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Market Update | 21 December 2020

December 21, 2020 Leave a comment

Victoria’s road to recovery has seen demand flooding back to the market this month, setting up for a solid start to the New Year.

According to CoreLogic Australia, housing values rose across every capital city in November, with property prices set to surpass their pre-COVID highs early next year. ‘If housing values continue to rise at the current pace, we could see a recovery from the COVID downturn as early as January or February,’ CoreLogic’s Head of Research, Tim Lawless, remarked.

Another positive trend coming out of lockdown has been the sharp rise in activity from first-home buyers, with many reports that both couples and singles have used this time to boost their savings and secure themselves a house deposit.

‘The biggest thing I’ve seen this year with Victoria’s lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings. I’ve had a lot of clients who were hoping to be able to save enough to buy something later this year or next year. But with the extra savings they’ve made during lockdown, they’ve been able to bring that forward a bit,’ said Sarah Thompson of Loan Market Geelong.

Over the weekend, Fletchers achieved a very strong auction clearance rate of 83.87%, selling a remarkable 27 properties across our office network on Saturday alone. My person team sold 5/6 properties under the hammer which was fantastic, although we were sad to say it was the last day at work for our colleague, Harley Toyle who we will miss very much!

‘Well done on another great day today – with so many multiple bidders. It certainly looks like we are in for a strong start in the New Year,’ said Fletchers Executive Chairman, Rob Fletcher.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 14 December 2020

December 14, 2020 Leave a comment

It’s shaping up to be a busy season for the property market this Summer, with more than 2,100 auctions recorded in November; the highest numbers seen since the beginning of lockdown in March.


While December is a traditionally quiet month for the real estate sector, the industry is expecting to see another rise in auction numbers. Already this month, the Real Estate Institute of Victoria [REIV] has recorded more than 600 auctions across the state, with a clearance rate of 74% in the first week alone.


According to the Real Estate Institute of Victoria [REIV], ‘homes sold by private treaty are also selling fast, with homes in metro Melbourne spending an average of just 25 days on market and 43 days in regional Victoria before being sold’.


Similarly, the number of vendors accepting an offer on their home prior to auction has also soared in recent times. In Melbourne, Domain reports that ‘one quarter of reported sales, or 25.1%, were sold prior to auction last month, compared to 16.6% a year ago’.


‘Sold priors are an indication of a market on the move. In Melbourne, there has been such a long time in lockdown, people just don’t want to wait any more, particularly if a buyer puts in a strong offer for the house they want,’ Senior Analyst, Nicola Powell remarked.


In Fletchers news, a total of 22 properties were sold across our network over the weekend, with a strong show from both buyers and bidders at auction.


Success. It’s a Fletchers thing.

Categories: Auction Wrap

Auction | 7 Neath Street, Surrey Hills

December 1, 2020 Leave a comment

Architecturally designed and customised to every family desire, the auction of 7 Neath Street in Surrey Hills brought out buyers who were determined to secure the modern and sophisticated home.

Our vendors presented the home exceptionally well throughout the campaign and their efforts were rewarded with strong bidding from three parties.

After an opening bid of $3 million, the property went onto sell under the hammer for $4,005,000.Success.

It’s a Fletchers thing.

Categories: Auctions