20th June 2022 / Jeremy Desmier: Market Update | 18 & 19 June 2022

There were over 2,000 auctions scheduled across capital cities this weekend, as we enjoyed stunning Winter weather in Melbourne (finally reaching 15 degrees)!

Whilst the rate of properties sold prior to auction was at its highest rate since August 2021, there were still several properties that were presented for auction.

In Canterbury, the architecturally designed home at 1/7 The Ridge attracted two bidders who sought to secure luxury living in one of the suburb's most prestigious streets. First developed in the 1880's, Canterbury has always figured among the city's most expensive real estate, with a median house price of well above $3 million. Auctioneer Jeremy Desmier sold the property under the hammer.

The immaculately presented and ideally situated three-bedroom home at 1C Greendale Road in Doncaster East attracted five bidders, demonstrating that good quality homes are always sought after. After a strong campaign run by agent George Ozzimo, the home sold for $1,045,000.

In Blackburn, the three-bedroom, two-bathroom home at 1/12 Wolseley Crescent offered a rare opportunity for downsizers or young families. On its own title and just metres to Blackburn Lake, Auctioneer Ben Williams declared the property sold at $1,190,000.

On Sunday, managing agent Spring Chen and Auctioneer Steven Zervas sold the charming three-bedroom home at 452 Whitehorse Road in Surrey Hills. Zoned for Canterbury Girls School and Camberwell High, the charming home sold for $1,261,000 under the hammer.

Most of the commentary on the property market continues to be centred on the impact of increasing interest rates. Of course, other economic indicators, particularly inflation, growth and wages will be integral…as well as how these factors are interpreted by the Reserve Bank.

It is important to remember that house prices are still up 35% nationally since the start of the pandemic. The increase in prices and equity continues to enable many existing owners to upgrade or change locations.

The current market offers more balanced conditions for buyers and sellers than the rampant growth seen in 2021, with housing transactions continuing at a solid pace. No doubt, this will be welcome news for first-home buyers who have found it challenging to save a deposit during this run-up in prices.

We hope that the milder weather conditions continue next weekend, as the first month of Winter finishes up.

Results. It's a Fletchers thing.