21st June 2021 / Rob Fletcher: Market Update | 21 June 2021

Despite most campaigns being interrupted due to the lockdown, auctions were still well-attended over the weekend, with buyers remaining keen to secure their property of choice. Whilst some restrictions remain, the property market can continue to function, with buyers no longer held back.

In Forest Hill, the lifestyle convenience on offer at the auction of 5A Norma Road saw two bidders compete for the two-storey town residence. Auctioneer Jee Chin was thrilled to see the home sell under the hammer for $1,004,000. Over in Ringwood, the stylishly updated home at 2 Ashcombe Drive was successfully sold post auction for $1,060,000.

On Sunday, the auction at 31 Culwell Avenue in Mitcham attracted two bidders but was passed in at $1,500,000. The property was later sold for $1,565,000 to the highest bidder, after a lengthy negotiation process. Comprehensively renovated and extended the home is brilliantly located within walking distance to local parks and transport.

In other property news, the Domain Group reports that Melbourne's first home buyers are not taking any longer to enter the market than they were this time last year, despite the pandemic property boom. Melbourne first home buyers are reported to need six years to save a deposit for an entry level home. Domain senior research analyst, Dr Nicola Powell, points to wage growth and government incentives that are helping first home buyers get into the market. In addition, she says "the majority of Melbourne's house price growth has been in the upper segment of the market...the lower segment of the market did see price growth as well, but not by as much as the upper end".

Success. It's a Fletchers thing.