19th December 2022 / Sarah Lowry: Market Update | 17 & 18 December 2022

The last auction weekend for 2022 saw the sun shining brightly, and buyers out in force – keen to secure a sale prior to Christmas. The Fletchers Group was thrilled to achieve a 92% success rate for our clients.

In Balwyn North, five bidders competed to secure the immaculately maintained, three-bedroom home at 29 Sutton Street. Boasting city skyline views and within easy walking distance to Balwyn High School, the property sold under the hammer.

Established within a prized neighbourhood pocket, the contemporary three-bedroom townhouse at 20 Burn Nar Look Drive is a "turnkey" property, with nothing for the new owners to do but move in! Five parties initially traded bids until it was a competition between two families, with auctioneer Steven Zervas knocking the property down to the successful purchasers at $1,055,000.

It felt like summer had truly arrived at the afternoon auction of 25 Marianne Way in Mount Waverley, as a large crowd looked on as three bidders competed to secure the elegant, three-bedroom home. Offered for the first time for sale in 52 years, the property sold under the hammer for $1,580,000.

Although the last auction weekend for the year is done and dusted, homebuyers that are active in the market right now have a big advantage, according to new data from PropTrack. The latest PropTrack Listings Report for November shows the total number of properties listed for sale across the country has risen by 3.8% month-on-month.

Compared to this time last year, total stock at a national level is 3.4% up, meaning prospective purchasers have much more choice than last spring. PropTrack economist, Angus Moore, said that new listings hitting the market in November were also up 4.3% month-on-month across the capital cities.

That said, new listings activity across the usually busy spring selling period for flatter than typical in 2022. Whilst the Reserve Bank is expected to continue increasing interest rates in 2023, they do not meet again until February, so there's no chance of an interest rate rise at the very start of the year.

With inflation starting to come down in the US, it is likely that our inflation will stabilise soon too, which is good news for the property market in 2023.

We wish you all the best for a happy and safe festive season and look forward to keeping you up to date in the new year!

Results. It's a Fletchers thing.