Archive for July, 2021

Market Update | 24 & 25 July 2021

Today the Victorian Government has confirmed that as of 11:59pm tonight, the current state-wide lockdown will be over. The new restrictions will be in place for the next two weeks.

In relation to real estate, on-site auctions can resume with a maximum patron cap of 100 and buyers and renters can register for private inspections, to a maximum of 10 people. Real estate offices can also reopen, with a 25 per cent capacity limit.

Over the week, vendors planning an auction sale were once again required to make an important decision for their sales campaign. Sell prior, proceed to online auction or push their auction date out in the hope of it being called out on the street. Our vendors opted for a mix of these choices as once again, they adapted to the conditions we have become so used to.

We started the week with an online auction on Monday evening for 3/289 Mont Albert Road in Surrey Hills. Four bidders competed for the newly renovated and extended two-storey home. The property went on to sell under the hammer, showcasing how comfortable both vendors and buyers have become with the online auction method of sale.

Also in Surrey Hills, the contemporary yet low-maintenance home at 1/291 Elgar Road sold prior to the scheduled online auction. My team and I worked alongside Ian van Eijk from the Blackburn office โ€“ their vendors are stoked with the result!

Nick Fletcherโ€™s vendor at 11 Mitchell Street in Richmond opted to sell prior as well, finalising the sale on Friday night. Renovated and extended, the single-fronted home offered the perfect configuration for young professionals.
Stay safe!

๐™Ž๐™ช๐™˜๐™˜๐™š๐™จ๐™จ. ๐™„๐™ฉโ€™๐™จ ๐™– ๐™๐™ก๐™š๐™ฉ๐™˜๐™๐™š๐™ง๐™จ ๐™ฉ๐™๐™ž๐™ฃ๐™œ.

Categories: Uncategorized

Market Update | 17 & 18 July 2021

๐Œ๐ž๐ฅ๐›๐ฎ๐ซ๐ง๐ข๐š๐ง๐ฌ ๐ฐ๐ž๐ซ๐ž ๐ฉ๐ฅ๐ฎ๐ง๐ ๐ž๐ ๐ข๐ง๐ญ๐จ ๐š๐ฅ๐ฅ ๐ญ๐จ๐จ ๐Ÿ๐š๐ฆ๐ข๐ฅ๐ข๐š๐ซ ๐ญ๐ž๐ซ๐ซ๐ข๐ญ๐จ๐ซ๐ฒ ๐ฅ๐š๐ฌ๐ญ ๐“๐ก๐ฎ๐ซ๐ฌ๐๐š๐ฒ, ๐ฐ๐ข๐ญ๐ก ๐ญ๐ก๐ž ๐š๐ง๐ง๐จ๐ฎ๐ง๐œ๐ž๐ฆ๐ž๐ง๐ญ ๐จ๐Ÿ ๐จ๐ฎ๐ซ ๐Ÿ๐ข๐Ÿ๐ญ๐ก ๐ฌ๐ญ๐š๐ญ๐ž-๐ฐ๐ข๐๐ž ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง ๐›๐ž๐œ๐š๐ฎ๐ฌ๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‚๐Ž๐•๐ˆ๐ƒ-๐Ÿ๐Ÿ— ๐ฉ๐š๐ง๐๐ž๐ฆ๐ข๐œ. ๐–๐ข๐ญ๐ก ๐จ๐ฏ๐ž๐ซ ๐Ÿ,๐ŸŽ๐ŸŽ๐ŸŽ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐ ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐ฐ๐ž๐ž๐ค๐ž๐ง๐, ๐ฏ๐ž๐ง๐๐จ๐ซ๐ฌ ๐ฐ๐ž๐ซ๐ž ๐Ÿ๐จ๐ซ๐œ๐ž๐ ๐ญ๐จ ๐ช๐ฎ๐ข๐œ๐ค๐ฅ๐ฒ ๐๐ž๐œ๐ข๐๐ž ๐ฐ๐ก๐ž๐ญ๐ก๐ž๐ซ ๐ญ๐จ ๐›๐ซ๐ข๐ง๐  ๐ญ๐ก๐ž๐ข๐ซ ๐ฉ๐ซ๐จ๐ฉ๐ž๐ซ๐ญ๐ฒ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐Ÿ๐จ๐ซ๐ฐ๐š๐ซ๐ ๐ญ๐จ ๐“๐ก๐ฎ๐ซ๐ฌ๐๐š๐ฒ ๐ง๐ข๐ ๐ก๐ญ, ๐ฆ๐จ๐ฏ๐ž ๐ญ๐จ ๐š๐ง ๐จ๐ง๐ฅ๐ข๐ง๐ž ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง, ๐จ๐ซ ๐ฉ๐จ๐ฌ๐ญ๐ฉ๐จ๐ง๐ž.

