13th December 2021 / Rob Fletcher: Market Update | 11 & 12 December 2021

Over the weekend we saw the fourth consecutive 'Super Saturday', with 3,584 properties scheduled for auction across the capital cities.

The continued rise in auction listings translates to greater choice for buyers, easing competition and testing seller expectations. Whilst some properties saw reduced competition over the weekend, well-located, well-priced homes continue to sell well.

Michael Rosano and our Glen Iris team were thrilled to represents Scouts Victoria over the weekend, with the sale of 1 Queens Parade, Glen Iris. A massive 1,165 sqm approx. offered a blank canvas for an astute buyer, in a location close to transport, cafes and specialty shops. The property was sold at auction for $3,025,000.

In Burwood East, a total of 7 bidders competed to secure the traditionally spacious, three-bedroom home at 9 Pippin Avenue. Prominently positioned, the property offered an elevated outdoor entertaining deck, north-facing backyard and separate home office/studio. Auctioneer Connor Sun knocked the property down to the successful bidder at $1,305,000.

Offering an opportunity to redevelop in the heart of Kew's school precinct, the single front Victorian cottage at 71 Malin Street saw 5 bidders participate on auction day. The home sold under the hammer for an undisclosed amount. Agent Nick Fletcher also sold the three bedroom home on the corner of Stevenson Street, 41 High Street South in Kew, prior to its scheduled auction.

The attractive four-bedroom home at 15 Ray Drive in Balwyn North also attracted 7 bidders on auction day. Well located within the Balwyn High School zone, auctioneer Jack Peng declared the property sold at $1,900,000 to a young family. The next day, he went on to complete the Melbourne Marathon!

The REA Group reports that the total worth of Australia's housing stock has surged by a mammoth $487 billion in just three months, and almost $1 trillion in half-a-year to hit an all-time high of $9.25 trillion. Figures released just by the Australian Bureau of Statistics for the September 2021 quarter also showed the mean price of residential dwellings was $863,700, up 5.1%.

Every single capital city saw an increase in dwelling values in the September quarter, either breaking records or recording a rate of growth not seen in "many years". ABS head of price statistics, Michelle Marquardt said, "continued solid growth in residential property prices was supported by record low interest rates, strong demand and low levels of stock on the market."

With just one auction weekend left before the Christmas break, we hope that you achieve a successful outcome, whether you're in the market to sell or buy.

Have a wonderful Christmas and all the best for a prosperous New Year.

Success. It's a Fletchers thing.