September 13, 2022 | Beckett Market Snapshot September 2022

 

And just like that, September is behind us. With only two months left of Spring, most vendors will now be accelerating their plans to list their home to sell before the year is out.

The combination of social and lifestyle distractions on the calendar in September has contributed to the delay in launching new stock to the market. This month alone has seen the AFL Grand Final which resulted in an extra-long weekend coinciding with the commemoration for Queen Elizabeth and school holidays. These distractions combined with the media focus on interest rate rises, inflation and talk of recession has resulted in the traditionally busy Spring period launching later than expected.

Despite these lower than usual stock levels, we have observed an uplift in properties coming to market this last week great news for buyers as they will have more properties to choose from.

Currently there is excellent demand for properties in certain segments of the market. In particular, larger family homes located in areas with great schools and accompanied by a village lifestyle. The more affluent sector of this market ($4,000,000 plus) also seems unaffected by the recent aggressive interest rate rises as strong competition is still very evident at this level.

A great example of a recent sale that far exceeded the price expectation was 10 Clive Road Hawthorn East. This large 5-bedroom contemporary family home was quoted $4,200,000 – $4,500,000 and fetched $5,860,000 under extreme competition and sold before auction.

As the weather warms up, so will the market. With increased stock levels, we anticipate a busier October with a larger range of very attractive homes available for your consideration.

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