27th September 2021 / Rob Fletcher: Market Update | 25 & 26 September 2021

With the Grand Final in Perth, it was unusually busy for the last auction weekend in September. With kick-off at 7:15 pm WA time, there was plenty of opportunity for agents to run private inspections and call auctions online.

Boasting an inspirational renovation, the iconic Glenvill home at 13 Silverene Court in Vermont South drew a lot of interest throughout the campaign, despite the impact of an extended lockdown. Offering a superb lifestyle amongst well-kept, landscaped gardens, six bidders competed to secure the home during the online auction. Auctioneer Jeremy Desmier knocked the property down to the successful bidder at $1,723,000.

On Sunday afternoon, Director Ben Williams conducted a relaxed online auction to determine who would be the new owner of the three-bedroom family home at 33 Thornhill Drive in Forest Hill. A total of five bidders participated until just two determined bidders traded bids until the successful purchaser placed the winning bid!

The near-new, masterfully designed home at 16 Peter Street in Box Hill North was sold prior to its scheduled online auction, for $1,670,000. Recently constructed by the owner, the four-bedroom home offers glamorous interiors, a deluxe Neff kitchen, and sophisticated lounge/dining out to an undercover alfresco.

As we settle into the Spring selling period, it is clear that whilst it may look a little different, buyer demand remains high. The REA Group reports that prices increased rapidly during the pandemic, with data showing a 20.7% increase in national property prices over the 12 months to August. The reduction in stock levels due to the extended lockdown has had an impact, creating a high level of pent-up demand. With the easing of restrictions to allow for private inspections and for photography and marketing to be completed, this should help to provide buyers with a greater level of choice and reduce some of the competition for individual properties.

Record low borrowing rates have also been a major driver of the increase in property prices, with the Reserve Bank of Australia holding official interest rates at the record low of 0.1% at its monthly meeting. REA Director of Economic Research, Cameron Kusher commented, "the anchoring of low-interest rates is a big driver of price growth but there are other factors such as an ongoing significant disconnect between demand for properties and the supply of properties for sale, ongoing restrictions on how people can spend their money and the fact that people are looking to upgrade their homes because they spend so much time there".

Congratulations to all the Dees fans, what a game over the weekend! Stay safe and be well.

Success. It's a Fletchers thing.