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

Buyer activity was strong on another Super Saturday, with Melbourne's second busiest auction day for the year seeing more than 1,100 properties go under the hammer. The Fletchers team achieved a group clearance rate of 77%, with our Whitehorse office achieving 100% for the third weekend in a row!

Located in the Central Highlands of Victoria, our newest office, Ballarat, opens its doors as Fletchers this weekend. Led by well-respected locals, David Wilson and Tammy Wilson, the office is located just 75 minutes west of Melbourne and is Victoria's largest inland city as well as being an epicentre for art, culture, food, wine and attractions. In terms of property, Ballarat's low vacancy rates, high rental yields and easy access to Melbourne has quickly made the city a firm favourite among property investors. According to a new Regional Australia Institute report 'Big Movers: Population Mobility in Australia', Ballarat was identified as one of the top regional destination for millennial movers (alongside Greater Geelong and Greater Bendigo).

Director David Wilson comments that, "as a destination, Ballarat offers wonderful lifestyle opportunities and world class facilities that are attractive to young professionals and families. Our affordable housing, leading-edge health care, growing job opportunities and accessibility to affordable services and infrastructure equivalent of capital cities, make Ballarat a highly desirable city'.

In market news...

Selling under the hammer on Saturday was a light and bright, tree-top jewel at 7/38 Boisdale Street in Surrey Hills. Four bidders competed for the renovated, 2-bedroom apartment, a perfect first home or investment opportunity which sold for $725,000 on the day. Selling agent Spring Chen presided over a strong campaign, commenting that factors such as the generous size bedrooms, proximity to Deakin University and local transport offerings attracted a great deal of interest.

Quietly tucked to the rear of just three, 3/5 Talford Street in Doncaster East drew in the most competition across the Fletchers Group on the weekend. Resulting in a sales price $197,000 above reserve, nine bidders showed their hands as auctioneer Steven Zervas guided the result to a staggering $1,397,000. The low maintenance, modern townhouse, offering a wonderfully curated floor plan, further confirmed that property requiring little to no work is highly desirable across the eastern suburbs of Melbourne.

In the rental market, stock shortages continue, particularly in the Eastern suburbs, with increased demand from returning international students. A recent report in The Age identifies 'a clear spike in overseas interest, driven by Chinese students who were informed in January that their online degrees would no longer be honoured in China'.

Domain Economist, Nicole Powell says "we haven't had enough investment activity, we haven't been building enough housing…and then on top of that, we've now got international students and migration returning. That really opened the floodgates," also noting that Domain.com.au rental searches from China were up almost 90 per cent from December.

Whether it's our newest office in Ballarat, or any across our diverse network, our teams are immersed in the local communities we serve and embody the family values of Fletchers, conducting business with integrity and commitment. Please drop in to introduce yourself to our friendly team - we look forward to assisting you with all your property needs!