1st August 2023 / Jeremy Desmier: Market Update | 29 & 30 July 2023

Melbourne leads in auction activity this week, defying the typical seasonal lull with a strong 24.4% increase compared to the previous week. A total of 846 homes were recorded as being put up for auction across Victoria, with the Fletchers Group achieving an impressive 78% clearance rate, aligning closely with the state average of 76%.

In the past four months, we have seen an incredible increase in the number of actively interested buyers across all of our platforms. This surge in engagement is the highest we have experienced in the last five years. Of particular importance to us is the bid-to-home ratio, which remains strong at 3.5. This ratio indicates that the demand for properties continues to surpass the available supply as we enter the Spring market. According to REA, the number of highly engaged buyers interacting with properties on realestate.com.au rose by 0.6% nationwide, compared to last year's figures in June.

July and August are traditionally quieter months with many buyers and sellers opting to hold off until the start of Spring. However, so far this year we have seen some unseasonal trends across our markets, suggesting that buyers are eager to make their move no matter what the season.

As we officially said goodbye to the middle of Winter, Michelle Yan conducted a seamless campaign at 34 Robinlee Avenue in Burwood East. A prominent location along with enviable family appeal, attracted a strong auction day crowd where 4 bidders took the home $200,000 above its reserve selling for $1,334,000.

Our Whitehorse office continued to achieve impressive results over the weekend, with Partner & Auctioneer Stefan Cook overseeing the sale of 1/35 Stott Street in Box Hill South. This stunning home is perfectly situated near the picturesque Gardiners Creek Trail and is within walking distance of a prestigious education precinct, including Deakin University. Called on the market at $1,180,000, the property garnered significant interest with 5 bidders competing and achieving a final sale price of $1,300,000. This outcome is a testament to the strong market in the area.

Director Tim Yu conducted a strong marketing campaign for 23 Leahy Drive in Bundoora. The property attracted a strong turnout and garnered interest from two bidders, before passing in to the highest bidder for exclusive negotiation. The home was sold after auction for an impressive $1,345,000. Sarah Lowry, Partner & Auctioneer, played a crucial role in facilitating the negotiations.

In this competitive market, it is essential to work with experienced agents who are willing to have frank discussions with you from the outset. They possess the expertise to accurately price properties and present them in a manner that helps mitigate any potential drawbacks, ultimately helping you to surpass market expectations.

If you are considering your options as we approach the Spring selling season, please reach out to your local Fletchers agent today.

Get in touch HERE!