14th February 2022 / Jeremy Desmier: Market Update | 12 & 13 February 2022

Victorians showed their love for property over the weekend, with the busiest auction day yet for 2022 seeing many home prices soaring above expectations.

The Real Estate Institute of Victoria (REIV) recorded a clearance rate of 78 per cent, with president Adam Docking saying that the healthy clearance rate, despite the number of auctions having double from a week ago, was a positive sign that we were returning to a "normal" market".

Director & Auctioneer, Mark Fletcher had a strong auction result with Spring Chen in Balwyn over the weekend, selling 4 Bruce Street under the hammer. Three bidders competed for the property, which offered a substantial 1,020 sqm in the Balwyn High School zone, with opportunity to renovate or build new.

In Burwood East, Auctioneer Connor Sun fielded bids from four parties who were keen to call the renovated four-bedroom property at 4 Wilkinson Street home. Perfectly positioned in the heart of Burwood East, the property sold under the hammer for $1,275,000.

The fully renovated home at 65 Duff Parade in Viewbank also sold at auction, with five bidders taking the final sale price to $892,500. Auctioneer Thomas Bechelli was thrilled for both his vendors and the new owners, who will now call the family-friendly area home!

In Rye, there was a strong turnout for the auction of 3 Moody Street – a landmark, custom-designed masterpiece on a superb 1,008 sqm. Competitive bidding saw the property sell under the hammer and was the number 3 top sale in Victoria over the weekend.

The next test for the property market is expected to be the federal election, which tends to divert people's attention in the month prior. REIV President, Adam Docking commented that despite the diversion, it would be unlikely to stop property prices from continuing to grow, albeit at a slower rate than last year.

"It will get to the point where the stock levels will satisfy the demand," Mr Docking said. "But even in a stable market there will be results that blow your mind."

Auction numbers will continue to increase over the next two weeks, with property seekers continuing to benefit from greater choice.

Success. It's a Fletchers thing.