27th May 2024 / Jeremy Desmier: Market Update | 25 & 26 May 2024

The last auction weekend of the Autumn selling season saw another beautiful, crisp Melbourne day and the Fletchers Group was thrilled to achieve another strong clearance rate of 83% for our clients.

In Mont Albert North, five bidders competed to secure the classic, four-bedroom weatherboard home at 22 Tyrrell Street. In a cherished pocket conveniently located close to schools, shops and parks, the property was sold under the hammer by Auctioneer Mark Fletcher for $1,860,000.

Enjoying the Autumn sunshine and a complimentary coffee, a large local crowd watched on as three bidders competed to secure the stylishly renovated, four-bedroom home at 11A Benwerrin Road in Surrey Hills. Marketed by Spring Chen, the property was sold to the successful bidder by Auctioneer Jeremy Desmier for $2,030,000.

An attractive proposition for both busy professional families and empty nesters, the low-maintenance home at 19 Keogh Street in Burwood saw six bidders compete to secure the keys. Auctioneer Michael Richardson declared the property sold to the highest bidder at $1,318,000.

The REA Group reports that new home listings are getting snapped up at greater speeds, especially in the capital cities, as increasing buyer confidence and a shortage of new listings drives down the time spent on market. The metro markets are currently in high demand and all cities except Canberra and Hobart have seen a year-on-year increase in new listings that have been on the market for 60 days or less.

The fact that most property listings are only on the buy website for 60 days or less is comforting news for property sellers, as we move into the traditionally quieter winter market.

According to the latest data from realestate.com.au, the most popular home configuration based on the number of bedrooms, bathrooms and parking spots is a house with four bedrooms, two bathrooms and two parking spots. It's a style of home that's in good supply too, with more than a third of houses listed for sale on REA having four bedrooms and at least two bathrooms and two parking spots.

The second-most popular house configuration nationally was the smaller three-bedroom, two-bathroom, two-park setup.

PropTrack senior economist, Paul Ryan, said that it was no surprise that buyers continue to be drawn to larger homes. "The pandemic caused unprecedented shifts om housing preferences, with larger homes increasingly preferred over smaller options", he said.

"This change followed extended lockdowns and shifting work culture, with more working from home meaning people are spending more time at home. This has increased the value of space - both inside and out - as well as households needing rooms for home offices."

New home buyers have increasingly sought larger homes with flexible floor plans since the pandemic, with a big shift in consumers seeking homes that can support multi-generational living, multiple home study areas and also more outdoor living spaces.

We will have the first auction weekend of the cooler months this weekend. If we can assist you with any of you property plans this Winter, please give us a call.