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

The last auction weekend of March saw over 2,600 properties scheduled to go under the hammer across the country's capital cities, up 8.3% from the previous week.

Melbourne recorded its highest auction volume seen in 2022 and for the third week in a row, the rate of sold prior auctions also increased.

The Fletchers Group was thrilled to achieve a strong auction clearance rate of 79% over the weekend, although we can certainly see that the temperature cooling as the Autumn market continues. Put simply, the intense levels of competition we had seen post-lockdown has eased, with buyers enjoying less pressure, diminished "fear of missing out" (FOMO) and greater choice.

"FOMO has left the market," Domain chief of research and economics Nicola Powell says. "Listings started to increase late in 2021 and that has carried over into this year. This has given many buyers a lightbulb moment, as there's more available stock and conditions are not as competitive. [When] interest rates rise, people borrow less, and demand continues to ease."

Despite recording a 13.5% increase in the number of new property listings in February 2022 compared to the previous year, the REA Group also notes that demand per listing remains around 10% higher than the same time last year. Their data shows that buyers have taken advantage of the greater availability of stock for sale, with the number of sales so far this year remaining 4% higher than the same period last year.

Over the weekend, we enjoyed stunning weather and a mix of auction results, where some attracted multiple buyers and competitive bidding and others that were much quieter and sold in negotiations post-auction.

In Balwyn North, the auction at 36 Sylvander Street attracted a large crowd who enjoyed a complimentary coffee and competition from 7 bidders trying to secure the elevated family home. Located in the Balwyn High zone, auctioneer Jack Peng sold the property at $1,906,000.

In Mont Albert North, auctioneer Jeremy Desmier fielded bids from 5 parties at the auction of 10 Chessell Street. Perfect for a young family, the home offered three bedrooms, an abundance of natural light and a convenient location. The property sold under the hammer for $1,735,000.

After just 26 days on market with Michael Rosano, the original period home at 2 Berrima Avenue in Malvern East went under the hammer. It took just two bidders to reach the eventual sale price of $1,915,000 for the pretty three-bedroom home.

It was a quieter affair at the auction of 2A Chasta Crescent in Mitcham, despite some interest in the neat three-bedroom home with beautifully planted garden. The property passed in on a genuine bid, selling post-auction after negotiations.

It was a fantastic day of auctions for the team at Fletchers Mornington Peninsula, with both 20 Edina Court and 64 Adelaide Street in Blairgowrie selling under the hammer.

We have a couple of big auction weekends for the first two weeks of April, before a slight pause due to the Easter break.

Results. It's a Fletchers thing.