Archive for March, 2021

Auction | 4/12 Raynes Street, Balwyn

A good old fashioned key-turner…nothing for the purchaser to do!

Offering a great community feel, the newly renovated two bedroom villa unit is in a great location within the Balwyn High School zone. The Sunday auction saw six bidders compete to secure the home, which sold under the hammer for $825,000.

Congratulations to the successful purchaser and our vendor Akemi!

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Auction | 25 Roy Street, Donvale

After nearly 40 years, the elegant three bedroom home at 25 Roy Street in Donvale was up for auction, ready for a new family to make their own memories.

There was a great vibe on auction day and nice to see the successful purchasers so excited when they realised they had secured the home! Thank you to our vendors, Nola and Dale, for their kind words – congratulations again!

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Market Update | 27 & 28 March 2021

The last auction weekend of March was a big one, with over 1,500 auctions scheduled in Melbourne. In fact, Domain figures show that it was the busiest auction day since March 2018, and its third-biggest auction day on record!

Domain’s Dr Nicola Powell said that the large volume of auctions “shows the market is returning to normal seasonal dynamics” just five months after Melbourne emerged from its second lockdown. Figures released earlier this month support this observation, showing that Australian house prices grew by 2.1 per cent in February, the biggest month-on-month gain in 17 years.

Dr Powell further commented that the high volume of auctions over the weekend would be “a real test to see if there are enough buyers in the market to absorb the high level of auctions occurring”. It certainly seems that the market passed the test and there are still plenty of buyers in the market, with the Real Estate Institute of Victoria [REIV] recording a clearance rate of 85 per cent.

The Fletchers Group was thrilled to achieve a third consecutive weekend with a clearance rate of above 90 per cent. Domain reports that a high clearance rate points to strong price growth – an auction clearance rate of 70 per cent is usually correlated with annual price growth of about 10 per cent.

There was not much rest over the weekend for my team and I, as we sold two more homes under the hammer after what was already and busy successful day on Saturday.

The Easter weekend will see the property market take an expected break due to the long weekend. With low interest rates and the easing of credit by banks, strong activity is set to resume straight after, with many auction bookings scheduled over April. There are also five auction weekends available in May, which we expect will be another bumper month for the property market after such a robust start in the first quarter of 2021.

On behalf of my team, I hope you have a safe and happy Easter long weekend.

Success. It’s a Fletchers thing.

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Market Update | 20 & 21 March 2021

Another stunning weekend of results for the Fletchers group on Saturday, with over 94% of properties selling at auction. Once again, our dedicated sales team has surpassed Victoria’s state-wide clearance rate of 84%, with 18 properties sold across our network.

In what some agents are now referring to as a ‘second Spring’, current buyer activity and low stock levels have become the catalysts for rising house prices, with auctions becoming more competitive as the weeks progress. Despite a wave of public holidays on the horizon, next weekend is expected to be even busier, with more than 1,550 auctions currently scheduled across Victoria.

In Surrey Hills, a stunning three-bedroom Californian Bungalow at 53 Suffolk Road sold under the hammer for $2.1 million, $455,000 above the reserve. Four active bidders pushed the final sale price well beyond its initial $1.7 million price point.

Reflecting on the intense competition for properties in the area, my thoughts are that ‘the market is rapidly increasing at the moment, and while from a vendor’s perspective it is heaven, from a buyer’s perspective, it is tricky because they’re aware that if they don’t buy now, then prices are going to be higher next month.’

More stock is expected to come onto the market in the coming months as more vendors feel at ease putting their properties on the market. ‘I find activity breeds activity. If people are seeing prices going up, as a seller, you are more comfortable putting your property on the market. As a buyer, you are perhaps more prepared to step out of your comfort zone’.

Success. It’s a Fletchers thing.

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Market Update | 13 & 14 March 2021

Melbourne’s rainy weather proved no deterrent for buyers at auction over the weekend, with exceptional results achieved across all suburbs and prices ranges.

Culminating in a stunning outcome for the Fletchers Group, 28 out of 29 properties were sold across our network on Saturday, resulting in an auction clearance rate of 96.55%. In Victoria, 825 auctions and 178 private sales took place, resulting in a state-wide clearance rate of 82%.

