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Property market set to return to normal conditions post Federal Election

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Hi ,

An expected quieter weekend of auctions with 437 auctions reported to the REIV.  This same time last year there was 1,112 auctions.  The clearance rate again dropped slightly to 70% with 210 properties selling at auction, 93 before auction, 3 after auction and there were an additional 168 private sales.

There is no doubt the property market has quietened off over the past few weeks with some buyers and vendors opting to hold off until after the Federal election.  Regardless of whether you are pleased with the outcome or not, the good news is that there is an outcome and a majority government will be formed.  This will hopefully allow those in a holding pattern to move forward so we can enter into a stable, winter property market.

The Australian Bureau of Statistics released figures last week that showed that housing values have risen at rates more than 7 times the growth of wages from April 2021 to March 2022.  Wages rose by 2.4 per cent with CoreLogic releasing data showing that property values across the nation increased by 16.7 per cent.  This has and will continue to change as property prices remain stable and wages to continue to grow as these increases may not be directly spent on real estate due to increases in cost of living and interest rate rises.

With many people out and about on Saturday, some auctions were well attended with 39 Cobham Street, Cheltenham attracting around 100 onlookers.  The renovated four bedroom, two bathroom home attracted bidding by five parties with the opening bid being $1,400,000 which started the auction.  The property was announced on the market at $1,575,000 and sold for $1,670,000.

Across town the auction of a two storey at 11 Sutton Street, Carlton North also attracted a decent crowd.  The three bedroom, one bathroom townhouse was sought after by four bidders with the property quoted for $1,400,000 to $1,500,000 prior to auction and selling for $1,615,000 under the hammer.

Have a great week.

Kim Easterbrook

 

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