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

With Winter in full swing and school holidays in play, the first auction weekend of July offered the lowest volume of properties on offer since February (excluding public holidays and the weekend of the federal election). There were just 1,397 auctions scheduled across capital cities, with the rate of sold prior actions nationally seeing an increase this week by 2.7 percentage points.

Despite the clear but brisk weather conditions, recent interest rate rises and the school holidays, there were still some very keen house hunters out and about.

In Glen Waverley, four bidders sought to secure the grand, five-bedroom home at 16 Mulgrave Street. In a dual school zone position, the stunning home offered multiple living zones, towering ceilings and an open-concept family and entertaining area. A large crowd watched as Auctioneer Steven Zervas declared the property sold at $3,135,000.

The charming four-bedroom home at 27 Glover Street in Heidelberg Heights Heights attracted two bidders, selling for $870,000. Central to Heidelberg and the Austin Precinct, the comfortable classic offered plenty of opportunity for the future.

Three bidders competed for ownership of the four-bedroom family home at 19 Holyrood Crescent in Ringwood. Offering opportunity to renovate and maximise its fullest potential, the home sold under the hammer for $1,082,000.

REIV President, Richard Simpson, said that many residents were returning to Australia due to the COVID-19 lockdown being over.

"The Australian dollar is quite low, so if you're earning US dollars, your purchasing power is enhanced," Mr. Simpson said. "That, coupled with the property market when it comes off its peak would be an ideal buying time if someone with an overseas posting wants to come home."

Stock levels are typically low over the colder Winter months, which may see some properties defy the gloomy predictions of falling house prices as people still need to buy real estate, whatever the weather.

Results. It's a Fletchers thing.