Market Update | 27 July 2020

Following another weekend of private inspections and online auctions, it was positive to see buyers embracing the new normal while under current restrictions. In total, the Fletchers team sold a fantastic 7 out of 10 properties conducted via online auction over the weekend.

With Victoria recording an auction clearance rate of 78% over the weekend, Real Estate Institute of Victoria [REIV] President, Leah Calnan, says that despite the challenges presented by the pandemic, residential property in Victoria is now selling quicker than it was 12 months ago.

The latest data from the REIV revealed that ‘the average Victorian home is spending just 41 days on market before being sold, down from 44 days in the same period last year. Homes in metropolitan Melbourne are being sold within 39 days on average.’

‘There remains a huge interest from buyers despite the state undergoing restrictions due to the pandemic. The REIV days on market figures, amongst a range of other measures, show that our state’s property market is holding strong and delivering great results across the board,’ she noted.

With listing numbers remaining down on previous months and some vendors delaying their sales until public auctions return, agents across Melbourne are citing a missed opportunity in the market, with one agent pointing out, ‘buyer activity is so strong at the moment. We just wished we had more stock’.

Meanwhile, interest from first-home buyers continues to grow, with affordable entry-level homes generating increased interest from buyers throughout the state.

‘There seems to be plenty of buyers in our market. Looking for that entry point, whether it’s a house or an apartment. There’s not a lock of stock coming up, which is normal for Winter, but I think with COVID, people are waiting a little,’ one agent remarked.

My team and I sold the freshly renovated, single level home at 2/3 Raynes Street in Balwyn which saw 4 bidders fight it out for the keys to the deceased estate. The buyers were a young couple looking to get into the Balwyn market. ‘The vendors were two brothers and they were thrilled with the result’. We also sold 12 Albert Street in Surrey Hills post auction, for $2,300,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 20 July 2020

Victoria’s second weekend of Stage 3 lockdown restrictions saw buyers and sellers continue to adjust to new conditions in the market, with Melbourne recording its highest number of online auctions over the weekend.

Slightly down on the previous week, Victoria’s auction clearance rate of 82% continues to show strong signs of market resilience, with the volume of auctions and private sales amounting to $265 million.

In the wake of the second lockdown, realestate.com.au Chief Economist, Nerida Conisbee, presented several key trends for property this Winter, following a particularly positive month for the market over June.

Fortunately, buyers continue to remain active online, with ‘the number of home buyer searches on realestate.com.au [continuing] to surge and is now up 72.5% from the lows experienced at the end of April,’ she said.

Similarly, Real Estate Institute of Victoria [REIV] President, Leah Calnan said the Victorian property market has displayed true strength during the COVID-19 epidemic, with the latest quarterly median prices showing that ‘the market is in a much better shape than it was in 2019 across all property types’.

Holding firm against all predictions, ‘house values in Metropolitan Melbourne fell by just 3.5% over the June quarter, following 4 consecutive quarters of continuous growth.’

New records have also been set for houses and units sold by private treaty, with properties sold by this method up by 7.6% and 3.4%, respectively.

In Fletchers news, my team and I were thrilled to sell the pretty weatherboard home at 37 Mitta Street in Box Hill North post our online auction.

Results. It’s a Fletchers thing.

#news #results #resultsitsafletchersthing

Categories: Auction Wrap

Market Update | 13 July 2020

Melbourne’s first auction weekend since the reintroduction of stage 3 restrictions passed their first test on Saturday, with the REIV reporting a preliminary clearance rate of 88% for the state.

Despite a drop in the number of scheduled auctions, the growing familiarity with online auctions allowed agents to promptly make the necessary changes to their selling strategy before the lockdown came back into effect.

According to Domain, one agent said that buyers were ‘now used to it and trust what they see online and know that their bids are coming through’.

For vendors, agents echoed the sentiment that ‘as the body of evidence builds around successful online auctions, there will be a boost in popularity’.

Domain Senior Research Analyst, Nicola Powell, advised that the weekend’s results were not unexpected, given the quick changes that had to be made.

In other news, REIV – Real Estate Institute of Victoria President, Leah Calnan welcomed clarification from the Victorian government that ‘a person can still move home during the lockdown; even if it involves travelling into a different region’.

With housing remaining an essential service, Ms. Calnan said that the news would help keep the real estate market open and provide people with the opportunity to secure a place to live.

