Archive

Archive for the ‘Auction Wrap’ Category

Auction Snapshot | 21 & 22 March 2020

Amidst the changing face of real estate in the wake of COVID-19, last weekend saw 930 properties scheduled for auction, bringing in a total volume of $589 million and a slightly reduced clearance rate of 66% for the state.

With ‘Stage 1’ lockdowns now in effect, the real estate industry continues to operate auctions, property inspections, sales and property management under the appropriate health and safety protocols as advised by the State and Federal Governments.

REIA President, Adrian Kelly, said that estate agents are pretty good at adapting to these circumstances, also mentioning that he was ‘not expecting to see an impact on the value of homes.’

As things continue to change, virtual tours, Facebook Live videos and online bidding capabilities are being implemented across the industry in order to assist buyers and sellers currently in the market.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 7 & 8 March 2020

Despite less properties heading to auction over Melbourne’s Labour Day long weekend, the 316 properties that were scheduled to go under the hammer resulted in a clearance rate of 71 per cent, marking a 20 per cent gain when compared with this time last year.

‘The long weekend in Melbourne means we can’t read too much into Saturday’s result. There were more than double the number of auctions on Saturday in Melbourne compared to the same Saturday a year ago,’ said Domain Research Analyst, Trent Wiltshire.

According to Domain, some sellers even used free toilet paper to lure buyers to auction over the quiet weekend. ‘Toilet paper hoarders may be using their stockpiles to their advantage, but in the wider market agents say COVID-19 has, so far, had little negative impact,’ writes Senior Journalist, Melissa Heaney.

With demand for property remaining strong, house prices having already passed their 2017 peak and further cuts made to interest rates over the last couple weeks, Domain predicts Melbourne’s median house prices are on track to hit $1 million by mid-to-late next year.

Following a perfect clearance rate of 100% over the long weekend, the Fletchers group was pleased to see consistently strong numbers of bidders across Melbourne’s Eastern suburbs, with as many as 3 to 4 bidders seen in suburbs like #BoxHillSouth#Blackburn and #SurreyHills.

Categories: Auction Wrap

Auction Snapshot | 29 February & 1 March

The latest figures from CoreLogic have revealed that concerns around Coronavirus have done little to dampen Melbourne’s rising property market. The surge has seen house prices increase another 1.2 per cent in February, climbing at its fastest rate on record.

According to News.com.au, a survey of 40,000 respondents from Australia’s number one reviews, ratings and rankings website for real estate agents, RateMyAgent, found significant increases in seller happiness over the last 12 months, with ‘the explosive recovery in the Australian housing market [having] translated to happier sellers, with satisfaction at sale prices doubling in one year’.

Both Melbourne’s Southern and Eastern suburbs ranked in the top 10 happiest areas on RateMyAgent, coming in at first and third place, respectively.

Real estate agents have also seen property investors return to the market in recent months, with investor home loans climbing by 22 per cent between May and December of 2019. Buyers advocate, Cate Bakos, said ‘they’re now looking for properties with land – so older homes, villa units or townhouses that have land attached are popular.’

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 22 & 23 February

February 25, 2020 Leave a comment

Larger volumes of properties going under the hammer over the weekend has put rising buyer confidence to the test, with auction clearance rates in Melbourne remaining exceptionally strong on Saturday.

Domain Senior Research Analyst, Nicola Powell, believes the upward trend will continue throughout March. ‘I think [Saturday’s] result really was a real test of 2020 for the auction market because what we saw was a much larger number of homes going under the hammer. It really shows the confidence and buyer demand.’

As a result, Domain reported that home buyers across Melbourne are ‘fending off stiff competition and stretching past their budgets’ in order to secure a home, which has been the catalyst for continued house price growth in the auction market so far this year.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 15 & 16 February 2020

February 17, 2020 Leave a comment

Melbourne’s auction market continues to gain momentum, with the second weekend of results for the year showing a phenomenal auction clearance rate of 82%.

When compared with 60% this time last year, current results demonstrate ‘that vendors are really confident going into their auction and confident that they have enough buyers to create that competitive auction environment,’ said Domain Senior Research Analyst, Nicola Powell.

Interestingly, the recent gains for the auction market come as news of Melbourne’s median house prices reach record-breaking highs. According to the REIV, the December 2019 quarter revealed a tremendous increase of 3.7% for houses and 3.8% for units in metro areas. These figures mark the first time that house values have surpassed $850,000 and unit values have surpassed $630,000, with new benchmarks set across the inner, middle and outer rings of Melbourne.

‘These are outstanding figures; the Victorian real estate sector continues to soar to new heights. Buying in Victoria is a great investment; house and unit values are growing across the entire state. Anybody who invested here is getting a great return,’ said REIV President, Leah Calnan.

In Fletchers news, our solid weekend of results saw a total of 14 properties sell across the Fletchers Group, with as many as 6 bidders at auction in spite of the cooler conditions.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 8 & 9 February 2020

February 11, 2020 Leave a comment
Making a remarkable comeback from the 2017-19 downturn, Melbourne’s housing market has seen a 20 per cent increase in auction clearance rates from this time last year. With renewed buyer confidence already driving positive results in the market, industry experts are expecting a busy start to the year.
 
‘The market is kicking back into gear and we’ll begin to see lots of new listings come on between now and Easter. This weekend’s clearance rates really illustrate the confidence that has come back into the market,’ said Domain Senior Research Analyst, Nicola Powell.
 
With the Reserve Bank having announced its decision to keep interest rates on hold at 0.75 per cent, CoreLogic Head of Research, Tim Lawless, said ‘housing markets have well and truly responded’ to lower interest rates, ‘with national housing values rising 6.7 per cent since the first rate cut in June through to the end of January’.
 
Results. It’s a Fletchers thing.
Categories: Auction Wrap

Auction Snapshot | 1 & 2 February 2020

February 4, 2020 Leave a comment

As we begin to wave goodbye to another Summer in Melbourne, it’s been incredible to see a first-class clearance rate of 100% across the Fletchers Group for the first auction weekend of 2020! Compared with the industry-wide result of 69%, Fletchers are proud to have an extremely hard-working team of sales agents who have not only made a remarkable start to the year, but who go above and beyond to help their vendors maximise their results.

After a solid end to 2019, we have seen first-home buyers and upsizers make up the majority of home loan applications over Summer, with mortgage brokers reporting an influx of enquiries over the Christmas break.

House prices for 2020 are now expected to grow, with Senior Economist, Felicity Emmet from ANZ forecasting an impressive 4.3% increase in house prices over the next 12 months. As a result, economists expect that Melbourne’s property prices will be restored in full by June of this year, following the 18-month downturn.

Interestingly, Melbourne’s inner-city suburbs have led the property market recovery, which is said by many to have happened much quicker than expected. The top 10 house price rises from the last quarter include a number of inner eastern suburbs, such as St Kilda East, with a 23% increase year-on-year, Canterbury, with a 17% increase year-on-year, Caulfield North, Hawthorn and Box Hill.

Over the weekend, my team and I sold a 4 bedroom weatherboard charmer at 11 William Street in Box Hill well above expectations. Traditionally decorated with ornate ceilings and peacefully placed in a tree-lined, family-friendly locale, this delightful home was listed on the market for $1,400,000 and featured 3 bidders on the day, selling for $1,551,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap