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Market Update | 6 & 7 November 2021
๐๐ก๐ ๐ฉ๐ซ๐จ๐ฉ๐๐ซ๐ญ๐ฒ ๐ฆ๐๐ซ๐ค๐๐ญ ๐๐จ๐ง๐ญ๐ข๐ง๐ฎ๐๐ฌ ๐ญ๐จ ๐๐ง๐ฃ๐จ๐ฒ ๐ ๐ฌ๐ญ๐ซ๐จ๐ง๐ , ๐๐๐ฅ๐๐ญ๐๐ ๐๐ฉ๐ซ๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐๐ฌ ๐ญ๐ก๐ Domain ๐๐ซ๐จ๐ฎ๐ฉ ๐ซ๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ญ๐ก๐๐ญ ๐๐๐ฅ๐๐จ๐ฎ๐ซ๐ง๐ ๐๐ฎ๐๐ญ๐ข๐จ๐ง ๐๐ฅ๐๐๐ซ๐๐ง๐๐ ๐ซ๐๐ญ๐๐ฌ ๐ซ๐๐๐๐ก๐๐ ๐ญ๐ก๐๐ข๐ซ ๐ก๐ข๐ ๐ก๐๐ฌ๐ญ ๐ฅ๐๐ฏ๐๐ฅ ๐ข๐ง ๐๐๐ญ๐จ๐๐๐ซ ๐๐จ๐ซ ๐๐๐๐. ๐๐ก๐ ๐ฅ๐๐ฌ๐ญ ๐ญ๐ข๐ฆ๐ ๐๐ฅ๐๐๐ซ๐๐ง๐๐ ๐ซ๐๐ญ๐๐ฌ ๐ฐ๐๐ซ๐ ๐ก๐ข๐ ๐ก๐๐ซ ๐ฐ๐๐ฌ ๐ข๐ง ๐๐ฉ๐ซ๐ข๐ฅ ๐๐๐๐.
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 Melbourneโs 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 โ making it the top performing suburb of Melbourneโs 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 โ 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 Australiaโs 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 wouldnโt rise again quickly, he did say that when people are making their borrowing decisions, they need to factor this into their calculations.
๐๐ฎ๐๐๐๐ฌ๐ฌ. ๐๐ญโ๐ฌ ๐ ๐ ๐ฅ๐๐ญ๐๐ก๐๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .
