7th November 2022 / Jeremy Desmier: Market Update | 5 & 6 November 2022

We revelled in beautiful Spring sunshine on the weekend, as auction volumes across the combined capital cities increased by 9.9% to 1,582 scheduled auctions. Melbourne contributed the biggest increase, as auction activities fully resumed after the Melbourne Cup long weekend lull.

After a strong campaign run by Senior Associate, Michelle Yan, the contemporary two-bedroom townhouse at 2/31 McCubbin Street in Burwood attracted an incredible 9 bidders! In a boutique block of four, the home is well-located in a highly desirable pocket zoned for Mount Waverley Secondary College. Auctioneer Steven Zervas knocked the property down to the successful bidder at $820,500.

A large crowd enjoyed the sunshine and complimentary coffee in the tree-lined cul-de-sac just steps from Antonio Park, at the auction of 8 Manorwood Place in Mitcham. Three bidders put their hands up to secure the four-bedroom home, that boasts formal and informal living zones, large kitchen, and alfresco courtyard. The property sold under the hammer for $1,482,000.

On Sunday, Ian van Eijk and Michelle Yan were thrilled to be able to put up their 11th sold sticker on a property in Boardman Close in Box Hill South, after the successful auction of Number 39. The three-bedroom home boasted a glamorous renovation and despite a slow start to the bidding, the home sold under the hammer for $940,000.

The REA Group reports that new data shows that property markets appear to have stabilised, and that values are on the up again in some cities. The latest PropTrack Home Price Index shows that results for October indicate that the traditionally busy spring selling season has taken hold after a lacklustre start.

Nationally, home prices were down just 0.06% in the month, PropTrack senior economist Eleanor Creagh said. "Rising interest rates in the past several months have quickly rebalanced the housing market from last year's extreme growth," Ms Creagh said. "However, the pace of price falls has slowed from the faster declines seen earlier this year when rates first started rising."

The PropTrack Home Price Index results indicate sellers are adapting to market conditions, and active buyers are taking advantage of the less competitive conditions on offer, she said.

Home prices in Melbourne bucked the recent declining trend to post a 0.02% increase. Regional markets continue to hold up much better than their big city counterparts, rising 0.06% in October.

The Domain Group also reports that in October, clearance rates jumped to a seven-month high across the combined capitals and regional Australia. The overall improvement is said to highlight that sellers have become more adjusted to pricing their homes to meet the expectations of borrowers battling sliding borrowing power and deteriorating mortgage affordability.

Results. It's a Fletchers thing.