My team and I were thrilled to sell both 1/26 Charlton Street, Blackburn North and 4 Graham Street, Surrey Hills prior to their scheduled auctions on the weekend.

Please know that we are still offering complimentary appraisals to those within the community, which can be arranged via private or virtual appointment.

To book, contact me on 0403 020 404.

Categories: Auction Wrap

Market Update | 6 July 2020

Amidst the increasing COVID-19 infection rates in Victoria, auction clearance rates peaked at 72% over the weekend; a 6% increase on the previous week.
Of the 300 properties scheduled for auction, 157 sold on the day, with 58 selling prior. In the same week, 202 private sales also took place, bringing in a total auction and private sales volume of $333 million across the state.
With Melbourne holding its highest number of auctions in 9 weeks last weekend, the latest results demonstrate the resilience and fortitude of our property market, which continues to show improvements in buyer and seller confidence.
To support this, Fletchers reported a 107% increase in new listings over April and an 84% increase in May.
While auctions in COVID-19 hotspots have started to move online, Domain also reported that ‘areas outside of hotspots were also being converted to online sales where there were more than 20 people expected’.
In Fletchers news, we are thrilled to achieve an auction clearance rate of 83% over the weekend, with our team achieving some fantastic results across Balwyn North, Mitcham, Box Hill South, Balwyn and Ringwood North. Our highest sale for the weekend was 4 Surrey Street in Box Hill South, which sold for $1,150,000.
Results. It’s a Fletchers thing.
Categories: Auction Wrap

End of Financial Year 19/20

As another financial year has drawn to a close, it’s incredibly humbling to reflect on the past twelve months in which I personally sold 123 properties.
I am incredibly grateful to all of my clients who have entrusted my team and I with the sale of their homes, particularly in the last several months as we navigate through the Coronavirus pandemic.
I am also appreciative of and inspired by my personal team, who work so hard every day to help our clients achieve result after result over the past twelve months. I have found that this hard work and consistency over a long period of time has been the secret of our success…and we are like family!
In these volatile, COVID-19 times, I am finding the property market at the moment quite stable – certainly in the eastern suburbs of Melbourne where I transact. I hope that the new financial year will be a positive one for us all, and that we can all overcome the current challenges we face.
Categories: Real Estate Services

Auction | 2/12 Ovens Street, Box Hill North

Offered for the first time for sale in nine years, the well-designed two bedroom villa unit attracted three bidders on auction day!

Announced on the market at $800,000 with competitive bidding, the home went on to sell under the hammer for $830,000. Take a look at some of the highlights from the day!

Categories: Auctions

Market Update | 30 June 2020

As concerns grow over Melbourne’s COVID-19 outbreak, the Real Estate Institute of Victoria [REIV] has confirmed that the real estate sector will continue to do everything it can to ensure the transaction of property is provided in a safe and controlled manner.

Nonetheless, confidence in Melbourne’s property market continues to draw impressive results despite current restrictions. This weekend saw a total auction volume of $232 million and a total private sales volume of $132 million for Victoria.

REIV President, Leah Calnan, says the Victorian real estate market is vital to the state’s economy and continues to show incredible resilience during these unprecedented times.

‘The REIV’s Residential Market Index for Victoria increased by 1.8% to 125.6 over the past month, showing that despite the pandemic, the market is holding its ground. The REIV recorded an auction clearance rate of 74% for May, another indicator of the underlying strength of the market,’ Ms Calnan noted.

For those wondering how the rest of the year will play out for the property market, Domain Economist, Trent Wiltshire, says there are two likely scenarios; the first being modest price falls and the second; a gradual pick up in property sales.

‘The key factor supporting prices so far is that few people have been forced to sell their homes due to losing their jobs or having their incomes cut. This has been enabled by the government’s financial support packages assisting households whose income has fallen, in combination with banks allowing people in financial difficulties to defer mortgage repayments,’ he said.

In Fletchers news, my team and I were pleased to sell the feature-packed and perfectly placed 3-bedroom town residence on Saturday, located within a blue-ribbon locale at 2/310 Mont Albert Road in Surrey Hills. The classy and contemporary double-storey home sold after auction for $1,350,000.

Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing

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Categories: Uncategorized

Market Wrap | 22 June 2020

MARKET UPDATE 🏘
 
Following several double-digit spikes in the number of confirmed cases of coronavirus, Premier Dan Andrews was forced to delay a further easing of restrictions over the weekend.
 
