15th November 2021 / Rob Fletcher: Market Update | 13 & 14 November 2021

The trend of strong auction volumes and new listings continues, as we reach the halfway mark of the last month of the Spring selling season.

Domain figures show that there was a 32.7 per cent rise in the number of new home listings in October, compared to the month before. Melbourne house prices have also soared this year, up 16.8 per cent in the 12 months to September.

The Melbourne real estate market has boomed post-lockdown, as frustrated sellers and buyers have rushed to make deals, but perhaps the market will have time to catch its breath soon.

In the outer eastern suburbs, Fletchers Mooroolbark director Daniel Bolton is starting to see a shift. "The market's been as strong as I've ever seen it, up until about two to three weeks ago," he said. "There's a lot of stock coming to the market now … it was very much tipped in the favour of sellers and now we're seeing a more even market."

Numbers of groups through open for inspections have dropped from 40 to 60 a few weeks ago, to 10 to 20 or 30, he said, while prices were holding at high levels but not rising further. "It certainly still is a good time to sell, but it just is a bit more balanced," he said.

Over the weekend, results at auction were reasonably strong, in spite of the wild, winter-like weather. In Glen Waverley, the charming three-bedroom family home at 4 Victoria Avenue sold under the hammer. Three active bidders competed to secure the home that offered an impressive lifestyle location, with the property ultimately selling for $2,070,000.

In Burwood, both units 1 & 2/17 Cypress Avenue were under offer, located within the highly sought-after Mount Waverley Secondary College zone. The buyer of unit 1 had exclusive right to buy unit 2 and took that opportunity with both hands!

The extremely rare lifestyle offering at 1/9 Baldwin Road in Blackburn attracted 3 bidders who were keen to secure the thoughtfully designed, single level home. Auctioneer Rob Sheahan expertly fielded bids until it was sold under the hammer to the successful bidder at $1,510,000.

In other property news, Domain Group reports that space, both inside and outside the home, continues to be a key driver in the search for property by buyers. Topping the list of the most searched keywords by seekers looking for properties for sale in the major capital cities was 'pool', with 'courtyard,' 'balcony' and 'study' also ranking high in the top 10.

Success. It's a Fletchers thing.