11th October 2021 / Rob Fletcher: Market Update | 9 & 10 October 2021

This weekend saw the combined capital auction volume across the nation jump an astonishing 52 per cent compared to last week, as reported by the Domain Group. The rise here in Melbourne can be directly attributed to the easing of restrictions relating to the ability to conduct in-person, private inspections from 18 September.

The REIV recorded a strong clearance rate of 86 per cent from another weekend of auctions conducted online. Over 800 auctions were called over the weekend, with the number expected to be over 1,000 by the following weekend. Of course, there are also a number of properties being scheduled for auction during the week as well, thanks to the flexibility that the online platform provides.

A highlight auction of the weekend was the sale of 22 Davis Street, described by auctioneer Steven Zervas as "the best house in Burwood East". He had sold the home to his vendors when it was brand new four years prior and they were hoping to achieve $1.95 million at auction on Saturday. With the home selling for $2.362 million under the hammer in a heated auction with nine bidders, the result was well above their expectations! A young family claimed the keys and are sure to enjoy the luxe five-bedroom home with its French oak floors, marble benchtops and multiple living zones.

Also in Burwood East, both 14 Warrina Court and 577 Highbury Road also sold under the hammer – both family homes offering fantastic flexibility and potential in a convenient location. Auctioneer Connor Sun also sold the renovated four-bedroom home at 34 Winton Street in Burwood under the hammer for $1.631 million.

The impressive three-bedroom family home at 54 Grandview Grove in Rosanna attracted seven bidders who were keen to secure a property in what is arguably Rosanna's most sought-after street. The spacious home went on to sell for $1.768 million.

In Glen Iris, the lovely three-bedroom plus study Californian Bungalow at 44 Rosedale Road offered prospective purchasers' renovation and development opportunity on a significant 791 sqm block. The rare opportunity saw nine bidders participate in the online auction, until it was knocked down to the successful bidder at $2.9 million.

On Sunday, the renovated single-level three bedroom unit at 6/94-96 Mount Pleasant Road in Nunawading enticed four bidders to take a pause from the Spring sunshine to try and secure the home. The property was declared sold by auctioneer Ben Williams at $813,000.

Success. It's a Fletchers thing.