28th February 2022 / Jeremy Desmier: Market Update | 26 & 27 February 2022

The last auction weekend of summer saw over 2,500 auctions scheduled across the nation's capital cities. The Domain Group reports that auction volumes remain strong, up 23.1% annually.

Despite the high volume and choice of properties on offer, the Fletchers Group achieved a strong 70% clearance rate.

Auctioneer Jason Salan had two properties on offer in Surrey Hills – an original home with enormous potential at 27 Albion Street, and an architect-designed four-bedroom home at 6 Arthur Street. A highly desired suburb, both properties sold on auction day, for $2,012,000 and $2,410,000 respectively.

An incredible six bidders attended the auction of the expertly designed town residence at 3/928 Doncaster Road in Doncaster East. With a strong campaign coordinated by Spring Chen and auctioned by Jeremy Desmier, the home sold under the hammer for $956,000.

In Burwood East, the modern masterpiece at 25 Joan Crescent also saw six bidders compete for the chance to secure the luxurious home. Auctioneer Connor Sun sold the five-bedroom home for $2,510,000 to the successful bidder.

As we officially say goodbye to summer this week, the REA Group reports that Victoria's red hot property market has delivered its biggest ever number of sales for the season, with a real estate record being broken almost every day.

More than 70 suburbs and towns now have a new top home price, and Melbourne's median house sale soared to an unprecedented $1.125 million, according to Real Estate Institute of Victoria (REIV) data.

Whilst most experts believe while the sizzling action will cool slightly in autumn, records will continue being smashed as buyers tune out the threat of rising interest rates as "white noise".

REIV president Adam Docking said huge numbers of sellers and buyers sidelined during lockdowns last year had effectively forced the combination of spring and summer property markets. The result was an incredible 81 real estate records being broken at a rate of one every 26.5 hours in the biggest summer "in real estate history".

Even the threat of rising interest rates was unlikely to stop buyers in the months ahead, though a more balanced autumn market was still likely as buyer and seller numbers became more balanced, he said.

"We might not necessarily keep breaking records, but we will have a very solid property market," he said. "It is unbreakable at the moment. We have people leaving the suburbs and cities to go interstate and to regional areas, and we still have records being broken."

If you need any real estate advice, please don't hesitate to contact your local Fletchers agent.