4th April 2022 / Jeremy Desmier: Market Update | 2 & 3 April 2022

The first auction weekend of April saw the busiest start to the month on record, with just shy of 1,700 auctions scheduled across Victoria this week.

The chilly weather saw puffer jackets and umbrellas make a comeback, reminding us that Winter is mere weeks away! The Real Estate Institute of Victoria (REIV) recorded a preliminary clearance rate of 76 per cent, demonstrating that serious buyers were not deterred by the inclement weather.

Next week will be an even bigger auction weekend prior to the Easter break, when an incredible 2,210 homes are schedule to go under the hammer. REIV president Adam Docking said while yesterday was a "super Saturday" next weekend would likely be "a stellar Saturday".

"There are still a lot of purchasers around looking to secure a property," Mr Docking said. "Home buyers know winter is generally quieter in terms of volumes and they are trying to get in before stock levels drop."

Over the weekend, Partner & Auctioneer, Steven Zervas was thrilled to sell the pretty double brick home at 2 Hughes Street in Burwood under the hammer. The three bidders were all young families hoping to secure the well located two-bedroom home. Steven commented that whilst he had seen buyer numbers "thinning out a little" over recent weeks, "the quality buyers are still out and about". He expects the supply of homes for sale to fall through winter, meaning there could be an undersupply that would keep prices stable.

Fletchers Partners, Jack Peng and Kristy Wang, saw three bidders participate at the auction of 12 Brook Crescent in Box Hill South. Superbly located in a parkland precinct just steps from Gardiners Creek Trail and Box Hill Golf Club, the home also offered garden views and polished timber floors.

The period-inspired five-bedroom home at 58 Sylvander Street in Balwyn North had a strong marketing campaign which resulted in five bidders participating on auction day. Located within the Balwyn High School zone, the stunning home sold under the hammer.

On Sunday, a large crowd of buyers and neighbours turned out for the auction of 2 Cohuna Court in Burwood East, an immaculate family home in an ideal position. Auctioneer Connor Sun fielded bids from six parties, until the home was declared sold to the highest bidder for $1,305,000.

With the Federal election due to be announced within the week, more Australians will be given a shot at home ownership under an expansion of the scheme that allows first-home buyers to enter the market with just a five per cent deposit, announced at the federal budget.

Treasurer Josh Frydenberg on Tuesday revealed an extra 50,000 places would be made available as part of the Morrison government's Home Guarantee Scheme — more than doubling their previous contribution. This includes an extra 35,000 places under the First Home Guarantee for first-home buyers looking to purchase a new or existing property. The scheme guarantees up to 15 per cent of a buyer's loan, allowing them to avoid lenders mortgage insurance, with caps of $700,000 for buyers in Melbourne and Geelong and $500,000 for the rest of Victoria.

We look forward to another busy week in real estate before a brief break due to the Easter holiday period.

Results. It's a Fletchers thing.