16th May 2022 / Jeremy Desmier: Market Update | 14 & 15 May 2022

It was a cooler start to this weekend's Auction timetable, with just over 802 properties going under the hammer, we witnessed only a slight dip in Victorian clearance rates (71%) a positive sign in the shadow of a looming federal election.

News headlines are often so focused on the negative narrative when it comes to the price we're paying for a property these days, we often completely forget to factor in the costs of actually being a homeowner. With housing affordability at the top of everyone's mind, we wait to see what the coming weekend will bring and if a renewed or change in government will create the positive change we are so desperate for when it comes to wage growth and the cost of living.

Across the board we are seeing our agents step into their own, with more and more properties selling outside of Auction conditions, demonstrating the need to engage highly skilled agents who are equipped to manage all forms of negotiation. Earlier last week, Whitehorse Senior Property Consultant Ian Van Eijk achieved a successful result for his vendors at 140 Surrey Road, Blackburn. Fully renovated & walking distance to all amenities, a move was made to secure a sale prior to Auction; evidence that properties in highly sought-after locations are still in hot demand and buyers are working hard to secure opportunities before another rate rise.

Director Daiman Kane presided over a seamless campaign for his owners at 25 Ursa Street, Balwyn (after previously selling them into the home 15 years prior). Multiple bidders tried different strategies on the day to secure the blue-chip property, with it being knocked down to the eventual new owners for $2,126,000.

In Malvern East, Director & Auctioneer Mark Fletcher sold 412 Wattletree Road for $4,400,000 a notable increase since the last time it was secured 55 years ago for $44,000! A collaborative result achieved with Fletchers Glen Iris Director Michael Richardson, a Spanish masterpiece on 1632sqm of land passed in at Auction negotiating all evening and into Sunday to achieve a record outcome.

Finally, moving across to Vermont South, Senior Property Consultant Gail Logan ran a superb campaign for her clients at 1/110 Morack Road engaging Mark Fletcher to Auction the property which sold after almost 45 minutes of hotly contested bidding for $1,192,000. 6 bidders fought to secure the home, with the starting bid taking off from $800,000. A well-run campaign and evidence that with great strategy and advice, excellent results are being achieved.

The market sentiment remains, that desirable properties in sought after locations are still selling well and that we are seeing buyers acting sooner to try and lock in the current interest rate. Like all of us over the past two years, there is still some resilience left in the market, and results such as those achieved at 412 Wattle Road proves there are 4 million reasons why investing in bricks and mortar is always a good idea.

Results. It's a Fletchers thing.