Archive for October, 2020

Auction | 74A Dunloe Avenue, Mont Albert North

October 30, 2020 Leave a comment

We didn’t let a little rain put a damper on the auction of 74A Dunloe Avenue, Mont Albert North!

Bids were placed by buyers both on-site and online in the first Hybrid auction that my team and I conducted. Everything went smoothly as four bidders competed to secure the home, which went on to sell for $1,317,500 under the hammer.

Congratulations to our vendors, Sarah & Alastair, and to the successful purchasers!

Categories: Auctions

Market Update | 24 & 25 October 2020

October 26, 2020 Leave a comment

This weekend, there were a couple of things a bit different for Victorians! First, we saw the Tigers and Geelong go head to head in an all-Victorian final…held in Queensland, at night! Secondly, we saw a range of auction methods utilised – completely on-site, completely online and a new option, the “hybrid” auction.

With on-site auction restrictions currently capped to ten registered bidders, most of our auctions were conducted using the hybrid method with registered bidders both on-site and tuning in online. With the rain pouring down for much of the day, it was an ideal situation for many potential buyers to participate in the comfort of their own home!

There were thirteen registered bidders for the hybrid auction of 252B Glenlyon Road, Fitzroy North which successfully sold under the hammer. As Christmas quickly approaches, it’s expected that several vendors will want to list before the end of the year. My colleague George Ozzimo said, “I think we’ll see some confidence come back to the market [but] it will just be based on the number of homes available. There’s a lot of pent up demand in the market”.

The property at 74A Dunloe Avenue in Mont Albert North attracted four registered bidders, with three on-site and one online. My team and I sold the superb three-bedroom home sold under the hammer for $1,317,500.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 19 October 2020

October 19, 2020 Leave a comment

Under the latest announcements from the Victorian government on Sunday, public auctions can now resume with a maximum of 10 people for the first time since stage four restrictions were introduced.

‘It’s very good news,’ Real Estate Institute of Victoria [REIV] President, Leah Calnan said. ‘We’re now sending out information to agents because work permits are still required and agents still must work from home,’ she said.

With a swift market rebound now on the horizon, Domain in has already reported that agents have ‘been inundated with calls from vendors and buyers wanting to take part in traditional public auctions on Sunday immediately after the announcement’.

The next phase of eased restrictions will see Melbourne work towards a COVID-safe Summer and COVID-normal 2021, with industry leaders now hoping that the next step will be the return of ‘non-essential renovation work, which would allow prospective vendors to fix up their homes before selling,’ according to Domain. In addition to Sunday’s announcements, Premier Daniel Andrews also advised that private inspections for the purchase or leasing of commercial properties can also recommence.

‘The ability to commence inspections of commercial properties for sale or lease will help with economic recovery and allow business owners to sell, buy or lease properties to rebuild their businesses,’ the REIV has said.

In Fletchers news, my team and I saw 4 bidders participate in his online auction for 6/3-5 Louise Avenue in Mont Albert on Saturday. With several onlookers logging online to watch the event, the auction resulted in a total of 24 bids. Desirably positioned in a quiet and leafy neighbourhood, the 2-bedroom villa unit was originally on the market for $750,000, eventually selling for an impressive $804,000.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 12 October 2020

October 12, 2020 Leave a comment

As Melbourne’s property market gradually regains momentum, CoreLogic has reported a ‘striking turn in housing market sentiment’, with significant increases in consumer confidence and new property listings over the past month.

Corelogic Head of Research, Tim Lawless, said ‘with restrictions starting to lift and private home inspections once again permitted, we expect to see activity lift [in Melbourne] in October’.

Similarly, after releasing the quarterly median house prices for September, the Real Estate Institute of Victoria [REIV] says that the ‘Victorian property market has survived everything thrown at it in 2020’, with results showing a new quarterly record for Regional Victoria at $442,500 for regional homes and house values in metropolitan Melbourne remaining strong, falling by just 1.7% over the quarter while recording a 7.4% annual growth.

‘Despite six months of COVID-19, lockdown and moratoriums, the Victorian Property Market continues to prosper with properties remaining more valuable than they were in 2019,’ REIV President, Leah Calnan, said. During this time, sales by private treaty have also increased in popularity, with units in metro Melbourne recording a 0.8 per cent growth to a new record, surpassing $600,000 for the first time.

In Fletchers news, we have seen a number of new properties hit the market and properties once again being listed for auction sales.

Success. It’s a Fletchers thing.

Categories: Uncategorized

Market Update 5 October 2020

October 5, 2020 Leave a comment

With private inspections now permitted, industry experts believe home buyers could spur on a late selling season for Melbourne’s property market.

According to Domain, ‘buyers and sellers have barely 12 weeks – the time it can take for a property settlement – to make a move before Christmas, after private inspections resumed this week’.

With the late start to Melbourne’s peak selling season a result of strict COVID-19 restrictions in Victoria, Real Estate Buyers Association of Australia President, Cate Bakos, believes many buyers have ‘arbitrarily set Christmas as an emotional date for their property goals’, with the large number of buyers and few properties on the market having left many with a case of ‘FOMO’. ‘Others have access to pre-approval and they’re not keen on going through that rigmarole again,’ she said.

NAB Chief Economist, Alan Oster, said that other Australian markets had fared better than first expected post-lockdown and suggested that the sudden increase in transactions could result in an uptick in house prices across October and November. ‘There will certainly be a spike in sales,’ he said.

Give me a call if you’re considering selling this Spring.

Categories: Uncategorized

Spring 2020 Market Update

October 1, 2020 Leave a comment

Spring has finally sprung for Melbourne’s real estate market!

With COVID-19 restrictions beginning to ease across metro-Melbourne, private inspections are back and vendors can put the sale of their property back into motion.

Throughout the entire lockdown, even Stage 4, we have seen a lot of buyer enquiry. On the flipside, there is very little stock available to accommodate this demand, so it is an excellent time for potential vendors to sell.

Have a listen to my market update.

Categories: Media