10th October 2022 / Jeremy Desmier: Market Update | 8 & 9 October 2022

Over the weekend, we saw auction volumes increase by 30.4% across the capital cities, to 1,521 properties scheduled to go under the hammer.

In Glen Waverley, we saw four bidders compete to secure the four-bedroom family home at 4 Garwain Parade. Marketed by agent Kaining Ma, the property offered a free-flowing floorplan and central location close to schools, shopping, and transport. The home sold under the hammer for $1,410,000.

The lovely three-bedroom home at 7 Lane Street in Blackburn North boasts a charming, split-level design, with two stylish living zones, family-sized kitchen, and backyard views across school playing fields. Two parties traded bids until the property was sold under the hammer for $1,360,000.

Offering impressive privacy and outstanding convenience, the two-bedroom, single-level home on its own title at 1 Dorothy Street in Burwood East attracted four bidders. Perfect for first home buyers, investors or down-sizers, the home sold under the hammer for $716,000.

Aussies went through a number of changes over the last few years, including the way we live and work – and the features we look for in homes have also changed.

The REA Group reports that over the September quarter, "pool" was the most-searched term among buyers, included in close to a third of all keyword searches. Somewhat unsurprisingly, searches for pools tend to dip in the winter and peak in the summer, presumably because the need to cool-off is more front of mind. The same seasonal trends can be seen in searches for "air-conditioning" and "heating".

Meanwhile, the top search term for renters were for "pet-friendly" properties. During the COVID-19 pandemic, pet-friendly homes surged in popularity, increasing to a peak of 28% in mid-2020. Demand for rentals where a furry friend is allowed have remained high ever since.

Another trend that has prevailed is searches for "studies" or "offices". While a rise in those searches is predictable given the increase in working from home arrangements during COVID, there is no sign of this trend slowing.

Among both buyers and renters, searches pertaining to home offices have risen to new highs in 2022. The growth has been strongest among buyers, where the share of office keyword searches was 25% higher in the September quarter compared to the same period last year.

Not all of the changes we saw during COVID have been permanent. During lockdowns, both buyers and renters were increasingly searching for outdoor spaces such as yards, balconies, and rooftops. But this year, searches for outdoor spaces have declined. A similar trend has been seen in searches for "waterfront" and "beach", which both peaked in 2021 before declining this year.

The shifting preferences of buyers and renters reflect many of the lifestyle changes driven by the pandemic. Those aspects that have been permanently altered – such as working from home – will continue to see strong demand, while those desired features that were inspired by lockdowns are now reverting to pre-COVID norms.

Results. It's a Fletchers thing.