12th July 2021 / Rob Fletcher: Market Update | 10 & 11 July 2021

As school holidays come to an end and many auctions rescheduled to July auctions due to Melbourne's two-week lockdown, we expect to see increased activity over the next few weeks.

On Saturday. close to 1,000 properties were scheduled to go under the hammer, up 14 per cent from the previous week. The REIV reported a clearance rate of 79 per cent, whilst the Fletchers Group was thrilled to achieve a success rate of 86 per cent for our clients.

The Domain coffee van kept everyone warm at the auction of 39 Stanton Street in Greensborough, which we were very grateful for! Six bidders competed to secure the home, which sold under the hammer for $737,000.

Partner & Auctioneer, Steven Zervas represented some of his old school friends with the sale of 1/65 Blaxland Drive in Dandenong North. A total of three bidders competed to secure the stylish two-bedroom town home, which sold for $509,000. Steven was pleased to have been entrusted with the sale of the property.

Our Blackburn office had a huge auction weekend, achieving a 100% success rate under the hammer. Amongst the results was the sale of the classic three-bedroom home at 17 Neville Street in Box Hill South, which offered opportunity to build a luxury residence or multiple townhouses, The property sold for $1,676,000. In Burwood, the stunning family home at 49A Somers Street saw four parties participate in bidding, until the home sold under the hammer for $1,790,000.

The upcoming Spring selling season is sure to be a real test for the property market, as there should be a greater supply of stock becoming available. However, economists at the big four banks expect property prices to surge by at least 10 per cent and as much as 17 per cent this year, before growth slows to a still solid 5-6 per cent in 2022.

Success. It's a Fletchers thing.