Auctions and open for inspections, which were set to allow up to 50 attendees on site from today, will now remain at a limit of 20 patrons, along with restaurants, pubs, cafes, gyms and cinemas. Outdoor gatherings will now be limited to 10 people, with visitors to your home limited to a maximum of 5 people, from today.
 
The Victorian Government has also extended the mandate for those who can work from home, to continue doing so until at least the end of July.
 
‘As we’ve seen across the world, this virus has the ability to turn a few cases into hundreds in a matter of days. That’s why we also need to delay an increase to gathering limits,’ Mr Andrews said.
 
With restrictions on auctions and open homes extended for another three weeks, AMP Chief Economist, Shane Oliver, says the real test of Melbourne’s property market would be in October, once the Spring market was in full swing.
 
Fortunately, low interest rates, mortgage deferments and the JobKeeper and JobSeeker benefits from the Federal government have helped keep the market buoyant, he said.
 
Our team was pleased to see a strong level of buyer activity over the weekend, with several auctions seeing as many as 5 or 6 bidders compete on the day
 
Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing
Categories: Auction Wrap

Auction Wrap | 15 June

A further easing of COVID-19 restrictions is set to take place on 22nd June, which will allow up to 50 people to attend public auctions and open for inspections.
AMP Capital Chief Economist, Shane Oliver, said ‘the longer, slower pace of the easing of restrictions’ was ‘having an impact’ on the industry, with ‘Victoria’s economy [lagging] a little bit compared to NSW’.
Despite this, consumer confidence seems to be back on the rise, with the Melbourne Institute and Westpac Bank Index of consumer sentiment climbing for its second straight month in June by 6.3%.
Interestingly, the latest data from CoreLogic Australia has revealed a rise in new listings and property sales across Australia in May, with a 22.4% increase in new residential listings on the previous 28-day period.
Last month, Fletchers multi-award winning website recorded a 20% increase in buyer activity, with our agents also reporting a significant resurgence in attendance at auctions and open homes, whilst adhering to current restrictions. For the same period between April and May, Fletchers also reported a 17% increase in property transactions.
Coupled with record-low interest rates, significant increases in buyer search data and improved consumer sentiment, we expect Melbourne’s property market to continue to swing back into action for the remainder of the year.
In Fletchers news, 18 Liston Street in Glen Iris was among the 296 auctions which took place across the state over the weekend. Announced on the market at $1,475,000, the classic 1950’s weatherboard home saw 4 bidders compete on the day, selling under the hammer for a remarkable $1,900,000. Watch the live auction here: https://youtu.be/qgwcStA-VEk
Results. It’s a Fletchers thing.
Categories: Auction Wrap

Market Wrap | 9 June 2020

MARKET UPDATE 🏘
 
So far this month, the real estate industry has continued to take positive steps forward on the road to recovery amid the coronavirus pandemic, which has surpassed 7 million cases globally.
 
The Queen’s birthday long weekend saw several demonstrations for the Black Lives Matter movement take place in most major cities across the country. State governments and campaign organisers were left in heated debate around safety protocols and social distancing measures, sparking fears of a second coronavirus outbreak. The Commonwealth Deputy Chief Medical Officer, Nick Coatsworth, has urged people in attendance to self-isolate for the next 14 days and get tested if they have any symptoms.
 
Last week, the Federal government’s $688 million HomeBuilder package made headlines of its own, with critics questioning the government’s strategy to provide assistance to the construction sector.
 
‘It is possibly the most complex and least equitable program the government could have devised to deliver construction jobs. To be useful for jobs, it would need to deliver an extra 60,000 housing starts. Even if the full budget allocation is taken up, it would fund only about 25,000 projects. Many would have gone ahead anyway,’ wrote Geoff Hanmer, Domain. To be eligible, homeowners must be planning to undertake renovations worth between $150,000 and $750,000. Household incomes must also be lower than $120,000 for singles and $200,000 for couples.
 
In other news, the latest buyer data from the REA group has revealed significant increases in consumer confidence for the property market. In April, realestate.com.au hit a new record audience number, with 11.2 million people visiting their site. The surge in buyer activity has continued in May, where they received over 100 million visits to their web and mobile platforms.
All in all, buyer enquiries have jumped an astonishing 49% year-on-year. With buyer demand now at record levels, this presents vendors with a unique opportunity to advertise their properties and achieve a great sales result.
 
If you are considering selling or would like to arrange a confidential discussion, please don’t hesitate to get in touch.
 
Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing
Categories: Auction Wrap