28th February 2023 / Jeremy Desmier: Market Update | 25 & 26 February 2023

It was another weekend of strong auction activity with our group achieving a positive 76% clearance rate, whilst the Melbourne average sat at 69%. Approximately 721 homes were reported as having gone under the hammer (up 200 from the previous weekend).

Selling particularly well is the upper end of the market, as well as both new or recently renovated homes requiring little-to-no-work. With the cost of building and investment loans still keeping a lid on the DIY section of the market, blue chip suburbs are still proving to be a sound investment.

Although there has been some good evidence to suggest that we are nearing the end of the RBA's rate increases, we are still noticing some hesitation amongst buyers and vendors alike, resulting in some good opportunities being missed. Mortgage Choice Chief Executive Anthony Waldron provides some sound advice that if you are stalling in this market 'consider speaking to your financial advisor so that they can review your finances'. In a changing market, making sure you have current advice is crucial as it has the potential to either save, or cost you thousands.

First up on the weekend was 1/14 Arden Court in Kew East. Sitting adjacent to Hays Paddock, Fletchers Partner, Jack Peng, presided over a strong crowd of about 100 onlookers where 4 downsizing couples competed for this uniquely placed villa unit. When asked what made this opportunity so attractive, Jack said 'being a 3 bedroom rather than the usual 2 bedroom layout, renovated and a short stroll to parklands, amenities and transport saw many people moving from larger family homes wanting to secure this slightly larger-than-normal offering'. A very strong result at $2,072,500.

A quick trip along Whitehorse Road found us at 1248 Riversdale Road in Box Hill South. With the cost of building, as well as holding costs, somewhat keeping a lid on unrenovated homes, this 3-bedroom, clinker brick property showed that well located, character-filled homes are still being hotly contested in today's market. 3 bidders took this property nearly $200,000 over reserve selling for $1,595,000 with selling agent Stefan Cook commenting that 'there is definitely an urgency amongst buyers wanting to lock in their purchases on their current mortgage rate offerings'.

A team effort saw Partner Steven Zervas & Director Nick Matkin collaborate to bring to market 7 Tallulah Avenue, Doreen on the weekend. With an opening bid of $570,000, 7 bidders entered 68 fast-paced bids which later saw the home sell well above reserve for $710,000. Perfectly positioned in a popular pocket, this stylish home with versatile floorplan drew in the crowds on auction Day, with strong interest in the property due largely to its proximity to excellent education prospects (including Ivanhoe Grammar and Hazel Glen College) as well as being a short stroll to transport and the new Mernda Town Centre. delight buyers looking to nest or invest.

With Easter and Anzac Day fast approaching, the market will have an above average injection of listings hitting the market over the coming week to avoid these public holidays. If you are considering transacting, please reach out to any of our agents as we look forward to lots of activity in the popular Autumn selling months.