Current trends at auction suggest that the historically low interest rates of 0.10% are directly affecting borrowing power, pushing up property prices significantly from where they were a year ago.‘Ultra-low interest rates are pushing up property prices, with new figures showing the average home buyer could spend $41,000 more at auction than a year ago,’ according to Domain.

The article continues, ‘with cheaper mortgage repayments, a borrower on an average income of $89,000 who has saved a 20% deposit could have a budget of $806,250. A year ago, the same buyer would have had less borrowing power and a budget of only $765,000. Both figures assume their home loan was at the lowest variable rate,’ research from comparison website, Canstar, had found.

In Fletchers news, our busy auction weekend showed no signs of slowing down, with several properties selling well above their reserve price and buyers becoming more bullish as competition increases week-to-week.

Success. It’s a Fletchers thing.


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Market Update | 6 & 7 March 2021

Melbourne’s auction market continued to achieve solid results well over the Labour Day long weekend, with 84% of properties sold at auction, the same figure as the week prior.

Last month, news that Australia had experienced the fastest growing property prices in almost two decades made headlines across the country, with both capital cities and regional areas recording price increases. To date, the latest data from Domain suggests that ‘the limited number of properties on the market is barely meeting buyer demand’ in what has been described as ‘bursting at the seams after a long year of restrictions that suppressed buying and selling for weeks at a time.’

With the sheer level of competition forcing house prices up quickly, record-low interest rates and improved consumer sentiment have also resulted in a flood of investors returning to the market, many targeting the country’s high end, luxury property market. ‘There are definitely more investors popping up in the housing market, more than we’ve typically had,’ one agent recalled.

Domain senior research analyst Nicola Powell said the property market had changed dramatically since last year. “At the start of this year, really from the end of last year, sellers and buyers have been in a different position because the market is rising rapidly,” Dr Powell said. “If you sell first before you purchase, what many may now be finding is that the market is running away from them and gaining in price.”

Our vendors Alan and Melissa Wesson feel very lucky they have somewhere to live if they cannot find another property when they sell. We listed their Surrey Hills home of 20 years this week, but they also own an apartment in the are too. “We’re not overly concerned about it,” Mr Wesson said. “We’d like to get a reasonable price for our place and find another that ticks all of our criteria boxes. We would be prepared to wait for that.”

Success. It’s a Fletchers thing.

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Market Update | 28 & 28 February 2021

In the wake of Victoria’s second Super Saturday of auctions for the year, which saw 937 auctions recorded across the state, Melbourne’s property market continues to show no signs of slowing down.

As competition between buyers climbs to an all-time high, demand is currently outweighing supply, with hundreds of properties now selling above their reserve and many agents seeing multiple bidders at auction.

‘The thing that we’ve really been seeing over the past couple of weeks, is that buyers are trying to jump on homes for sales quite quickly and buy prior to auction. There’s such a depth and strength to the market at the moment,’ said one agent.

In Fletchers news, my team and I were thrilled with the sale for 35 Broughton Road in Surrey Hills on Saturday. With 3 bidders participating in the auction, the eye-catching, 4-bedroom Californian Bungalow sold for $1,878,000, a remarkable $178,000 above its reserve price.

Congratulations to all the buyers and sellers at auction this weekend and best of luck to all those currently in the market.

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Box Hill North: Forging its own path

A trio of Melbourne’s eastern suburbs have a northern bandwidth tuned into an increasingly desirable frequency. And Box Hill North, between Mont Albert North and Blackburn North, is the star performer.

Once a bridesmaid, but now for many a first-choice location, it’s a distinct entity from its Box Hill and Box Hill South counterparts and has its own story to tell.

The Eastern Freeway, which forms much of the suburb’s northern border, plays an important part in Box North’s differentiation, director Tim Heavyside, of Fletchers real estate agency, says.

“There’s really easy access to the freeway, which makes a difference in desirability,” he says. “But what we’ve seen over the not too distant past is people priced out of Balwyn North, East Kew and Mont Albert saying, ‘We can find something much better in Box Hill North.’ It’s a lovely area with lots of amenity for families.”

Read more here:

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