31st January 2022 / Jeremy Desmier: Market Update | 29 & 30 January 2022

Happy New Year!

More sellers have hit the market earlier this year, in a bid to get ahead of the competition before an increase in listings. This has translated into a busier start than the traditionally quieter summer holiday period, and greater choice for buyers.

CoreLogic Research Director, Tim Lawless said that the high activity is a carry-over of the momentum from last year, when a post-lockdown surge in homes hitting the market led to record auction volumes in the December quarter.

Over the weekend, we saw a standout result at the auction of 54 Ursa Street in Balwyn North, with the quality, solid-brick five-bedroom home attracting an impressive seven bidders and selling under the hammer.

In Bulleen, it took just two bidders to see the property at 178 Thompsons Road sell under the hammer. The successful purchaser is sure to reap the benefits of choice with the opportunity to renovate, build new or redevelop on 698sqm.

The Domain Group reports that the median price for a house in Australia has soared past $1 million, as capital city prices rocket to record levels. Nationally, house prices rose 25.2 per cent in 2021, as ultra-low interest rates continue to drive buyers to the property market.

Domain Chief of Research & Economics, Dr Nicola Powell, noted that prices were unlikely to have reached their peak yet, however their rate of growth is likely to be less significant.

The median house price in Melbourne saw its strongest annual gain since 2010, rising 18.6 per cent, whilst the unit median price increased 3.9 per cent over the quarter to a new record high of $593,387.

The increase in supply of homes to market will improve conditions for buyers and home sellers will certainly need to be aware of the dynamics in their local market when considering their price.

Success. It's a Fletchers thing.