26th April 2021 / Rob Fletcher: Market Update | 24 & 25 April 2021

After some promising looking sunshine in the morning, it ended up being a chilly Autumn day in Melbourne on Saturday. Despite the cooler weather, Melbourne's property market was surprisingly buoyant, with strong results once again achieved under the hammer.

Fletchers Balwyn North Director, Daiman Kane, commented that crowds and interest in some properties was sporadic over the weekend, with some attracting plenty of interest, and other were much quieter. However, "overall there were still some pretty strong results".

The REIV reported a clearance rate of 80 per cent over the weekend, as the median house price in Victoria recorded one of its largest quarterly increases. For the first time, houses in metro Melbourne surpassed a median value of $1 million, jumping by 8.8 per cent from the previous quarter to land at $1,004,500. REIV President, Leah Calnan, notes that "high demand across the state has been fuelled by an increase in activity following Victoria's lockdowns which saw thousands of auctions cancelled".

The Fletchers Group was thrilled to achieve an auction clearance rate of 89 per cent over the weekend. A highlight was the auction of 2A Park Street in Blackburn, which saw six bidders compete and the home sell under the hammer for $1,017,500.

Activity was paused on Sunday to mark ANZAC Day, as we took the time to reflect on the service and sacrifice of all those who have served and who are currently serving. We will remember them.

Success. It's a Fletchers thing.