Archive

Archive for July, 2019

21 Graham Street, Surrey Hills

I’m very grateful to be joined my vendor, Sue, to have a chat about her home at 21 Graham Street in Surrey Hills.

It’s a really impressive, five bedroom plus study home that offers a flexible floorplan with multiple living areas. In addition to the solar heated pool, one of the highlights has to be the views – whether it’s taking in the sunset or the fireworks on New Years Eve!

The home is in a quiet position in a low-traffic pocket just metres from the Riversdale Road tram and Wattle Park. To explore the property and view the Statement of Information, please visit our website: bit.ly/21GrahamStreetSurreyHills

I hope you enjoy the video, and look forward to meeting you at one of the upcoming open for inspections.

Categories: Listings

Auction Snapshot | 13 & 14 July

The cooler weather certainly hasn’t dampened Melbourne’s property market, which has shown considerable resilience as auction clearance rates continue to rise in the lead up to Spring. Clearing more than 76% of properties over the weekend, Victoria’s auction market saw 257 properties go under the hammer.

With the Reserve Bank having made a historic decision to move forward with a second interest rate cut earlier this month, economists believe a third-rate cut could be expected as soon as Christmas. Households across the country are expected to welcome the reduced payments to their mortgages, putting buyers, sellers and investors in a favourable position to consider their next move.

Despite lower stock volumes in Winter, buyer activity has remained strong over the cooler months as we’ve continued to see auction clearance rates improve in recent weeks. These factors, along with relaxed lending criteria, has already seen the number of potential buyers attending opens and auctions increase, boding well for a successful property campaign.

In Fletchers news, my team and I sold 5/6 Jersey Street in Balwyn on Saturday for an impressive $862,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

11 Kaleno View, Balwyn

Join my colleague Spring Chen and I on a tour of the low maintenance family home at 11 Kaleno View in Balwyn.

Offering four bedrooms, the home is north-facing and features beautiful cabinetry and granite benchtops in the kitchen, attractive family room and a great outdoor entertaining area.

The home is well located within the Balwyn High School zone and close to cafes, restaurants and parks. We hope to see you at one of the upcoming open for inspections!

Categories: Listings

Auction Snapshot | 6 & 7 July

With the second interest rate cut for the year and relaxed lending criteria providing a boost of confidence for buyers and sellers alike, last weekend’s clearance rate result of 72% shows signs of a stronger auction market across Melbourne.

Compared with an outstanding clearance rate of 100% for the Fletchers group, we were pleased to see more buyers back in the market and more active bidders at auction. Given the school holiday period typically sees a reduced number of auctions taking place, a total of 176 out of 290 properties sold across the state, bringing in an auction volume of $163 million.

With some agents acknowledging increased competition for buyers is likely as we head into the Spring selling season, one agent remarked, ‘it’s a funny time because there are a lot more buyers back in the market and actively looking, but stock levels haven’t caught up. Vendors want to see a bit more of a body of work than just the few weeks we’ve seen since the election – the catalyst for all of this’.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction | 772 Canterbury Road, Surrey Hills

The high-set, double brick residence at 772 Cantebury Road in Surrey Hills attracted three bidders on auction day, however the competition between them didn’t quite reach the expectations of our client to sell under the hammer.

My colleague Steven Zervas and I passed the property in to the highest bidder, and successfully negotiated to achieve a result that our vendors were thrilled by!

Of course, we love to be able to sell properties under the hammer but ultimately we adopt the best strategy on the day to ensure that we achieve the best outcome for our vendor.

Categories: Auctions

Historic Interest Rate Cut

The Reserve Bank of Australia announced this week that interest rates have been reduced by a 0.25 percentage point drop, making it the lowest rate cut in Australian history.

Down to 1% from 1.25%, RBA Governor, Phillip Lowe, said the cut was to ‘support employment growth’ and generate ‘greater confidence’ in the Australian economy.

Marking the second month in a row for these cuts, economists believe a third rate cut could be expected as soon as Christmas. The ABC has echoed this assumption, suggesting ‘yet another interest rate cut by the end of this year, which would bring the cash rate down to 0.75 per cent’.

In a bid to support the housing market, households are expected to welcome the reduced payments. Tweed Daily News has reported that the average home loan customer would save between $600-$1,000 per year on their mortgage repayments if the banks decide to pass this cut on in full.

In response, CoreLogic Head of Research, Tim Lawless, said that the cuts to the cash rate last month had already helped boost housing demand.

Mortgage Choice CEO, Jacqueline Dearle, also commented on the RBA move, saying ‘should the rate cuts be passed on, this will lower mortgage rates to make housing more affordable and subsequently give the property market a nudge in the right direction’.

Categories: Media

Auction Snapshot | 29 & 30 June

After accomplishing a phenomenal result for the Fletchers Group, we are delighted to share news of our 100% auction clearance rate over the weekend. When compared with Victoria’s industry average clearance rate result of 73%, it pays to know who you can trust with the sale of your property in 2019.

Commenting on activity from Saturday, Domain Economist, Trent Wiltshire believes the lower number of auctions was a key factor in the strong auction results for the state.

‘Auction numbers remain low and school holidays in the next couple of weeks means we won’t see too many auctions so the market won’t be tested too much. Looking ahead, we’re forecasting prices to bottom-out in Melbourne in Spring, then modest price growth of about 1-2 per cent in 2020’.

In Fletchers news, the fashionably renovated, single-level jewel at 1/33 Broughton Road, Surrey Hills, was in high demand over the weekend. Featuring an impressive 4 bidders at auction, the alluring 3-bedroom home went under the hammer for $1,300,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap