Home > Auction Wrap > Market Update | 6 & 7 November 2021

Market Update | 6 & 7 November 2021

๐“๐ก๐ž ๐ฉ๐ซ๐จ๐ฉ๐ž๐ซ๐ญ๐ฒ ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐œ๐จ๐ง๐ญ๐ข๐ง๐ฎ๐ž๐ฌ ๐ญ๐จ ๐ž๐ง๐ฃ๐จ๐ฒ ๐š ๐ฌ๐ญ๐ซ๐จ๐ง๐ , ๐›๐ž๐ฅ๐š๐ญ๐ž๐ ๐’๐ฉ๐ซ๐ข๐ง๐  ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐š๐ฌ ๐ญ๐ก๐ž Domain ๐†๐ซ๐จ๐ฎ๐ฉ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ญ๐ก๐š๐ญ ๐Œ๐ž๐ฅ๐›๐จ๐ฎ๐ซ๐ง๐ž ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐œ๐ฅ๐ž๐š๐ซ๐š๐ง๐œ๐ž ๐ซ๐š๐ญ๐ž๐ฌ ๐ซ๐ž๐š๐œ๐ก๐ž๐ ๐ญ๐ก๐ž๐ข๐ซ ๐ก๐ข๐ ๐ก๐ž๐ฌ๐ญ ๐ฅ๐ž๐ฏ๐ž๐ฅ ๐ข๐ง ๐Ž๐œ๐ญ๐จ๐›๐ž๐ซ ๐Ÿ๐จ๐ซ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ. ๐“๐ก๐ž ๐ฅ๐š๐ฌ๐ญ ๐ญ๐ข๐ฆ๐ž ๐œ๐ฅ๐ž๐š๐ซ๐š๐ง๐œ๐ž ๐ซ๐š๐ญ๐ž๐ฌ ๐ฐ๐ž๐ซ๐ž ๐ก๐ข๐ ๐ก๐ž๐ซ ๐ฐ๐š๐ฌ ๐ข๐ง ๐€๐ฉ๐ซ๐ข๐ฅ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ•.


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 Melbourneโ€™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 โ€“ making it the top performing suburb of Melbourneโ€™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 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 Australiaโ€™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 wouldnโ€™t rise again quickly, he did say that when people are making their borrowing decisions, they need to factor this into their calculations.

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: Auction Wrap
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