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Market Update | 20 & 21 February 2021

February 21, 2021 Leave a comment

Following the events of Victoria’s snap 5-day lockdown last week, Melbourne’s property market returned for its first Super Saturday of the year, which saw a remarkable 823 auctions recorded across the state.

Interestingly, the on-site ban of auctions and inspections during lockdown resulted in many agents choosing to reschedule auctions to the weekend just passed, leading to one of the biggest auction weekends of the year.

This brought in a total auction volume of $815 million for Victoria, with another $265 million from private sales.With agents reporting ‘no ill effects’ from Melbourne’s strict stage 4 restrictions, the latest news from Domain revealed that buyers were back at public auctions in big, socially distanced numbers’ on Saturday.

Domain Senior Research Analyst, Nicola Powell, also said that with news the COVID-19 vaccine roll-out would begin this week, confidence was growing.

‘With such strong results, more vendors will be enticed to the market eventually and while housing finance is as it is, the market is going to remain heated,’ she said.

With buyers out in droves on Saturday, our auction with the highest amount of bidders went to 9A Shepherd Street in Surrey Hills, which had a total of 7 bidders fight it out for the 3 bedroom, single level haven.

Success. It’s a Fletchers thing.

Categories: Uncategorized

AREA Awards

February 18, 2021 Leave a comment

Thrilled to be recognised as the #3 agent in the AREA Top Agent in Victoria category.

It was a tough 2020 for everyone but we managed to get through it and despite the recent lockdown, this year is looking much more promising!

As always, I am very grateful to my personal team and the wider Fletchers Group for their support, as well as the clients that entrust the sale of their most important asset with us.

Categories: Uncategorized

Auction | 11 Beatty Street, Mont Albert

February 3, 2021 Leave a comment

Boasting contemporary designer excellence, the property at 11 Beatty Street in Mont Albert was architecturally designed by our vendors, Lou and Paula.

Auction day drew a crowd but despite the interest in the home, we officially passed the property in. Our negotiations with the highest bidder were successful, with the home selling post-auction for $1,650,000.

Congratulations to our vendors and the successful purchaser!

Categories: Auctions

Market Update | 30 & 31 January 2021

February 1, 2021 Leave a comment

Record low interest rates and government incentives continue to have a positive impact on the property market, despite the economy still being in recovery-mode. The Domain House Price Report shows that apartment prices in Melbourne, for example, finished 2020 up by 2.5%. Middle-ring suburbs such as Burwood, Williamstown, Blackburn and Hampton recorded strong price growth.

Of course, Melbourne’s median house price now sits at $936,073 after rising 5.3% in the last three months of 2020. The resilience of Melbourne’s property prices is evident by not only surpassing pre-pandemic levels but setting new house and unit price records. One of the biggest increases in house prices was seen in the suburbs along the Mornington Peninsula, with the rush to buy a lifestyle property since the pandemic saw prices there rise by nearly 25% over the past year.

The last auction weekend for January 2021 saw the REIV report a strong clearance rate of 82%, compared to 69% at the same time last year. Whilst auction numbers are still low given the time of year, the Domain Group identified that it was first home buyers and upsizers dominating bidding activity over the weekend.

The Fletchers Group was thrilled to achieve an 80% success rate, with most properties attracting multiple bidders and generating plenty of competition.

Success. It’s a Fletchers thing.

Categories: Uncategorized

Market Update | 16 & 17 January 2021

January 20, 2021 Leave a comment

The Real Estate Institute of Victoria [REIV] has reported a landmark increase in median house prices in Victoria following the release of their quarterly December report.

Marking the largest increase in median values since the year 2000, metropolitan houses in Melbourne have now surpassed a median value of $900,000, jumping by 9.5 per cent from the September quarter to $941,000. Regional Victoria has also seen growth in the market, recording its highest quarterly growth since 2003.

In response, REIV President, Leah Calnan said, ‘Throughout the July and September quarters, we received constant reports of low listings and activity. Once restrictions across the state eased, demand and buyer competition skyrocketed. Certainly low interest rates and government incentives, including stamp duty concessions and first home buyers grants added to buyer appetite for the December quarter.’

A total of 29,500 transactions took place in Victoria over the December quarter, making it the highest number of transactions in 2020 after surpassing the March quarter, where 27,500 transactions took place.

Success. It’s a Fletchers thing.

Categories: Uncategorized

Market Update | 11 January 2021

January 11, 2021 Leave a comment

Making a momentous comeback from this time last year – when just 339 auctions were recorded, Victoria is seeing a swift reopening of the property market this Summer, with 992 auctions reported in the state over the weekend. Of those, 82% of properties scheduled for auction sold on the day, bringing in a total auction volume of $763 million for Victoria, as well as another $217 million via private treaty.

In addition to open for inspections and auctions having returned back to ‘COVID-normal’ across Melbourne, these early signs of recovery have been welcomed by agents and industry experts alike, including the Real Estate Institute of Victoria [REIV].‘It is really exciting. I think there is a portion of real estate agents who will still utilise private inspections and technology at auctions,’ REIV President, Leah Calnan, remarked.

Fortunately, we are already seeing more first-home buyers enter the market since Victoria’s extended lockdown, with many buyers citing an improved ability to save their deposit over the last 12 months.

‘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,’ said Loan Market Geelong Finance Broker, Sarah Thompson.‘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.’

It was first home buyers, for example, that recently purchased the three bedroom home at 29A Crest Grove in Nunawading.

Categories: Auction Wrap

Market Update | 4 January 2021

January 4, 2021 Leave a comment

Melburnians are gradually returning to work after a well-deserved break following a challenging and eventful year across the globe. As we hope to return to a sense of normalcy in 2021, Fletchers would like to wish our clients and friends a prosperous year ahead and look forward to being of service to you as Melbourne’s property market resumes.

After finishing the year on stronger footing, house prices are set to rise in all Australian capital cities in 2021. Buoyed by low interest rates, stimulus from the government and an improving economy, AMP Capital Chief Economist, Shane Oliver, predicts house prices will surge by 5 per cent nationally in 2021.‘The whole market is being driven by low interest rates, buyer incentives.

Obviously, the reopening of the economy and the improvement in the jobs market which are tending to dominate the negatives,’ he said. In a recent update from CoreLogic Australia, data is now showing that ‘as remote working opportunities become more prevalent and demand for lifestyle properties and lower density housing options become more popular’, housing markets in regional areas have also continued to surge, with demand currently outweighing supply.

Dr Oliver has echoed this sentiment, believing that ‘employees’ and businesses’ attitude to working from home have changed fundamentally as a result of this pandemic, which will change people’s attitudes towards commuting and lifestyle and ultimately, where they choose to live. I’d expect regional areas within a two-hour zone of Melbourne [and Sydney] could to be towards 10 per cent next year,’ he suggested.

With state-wide border closures and small, localised outbreaks of COVID-19 expected to emerge across the year, Commonwealth Bank Economist, Gareth Aird, says their current forecasts have taken these factors into account and that ‘while there’s nothing about this latest outbreak just yet that’s big enough to shift the dial, it is just a reminder that COVID-19 is still there.’

If you’re looking for assistance or advice on your property plans over the next 12 months, get in touch to help optimise your marketing strategy and achieve the best outcome for your home.

My team and I would like to wish you all the year ahead! Enjoy your Summer and we look forward to helping you on your property journey in 2021.

Categories: Auction Wrap

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