13th June 2022 / Jeremy Desmier: Market Update | 11 & 12 June 2022

As expected, auction volumes were down to just under 1,000 properties scheduled to go under the hammer across the country, due to the Queen's Birthday long weekend.

Many Melburnians headed to the airport to escape the cold weather, whilst others took the opportunity to explore a little closer to home, or simply rug up and enjoy a relaxing few days.

There will still some keen property seekers out and about, and we saw three bidders participate in the auction of the renovated two-bedroom home at 2/18 Edinburgh Street in Box Hill South. On a corner block and zoned for Box Hill High School, the property sold under the hammer with Partner Stefan Cook for $825,000.

This week, Melbourne saw the highest rate of properties sold-prior since February. The architecturally designed home at 1 Silverene Court in Vermont South was one of those properties, with the vendors choosing to sell prior to auction after receiving an acceptable offer negotiated by agent Ian van Eijk.

In other property news, the REA Group reports that the average first home buyer now needs an incredible $120,000 deposit to get on to the property ladder. However, it also notes that many first-time homeowners are drastically cutting the years it takes to save a standard 20% deposit, by taking advantage of various first-home buyer schemes offering lower deposits.

After a housing price surge during the pandemic, PropTrack analysis does show that there will be slower price growth over 2022 which will be "welcome news" for many first-home buyers who have found it challenging to save a deposit during the run-up in prices.

Of course, all households with a mortgage are now facing interest rate hikes and the current increase in cost-of-living expenses. PropTrack economist, Paul Ryan, comments that this may "push back" some people's plans of home ownership. "Some people may bring it forward because of the rent increases we've had, that's another factor there."

We look forward to resumption of usual activity next weekend, despite the colder weather!

Results. It's a Fletchers thing.