19th September 2022 / Jeremy Desmier: Market Update | 17 & 18 September 2022

It certainly felt like it was a return to winter over the weekend, with cold temperatures and periods of heavy rain lashing the state. On the property front, it was a bumper weekend of auctions, with 1,763 auctions scheduled to go under the hammer. According to Domain data, this was the highest number of properties scheduled for auction since June. The figure is an increase of 12.4 per cent compared to last weekend.

In Surrey Hills, potential buyers enjoyed a hot coffee before proceedings got underway for the stylish, three-bedroom single level home at 8 Scheele Street. Offering two substantial living zones and a location within walking distance to Mont Albert Primary and cafes, the home attracted three bidders. Marketed by Partner Spring Chen, the property was sold under the hammer by Auctioneer Jeremy Desmier for $1,791,000.

A large crowd gathered to watch the auction of the elegant, single level home at 2/5 Canara Street in Doncaster East. At the rear of two, the home is zoned for both Beverley Hills Primary and East Doncaster Secondary College. Marketed by agent George Ozzimo, the property was auctioned by Director Jason Salan who fielded bids from six parties until the property was declared sold at $1,180,000.

The cold wind really started picking up as a crowd assembled in the court to watch the auction of the fully renovated unit at 1/8 Chilcote Court in Box Hill South. Four parties traded bids to secure the single-level, clinker brick home until it was sold under the hammer by auctioneer Stefan Cook, for $980,000.

The Domain Group reports that the increase in auctions this week shows FOMO (Fear of Missing Out) in the market – a guiding force when listings were low, and buyers were panicking to get a foot in – is becoming a thing of the past.

Domain's Chief of Economics and Research, Dr Nicola Powell, said increasing auction activity can always be expected at this time of the year. "Over 1,760 homes will go under the hammer this coming Saturday across the combined capitals, which will be the highest number of auctions since June," Dr Powell said in Domain's weekly auction preview report.

"This tells us that buyers are becoming more familiar with the new market conditions as well as the current interest rate environment."

Despite the increased activity of late, there will be a lull next weekend, with public holidays on Thursday as Australian mourn the Queen's passing, then on Friday, the day before the Grand Final, then of course Grand Final Day on Saturday. It is typical for vendors to avoid scheduling their auction around public holidays in case prospective buyers are out of town for the break.

We hope you have a wonderful and safe long weekend!

Results. It's a Fletchers thing.