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Market Update | 23 & 24 October 2021

October 28, 2021 Leave a comment

๐€๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ฐ๐ž๐ซ๐ž ๐ฉ๐ž๐ซ๐ฆ๐ข๐ญ๐ญ๐ž๐ ๐จ๐ง-๐ฌ๐ข๐ญ๐ž ๐ข๐ง ๐Œ๐ž๐ฅ๐›๐จ๐ฎ๐ซ๐ง๐ž ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐Ÿ๐ข๐ซ๐ฌ๐ญ ๐ญ๐ข๐ฆ๐ž ๐ข๐ง ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ, ๐š๐ฅ๐›๐ž๐ข๐ญ ๐ฐ๐ข๐ญ๐ก ๐œ๐š๐ฉ๐š๐œ๐ข๐ญ๐ฒ ๐š๐ง๐ ๐๐ž๐ง๐ฌ๐ข๐ญ๐ฒ ๐ฅ๐ข๐ฆ๐ข๐ญ๐ฌ. ๐–๐ก๐ข๐ฅ๐ฌ๐ญ ๐ญ๐ก๐ž๐ซ๐ž ๐ข๐ฌ ๐ฉ๐ฅ๐ž๐ง๐ญ๐ฒ ๐จ๐Ÿ ๐๐ž๐ฌ๐ข๐ซ๐ž ๐ญ๐จ ๐ ๐ž๐ญ ๐›๐š๐œ๐ค ๐ญ๐จ ๐ง๐จ๐ซ๐ฆ๐š๐ฅ๐ข๐ญ๐ฒ, ๐ญ๐ก๐ž ๐š๐œ๐œ๐ž๐ฌ๐ฌ๐ข๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐œ๐จ๐ฎ๐ฉ๐ฅ๐ž๐ ๐ฐ๐ข๐ญ๐ก ๐ญ๐ก๐ž ๐ข๐ง๐œ๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐ฐ๐ž๐š๐ญ๐ก๐ž๐ซ ๐ฌ๐š๐ฐ ๐ฌ๐ž๐ฏ๐ž๐ซ๐š๐ฅ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ซ๐ž๐ฆ๐š๐ข๐ง ๐จ๐ง๐ฅ๐ข๐ง๐ž.


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, โ€œthe market is holding up really well since we have come out of the lockdown period for real estateโ€ฆthere has been a lot more stockโ€ฆdemand 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 โ€˜hybridโ€™ 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.


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 | 16 & 17 October 2021

October 20, 2021 Leave a comment

๐–๐ž ๐ซ๐ž๐œ๐ž๐ข๐ฏ๐ž๐ ๐ฌ๐จ๐ฆ๐ž ๐ฐ๐ž๐ฅ๐œ๐จ๐ฆ๐ž ๐ง๐ž๐ฐ๐ฌ ๐จ๐ฏ๐ž๐ซ ๐ญ๐ก๐ž ๐ฐ๐ž๐ž๐ค๐ž๐ง๐, ๐ฐ๐ข๐ญ๐ก ๐๐ซ๐ž๐ฆ๐ข๐ž๐ซ ๐ƒ๐š๐ง๐ข๐ž๐ฅ ๐€๐ง๐๐ซ๐ž๐ฐ๐ฌ ๐š๐ง๐ง๐จ๐ฎ๐ง๐œ๐ข๐ง๐  ๐ญ๐ก๐š๐ญ ๐ซ๐ž๐ฌ๐ญ๐ซ๐ข๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐š๐ซ๐ž ๐ฌ๐ž๐ญ ๐ญ๐จ ๐ž๐š๐ฌ๐ž ๐ข๐ง ๐•๐ข๐œ๐ญ๐จ๐ซ๐ข๐š ๐Ÿ๐ซ๐จ๐ฆ ๐Ÿ๐Ÿ:๐Ÿ“๐Ÿ—๐ฉ๐ฆ ๐ญ๐ก๐ข๐ฌ ๐“๐ก๐ฎ๐ซ๐ฌ๐๐š๐ฒ. ๐–๐ข๐ญ๐ก ๐Ÿ•๐ŸŽ% ๐จ๐Ÿ ๐ญ๐ก๐ž ๐ž๐ฅ๐ข๐ ๐ข๐›๐ฅ๐ž ๐ฉ๐จ๐ฉ๐ฎ๐ฅ๐š๐ญ๐ข๐จ๐ง ๐ฏ๐š๐œ๐œ๐ข๐ง๐š๐ญ๐ž๐, ๐ญ๐ก๐ž ๐œ๐ฎ๐ซ๐Ÿ๐ž๐ฐ ๐ฐ๐ข๐ฅ๐ฅ ๐›๐ž ๐ฅ๐ข๐Ÿ๐ญ๐ž๐ ๐š๐ง๐ ๐ซ๐ž๐ฌ๐ญ๐ซ๐ข๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐จ๐ง ๐ฅ๐ž๐š๐ฏ๐ข๐ง๐  ๐ฒ๐จ๐ฎ๐ซ ๐ก๐จ๐ฆ๐ž ๐ซ๐ž๐ฆ๐จ๐ฏ๐ž๐.


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 didnโ€™t 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 youโ€™re interested in.


Stay safe and be well!

