16th August 2021 / Rob Fletcher: Market Update | 14 & 15 August 2021

As people in metropolitan Melbourne settled into an extension of Lockdown 6.0, those in regional Victoria received a welcome reprieve with restrictions easing. With the lockdown still in place in metro Melbourne, property inspections remain virtual and auctions conducted online.

Four bidders participated in the auction of 30 Russell Street in Camberwell, a double brick Federation residence nestled within the richly tree-lined Tara Estate. Director Tim Heavyside patiently gave each bidder plenty of time to put their stamp on the auction and secure the home, with the auction running for over an hour! The property was formally passed in to the highest bidder, who went on to purchase the home in post-auction negotiations.

The auction of 13 Catherine Avenue in Doncaster East was much quicker, with the three bidders taking just 20 minutes to determine who would be the new owner. Auctioneer Jason Salan declared the four-bedroom, renovated family home under the hammer for $1,614,000.

The brilliantly designed, five-bedroom home at 15 Invermay Grove in Rosanna was auctioned by the Fletchers Banyule team over the weekend, offering buyers a substantial family home in an excellent location. It took competition from just two bidders to see the property sell under the hammer.

The Domain Group reports that overall, auction numbers continue to trend lower due to the restrictive lockdowns in Melbourne and Sydney - however, auction volumes also continue to defy the traditional winter glut.

In their July 2021 Auction Report, the Domain Group found that prior to escalated restrictions, Melbourne and Sydney were set for the busiest July on record. Whilst this did not eventuate, more sellers are choosing to postpone their auctions to a later date rather than taking their properties off the market, unlike the initial COVID lockdown last year. The strength in homes going under the hammer illustrates that sellers are more likely to proceed with their sale during periods of short, sharp lockdowns.

Please stay safe and well.

Success. It's a Fletchers thing.