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

We had higher temperatures, a higher pollen count, and a higher number of auctions scheduled over the weekend, with volumes across the combined capitals increasing by 10.4% to 1,742 properties going under the hammer.

In Box Hill North, four bidders competed to secure the classic 1930's weatherboard home at 110 Clyde Street. Owned by the one family for 86 years, it was the first time the charming home had ever been on the market! Director & Auctioneer Michael Richardson declared the property sold at the winning bid of $1,566,000.

Reinvented with contemporary flair, the architect-designed three-bedroom home at 4 Taurus Street in Balwyn North attracted two bidders on auction day. Close to Bellevue shops and eateries, Kew High School and North Balwyn Village, the home sold under the hammer.

The quality-built, four-bedroom home at 11 Hancock Street in Vermont South saw four parties bid in an effort to secure the family home. Beautifully presented and in a central location, the property was sold by Auctioneer Ian van Eijk for $1,561,000 under the hammer. Ian and colleague Michelle Yan had a big auction weekend, selling 5/5 homes they had scheduled for auction.

The Domain Group reports that with bigger homes attracting a premium price due to strong demand and limited supply, experts say that some buyers may be forced to compromise due to the rising cost of living.

New data shows that home buyers can save up to $335,000 if they opt to buy the typical three-bedroom house instead of the typical four-bedroom. The research showed that in Melbourne, the median four-bedroom house costs $135,000 more than the median three-bedroom home.

PRD Real Estate's chief economist Diaswati Mardiasmo said younger households would look to make the compromise as the cost of living hit the highest levels in decades and mortgage rates increased at the fastest rate since the 1990s.

Buyers in the market have enjoyed more choice across most of the country in October, with total listings increasing in nearly all markets despite a quieter-than-typical mid-Spring for new listings.

We look forward to another busy week ahead in the lead-up to the festive season, with just five auction weekends left before the end of the year!

Results. It's a Fletchers thing.