4th October 2021 / Rob Fletcher: Market Update | 2 & 3 October 2021

It almost felt like a normal auction weekend for the first time this Spring, with several properties scheduled to go under the hammer. Although we weren't able to enjoy the sunshine and usual auction vibe out the front of a property, the level of buyer interest was high and competition strong.

In fact, the Domain Group reports that Australia's property boom has reached record highs, resulting in the strongest annual growth in more than 30 years. Property values climbed more than 20 per cent over the past year nationally, marking the fastest annual growth seen since 1989, the latest CoreLogic National Home Value Index shows, with Melbourne up 15 per cent.

Whilst the number of homes hitting the market lifted in September, CoreLogic figures show they were still slightly down on the five-year average for this time of year, and the total supply of homes on the market is about 28 per cent below the five-year average. The combination of record low interest rates and low stock levels continues to put upward pressure on housing values.

Over the weekend, the renovated two-bedroom home at 7 East Court in Camberwell attracted 13 bidders at the online auction, which went for an hour. Auctioneer Steven Zervas fielded over 100 bids that were exchanged during the course of the auction, until it was finally sold under the hammer for $1,231,000.

In Ringwood East, six bidders competed to secure the neatly presented, three-bedroom home at 19 Marwarra Street. The property offered a brilliant townhouse development site, just metres from Ringwood Secondary College and Bedford Road eateries. The property went on to sell under the hammer for $1,120,000.

Director Ben Williams called two auctions on Sunday, selling both 34 Maple Street, Blackburn and 1 Blake Street in Blackburn North under the hammer. The properties attracted four and five bidders respectively, demonstrating the demand for family homes in locations that cater for a convenient and secure lifestyle.

We are certainly seeing the Spring property market come to life, even though it is looking a little different than in years past. Private inspections are in high demand and auctions are being scheduled both on weekends and during the week, so please ensure you keep an eye on our website and in touch with the agent, so you're kept informed.

Success. It's a Fletchers thing.