5th December 2022 / Jeremy Desmier: Market Update | 3 & 4 December 2022

We finally got a taste of summer over the weekend, with temperatures over 30 degrees on both Saturday and Sunday. According to the Domain Group, auction volumes across the combined capital cities increased by 4.8% to 1,974 properties scheduled to go under the hammer, the highest volumes since June.

The Fletchers Group was thrilled to achieve an 84% clearance rate, for the first auction weekend of December.

In Balwyn, the warm and inviting three-bedroom home at 5 Aif Street attracted seven bidders who were keen to secure a property located within the Balwyn High School zone, with opportunity to expand, rebuild, or redevelop. Auctioned by Partner Jack Peng, the property sold under the hammer.

The stylish, three-bedroom contemporary home at 19 Essex Street in Blackburn North saw three bidders compete to secure the property, which is located in the Blackburn High School zone. Auctioneer Rob Sheahan knocked the property down to the successful bidder at $1,065,000.

Just seconds from the lush Hertford Road Reserve, the five-bedroom plus study home at 17 Marsden Crescent in Doncaster East is also within walking distance to the locally zoned East Doncaster Secondary College. Marketed by Partner Spring Chen, the home sold promptly post-auction after negotiations.

Whilst the average number of days for a property to sell across Australia increased to an average 52 days in October, there are many standout suburbs where competition remains fierce, and properties are selling at record speeds.

Although buyer demand has moderated in response to higher interest rates and rising living costs, the REA Group reports that it took an average of just 22 days for a house to sell in the suburbs of both Doreen and Lilydale. The data reflects the median days on market over the six months ending 31 October 2022. When it comes to houses, the suburbs seeing the fastest sales tend to be in more affordable areas with lower median prices.

In contrast, the suburbs in which units sell fastest tend to be more expensive. Chelsea came in at number 1 for units, taking an average of just 23 days on market, with Nunawading taking an average of 26, and Ormond rounding out the top ten suburbs at 27 days.

The end of the year is rapidly approaching, with just two auction weekends left for 2022. A reminder that there are some auctions scheduled during the week in the lead-up to the Christmas break.

Results. It's a Fletchers thing.