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Market Update | 23 & 24 October 2021
๐๐ฎ๐๐ญ๐ข๐จ๐ง๐ฌ ๐ฐ๐๐ซ๐ ๐ฉ๐๐ซ๐ฆ๐ข๐ญ๐ญ๐๐ ๐จ๐ง-๐ฌ๐ข๐ญ๐ ๐ข๐ง ๐๐๐ฅ๐๐จ๐ฎ๐ซ๐ง๐ ๐๐จ๐ซ ๐ญ๐ก๐ ๐๐ข๐ซ๐ฌ๐ญ ๐ญ๐ข๐ฆ๐ ๐ข๐ง ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ, ๐๐ฅ๐๐๐ข๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐๐ฉ๐๐๐ข๐ญ๐ฒ ๐๐ง๐ ๐๐๐ง๐ฌ๐ข๐ญ๐ฒ ๐ฅ๐ข๐ฆ๐ข๐ญ๐ฌ. ๐๐ก๐ข๐ฅ๐ฌ๐ญ ๐ญ๐ก๐๐ซ๐ ๐ข๐ฌ ๐ฉ๐ฅ๐๐ง๐ญ๐ฒ ๐จ๐ ๐๐๐ฌ๐ข๐ซ๐ ๐ญ๐จ ๐ ๐๐ญ ๐๐๐๐ค ๐ญ๐จ ๐ง๐จ๐ซ๐ฆ๐๐ฅ๐ข๐ญ๐ฒ, ๐ญ๐ก๐ ๐๐๐๐๐ฌ๐ฌ๐ข๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐๐จ๐ฎ๐ฉ๐ฅ๐๐ ๐ฐ๐ข๐ญ๐ก ๐ญ๐ก๐ ๐ข๐ง๐๐ฅ๐๐ฆ๐๐ง๐ญ ๐ฐ๐๐๐ญ๐ก๐๐ซ ๐ฌ๐๐ฐ ๐ฌ๐๐ฏ๐๐ซ๐๐ฅ ๐๐ฎ๐๐ญ๐ข๐จ๐ง๐ฌ ๐ซ๐๐ฆ๐๐ข๐ง ๐จ๐ง๐ฅ๐ข๐ง๐.
In Burwood East, the four-bedroom, family home at 4 Skene Street offered scope for renovation and attracted six bidders to the online auction. Bidding began at the bottom of the price guide and rose fast, in a mix of increments mostly ranging from $10,000 down to $1,000. The race for the keys narrowed to two bidders, with the home selling under the hammer for $1.663 million.
Auctioneer Ben Williams said, โthe market is holding up really well since we have come out of the lockdown period for real estateโฆthere has been a lot more stockโฆdemand is still far outstripping supplyโ. He said that buyers had become comfortable with the online method, which is why the sale went ahead virtually rather than in person.
Our team’s two auctions were called in Surrey Hills on Saturday morning, adopting the โhybridโ style with both on-site and online bidders participating. The auction of 4/18 Essex Road in Surrey Hills saw a total of five bidders participate โ two online and three on-site. The auction lasted for an hour, as I patiently fielded the bids traded between the parties. The successful bidder secured the keys to the home, when it was knocked down at $901,000. The following auction at 2/26 Florence Road was a much quicker affair with two bidders, with the property selling for $755,000.
In Malvern East, the auction of 12A Warida Avenue was also held on the street, seeing two bidders compete for the three-bedroom, single level home. The private, conveniently located home went on to sell for $1,013,000.
Online, the magnificently renovated and extended family home at 8 Tyrrell Street in Mont Albert North attracted five bidders and sold for $2,205,000.
In other property news, the Domain Group reports that some home sellers have brought forward their listings in hopes of getting the best price, before new mortgage rules kick in and reduce the budgets of potential buyers. Potential buyers who are hoping to borrow the maximum amount are also rushing to get in before the cut-off at the end of October.Property buyers will be assessed to ensure they could repay their loans, should the interest rates rise 3 percentage points, up from 2.5 per cent previously, under recently announced rules by bank regulator the Australian Prudential Regulation Authority (APRA) that are likely to cut buyersโ maximum borrowing capacity by about 5 per cent.