Categories: Uncategorized

Market Update | 9 & 10 October 2021

October 15, 2021 Leave a comment

๐Œ๐€๐‘๐Š๐„๐“ ๐”๐๐ƒ๐€๐“๐„ | Last ๐ฐe๐ž๐ค๐ž๐ง๐ ๐ฌ๐š๐ฐ ๐ญ๐ก๐ž ๐œ๐จ๐ฆ๐›๐ข๐ง๐ž๐ ๐œ๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฏ๐จ๐ฅ๐ฎ๐ฆ๐ž ๐š๐œ๐ซ๐จ๐ฌ๐ฌ ๐ญ๐ก๐ž ๐ง๐š๐ญ๐ข๐จ๐ง ๐ฃ๐ฎ๐ฆ๐ฉ ๐š๐ง ๐š๐ฌ๐ญ๐จ๐ง๐ข๐ฌ๐ก๐ข๐ง๐  ๐Ÿ“๐Ÿ ๐ฉ๐ž๐ซ ๐œ๐ž๐ง๐ญ ๐œ๐จ๐ฆ๐ฉ๐š๐ซ๐ž๐ ๐ญ๐จ ๐ฅ๐š๐ฌ๐ญ ๐ฐ๐ž๐ž๐ค, ๐š๐ฌ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ๐ž๐ ๐›๐ฒ ๐ญ๐ก๐ž ๐ƒ๐จ๐ฆ๐š๐ข๐ง ๐†๐ซ๐จ๐ฎ๐ฉ. ๐“๐ก๐ž ๐ซ๐ข๐ฌ๐ž ๐ก๐ž๐ซ๐ž ๐ข๐ง ๐Œ๐ž๐ฅ๐›๐จ๐ฎ๐ซ๐ง๐ž ๐œ๐š๐ง ๐›๐ž ๐๐ข๐ซ๐ž๐œ๐ญ๐ฅ๐ฒ ๐š๐ญ๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ž๐ ๐ญ๐จ ๐ญ๐ก๐ž ๐ž๐š๐ฌ๐ข๐ง๐  ๐จ๐Ÿ ๐ซ๐ž๐ฌ๐ญ๐ซ๐ข๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ซ๐ž๐ฅ๐š๐ญ๐ข๐ง๐  ๐ญ๐จ ๐ญ๐ก๐ž ๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐ญ๐จ ๐œ๐จ๐ง๐๐ฎ๐œ๐ญ ๐ข๐ง-๐ฉ๐ž๐ซ๐ฌ๐จ๐ง, ๐ฉ๐ซ๐ข๐ฏ๐š๐ญ๐ž ๐ข๐ง๐ฌ๐ฉ๐ž๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐ซ๐จ๐ฆ ๐Ÿ๐Ÿ– ๐’๐ž๐ฉ๐ญ๐ž๐ฆ๐›๐ž๐ซ.


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 โ€œthe 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.


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 | 2 & 3 October 2021

October 5, 2021 Leave a comment

๐ˆ๐ญ ๐š๐ฅ๐ฆ๐จ๐ฌ๐ญ ๐Ÿ๐ž๐ฅ๐ญ ๐ฅ๐ข๐ค๐ž ๐š ๐ง๐จ๐ซ๐ฆ๐š๐ฅ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฐ๐ž๐ž๐ค๐ž๐ง๐ ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐Ÿ๐ข๐ซ๐ฌ๐ญ ๐ญ๐ข๐ฆ๐ž ๐ญ๐ก๐ข๐ฌ ๐’๐ฉ๐ซ๐ข๐ง๐ , ๐ฐ๐ข๐ญ๐ก ๐ฌ๐ž๐ฏ๐ž๐ซ๐š๐ฅ ๐ฉ๐ซ๐จ๐ฉ๐ž๐ซ๐ญ๐ข๐ž๐ฌ ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐ ๐ญ๐จ ๐ ๐จ ๐ฎ๐ง๐๐ž๐ซ ๐ญ๐ก๐ž ๐ก๐š๐ฆ๐ฆ๐ž๐ซ. ๐€๐ฅ๐ญ๐ก๐จ๐ฎ๐ ๐ก ๐ฐ๐ž ๐ฐ๐ž๐ซ๐ž๐งโ€™๐ญ ๐š๐›๐ฅ๐ž ๐ญ๐จ ๐ž๐ง๐ฃ๐จ๐ฒ ๐ญ๐ก๐ž ๐ฌ๐ฎ๐ง๐ฌ๐ก๐ข๐ง๐ž ๐š๐ง๐ ๐ฎ๐ฌ๐ฎ๐š๐ฅ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฏ๐ข๐›๐ž ๐จ๐ฎ๐ญ ๐ญ๐ก๐ž ๐Ÿ๐ซ๐จ๐ง๐ญ ๐จ๐Ÿ ๐š ๐ฉ๐ซ๐จ๐ฉ๐ž๐ซ๐ญ๐ฒ, ๐ญ๐ก๐ž ๐ฅ๐ž๐ฏ๐ž๐ฅ ๐จ๐Ÿ ๐›๐ฎ๐ฒ๐ž๐ซ ๐ข๐ง๐ญ๐ž๐ซ๐ž๐ฌ๐ญ ๐ฐ๐š๐ฌ ๐ก๐ข๐ ๐ก ๐š๐ง๐ ๐œ๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐จ๐ง ๐ฌ๐ญ๐ซ๐จ๐ง๐ .


In fact, the Domain Group reports that Australiaโ€™s 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 youโ€™re kept informed.


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