21st February 2023 / Jeremy Desmier: Market Update | 19 & 20 February 2023

In addition to beautiful sunshine over the weekend we saw multiple bidders, reserves being surpassed and industry clearance rates back up at 74% (the first time since April 2022 that Melbourne has had a clearance rate of over 70%)!

Buyers are still being very much being fuelled by a 'fear of missing out' due to unseasonably low stock levels across the summer months, comparing this weekend to the same time last year where we saw over 1,000 homes go to auction (1,199) and this weekend across Melbourne just 559 went under the hammer.

Homes are not being replenished at the rate in which they were in 2022, however prices are significantly up so why is the number of sellers down? This question, along with the uncertainty of what future borrowing capacities may look like, is continuing to keep motivation strong amongst the buying pool, illustrated by the great auction presence over the weekend.

In Nunawading, 2/10-12 Shady Grove was well represented with interested throughout the marketing campaign. In an unusual approach, our vendors' reserve was declared during week 3 which we believe instilled great confidence in the buying pool on the day. Seven bidders took the property well above the disclosed reserved of $875,000 with Director Rob Sheahan knocking down the home to a lovely first home buyer couple for $980,000. 'Being walking distance to the Nunawading train station and having a well-appointed study nook is what really drew in a young professional crowd to compete in droves for this home,' said co-agent Ian Van Eijk.

Closer to the CBD in Balwyn North saw close to 150 attend the auction of 14B Yarbat Avenue. Set on its own title in a highly prized location close to Balwyn shops, supermarket and transport, this renovated villa home sold for $1,950,000 in the heart of the Balwyn High School Zone. Director Mark Fletcher said the home was a 'rare gem' and that 'being able to walk-in-ready for an investor or downsizer' is what fueled the 3 bidders to surpass the 6 or 7 other interested parties that didn't get a chance to compete on the day. The home also had historical significance to the Fletchers family as some 40 years ago, Mark's father Rob, sold the owners into their first home in Balwyn North, in Hedderwick Street.

Longstanding client relationships are at the heart of our business.

Over in Mont Albert North, tennis great Sam Groth and his wife Brittney, sold their custom-built home at 9 Hawkins Avenue, as they make the move to the Peninsula to pursue Sam's new career in politics. The 4-bedroom, 3-bathroom property sold before auction to an international buyer, showing the strength of the sales pairing with Mark Fletcher bringing Director Spring Chen on board for the transaction.

We're looking forward to lots of activity for the last auction weekend of February, as prospective purchasers continue to pursue their home-buying aspirations.