Our vendors at 8 Golden Ridge Drive in Croydon Hills opted for a dusk auction on Thursday night. Offering broad appeal, the contemporary family home attracted six bidders, with the property selling under the hammer for $1,052,000. Our Blackburn and Ringwood teams worked together seamlessly to achieve an excellent result!

In Burwood East, the auction of 49 Hilltop Crescent was also brought forward to Thursday night. The immaculate brick home offered scope for renovation and saw five bidders compete for the opportunity. The property sold under the hammer for $1,425,000.

By the weekend, auctions moved online to comply with the current government restrictions. Auctioneer Rod Burton fielded bids from 7 parties at the auction for 1A Pearwood Street in Ringwood. Most bidders opted to place their bids via the chat function, each trying to place the winning bid to secure the single-level home. It wasn’t until the very pointy end of the auction, when a new bidder emerged, after waiting patiently for most of the auction. Calling out his bid the “old-school” way, he went on to place the winning bid and would become the new owner of 1A Pearwood Street.

We encourage you to keep up to date with changes on our website to auction dates, times, and locations. As we await further news on restrictions, many auctions are being moved online and/or their times being updated.

My team and I will be holding an online auction at 5pm tonight for 3/289 Mont Albert Road in Surrey Hills.

Our sales and property management teams continue to work remotely and are available to assist you with any questions you may have. Be safe and well.

Categories: Uncategorized

Market Update | 10 & 11 July 2021

๐€๐ฌ ๐ฌ๐œ๐ก๐จ๐จ๐ฅ ๐ก๐จ๐ฅ๐ข๐๐š๐ฒ๐ฌ ๐œ๐จ๐ฆ๐ž ๐ญ๐จ ๐š๐ง ๐ž๐ง๐ ๐š๐ง๐ ๐ฆ๐š๐ง๐ฒ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ซ๐ž๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐ ๐ญ๐จ ๐‰๐ฎ๐ฅ๐ฒ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐๐ฎ๐ž ๐ญ๐จ ๐Œ๐ž๐ฅ๐›๐จ๐ฎ๐ซ๐ง๐ž’๐ฌ ๐ญ๐ฐ๐จ-๐ฐ๐ž๐ž๐ค ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง, ๐ฐ๐ž ๐ž๐ฑ๐ฉ๐ž๐œ๐ญ ๐ญ๐จ ๐ฌ๐ž๐ž ๐ข๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ ๐š๐œ๐ญ๐ข๐ฏ๐ข๐ญ๐ฒ ๐จ๐ฏ๐ž๐ซ ๐ญ๐ก๐ž ๐ง๐ž๐ฑ๐ญ ๐Ÿ๐ž๐ฐ ๐ฐ๐ž๐ž๐ค๐ฌ.

On Saturday. close to 1,000 properties were scheduled to go under the hammer, up 14 per cent from the previous week. The Real Estate Institute of Victoria [REIV] reported a clearance rate of 79 per cent, whilst the Fletchers Group was thrilled to achieve a success rate of 86 per cent for our clients.The Domain coffee van kept everyone warm at the auction of 39 Stanton Street in Greensborough, which we were very grateful for! Six bidders competed to secure the home, which sold under the hammer for $737,000.

My colleague Steven Zervas represented some of his old school friends with the sale of 1/65 Blaxland Drive in Dandenong North. A total of three bidders competed to secure the stylish two-bedroom town home, which sold for $509,000. Steven was pleased to have been entrusted with the sale of the property.

Our Blackburn office had a huge auction weekend, achieving a 100% success rate under the hammer. Amongst the results was the sale of the classic three-bedroom home at 17 Neville Street in Box Hill South, which offered opportunity to build a luxury residence or multiple townhouses, The property sold for $1,676,000. In Burwood, the stunning family home at 49A Somers Street saw four parties participate in bidding, until the home sold under the hammer for $1,790,000.

The upcoming Spring selling season is sure to be a real test for the property market, as there should be a greater supply of stock becoming available. However, economists at the big four banks expect property prices to surge by at least 10 per cent and as much as 17 per cent this year, before growth slows to a still solid 5-6 per cent in 2022.

