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Archive for August, 2020

Market Update | 31 August 2020

August 31, 2020 Leave a comment
As the real estate industry endures the final weeks of Melbourne’s strict six-week lockdown, buyer activity has remained surprisingly strong, with realestate.com.au reporting almost no impact to traffic on their website, with total site visits and enquiries in Victoria remaining steady throughout stage 4 restrictions.
REA Chief Economist, Nerida Conisbee, said that despite fears of a dramatic slowdown, current activity shows that people see this lockdown ‘more as business as usual and that there is a timeframe for it and they will get through it’.
‘We’ve got incredibly low interest rates of below 2% now and so I think buyers are seeing now as an opportunity to jump in,’ she added.
Melbourne’s property market has survived a 53% drop in newly listed homes over the last four weeks due to the strict lockdown measures, but strong interest in property amongst buyers continues to show signs of a swift market rebound this Spring, with agents expecting a busy marketplace through the back end of September and October.
‘What we’ve seen in Melbourne is a pullback of listings. But it will help to support prices. Following stage 4 lockdown, we’ll see a rapid increase in vendors coming to the market. Transactions will start to return,’ Domain Senior Research Analyst, Nicola Powell suggested.
In Fletchers news, my team and I successfully sold 8 Bright Street in Camberwell for $1,638,000 on Saturday. Conducted via a one-hour long, remote, online auction, the property generated lots of buyer interest in the lead up to auction day, where it attracted three interested bidders.
‘Patience is definitely a virtue! A whopping 66 minutes after we began, we had the result! Congratulations to our vendors and the successful purchasers, who played the long game and are rewarded with the keys to a wonderful home in a blue-chip location’.
Success. It’s a Fletchers thing.
Categories: Auction Wrap

Market Update | 24 August 2020

August 24, 2020 Leave a comment
With still a few weeks to go until stage 4 restrictions are eased, Melburnians forced to put their property plans on hold in the wake of the tougher lockdown measures are still ‘wanting to take advantage of the market, despite not being sure how,’ according to Smart Property Investment.
James Symond, CEO of mortgage brokerage, Aussie, said that ‘there are many opportunities available right now that could make it favourable for Australians to enter the market, invest, downsize or refinance, including lender cashback incentives, reduced interest rates and government initiatives, such as the First Home Owner Grant, the $25,000 HomeBuilder grant and the First Home Loan Deposit Scheme’.
After commissioning a survey back in January, pre-pandemic and then again in June to analyse COVID-19’s impact on the property market, Aussie found that more than 6 in 10 respondents said that ‘the pandemic caused them to change their property plans’.
With our Fletchers agents continuing to field plenty of property enquiries during lockdown, it seems buyers and sellers are waiting for current restrictions to ease in Victoria in order to resume their property plans.
Fortunately, with the ever-popular Spring selling season upon us, we encourage our clients to use this free time to start making preparations and be ready to act. Our agents continue to work remotely during this time and are happy to answer any of your questions, so please don’t hesitate to reach out should you need assistance.
My team and I were thrilled to sell the stunning property at 12 Hopetoun Avenue, Canterbury prior to auction last week.
Categories: Auction Wrap

SOLD | 12 Hopetoun Avenue, Canterbury

August 21, 2020 Leave a comment
Architect inspired and unforgettably unique, it’s unsurprising that this stunning home attracted so much attention, despite the lockdown conditions!
Thrilled to secure a deal prior to auction for our vendors and happy for the successful purchasers who will now get to enjoy this wonderful home.
Categories: Sold

Market Update | 17 August 2020

August 18, 2020 Leave a comment

Buoyed by strong levels of buyer interest, Melbourne’s property market saw a 90% success rate for properties that went to an online auction over the weekend, according to Domain.

To date, Melbourne’s stage 4 restrictions have weighed heavily on the nation’s economy, with the Reserve Bank of Australia holding the official cash rate at 0.25% for the fifth consecutive month. AMP Chief Economist, Dr Shane Oliver, believes that the Reserve Bank is still in a ‘watch and wait mode’ and suggests the next rise in interest rates could be at least another 3 years away.

‘By maintaining interest rates today, this is sympathetic to the balancing act our economy faces. Once the likes of JobKeeper, JobSeeker, mortgage holidays and safe harbour do eventually come to an end there will be a seismic shock to the economy’, he said.

Fortunately, the latest data from CoreLogic Australia revealed that despite current restrictions, residential properties sold by private treaty continue to see strong demand across Victoria.

According to Smart Property Investment, research from the REIV ‘found that houses spent just 41 days on market, down from 44 days in the same time last year.’

‘Ultimately, the data proves that the Victorian residential housing market still remains highly desirable. Properties spending less time on market means sellers won’t have to deal with the stress of a lengthy real estate transaction. This is a great time to sell your property – a relatively lower volume of property listings is producing strong prices and driving down the selling time’ Real Estate Institute of Victoria [REIV] President, Leah Calnan said.

In Fletchers news, Senior Associates, Michelle Yan and Ian van Eijk (Team Yan Eijk – Estate Agents), successfully sold a boutique, modern ground-floor apartment in Wantirna over the weekend.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

12 Hopetoun Avenue, Canterbury

August 15, 2020 Leave a comment

Space, light and volume. That’s what you experience when you walk into the architect-designed home at 12 Hopetoun Avenue in Canterbury.

Our vendors have owned the land for 35 years and in 2008, they designed and created something special – a brand new build, which is what you see today.

In a blue-chip neighbourhood, the home boasts attractive entertaining areas, a luxe main bedroom and Bosch kitchen draped in stone.

I encourage you to watch the video, this is a special home.

Categories: Listings

Market Update | 10 August 2020

August 10, 2020 Leave a comment

Melbourne’s first weekend of stage 4 restrictions saw a sharp increase in online auctions and inspections, with a clearance rate of 92% achieved for Victoria amongst 165 scheduled auctions.

Although auctions have now been held online successfully for several weeks, auctioneers are now required to hold all auctions online at home, with agency offices now closed under the tighter lockdown measures.

Under the latest restrictions, the Real Estate Institute of Victoria (REIV) has stated that permitted work during this time will include ‘services related to property settlement or end-of-lease, including removalists’ and ‘building and grounds maintenance, cleaning, pest control and packaging where providing support to an essential industry or where required to maintain the health and safety of Victorians at home or work’.

For the next 5 weeks, this means that any work related to contract settlements or end-of-lease scheduled to occur during this period, may be undertaken. This also includes final inspections.

With physical inspections not permitted at this time, we encourage all buyers to register their interest in a property with us to book a private appointment as soon as restrictions ease.

Results. It’s a Fletchers thing.

Categories: Auction Wrap