18th July 2022 / Jeremy Desmier: Market Update | 16 & 17 July 2022

Auction volumes across the capital cities increased to 1,426 scheduled, an 8.3% weekly rise following three consecutive weeks of decline. Auction volumes are expected to rise further next weekend, suggesting that the school holiday distractions are passing.

We really felt the Winter cold on the weekend, with gusty winds and intermittent rain keeping temperatures low and the chill factor high.

In Kew East, the well-located three-bedroom home at 30 Bennett Parade attracted five bidders, selling under the hammer for $1,927,000. The cream brick veneer home offered opportunity to restore or renovate, as well as potential to extend (STCA).

Auctioneer Ian van Eijk battled the gusty winds as he fielded bids from three parties at the auction of 5 Salvana Avenue in Mitcham. The immaculately presented, four-bedroom home offered an excellent location close to schools, shops, and parks, selling under the hammer for $1,208,000.

The exceptional two-bedroom, rear villa unit at 2/8 Howard Street in Glen Iris also attracted three bidders, with Auctioneer Andrew Mackintosh declaring the property sold at $1,405,000.

In Canterbury, the stately double-brick home at 17 Myrtle Road boasted the perfect marriage of period beauty and contemporary comfort. The home passed in to the highest bidder and was quickly sold post-auction.

Whilst we shiver through the remainder of Winter, the REA Group reports that property markets have seen the hottest start to the season in more than a decade, despite cooling price growth. The latest PropTrack Listings Report found that this has outcome been fuelled by confident vendors.

"The first half of 2022 has been a strong period for the property market," report author Angus Moore, an economist with PropTrack, said. "There's been a brisk pace of fresh listings on realestate.com.au, with more new listings nationally across the first six months of 2022 than during any other year since 2015."

At a national level, the number of new listings to hit the site in June were 8.5% higher than the same time last year, and while capital city new listings were down 6.4% month-on-month, activity was stronger than usual for this time of year.

"New listings across the capital cities were 5.9% higher than at the same time in 2021, and it was the busiest start to winter in the capitals in more than a decade," Mr Moore said.

Mr Moore said there are still many buyers in the market for a new property, despite the uncertainty sparked by rising interest rates. "While conditions are likely to slow a little as we continue through the typically quieter Winter period, activity has remained robust in many markets and a number of areas have already recorded busier-than-typical starts to Winter," he said.

The fundamental drivers of homebuyer demand also remain strong, with record low unemployment, signs of wages growth towards the back end of the year, and the return of international migration.

We look forward to a busy second half of July!

Results. It's a Fletchers thing.