Tim Heavyside

𝐀𝐬 𝐰𝐞 𝐦𝐚𝐫𝐤 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐰𝐞𝐞𝐤𝐞𝐧𝐝 𝐢𝐧 𝐥𝐨𝐜𝐤𝐝𝐨𝐰𝐧, 𝐰𝐞’𝐫𝐞 𝐯𝐞𝐫𝐲 𝐦𝐮𝐜𝐡 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐟𝐨𝐫𝐰𝐚𝐫𝐝 𝐭𝐨 𝐧𝐞𝐱𝐭 𝐰𝐞𝐞𝐤, 𝐰𝐡𝐞𝐧 𝐰𝐞 𝐡𝐨𝐩𝐞 𝐭𝐨 𝐬𝐞𝐞 𝐭𝐡𝐞 𝟕𝟎% 𝐟𝐢𝐫𝐬𝐭 𝐝𝐨𝐬𝐞 𝐯𝐚𝐜𝐜𝐢𝐧𝐞 𝐭𝐡𝐫𝐞𝐬𝐡𝐨𝐥𝐝 𝐦𝐞𝐭 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐬𝐮𝐛𝐬𝐞𝐪𝐮𝐞𝐧𝐭 𝐫𝐞𝐭𝐮𝐫𝐧 𝐨𝐟 𝐨𝐧𝐞-𝐨𝐧-𝐨𝐧𝐞 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧𝐬.

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 owner’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. “𝘛𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘴𝘵𝘪𝘭𝘭 𝘦𝘹𝘤𝘦𝘭𝘭𝘦𝘯𝘵 𝘣𝘶𝘺𝘪𝘯𝘨 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘵𝘩𝘦𝘳𝘦 𝘣𝘶𝘵 𝘺𝘰𝘶’𝘳𝘦 𝘴𝘵𝘪𝘭𝘭 𝘴𝘰 𝘤𝘭𝘰𝘴𝘦 𝘵𝘰 𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘮𝘦𝘯𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘧𝘢𝘤𝘪𝘭𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘴𝘤𝘩𝘰𝘰𝘭𝘴. 𝘉𝘶𝘺𝘦𝘳𝘴 𝘢𝘳𝘦 𝘥𝘦𝘧𝘪𝘯𝘪𝘵𝘦𝘭𝘺 𝘴𝘵𝘢𝘳𝘷𝘦𝘥 𝘧𝘰𝘳 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺…𝘵𝘩𝘰𝘴𝘦 𝘱𝘦𝘰𝘱𝘭𝘦 𝘵𝘩𝘢𝘵 𝘩𝘢𝘷𝘦 𝘴𝘰𝘭𝘥 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨 𝘢𝘯𝘥 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘣𝘶𝘺 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨….𝘵𝘩𝘦𝘺’𝘳𝘦 𝘷𝘦𝘳𝘺 𝘧𝘳𝘶𝘴𝘵𝘳𝘢𝘵𝘦𝘥”.

Keep safe and be well.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.