Success. It’s a Fletchers thing.

Categories: Uncategorized

Auction | 10 Mahala Court, Blackburn South

We saw strong, spirited bidding at the auction of 10 Mahala Court in Blackburn South. It’s not just the street name that sounds nice, the home offers contemporary finishes, privacy and an excellent location.

Bidding started at $1,200,000 and the four participating bidders quickly saw the property announced ‘on the market’, before it went on to sell under the hammer.

Congratulations to the successful purchasers and we’re so happy for our vendors, Branko and Jess!

Categories: Uncategorized

Market Update | 3 & 4 July 2021

๐ˆ๐ญ ๐ฐ๐š๐ฌ ๐š ๐ช๐ฎ๐ข๐ž๐ญ๐ž๐ซ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฐ๐ž๐ž๐ค๐ž๐ง๐ ๐๐ฎ๐ž ๐ญ๐จ ๐ญ๐ก๐ž ๐ฌ๐œ๐ก๐จ๐จ๐ฅ ๐ก๐จ๐ฅ๐ข๐๐š๐ฒ๐ฌ, ๐ฐ๐ข๐ญ๐ก ๐š๐ฉ๐ฉ๐ซ๐จ๐ฑ๐ข๐ฆ๐š๐ญ๐ž๐ฅ๐ฒ ๐Ÿ–๐Ÿ“๐ŸŽ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐. ๐ˆ๐ญ ๐Ÿ๐จ๐ฅ๐ฅ๐จ๐ฐ๐ฌ ๐š๐ง ๐ข๐ง๐ญ๐ž๐ซ๐ซ๐ฎ๐ฉ๐ญ๐ž๐ ๐ฆ๐จ๐ง๐ญ๐ก ๐จ๐Ÿ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐‰๐ฎ๐ง๐ž, ๐ฐ๐ก๐ž๐ซ๐ž ๐ซ๐ž๐ฌ๐ฎ๐ฅ๐ญ๐ฌ ๐ฐ๐ž๐ซ๐ž ๐š๐Ÿ๐Ÿ๐ž๐œ๐ญ๐ž๐ ๐›๐ฒ ๐‚๐Ž๐•๐ˆ๐ƒ-๐Ÿ๐Ÿ— ๐ซ๐ž๐ฌ๐ญ๐ซ๐ข๐œ๐ญ๐ข๐จ๐ง๐ฌ, ๐ข๐ง ๐ฐ๐ก๐ข๐œ๐ก ๐ญ๐ก๐ž ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐ฆ๐จ๐ฏ๐ž๐ ๐จ๐ง๐ฅ๐ข๐ง๐ž ๐Ÿ๐จ๐ซ ๐ญ๐ฐ๐จ ๐ฐ๐ž๐ž๐ค๐ฌ ๐๐ฎ๐ซ๐ข๐ง๐  ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง.

Domain senior research analyst, Nicola Powell, said Melbourne’s auction clearance rate dipped in June to 70.4 per cent, 1 percentage point lower than in May. She further commented that “the impact of lockdowns and COVID-19 weighed heavily on the auction market over the month, nevertheless the city still recorded its highest June result since 2015”.

The Fletchers Group was thrilled to achieve a clearance rate of 86 per cent over the weekend. There were three auctions scheduled in Box Hill North, one selling prior, one selling under the hammer and one shortly after auction. My team and I sold the near-new residence at 10 Janda Court prior, its architecture, style and luxury fixtures and fittings attracting a lot of interest throughout the campaign. Three bidders competed for the property at 87 Woodhouse Grove, which offered the opportunity to renovate, extend or build brand new (STCA). Finally, 120 Dorking Road attracted four bidders and ultimately sold post auction. Neat and tidy, the charming two-bedroom home sits on a large block of approximately 769 sq m.

Offering scope to subdivide and develop (STCA), the three-bedroom home at 45 Alvena Crescent in Heathmont sits on approximately 777 sq m and sold under the hammer. My colleague Trudy Brewster ran an excellent campaign, and I auctioned the property.

In Balwyn North, the contemporary three-bedroom home at 44 Kawarren Street attracted two bidders and sold under the hammer for $1,400,000. Within the Balwyn High School zone, the home had been updated and enhanced, but also offered opportunity as an ideal home site (STCA).

Success. It’s a Fletchers thing.

Categories: Uncategorized