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 .
