21st March 2023 / Jeremy Desmier: Market Update | 18 & 19 March 2023

Melbourne was the busiest auction market this week with auction volumes rising above 1,000 for just the second time this year. Last week, saw just 360 homes taken to auction, largely due to the public holiday while this time last year, approximately 1,525 auctions were held across the city.

In property news this week, realestate.com.au shone a light on Bellfield, serviced by one of our newest offices, Fletchers Inner North. The area was reported as 'being the best value suburb within 10km of Melbourne's CBD'. Fletchers Director Stephanie Michael said 'few homes become available in this tightly held pocket', far less than its better known neighbour being Preston. Property in Bellfield is also slightly more affordable, with Domain analysis showing big blocks and a relatively low median house price contribute to a median price per square metre of $2,622. Domain chief of research and economics Dr Nicola Powell, also commented on the suburb suggesting 'buyers could still get good value for money closer to the city, if they know where to look'.

In Fletchers news, our group achieved an above average clearance rate of 73% with multiple offices achieving a 100% success rate (Banyule, Blackburn and Glen Iris), showcasing strong demand from buyers.

On Saturday, 5 bidders competed to secure an East Doncaster jewel located in not one but TWO highly desirable school zones - 11 Peachwood Rise sold under the hammer for $1,685,000 where a young family is set to enjoy the lifestyle of a quiet cul-de-sac with views across to the Yarra and Dandenong Ranges. Fletchers Manningham Director & Auctioneer, Pan Zhang, confirmed that 'being zoned for the illustrious East Doncaster Secondary College and Milgate Primary School is what made this offering hot property'.

Closer to the city, a private slice of Camberwell saw an immaculate 2 bedroom villa unit, perfect for empty nesters, achieve $100,000 above reserve selling for $1,245,000. A total of 3 bidders competed on auction day with Fletchers Director Michael Richardson presiding over the auction at 11A Mayfield Avenue. 'The single level home was tucked away very peacefully in a treasured neighbourhood pocket, walking distance to Middle Camberwell. The perfect offering for the downsizing market'.

Auction volumes are set to rise again this weekend with just under 2,400 homes currently set to go under the hammer across the combined capital cities. Around 1,150 of those auctions are scheduled in Melbourne. Lots of questions around whether or not the increase in stock levels will take some of the heat out of the Eastern suburbs market and what's likely to happen with future rate rises? Fletchers 4th generation family member & Director Nick Fletcher, was quoted in the AGE on the weekend as saying 'Another rate rise is going to make it tough on lots of families. Blue chip stock is always going to hold up better, but compromised stock has to be priced to meet the market. Hopefully we see some stability kick in as we edge close to the end of rising rates'.

To make sure you're fully supported whether buying, selling or leasing this Autumn, reach out to one of our Fletchers agents today.

Get in touch HERE!