But with only 8 per cent of applicants borrowing their maximum, on Commonwealth Bank figures, most buyers are unaffected, meaning property prices are likely to keep pushing higher, albeit not at the same pace.
As Victoria is set to reach the 80 per cent double-dose vaccination milestone, open for inspections will also make a return with a capacity limit of 150 attendees. Both inspection and auction attendees are required to be double vaccinated and, of course, must check-in upon arrival.
๐๐ฎ๐๐๐๐ฌ๐ฌ. ๐๐ญโ๐ฌ ๐ ๐
๐ฅ๐๐ญ๐๐ก๐๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .

Market Update | 16 & 17 October 2021
๐๐ ๐ซ๐๐๐๐ข๐ฏ๐๐ ๐ฌ๐จ๐ฆ๐ ๐ฐ๐๐ฅ๐๐จ๐ฆ๐ ๐ง๐๐ฐ๐ฌ ๐จ๐ฏ๐๐ซ ๐ญ๐ก๐ ๐ฐ๐๐๐ค๐๐ง๐, ๐ฐ๐ข๐ญ๐ก ๐๐ซ๐๐ฆ๐ข๐๐ซ ๐๐๐ง๐ข๐๐ฅ ๐๐ง๐๐ซ๐๐ฐ๐ฌ ๐๐ง๐ง๐จ๐ฎ๐ง๐๐ข๐ง๐ ๐ญ๐ก๐๐ญ ๐ซ๐๐ฌ๐ญ๐ซ๐ข๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐ซ๐ ๐ฌ๐๐ญ ๐ญ๐จ ๐๐๐ฌ๐ ๐ข๐ง ๐๐ข๐๐ญ๐จ๐ซ๐ข๐ ๐๐ซ๐จ๐ฆ ๐๐:๐๐๐ฉ๐ฆ ๐ญ๐ก๐ข๐ฌ ๐๐ก๐ฎ๐ซ๐ฌ๐๐๐ฒ. ๐๐ข๐ญ๐ก ๐๐% ๐จ๐ ๐ญ๐ก๐ ๐๐ฅ๐ข๐ ๐ข๐๐ฅ๐ ๐ฉ๐จ๐ฉ๐ฎ๐ฅ๐๐ญ๐ข๐จ๐ง ๐ฏ๐๐๐๐ข๐ง๐๐ญ๐๐, ๐ญ๐ก๐ ๐๐ฎ๐ซ๐๐๐ฐ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ฅ๐ข๐๐ญ๐๐ ๐๐ง๐ ๐ซ๐๐ฌ๐ญ๐ซ๐ข๐๐ญ๐ข๐จ๐ง๐ฌ ๐จ๐ง ๐ฅ๐๐๐ฏ๐ข๐ง๐ ๐ฒ๐จ๐ฎ๐ซ ๐ก๐จ๐ฆ๐ ๐ซ๐๐ฆ๐จ๐ฏ๐๐.
In terms of real estate, private inspections will remain in place until the next vaccination milestone of 80% vaccination is reached (expected to be in the first week of November). Real estate offices will remain closed, but on-site auctions are permitted, with a maximum cap of 50 vaccinated attendees, outdoors. Masks are here to stay for the time being, required both indoors and outdoors for all Victorians.
During the week, a number of online auctions were scheduled, yielding fantastic results for our vendors. Some of the highlights included our mid-week auction of 52 Kitchener Street in Box Hill South. The beautiful four-bedroom home, zoned for Box Hill High School attracted a total of four bidders, however, it was whittled down to two extremely keen parties who sought to call the property home. I finally knocked the property down as sold at $2,055,500.
The auction of 4/51 Wandsworth Road in Surrey Hills was another online tug-of-war between two parties, trading bids to secure the single-level, three-bedroom home. With its own street frontage and within walking distance to shops, schools, and public transport, it was no surprise that the bidders didnโt want to let this one go! Of course, there can only be one winner, and the property was knocked down to the successful bidder.
Over the weekend, the lovely family home at 28 Currajong Avenue in Camberwell attracted four bidders. In the treasured Sunnyside Estate, the home boasts an expansive single-level design featuring multiple living zones. The property went on to sell under the hammer for $3,465,000.
