9th October 2023 / Jeremy Desmier: Market Update | 7 & 8 October 2023

The REIV recorded a 78% clearance rate over the weekend, compared to 69% at the same time last year. The Fletchers Group was thrilled to achieve an 87% success rate for our clients, for the first auction weekend of October, which will be a very busy auction month.

At auction this weekend, we are seeing that if properties aren't selling under the hammer, most are selling very quickly in post-auction negotiations. Whilst there is increasing choice for buyers, there is some time pressure if they want to secure a home before the Christmas period. Many qualified, active buyers are still in the market and we certainly encourage any potential vendors to get in touch for some advice.

Milan Kinda and the Fletchers Manningham team oversaw a spirited auction at 10 Dingley Street in Templestowe Lower on the weekend, with two bidders competing to secure the near-new family home. The property was sold under the hammer by auctioneer Jason Salan for $1,825,000.

After a fantastic campaign and auction by Director Ben Williams, the brand-new home at 6 Heather Grove in Nunawading sold post auction. Boasting a high-end, on-trend design, the home is a dream for multi-generational families who want to enjoy resort-style living in a convenient location.

In Surrey Hills, it was two bidders competing to secure the clinker brick beauty at 9A Langford Street. Marketed by Spring Chen, the home had been beautifully renovated, and was sold under the hammer for $1,830,000.

Senior Economist, Eleanor Creagh from PropTrack, reports that Australia is in the midst of a population boom, driven by a surge in net migration following pandemic border closures. This has helped to underpin home prices, with national property prices reaching a record high in September. Buyer and seller confidence is on the up, and choice is improving significantly in the major capitals since the start of Spring.

Buyers are likely to be comforted by greater certainty around economic activity, continued low unemployment and talk of interest rates having reached their peak.

We're looking forward to another busy weekend and hope to see you out and about!