1st February 2021 / Rob Fletcher: Market Update | 30 & 31 January 2021

Record low interest rates and government incentives continue to have a positive impact on the property market, despite the economy still being in recovery-mode. The Domain House Price Report shows that apartment prices in Melbourne, for example, finished 2020 up by 2.5%. Middle-ring suburbs such as Burwood, Williamstown, Blackburn and Hampton recorded strong price growth.

Of course, Melbourne's median house price now sits at $936,073 after rising 5.3% in the last three months of 2020. The resilience of Melbourne's property prices is evident by not only surpassing pre-pandemic levels but setting new house and unit price records. One of the biggest increases in house prices was seen in the suburbs along the Mornington Peninsula, with the rush to buy a lifestyle property since the pandemic saw prices there rise by nearly 25% over the past year.

The last auction weekend for January 2021 saw the REIV report a strong clearance rate of 82%, compared to 69% at the same time last year. Whilst auction numbers are still low given the time of year, the Domain Group identified that it was first home buyers and upsizers dominating bidding activity over the weekend.

The Fletchers Group was thrilled to achieve an 80% success rate, with most properties attracting multiple bidders and generating plenty of competition.

Seven bidders participated in the auction of 1 Hylton Crescent in Forest Hill, which sold for $1,195,000. The attractive three bedroom home offers views across the Forest hill Reserve, and is perfect for families, located within the Mount Pleasant Road Primary School zone.

A tremendous result was also achieved at the auction of 26 Lockhart Road in Ringwood North, after 180 groups went through the property throughout the campaign. Approximately six bidders competed to secure the home, which sold for $958,000 under the hammer. With several buyers missing out and still looking to find a home in the area, I encourage you to make contact with the Ringwood team to have a chat about how they can help you!

Success. It's a Fletchers thing.