We expect that this weekend will be a mix of on-site and online auctions, so please check in online and with your local Fletchers agent to keep up to date with any properties youโre interested in.
Stay safe and be well!

Market Update | 9 & 10 October 2021
๐๐๐๐๐๐ ๐๐๐๐๐๐ | Last ๐ฐe๐๐ค๐๐ง๐ ๐ฌ๐๐ฐ ๐ญ๐ก๐ ๐๐จ๐ฆ๐๐ข๐ง๐๐ ๐๐๐ฉ๐ข๐ญ๐๐ฅ ๐๐ฎ๐๐ญ๐ข๐จ๐ง ๐ฏ๐จ๐ฅ๐ฎ๐ฆ๐ ๐๐๐ซ๐จ๐ฌ๐ฌ ๐ญ๐ก๐ ๐ง๐๐ญ๐ข๐จ๐ง ๐ฃ๐ฎ๐ฆ๐ฉ ๐๐ง ๐๐ฌ๐ญ๐จ๐ง๐ข๐ฌ๐ก๐ข๐ง๐ ๐๐ ๐ฉ๐๐ซ ๐๐๐ง๐ญ ๐๐จ๐ฆ๐ฉ๐๐ซ๐๐ ๐ญ๐จ ๐ฅ๐๐ฌ๐ญ ๐ฐ๐๐๐ค, ๐๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ๐๐ ๐๐ฒ ๐ญ๐ก๐ ๐๐จ๐ฆ๐๐ข๐ง ๐๐ซ๐จ๐ฎ๐ฉ. ๐๐ก๐ ๐ซ๐ข๐ฌ๐ ๐ก๐๐ซ๐ ๐ข๐ง ๐๐๐ฅ๐๐จ๐ฎ๐ซ๐ง๐ ๐๐๐ง ๐๐ ๐๐ข๐ซ๐๐๐ญ๐ฅ๐ฒ ๐๐ญ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐๐ ๐ญ๐จ ๐ญ๐ก๐ ๐๐๐ฌ๐ข๐ง๐ ๐จ๐ ๐ซ๐๐ฌ๐ญ๐ซ๐ข๐๐ญ๐ข๐จ๐ง๐ฌ ๐ซ๐๐ฅ๐๐ญ๐ข๐ง๐ ๐ญ๐จ ๐ญ๐ก๐ ๐๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐ญ๐จ ๐๐จ๐ง๐๐ฎ๐๐ญ ๐ข๐ง-๐ฉ๐๐ซ๐ฌ๐จ๐ง, ๐ฉ๐ซ๐ข๐ฏ๐๐ญ๐ ๐ข๐ง๐ฌ๐ฉ๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐ซ๐จ๐ฆ ๐๐ ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ.
The REIV recorded a strong clearance rate of 86 per cent from another weekend of auctions conducted online. Over 800 auctions were called over the weekend, with the number expected to be over 1,000 by the following weekend. Of course, there are also a number of properties being scheduled for auction during the week as well, thanks to the flexibility that the online platform provides.
A highlight auction of the weekend was the sale of 22 Davis Street, described by my colleague and auctioneer Steven Zervas – Partner and Auctioneer – Fletchers Real Estate as โthe best house in Burwood Eastโ. He had sold the home to our vendors when it was brand new four years prior and they were hoping to achieve $1.95 million at auction on Saturday. With the home selling for $2.362 million under the hammer in a heated auction with nine bidders, the result was well above their expectations! A young family claimed the keys and are sure to enjoy the luxe five-bedroom home with its French oak floors, marble benchtops and multiple living zones.
During the week, my team and I have conducted a number of online auctions, including 2/67 Essex Road in Surrey Hills, 7 Loma Linda Grove in Balwyn North, 51 Valda Avenue in Mont Albert North and 52 Kitchener Street in Box Hill South which sold under the hammer after two bidders traded $500 bids at the end – the property eventually selling for $2,055,500.
๐๐ฎ๐๐๐๐ฌ๐ฌ. ๐๐ญโ๐ฌ ๐ ๐
๐ฅ๐๐ญ๐๐ก๐๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .

