Market Update | 8 & 9 May 2021

𝐖𝐞 𝐬𝐭𝐚𝐫𝐭𝐞𝐝 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤 𝐰𝐢𝐭𝐡 𝐧𝐞𝐰𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐀𝐮𝐬𝐭𝐫𝐚𝐥𝐢𝐚 (𝐑𝐁𝐀) 𝐭𝐡𝐚𝐭 𝐭𝐡𝐞 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥 𝐜𝐚𝐬𝐡 𝐫𝐚𝐭𝐞 𝐰𝐨𝐮𝐥𝐝 𝐛𝐞 𝐤𝐞𝐩𝐭 𝐚𝐭 𝟎.𝟏%.

RBA Governor, Philip Lowe said that the RBA board did not expect the required economic conditions to increase the cash rate would be met until 2024 at the earliest. The confirmation provides greater certainty for borrowers that mortgage rates will stay low for several years.

The Federal Government’s 2021 budget measures to help Australians into home ownership include first home buyer’s being able to release up to $50,000 as part of voluntary contributions into their superannuation under the First Home Super Saver Scheme (an increase from $30,000). Single parents will also be able to access the Family Home Guarantee, which will allow 10,000 applicants over four years to purchase a home with as little as two per cent deposit. The government will also provide an additional $124.7 million to states and territories to help build their public housing stock.

Over the weekend, the REIV recorded a clearance rate of 81 per cent. The Fletchers Group was thrilled to achieve a similar success rate of 82 per cent for our clients. A number of properties auctioned on Saturday attracted at least 3-4 bidders.

Success. It’s a Fletchers thing.

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Auction | 9A Ruyton Street, Camberwell

We saw strong, confident bidding at the auction of the quality home at 9A Ruyton Street in Camberwell.

Bidding started at $1.8 million the competition was really between two parties, both determined to secure the home. With direct rear access and breathtaking views across Lynden Park, it’s no wonder!

Congratulations to our vendor Sandro and the successful purchasers, who have bought a quality home in a fantastic neighbourhood.

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Auction | 28 Guildford Road, Surrey Hills

With a multitude of opportunities on offer to the successful buyer, it’s no surprise that three parties bid strongly to secure the home at 28 Guildford Road in Surrey Hills.

Suitable to live in, renovate or build new in a prized location the property, built in 1967, is a developer’s dream with a planning permit in hand. Bidding began at $2.3 million and the home went on to sell under the hammer – much to our vendor’s delight!

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Market Update | 1 & 2 May 2021

We enjoyed beautiful Autumn sunshine over the first weekend of May, with another ‘Super Saturday’ in which more than 1,000 auctions were scheduled.

The Real Estate Institute of Victoria [REIV] recorded a clearance rate of 81 percent, with Fletchers results from the day closely aligned with the industry at 80 per cent.

Domain Group data shows that in addition to a soaring median house price in Melbourne, house prices have also risen across 51 suburbs, pushed forward by owner-occupiers looking for larger homes. The Mornington Peninsula has led much of the charge, with suburbs in the sought-after stretch of coastline rising by 30 per cent in just one year. Domain senior research analyst, Dr Nicola Powell, notes that with the change in working habits, the possibility for people to work and live more remotely has opened up the possibility of the Mornington Peninsula as more than just a destination for holiday homes.

Supply is similarly tight in the inner-eastern suburbs of Melbourne, with house prices in the area jumping by 8.5 per cent across the year to March to a $1,615,000 median. “There’s an absorption rate at the moment…there are definitely more buyers than there are sellers, so any homes for sale are just getting snapped up”.

Success. It’s a Fletchers thing.

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REB Top 100 Agents – 2021

Thrilled to be recognised as the #21 agent in Australia (#2 from Victoria) for REB’s 2021 Top 100 rankings.

The annual, independent list sets the benchmark for Australian real estate agent success, so it’s a real honour! The ranking highlights excellence across the board – using the number of properties sold, the total dollar volume of properties sold, and the average sale value across a 12-month period to definitively rank the brightest and best agents operating across the nation.

As always, thank you to my team, clients and colleagues in the Fletchers Group.

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Auction | 32 Severn Street, Balwyn North

We enjoyed the coffee van from Domain at the auction of 32 Severn Street in Balwyn North, where almost 950sqm of land was on offer in an excellent location.

With the market on the move, we saw a strong opening bid of $2.2 million start the auction off and it didn’t stop! The large crowd looked on as four bidders competed to secure the property, which is just metres from local schools and eateries.

Our vendors were thrilled wth the result!

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Market Update | 24 & 25 April 2021

After some promising looking sunshine in the morning, it ended up being a chilly Autumn day in Melbourne on Saturday. Despite the cooler weather, Melbourne’s property market was surprisingly buoyant, with strong results once again achieved under the hammer.

The REIV reported a clearance rate of 80 per cent over the weekend, as the median house price in Victoria recorded one of its largest quarterly increases. For the first time, houses in metro Melbourne surpassed a median value of $1 million, jumping by 8.8 per cent from the previous quarter to land at $1,004,500. REIV President, Leah Calnan, notes that “high demand across the state has been fuelled by an increase in activity following Victoria’s lockdowns which saw thousands of auctions cancelled”.

The Fletchers Group was thrilled to achieve an auction clearance rate of 89 per cent over the weekend. My team and I sold 8 Rose Avenue in Surrey Hills, in a private indoor auction. I also called the auction of 33 Peel Street in Kew, which sold under the hammer.

Activity was paused on Sunday to mark ANZAC Day, as we took the time to reflect on the service and sacrifice of all those who have served and who are currently serving. We will remember them.

Success. It’s a Fletchers thing.

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Auction | 17 Kingston Road, Surrey Hills

We saw a big crowd and strong bidding from four parties at the auction of 17 Kingston Road in Surrey Hills last weekend.

The 1910 period home was being offered for sale for the first time in 40 years, showcasing an exceptional renovation and extension for the successful purchaser to enjoy.

We are so thrilled for our vendors, Bill & Kay, and grateful that they entrusted us with the sale of their beautiful home.

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Auction | 1/30 Haig Street, Burwood

We saw strong bidding at the auction of 1/30 Haig Street in Burwood, with buyers keen to secure the four bedroom town home that lacks for nothing!

A total of four bidders competed, pushing the eventual sale price to $1,270,000 from the opening bid of $1,000,000 even.

Congratulations to our vendors and the successful purchasers!

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Market Update | 17 & 18 April 2021

It was another ‘Super Saturday’ of sales over the weekend, with more than 1,000 auctions held.

The Domain Group reported a clearance rate of 74.5 per cent, observing that renovators and builders were among the big buyers across the weekend. Australian housing values are surging at their fastest rate in 32 years, with residential values jumping 2.8 per cent in March – the fastest rate of growth since 1988, according to data firm, CoreLogic.

Buyers continue to create fierce competition on auction day due to relatively low stock levels and to take advantage of record low interest rates and government incentives.

The Fletchers Group were thrilled to achieve a clearance rate of 92 per cent on the weekend, with most properties attracting multiple bidders.

My team and I sold 17 Kingston Road in Surrey Hills under the hammer, after it was offered for sale for the first time in 40 years! It was also an honour to represent our vendors of 1 Goulburn Street, Box Hill North which was bought by the family 63 years ago. We also sold 118 Woodhouse Grove, Box Hill North and 32 Severn Street in Balwyn North.

Success. It’s a Fletchers thing.

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