12th December 2022 / Jeremy Desmier: Market Update | 10 & 11 December 2022

Auction activity was expected to rise for the fifth consecutive week across the country as the summer selling season gains momentum, according to CoreLogic. Volume is up 7.2 per cent from last week, with 2,719 homes expected to go under the hammer across the country.

This was the busiest auction weekend for Melbourne since mid-June this year, after clearance rates also bounced to a seven-month high across the combined capitals in November.

In Mount Waverley, an impressive six bidders competed to secure the versatile, four-bedroom family home at 43 Wilga Street. Zoned for Mount Waverley Secondary College, the property is also within walking distance to parks and the shopping village. Auctioneer Steven Zervas knocked the property down to the successful bidder at $1,320,000.

The enchanting, five-bedroom home at 9 Orchard Crescent in Mont Albert North attracted a crowd and three bidders. Offering two separate living zones, a lush cottage garden and excellent location within walking distance to schools, cafes and buses, the home is also zoned for Koonung Secondary College. Well-supported by his team, Director Jason Salan sold the property under the hammer for $1,800,000.

The neatly presented three-bedroom home at 6 Coolabah Street in Doncaster was appealing to both investors and first home buyers. With its elevated north-facing façade, the home attracted seven bidders and was sold under the hammer by Auctioneer Pan Zhang for $837,000.

As we approach the last auction weekend for 2022 next week, it's a great time to reflect on the year that was in property! We saw an exceptional year in 2021 when housing demand rose to an all-time high, house prices soared, supply dwindled, interest rates hit rock bottom and buyer priorities shifted. This created a pace of growth that was not sustainable in the long-term, and affordability became a heightened issue for buyers.

Fast forward to 2022, and buyers found a greater choice of homes for sale but faced rising serviceability costs of a home loan. Whilst property prices have softened in many areas due to the fastest surge in interest rates since the early 1990's, it is important to remember that property should be viewed as a long-term investment. The Domain Group reports that house prices remain significantly higher than the pandemic trough, with the price cycle remaining 27 per cent higher than the mid-2020 trough.

Lifestyle additions such as location are still high on buyer's wish lists (think 'pool', 'waterfront', 'beach' and 'view'), and the importance of a dedicated workspace remains a priority. A home with a breath of fresh air also remains key for buyers, such as 'balcony' and 'courtyard'.

There is just two weeks left to secure a home before Christmas so if there is a property you're interested in, ensure that you let the agent know. If you're buying or selling before Christmas, we wish you the best of luck!

Results. It's a Fletchers thing.