Market Update | 2 & 3 October 2021
๐๐ญ ๐๐ฅ๐ฆ๐จ๐ฌ๐ญ ๐๐๐ฅ๐ญ ๐ฅ๐ข๐ค๐ ๐ ๐ง๐จ๐ซ๐ฆ๐๐ฅ ๐๐ฎ๐๐ญ๐ข๐จ๐ง ๐ฐ๐๐๐ค๐๐ง๐ ๐๐จ๐ซ ๐ญ๐ก๐ ๐๐ข๐ซ๐ฌ๐ญ ๐ญ๐ข๐ฆ๐ ๐ญ๐ก๐ข๐ฌ ๐๐ฉ๐ซ๐ข๐ง๐ , ๐ฐ๐ข๐ญ๐ก ๐ฌ๐๐ฏ๐๐ซ๐๐ฅ ๐ฉ๐ซ๐จ๐ฉ๐๐ซ๐ญ๐ข๐๐ฌ ๐ฌ๐๐ก๐๐๐ฎ๐ฅ๐๐ ๐ญ๐จ ๐ ๐จ ๐ฎ๐ง๐๐๐ซ ๐ญ๐ก๐ ๐ก๐๐ฆ๐ฆ๐๐ซ. ๐๐ฅ๐ญ๐ก๐จ๐ฎ๐ ๐ก ๐ฐ๐ ๐ฐ๐๐ซ๐๐งโ๐ญ ๐๐๐ฅ๐ ๐ญ๐จ ๐๐ง๐ฃ๐จ๐ฒ ๐ญ๐ก๐ ๐ฌ๐ฎ๐ง๐ฌ๐ก๐ข๐ง๐ ๐๐ง๐ ๐ฎ๐ฌ๐ฎ๐๐ฅ ๐๐ฎ๐๐ญ๐ข๐จ๐ง ๐ฏ๐ข๐๐ ๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐ซ๐จ๐ง๐ญ ๐จ๐ ๐ ๐ฉ๐ซ๐จ๐ฉ๐๐ซ๐ญ๐ฒ, ๐ญ๐ก๐ ๐ฅ๐๐ฏ๐๐ฅ ๐จ๐ ๐๐ฎ๐ฒ๐๐ซ ๐ข๐ง๐ญ๐๐ซ๐๐ฌ๐ญ ๐ฐ๐๐ฌ ๐ก๐ข๐ ๐ก ๐๐ง๐ ๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐จ๐ง ๐ฌ๐ญ๐ซ๐จ๐ง๐ .
In fact, the Domain Group reports that Australiaโs property boom has reached record highs, resulting in the strongest annual growth in more than 30 years. Property values climbed more than 20 per cent over the past year nationally, marking the fastest annual growth seen since 1989, the latest CoreLogic National Home Value Index shows, with Melbourne up 15 per cent.
Whilst the number of homes hitting the market lifted in September, CoreLogic figures show they were still slightly down on the five-year average for this time of year, and the total supply of homes on the market is about 28 per cent below the five-year average. The combination of record low interest rates and low stock levels continues to put upward pressure on housing values.
Over the weekend, the renovated two-bedroom home at 7 East Court in Camberwell attracted 13 bidders at the online auction, which went for an hour. Steven Zervas – Partner and Auctioneer – Fletchers Real Estate fielded over 100 bids that were exchanged during the course of the auction, until it was finally sold under the hammer for $1,231,000.
Director Ben Williams called two auctions on Sunday, selling both 34 Maple Street, Blackburn and 1 Blake Street in Blackburn North under the hammer. The properties attracted four and five bidders respectively, demonstrating the demand for family homes in locations that cater for a convenient and secure lifestyle.
My team and I sold 2/24 Jersey Street, Balwyn post auction today.
We are certainly seeing the Spring property market come to life, even though it is looking a little different than in years past. Private inspections are in high demand and auctions are being scheduled both on weekends and during the week, so please ensure you keep an eye on our website and in touch with the agent, so youโre kept informed.
๐๐ฎ๐๐๐๐ฌ๐ฌ. ๐๐ญโ๐ฌ ๐ ๐
๐ฅ๐๐ญ๐๐ก๐๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .
