Auction Snapshot | 21 & 22 March 2020

Amidst the changing face of real estate in the wake of COVID-19, last weekend saw 930 properties scheduled for auction, bringing in a total volume of $589 million and a slightly reduced clearance rate of 66% for the state.

With ‘Stage 1’ lockdowns now in effect, the real estate industry continues to operate auctions, property inspections, sales and property management under the appropriate health and safety protocols as advised by the State and Federal Governments.

REIA President, Adrian Kelly, said that estate agents are pretty good at adapting to these circumstances, also mentioning that he was ‘not expecting to see an impact on the value of homes.’

As things continue to change, virtual tours, Facebook Live videos and online bidding capabilities are being implemented across the industry in order to assist buyers and sellers currently in the market.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction | 45 Wellard Road, Box Hill South

Built in 1958 and renovated in 2000, the five bedroom home at 45 Wellard Road in Box Hill South lacks nothing in terms of accommodation and lifestyle. Boasting direct access to Box Hill Golf Course, it’s almost like you have your own acreage property!

After an opening bid of $1,400,000 the property went on to pass in at $1,460,000 then sold in post-auction negotiations for $1,500,000 to the lovely new owners.

Congratulations to our vendors, Neil and Ally, and to the successful purchasers.

Categories: Auctions

Auction Snapshot | 7 & 8 March 2020

Despite less properties heading to auction over Melbourne’s Labour Day long weekend, the 316 properties that were scheduled to go under the hammer resulted in a clearance rate of 71 per cent, marking a 20 per cent gain when compared with this time last year.

‘The long weekend in Melbourne means we can’t read too much into Saturday’s result. There were more than double the number of auctions on Saturday in Melbourne compared to the same Saturday a year ago,’ said Domain Research Analyst, Trent Wiltshire.

According to Domain, some sellers even used free toilet paper to lure buyers to auction over the quiet weekend. ‘Toilet paper hoarders may be using their stockpiles to their advantage, but in the wider market agents say COVID-19 has, so far, had little negative impact,’ writes Senior Journalist, Melissa Heaney.

With demand for property remaining strong, house prices having already passed their 2017 peak and further cuts made to interest rates over the last couple weeks, Domain predicts Melbourne’s median house prices are on track to hit $1 million by mid-to-late next year.

Following a perfect clearance rate of 100% over the long weekend, the Fletchers group was pleased to see consistently strong numbers of bidders across Melbourne’s Eastern suburbs, with as many as 3 to 4 bidders seen in suburbs like #BoxHillSouth#Blackburn and #SurreyHills.

Categories: Auction Wrap

79 Thompsons Road, Bulleen

Join me on a tour of 79 Thompsons Road, Bulleen.

Elevated on the high side of Thompsons Road with a sweeping outlook over the Koonung Valley and a family-size, north-facing backyard, this original home is potential packed with exciting options. Whether renovation or redevelopment (STCA) is its future, this impressive property is sure to appeal to developers and families alike. The close proximity of local services and the possibility of city skyline views from a prospective upper level are enticements for the construction of a substantial new home or townhouses (STCA).

To explore the property and view the statement of information, please contact me on 0403 020 404 or visit the website: bit.ly/79ThompsonsRoadBulleen

Categories: Listings

Auction Snapshot | 29 February & 1 March

The latest figures from CoreLogic have revealed that concerns around Coronavirus have done little to dampen Melbourne’s rising property market. The surge has seen house prices increase another 1.2 per cent in February, climbing at its fastest rate on record.

According to News.com.au, a survey of 40,000 respondents from Australia’s number one reviews, ratings and rankings website for real estate agents, RateMyAgent, found significant increases in seller happiness over the last 12 months, with ‘the explosive recovery in the Australian housing market [having] translated to happier sellers, with satisfaction at sale prices doubling in one year’.

Both Melbourne’s Southern and Eastern suburbs ranked in the top 10 happiest areas on RateMyAgent, coming in at first and third place, respectively.

Real estate agents have also seen property investors return to the market in recent months, with investor home loans climbing by 22 per cent between May and December of 2019. Buyers advocate, Cate Bakos, said ‘they’re now looking for properties with land – so older homes, villa units or townhouses that have land attached are popular.’

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction | 6 Boronia Street, Surrey Hills

February 28, 2020 Leave a comment

I was thrilled to work with Mark Fletcher to secure the sale of 6 Boronia Street in Surrey Hills for our vendors, Nino & Regoula.

Exquisitely restored and renovated by the current vendors, the 1927 Californian Bungalow at 6 Boronia Street in Surrey Hills truly offered the new owners a turn-key solution.

I declared the home ‘on the market’ at $2,435,000 and two competing bidders saw the home sell under the hammer for $2,446,000.

Congratulations to our vendors and the successful purchasers!

Categories: Auctions

Auction Snapshot | 22 & 23 February

February 25, 2020 Leave a comment

Larger volumes of properties going under the hammer over the weekend has put rising buyer confidence to the test, with auction clearance rates in Melbourne remaining exceptionally strong on Saturday.

Domain Senior Research Analyst, Nicola Powell, believes the upward trend will continue throughout March. ‘I think [Saturday’s] result really was a real test of 2020 for the auction market because what we saw was a much larger number of homes going under the hammer. It really shows the confidence and buyer demand.’

As a result, Domain reported that home buyers across Melbourne are ‘fending off stiff competition and stretching past their budgets’ in order to secure a home, which has been the catalyst for continued house price growth in the auction market so far this year.

Results. It’s a Fletchers thing.

Categories: Auction Wrap