Market Update | 11 & 12 September 2021
๐๐ฌ ๐ฐ๐ ๐ฆ๐๐ซ๐ค ๐๐ง๐จ๐ญ๐ก๐๐ซ ๐ฐ๐๐๐ค๐๐ง๐ ๐ข๐ง ๐ฅ๐จ๐๐ค๐๐จ๐ฐ๐ง, ๐ฐ๐โ๐ซ๐ ๐ฏ๐๐ซ๐ฒ ๐ฆ๐ฎ๐๐ก ๐ฅ๐จ๐จ๐ค๐ข๐ง๐ ๐๐จ๐ซ๐ฐ๐๐ซ๐ ๐ญ๐จ ๐ง๐๐ฑ๐ญ ๐ฐ๐๐๐ค, ๐ฐ๐ก๐๐ง ๐ฐ๐ ๐ก๐จ๐ฉ๐ ๐ญ๐จ ๐ฌ๐๐ ๐ญ๐ก๐ ๐๐% ๐๐ข๐ซ๐ฌ๐ญ ๐๐จ๐ฌ๐ ๐ฏ๐๐๐๐ข๐ง๐ ๐ญ๐ก๐ซ๐๐ฌ๐ก๐จ๐ฅ๐ ๐ฆ๐๐ญ ๐๐ง๐ ๐ญ๐ก๐ ๐ฌ๐ฎ๐๐ฌ๐๐ช๐ฎ๐๐ง๐ญ ๐ซ๐๐ญ๐ฎ๐ซ๐ง ๐จ๐ ๐จ๐ง๐-๐จ๐ง-๐จ๐ง๐ ๐ข๐ง๐ฌ๐ฉ๐๐๐ญ๐ข๐จ๐ง๐ฌ.
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 ownerโs 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. โ๐๐ฉ๐ฆ๐ณ๐ฆ ๐ข๐ณ๐ฆ ๐ด๐ต๐ช๐ญ๐ญ ๐ฆ๐น๐ค๐ฆ๐ญ๐ญ๐ฆ๐ฏ๐ต ๐ฃ๐ถ๐บ๐ช๐ฏ๐จ ๐ฐ๐ฑ๐ฑ๐ฐ๐ณ๐ต๐ถ๐ฏ๐ช๐ต๐ช๐ฆ๐ด ๐ต๐ฉ๐ฆ๐ณ๐ฆ ๐ฃ๐ถ๐ต ๐บ๐ฐ๐ถโ๐ณ๐ฆ ๐ด๐ต๐ช๐ญ๐ญ ๐ด๐ฐ ๐ค๐ญ๐ฐ๐ด๐ฆ ๐ต๐ฐ ๐ข ๐ญ๐ฐ๐ต ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐ข๐ฎ๐ฆ๐ฏ๐ช๐ต๐ช๐ฆ๐ด ๐ข๐ฏ๐ฅ ๐ง๐ข๐ค๐ช๐ญ๐ช๐ต๐ช๐ฆ๐ด ๐ข๐ฏ๐ฅ ๐ด๐ค๐ฉ๐ฐ๐ฐ๐ญ๐ด. ๐๐ถ๐บ๐ฆ๐ณ๐ด ๐ข๐ณ๐ฆ ๐ฅ๐ฆ๐ง๐ช๐ฏ๐ช๐ต๐ฆ๐ญ๐บ ๐ด๐ต๐ข๐ณ๐ท๐ฆ๐ฅ ๐ง๐ฐ๐ณ ๐ฑ๐ณ๐ฐ๐ฑ๐ฆ๐ณ๐ต๐บโฆ๐ต๐ฉ๐ฐ๐ด๐ฆ ๐ฑ๐ฆ๐ฐ๐ฑ๐ญ๐ฆ ๐ต๐ฉ๐ข๐ต ๐ฉ๐ข๐ท๐ฆ ๐ด๐ฐ๐ญ๐ฅ ๐ด๐ฐ๐ฎ๐ฆ๐ต๐ฉ๐ช๐ฏ๐จ ๐ข๐ฏ๐ฅ ๐ฏ๐ฆ๐ฆ๐ฅ ๐ต๐ฐ ๐ฃ๐ถ๐บ ๐ด๐ฐ๐ฎ๐ฆ๐ต๐ฉ๐ช๐ฏ๐จโฆ.๐ต๐ฉ๐ฆ๐บโ๐ณ๐ฆ ๐ท๐ฆ๐ณ๐บ ๐ง๐ณ๐ถ๐ด๐ต๐ณ๐ข๐ต๐ฆ๐ฅโ.
Keep safe and be well.
๐๐ฎ๐๐๐๐ฌ๐ฌ. ๐๐ญโ๐ฌ ๐ ๐
๐ฅ๐๐ญ๐๐ก๐๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .
