Archive for July, 2020

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, 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 [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