20th June 2023 / Jeremy Desmier: Market Update | 17 & 18 June 2023

Melbourne saw a steady 863 homes auctioned across the city this weekend, with our group achieving a 93% auction success rate, off the back of a remarkable 100% last week. Melbourne has emerged as the busiest auction market, with the winter season bringing success to many of our clients across our networks with big crowds, solid bidding and strong results being the theme for Saturdays.

Recent data shows that despite the cold weather, the Australian property market is thriving with overseas interest reaching record levels and rental and buying property searches on the rise. Melbourne tops the list for most searched properties over the last 3 months, with a significant surge in interest from India.

Over the first 5 months of 2023, national property prices increased by 1.5%. Not only have prices begun to rise this year but sales volumes have also increased significantly. So far this year, there has been a significant rebound in preliminary sales with sales in May 2023 just 0.6% lower than last year and higher than both 2019 and 2020. Albeit they remain lower than 2021 volumes. Although prices and sales are increasing, we are yet to see a rebound in the supply of properties coming to market.

In Fletchers news, Fletchers Balwyn North spent an afternoon at Servants Community Housing getting to know the residents. For many, it's unusual to step inside community housing, yet there is a gentle invitation for us all to reconsider the way in which we engage in the relationships around us. Who are these people in our community, many of whom we don't even know because we have been living a life so focused on ourselves, that we have missed the opportunity to walk with them, and be compassionate – Jayden Battey (House Manager | Communications & Events Manager).

In auction news, two prime locations in Blackburn and Nunawading saw exciting auction events with strong competition on the weekend. At 76 Lauren Grove, Blackburn, a Mediterranean-style home sold for an impressive $2,130,000. Auctioneer & Senior Property Consultant Ian Van Eijk presided over the campaign commenting that the home's "prime location is what culminated in two excited bidders fighting it out until the end".

Not too far away, 53 Milton Street, Nunawading attracted a large crowd and an extraordinary 7 parties competing for this stylishly renovated single-level home. The winning bid of $2,116,000 was $300,000 above reserve, marking a great result. Selling agent, Luke Simms, said the home was in an "unparalleled family locale, walking distance to the train stations, Aqualink & Forest Hill Chase".

Meanwhile, another desirable property at 14 Jilpanger Road, Donvale saw 7 bidders vying for the chance to secure the six-bedroom residence. The property eventually sold for $1,755,000, highly sought-after for its proximity to the East Doncaster Secondary College zone.

Auction activity is expected to take a brief pause as people enjoy the school holidays, but we remain optimistic that the supply level will normalise by the second half of 2023. To ensure we can best support you on your property journey, please Click Here to get in touch with your local Fletchers agent today.