23rd October 2023 / Jeremy Desmier: Market Update | 21 & 22 October 2023

After a couple of summer-like days at the end of the working week, it suddenly felt like a return to winter as we woke up on Sunday. Thankfully, it was relatively mild on Saturday, as the Domain Group reported a preliminary clearance rate of 64% from the 955 auctions scheduled. The Fletchers Group was thrilled to achieve a success rate of 74% for our clients.

We saw five bidders compete to secure the elegant, single level home at 2/117 Broughton Road in Surrey Hills. Marketed by Spring Chen, the property boasts no common property, a large design, and a convenient location close to schools, shops, and transport. The property was sold under the hammer for $1,680,000 by auctioneer Jeremy Desmier.

In a tightly held and low traffic enclave, the stylish four-bedroom home at 11 Kolor Way in Templestowe is just seconds from Ruffey Lake Park and is zoned for both Doncaster Gardens Primary School and Doncaster Secondary College. Marketed by Stephanie Michael, the property enticed four parties to bid, and was knocked down to the successful purchaser at $1,481,000.

It took a total of 110 bids to find the new owner of the neatly presented home at 17 Somerset Court in Blackburn South. A great crowd looked on as the property was sold to the successful bidder by auctioneer Ian van Eijk.

Recent PropTrack data reveals that in Melbourne, October is the most profitable time to sell a home. The days between the AFL Grand Final and the Melbourne Cup add up to $10,500 (1.14%) to sale prices for a $917,000 median priced house, according to new research from PropTrack analysing the average across the year.

It found that November was the next best time, with an $8,900 (0.97%) uptick, followed by March, at $7,600 (0.83%). The analysis by senior economist, Paul Ryan, tracked sale prices from 2013-2022 and he noted a higher prevalence of renovated homes selling in spring could have impacted the figures. "A lot of people time their plans around spring and this forces competition in October and November."

Buyer Advocate, Nicole Jacobs, noted that whilst buyers may be able to save in winter, there is less stock to choose from and their first goal should be to find the right home. "Don't worry about what month it is, if it's the right home it's the best time to buy." She also advised against waiting for a home to "go on sale" at a later month, as it was likely it would be gone.

We have another busy auction weekend ahead of us to close out October, before a bit of a quieter weekend due to the Melbourne Cup. If we can assist you with any of your property needs, give us a call.