11th April 2022 / Jeremy Desmier: Market Update | 9 & 10 April 2022

It almost felt like it was Spring in the air, with the return of sunshine in Melbourne and a Super Saturday of auctions scheduled. Nationally, it is the third highest number of scheduled auction listings since Domain records began!

The increased volume of auctions provided a bumper choice for buyers prior to the Easter long weekend, which translated into mixed results. Some properties attracted heated competition, whilst others struggled to entice buyers to bid.

Partner & Auctioneer, Mark Fletcher, saw how strong demand can be for high quality properties as he fielded bids from seven parties at the auction of 26 Lawanna Drive in Templestowe. Fashionably renovated, the four-bedroom home offered two generous living zones and sold under the hammer for $1,740,000.

It was a strong auction day for properties in Manningham, with Director Jason Salan selling both 11 Dion Street, Doncaster and 34 Dunoon Street, Doncaster under the hammer. Fellow Director, Nick Fletcher, sold both 50 Ross Street, Doncaster East and 61 Burgundy Drive, Doncaster prior to their scheduled auctions.

Auctioneer Connor Sun also had a big weekend, beginning with the auction of 18 Sugarloaf Close in Burwood East at 10am. Although there was a total of four bidders involved at the start, it came down to two bidders exchanging bids until the property was finally sold for $1,565,000.

Partner & Auctioneer, Steven Zervas, was thrilled to see four bidders at the auction of 47 Cumming Street in Burwood. The neat, three-bedroom home offered plenty of potential for the future and sold under the hammer for $1,455,000.

Executive Chairman, Jeremy Desmier, sold the attractive three-bedroom town residence at 1/12 Pinewood Drive in Mount Waverley on Saturday. Boasting a north-facing deck and private courtyard, the home sold for $1,250,000. On Sunday, four bidders competed to secure the pretty three-bedroom home at 38 Mitchell Road in Mont Albert North. Jeremy sold the home under the hammer for $1,840,000.

Of course, much of the news coverage over the weekend was all about the upcoming federal election, finally called for Saturday, 21 May 2022. As we head to the polls next month, it is worth considering the likely impact on property markets as a result.

Real Estate Institute of Australia president Hayden Groves said Australians can be reluctant to list their home for sale or rent before a federal election, but he believed there was more certainty for the property market this time. "At the moment there's really nothing from either side of the major parties that would be anything other than encouraging participation in the property market."

PropTrack economist Angus Moore said federal elections can provide a temporary headwind for activity in the property market, although he expected little impact this time. "I don't think we'll see much of an impact on buyer or seller confidence or on market conditions," Mr Moore said. "Neither party has flagged any major changes to housing policy that would affect either how first-home buyers were going to approach the market or investors or existing vendors looking to upgrade."

Whilst there will be few auctions held over the upcoming weekend due to the Easter break, the final two auction weekends of April will be quite busy. We then look forward to a busy May before heading into the Winter selling season, with just a slight pause on 21 May as many vendors may wish to avoid the distraction of the election.

Results. It's a Fletchers thing.