21st February 2022 / Jeremy Desmier: Market Update | 19 & 20 February 2022

The Domain Group reports that for the second year in a row, Australia's property market has 'hustled into a frenzy' earlier than is historically the case.

According to their most recent fortnightly report, most capital cities (including Melbourne), have all listed more properties this year than at the same time 12 months ago. It does note however, that property supply and demand appears to be on a much more equal playing field in the previous two weeks of 2022.

Dr Nicola Powell, Domain's chief of research and economics, believes the substantial increase in listings is due to several factors.

"This could be because sellers are being strategic with their market timing and listing homes for sale while selling conditions remain strong," Dr Powell said. "Some may also be timing a sale before interest rates rise or further macro-prudential measures are put in place."

Dr Powell added that the increased supply of listed homes would benefit potential purchases still waiting to enter the property market. "This increase in new listings is good news for hopeful property buyers. More properties for sale means more choice for buyers and, crucially, less competition," Dr Powell said.

Over the weekend, the attractive four-bedroom home at 34 Ursa Street in Balwyn North attracted four bidders. Offering the potential to renovate or redevelop, the property was sold under the hammer for $1,871,000 by Auctioneer Jeremy Desmier.

Zoned for Box Hill High School, we saw three bidders compete to secure the renovated and extended home at 9 Hill Street, Box Hill South. Auctioneer Stefan Cook knocked the property down to the successful bidder at $2,301,000.

The contemporary residence at 10 Grove Road in Rosanna boasts a commanding position overlooking De Winton Park, and also commanded the attention of buyers on auction day! The property was sold under the hammer by the team at Fletchers Banyule for $1,235,000.

In Sorrento, the team at Fletchers Mornington Peninsula offered the truly delightful property at 49 Westmore Avenue for auction. The perfect holiday home or lifestyle change, the property sold under the hammer for $1,900,000!

Auction volumes are expected to continue to rise in the coming weeks, as the property market prepares for the Autumn selling season.

Success. It's a Fletchers thing.