Archive

Author Archive

Auction | 2/16 Bentley Street, Surrey Hills

November 25, 2020 Leave a comment

Tranquility, peace and that enviable single-level living was on offer at the auction of 2/16 Bentley Street in Surrey Hills.

We conducted the auction in a hybrid format, and passed the property in to an online bidder at $1.2 million. We successfully negotiated a result for our vendors post auction, at $2,300,000. A great outcome for all parties!

Categories: Auctions

Market Update | 24 November 2020

November 24, 2020 Leave a comment

As more COVID-19 restrictions were eased in Victoria over the weekend, the latest data from the Real Estate Institute of Victoria has revealed the state’s lowest days on market since 2009.

With the average Victorian home spending just 33 days on market, Real Estate Institute of Victoria [REIV] President, Leah Calnan, says that ‘the Victorian real estate market is starting to shine post COVID-19 restrictions, with homes across the state taking less time to sell’.

Comparatively, homes in metropolitan Melbourne are currently selling within just 25 days on market, a huge comeback after a sluggish average of 71 days on market in September.

‘Days on market is a strong indicator of buyer’s desire. Competition between buyers is heating up, and people aren’t waiting to purchase the property they want,’ she said. Starting from this week, ‘indoor real estate inspections will be able to open to a maximum of 20 people, subject to density limits, while outdoor auctions can include up to 50 people from any number of households,’ as reported by ABC News.

In Fletchers news, a total of 6 bidders were seen competing for the 4-bedroom, 3-bathroom property at 11/924 Toorak Road in Camberwell on Saturday. Quietly tucked away at the rear of a development, my team and I sold the contemporary large family town residence for $1,408,000. Success.

It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 14 & 15 November 2020

November 16, 2020 Leave a comment

After coming out of another weekend of strong auction results, the Fletchers Group achieved a solid clearance rate of 84.62%, slightly above the state-wide average of 82%, with 384 auctions reported across Victoria.

With the backlog of buyer demand that had built up amid stage four restrictions, Melbourne’s property market is now seeing more homes selling quicker than new ones being listed, leaving buyers struggling to find property in time for Christmas.

According to Domain, ‘despite a staggering 170.9% jump in new listings in October,’ Senior Research Analyst, Nicola Powell, says ‘stock is being absorbed at a greater rate than new stock is coming onto the market’.

As we move into a seller’s market post-lockdown, Buyer’s Advocate and Real Estate Buyers Agents Association of Australia President, Cate Bakos said vendors were now taking pre-auction offers, leaving ‘the days on market so tight; agents, vendors and buyers are all creating that perfect storm’.

With multiple properties selling above the $1 million mark, our highest sale for the weekend went to 32 High Street in Mont Albert. My team and I sold the property under the hammer for $2,365,000.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Auction | 11/176-178 Union Road, Surrey Hills

November 13, 2020 Leave a comment

We were thrilled to market and sell the uniquely designed two bedroom home at 11/176-178 Union Road in Surrey Hills.

We passed the property in on a genuine bid and then went on to sell it for an excellent price after negotiations with the highest bidder. Our vendors are rapt with the result and the successful purchasers have bought into a highly desirable locale.

Categories: Auctions

Market Update | 10 November 2020

November 10, 2020 Leave a comment

After achieving another 100% auction clearance rate for the second weekend in a row, our Fletchers agents are showing no signs of slowing down as the market continues to heat up leading into Christmas.

‘The market is now showing great resilience after so much uncertainty during stage 4 lockdown,’ my colleague Steven Zervas remarked.

Complemented by an abundance of activity and strong demand for property across Victoria, the recent announcement from Premier Dan Andrews on removing both the ‘ring of steel’ and 25km travel limit are set to open new opportunities for the backlog of buyers and sellers looking for a lifestyle change.

In a recent article from Brokernews.com.au, many are now questioning whether COVID-19 has changed real estate forever, with many Australians now reassessing their lives, locations and lifestyle.

‘Traditionally, millions of people have chosen to live in areas that didn’t necessarily deliver their ideal lifestyle, but did provide convenience. Moving forward, many people will cease their daily commute and live in an ideal location and enjoy an effective work routine without the stress-inducing travel,’ the article stated.

After the Reserve Bank cut the official cash rate to 0.1%, buyers have been out in force. We saw multiple bidders at all our auctions on the weekend, whether they secured a spot on-site or participated in bidding online.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Auction | 5 Conder Avenue, Burwood

November 5, 2020 Leave a comment

My team and I were thrilled to achieve a successful result at auction for our vendors of 5 Conder Avenue in Burwood.

The auction was a “licorice allsorts” sale with six registered bidders – three onlline and three onsite. “The people who bought it were online and are a family” – no doubt they will get years of enjoyment with low maintenance yet luxurious living.

Congratulations to our vendors, all the best for the future.

Categories: Auctions

Market Update | 4 November 2020

November 3, 2020 Leave a comment

Following a remarkable auction clearance rate of 100% for the Fletchers group on Saturday, Melbourne’s property market is already making a comeback.

With fierce competition amongst buyers, our agents reported strong attendance at auction, with as many as 6 bidders participating in the sale for 5 Conder Avenue in Burwood on Saturday, which was sold by my team and I for $1,450,000.

AMP Capital Chief Economist, Shane Oliver, suggested that the uptake in auction activity ‘was probably due to the pent-up demand of buyers and sellers back on the market after the city and property market was locked down during the worst of the coronavirus pandemic,’ according to Domain.

While real estate activity over the Melbourne Cup long weekend traditionally sees auction volumes dip across the city, CoreLogic has instead predicted a 27% increase in auctions, with 690 homes scheduled for sale. ‘It’s an increase from the 490 homes that went to auction last week, while just 255 homes went under the hammer on the same weekend last year,’ Real Estate Business reported.

The RBA delivered good news for home buyers with a rate cut on Cup Day, with the official cash rate now at 0.10 per cent.

Success. It’s a Fletchers thing.

Categories: Uncategorized

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