22nd November 2021 / Rob Fletcher: Market Update | 20 & 21 November 2021

Over 1,000 auctions were held over the weekend, on the first of two Super Saturday auction events happening over the next fortnight. With more homes listed for sale in the second half of the Spring selling season, buyers have a lot more choice.

In October, auction clearance rates surged from 71 per cent to 75.3 per cent, the boom coinciding with a full month of onsite inspections and the return of on-site auctions from the second-last Saturday of October.

On Saturday, the near-new townhouse at 4/29 Karen Street in Box Hill North sold for $1,168,000 after five first-home buyers fought it out. Bidding began at $1 million and rose steadily until it reached $1.15 million, selling agent Jack Zhang said. The auction paused for discussions with the vendors, who had left the reserve open, and they decided to put it on the market at that level. Bidding resumed and the parties pushed the price to $1,168,000, when the hammer fell.

"The vendor's pretty happy with the price and the purchaser is happy as well," Mr Zhang said. The owner, a developer, had rented out the home for about two and a half years since its completion and decided to sell this year amid a buoyant market, but original plans to hold an auction in late July were stymied by the winter lockdowns.

Mr Zhang described the housing market now as strong but shifting, as more homes were listed post-lockdown and buyers had more choice. "For a good property or a reasonably priced property, buyers are still chasing," he said. "Not every property is popular."

In Burwood, the character-filled home at 36 Highbury Road passed in on a live bid, selling in successful post-auction negotiations conducted by agents Ian van Eijk and Steven Zervas. In an excellent family location, the property offered opportunity to renovate, rebuild or redevelop (STCA) on approximately 728sqm.

The extended, updated and enhanced Californian Bungalow at 15 Pembroke Street in Surrey Hills is wrapped in superbly landscaped natural gardens, retaining its heritage features. Five bidders competed to secure the family home, which Director & Auctioneer Jeremy Desmier knocked down as sold at $2,405,000.

In Glen Iris, the chance of a lifetime to secure an original four-bedroom home on a north-facing allotment of approximately 600sqm was on offer. Director & Auctioneer Michael Richardson fielded bids exchanged between two parties, before knocking the home down to the successful bidder at $1,630,000.

Fletchers Partner, Kristy Wang, was thrilled for both her vendors and the successful purchasers of 1/64 Willow Avenue in Glen Waverley. Three bidders competed to secure the renovated home, which sold for $1,095,000.

The end of the year is rapidly approaching, with just one auction weekend left this month and then three in December before Christmas Day. It's hard to believe it is almost the festive season, but we're looking forward to a strong finish to the year in real estate, after some pauses throughout the year due to COVID.

Success. It's a Fletchers thing.