October 13, 2022 | Beckett Buyers Advocates – October 2022 Review

 

Can you believe it? It’s now November – the countdown is officially on.
Vendors are acting now to get their homes on the market to sell before Christmas.

This month we have seen an increase in stock levels, resulting in more properties for buyers to choose from after the extremely low levels over the last few months.

October 22 was a super Saturday for auctions with 788 reported, as most properties launched to the market after the Grand Final long weekend. This is still light in comparison to the 1204 auctions recorded over the same weekend last year.

Despite this, we’re seeing an uplift with competitive auctions returning with multiple bidders. We recently purchased a freestanding period home at auction in Camberwell with 6 bidders for just under $2,000,000 and a single front Edwardian home in Elsternwick with 4 bidders for just over $1,800,000.

Additionally, off market transactions are still very much alive. This month we secured 5 properties off market for our clients. Off market sales can often be a convenient and quick way of selling for vendors to avoid advertising and having their home inspected by hundreds of people.

Good quality properties are still in high demand, in particular turnkey and move in ready that require no renovations. Recently sold in Bentleigh East was a fully refurbished 3-bedroom front villa unit that attracted a huge crowd at auction. 4 bidders competed for this property which ended up selling for over $1,300,000, which was well over the expected range.

We are anticipating a busy November with more homes available and buyers are enjoying the options as more properties hit the market each week!

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