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

As Victorians voted on Saturday, there was expected to be just over 1,000 auctions called in the state, with 2,465 homes in total going under the hammer across the country (up 7.3 per cent from the previous weekend).

The political result yielded a win for the Andrews Labor government, despite a swing against the party across the state. On the property front, the Fletchers Group was thrilled to achieve a clearance rate of 80 per cent.

In Doncaster East, the sophisticated four-bedroom home at 7 Amelia Crescent attracted four bidders, keen to secure the luxury home zoned for Doncaster Secondary College and Donburn Primary School. Marketed by Michael Rosano and offering a long list of desirable amenities including a stunning solar-heated pool, the home sold under the hammer for $1,970,000.

The vogue residence at 23 Kendall Street in Nunawading offered potential buyers the convenience of multiple living zones, with the desirability of an enclosed alfresco for sun-splashed, year-round entertaining. The four-bedroom home attracted four bidders and sold for $1,270,000.

The brand-new luxury home at 5 Halifax Court in Ashburton boasts four living zones, gourmet stone kitchen, media/theatre room and undercover alfresco area. The fabulous design is well complemented by a location just an easy stroll to Ashburton Pool and Recreation Centre and sold post-auction.

With interest rates on the rise, the average mortgage holder will certainly be interested to know when rates in Australia will peak. Economists remain divided on exactly how high interest rates will go before the Reserve Bank of Australia (RBA) stops its current tightening cycle, with three of the big four banks suggesting the cash rate will go higher than 3 per cent by the end of the year.

However, Canstar finance expert, Steve Mickenbecker, said that the RBA may choose a "conservative pause", despite inflation remaining high. "Recession is rearing its ugly head overseas, and with wage inflation way below price inflation and interest rate hikes, recent borrowers in particular are going to be under extreme stresss."

With the last auction weekend of November now done and dusted we look forward to the three auction weekends available in December (and hopefully some sun to come with the official start of summer)! If you're in the market for a new property, remember that auctions aren't restricted to just the weekend and as we get closer to Christmas, you may see some auctions scheduled during the week.

Results. It's a Fletchers thing.