œ๐ก๐ž๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .

real estate concept on screen of computer, couple looking for apartment to rent or buy
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