27th June 2022 / Jeremy Desmier: Market Update | 25 & 26 June 2022

It was a mixed bag with the weather on the weekend, with Saturday quite mild and then Sunday reminding us that we're nearly in the middle of winter!

On the property front, there were 1,887 auctions scheduled across capital cities, down 12.8% compared to last week.

In Box Hill North, it took only one bidder for the near-new double storey home at 6/41 Shannon Street to be sold. At the rear of a contemporary development, the home offered a stone kitchen, open dining/family room and a convenient location close to schools, cafes and transport.

The single level classic at 23 Victoria Crescent in Mont Albert attracted seven bidders in a competitive auction to secure the home on its own title, just seconds from cafes and trams. Auctioneer Jeremy Desmier declared the property sold to the successful bidder at $821,500.

In Mitcham, we also saw multiple bidders at the auction of 2/10 Davison Street – a home with an enticing fusion of modern comfort, supreme privacy, and impressive lifestyle convenience. Auctioneer Michael Richardson knocked the stylish single level home down to the successful bidder at $747,500.

With some property buyers holding off a purchase in the hope of a better deal, experts are warning that trying to pick the bottom of the market has risks. Once-booming property prices have started to fall and normalise, as rising interest rates reduce the amount home buyers can borrow. However, buyers are likely to enjoy less choice as prices drop from post-pandemic highs because homeowners who don't need to sell urgently might hold onto their properties until the market recovers.

Jack Henderson, director of buyer's advocacy Henderson, advises clients to focus less on what the market will be doing in a few month's time, and more one choosing an asset that will sell well in any market based on its location, scarcity and appeal to owner-occupiers.

Rose & Jones buyer's agent advises clients to be very cleat around their strategy, and says, "if a property has got as many of the must-haves as you would like and is priced in a price band you would be happy to pay, you execute regardless of what's going on in the market, whether it's a rising market, or a correcting market."

Finally, Wakelin Property Advisory director Jarrod McCabe notes that, "if you've got a bargain-hunt mentality, chances are you're going to miss out on a lot of properties."

We expect the next couple of weeks to be a little quieter, with school holidays underway.

Results. It's a Fletchers thing.