9th March 2021 / Rob Fletcher: Market Update | 6 & 7 March 2021

Melbourne's auction market continued to achieve solid results well over the Labour Day long weekend, with 84% of properties sold at auction, the same figure as the week prior.

Last month, news that Australia had experienced the fastest growing property prices in almost two decades made headlines across the country, with both capital cities and regional areas recording price increases.

To date, the latest data from Domain suggests that 'the limited number of properties on the market is barely meeting buyer demand' in what has been described as 'bursting at the seams after a long year of restrictions that suppressed buying and selling for weeks at a time.'

With the sheer level of competition forcing house prices up quickly, record-low interest rates and improved consumer sentiment have also resulted in a flood of investors returning to the market, many targeting the country's high end, luxury property market.

'There are definitely more investors popping up in the housing market, more than we've typically had,' one agent recalled.

In Fletchers news, our highest sale for the weekend went to 43 Nungerner Street in Balwyn, an outstanding corner block primed for prestige redevelopment. Located in a leafy and highly sought-after locale within the Balwyn High School Zone, the premier setting presents endless opportunities for its new buyers to build a luxury new home or townhouse development. Our congratulations goes to Director & Auctioneer, Jeremy Desmier, on the wonderful result.

Success. It's a Fletchers thing.