Tim Heavyside – Fletchers Real Estate

𝐓𝐡𝐞 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐦𝐚𝐫𝐤𝐞𝐭 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐬 𝐭𝐨 𝐞𝐧𝐣𝐨𝐲 𝐚 𝐬𝐭𝐫𝐨𝐧𝐠, 𝐛𝐞𝐥𝐚𝐭𝐞𝐝 𝐒𝐩𝐫𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐬 𝐭𝐡𝐞 Domain 𝐆𝐫𝐨𝐮𝐩 𝐫𝐞𝐩𝐨𝐫𝐭𝐬 𝐭𝐡𝐚𝐭 𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞 𝐚𝐮𝐜𝐭𝐢𝐨𝐧 𝐜𝐥𝐞𝐚𝐫𝐚𝐧𝐜𝐞 𝐫𝐚𝐭𝐞𝐬 𝐫𝐞𝐚𝐜𝐡𝐞𝐝 𝐭𝐡𝐞𝐢𝐫 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐥𝐞𝐯𝐞𝐥 𝐢𝐧 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝐟𝐨𝐫 𝟐𝟎𝟐𝟏. 𝐓𝐡𝐞 𝐥𝐚𝐬𝐭 𝐭𝐢𝐦𝐞 𝐜𝐥𝐞𝐚𝐫𝐚𝐧𝐜𝐞 𝐫𝐚𝐭𝐞𝐬 𝐰𝐞𝐫𝐞 𝐡𝐢𝐠𝐡𝐞𝐫 𝐰𝐚𝐬 𝐢𝐧 𝐀𝐩𝐫𝐢𝐥 𝟐𝟎𝟏𝟕.

The number of properties going under the hammer shows that pent-up supply has entered the market over the last month, although this is expected to pick up even more, as double dose vaccinations continue to grow.

In Melbourne’s eastern suburbs, the REA Group reports that overwhelming demand from family buyers has pushed house prices in Blackburn to rise 17.2 per cent in the past 12 months – making it the top performing suburb of Melbourne’s east. Pricing shot up to a $1,605,944 median, as neighbouring Blackburn North also recorded significant growth of 13.9 per cent to a $1.24 million median house price.

Doncaster East, Burwood East and Camberwell also made the list for the biggest median house price growth in the region. For units, Burwood was ranked number 1, with a strong 16.4 per cent price increase to $873,500 – Deakin University proving to be a major drawcard for investors in the suburb.

Over the weekend, the Fletchers Group reported a strong clearance rate of 80 percent.

In other news, the Reserve Bank of Australia’s governor Phillip Lowe has warned borrowers to prepare for interest rates to rise from their current historic low, but not before 2023 at the earliest. He maintains that 2024 is the most likely time frame for the central bank to lift the cash rate, however noted that the board is prepared to be patient when considering a lift in interest rates.

Whilst he said that they wouldn’t rise again quickly, he did say that when people are making their borrowing decisions, they need to factor this into their calculations.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.