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Market Update | 6 July 2020

Amidst the increasing COVID-19 infection rates in Victoria, auction clearance rates peaked at 72% over the weekend; a 6% increase on the previous week.
Of the 300 properties scheduled for auction, 157 sold on the day, with 58 selling prior. In the same week, 202 private sales also took place, bringing in a total auction and private sales volume of $333 million across the state.
With Melbourne holding its highest number of auctions in 9 weeks last weekend, the latest results demonstrate the resilience and fortitude of our property market, which continues to show improvements in buyer and seller confidence.
To support this, Fletchers reported a 107% increase in new listings over April and an 84% increase in May.
While auctions in COVID-19 hotspots have started to move online, Domain also reported that ‘areas outside of hotspots were also being converted to online sales where there were more than 20 people expected’.
In Fletchers news, we are thrilled to achieve an auction clearance rate of 83% over the weekend, with our team achieving some fantastic results across Balwyn North, Mitcham, Box Hill South, Balwyn and Ringwood North. Our highest sale for the weekend was 4 Surrey Street in Box Hill South, which sold for $1,150,000.
Results. It’s a Fletchers thing.
Categories: Auction Wrap

Market Wrap | 22 June 2020

MARKET UPDATE 🏘
 
Following several double-digit spikes in the number of confirmed cases of coronavirus, Premier Dan Andrews was forced to delay a further easing of restrictions over the weekend.
 
Auctions and open for inspections, which were set to allow up to 50 attendees on site from today, will now remain at a limit of 20 patrons, along with restaurants, pubs, cafes, gyms and cinemas. Outdoor gatherings will now be limited to 10 people, with visitors to your home limited to a maximum of 5 people, from today.
 
The Victorian Government has also extended the mandate for those who can work from home, to continue doing so until at least the end of July.
 
‘As we’ve seen across the world, this virus has the ability to turn a few cases into hundreds in a matter of days. That’s why we also need to delay an increase to gathering limits,’ Mr Andrews said.
 
With restrictions on auctions and open homes extended for another three weeks, AMP Chief Economist, Shane Oliver, says the real test of Melbourne’s property market would be in October, once the Spring market was in full swing.
 
Fortunately, low interest rates, mortgage deferments and the JobKeeper and JobSeeker benefits from the Federal government have helped keep the market buoyant, he said.
 
Our team was pleased to see a strong level of buyer activity over the weekend, with several auctions seeing as many as 5 or 6 bidders compete on the day
 
Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing
Categories: Auction Wrap

Auction Wrap | 15 June

A further easing of COVID-19 restrictions is set to take place on 22nd June, which will allow up to 50 people to attend public auctions and open for inspections.
AMP Capital Chief Economist, Shane Oliver, said ‘the longer, slower pace of the easing of restrictions’ was ‘having an impact’ on the industry, with ‘Victoria’s economy [lagging] a little bit compared to NSW’.
Despite this, consumer confidence seems to be back on the rise, with the Melbourne Institute and Westpac Bank Index of consumer sentiment climbing for its second straight month in June by 6.3%.
Interestingly, the latest data from CoreLogic Australia has revealed a rise in new listings and property sales across Australia in May, with a 22.4% increase in new residential listings on the previous 28-day period.
Last month, Fletchers multi-award winning website recorded a 20% increase in buyer activity, with our agents also reporting a significant resurgence in attendance at auctions and open homes, whilst adhering to current restrictions. For the same period between April and May, Fletchers also reported a 17% increase in property transactions.
Coupled with record-low interest rates, significant increases in buyer search data and improved consumer sentiment, we expect Melbourne’s property market to continue to swing back into action for the remainder of the year.
In Fletchers news, 18 Liston Street in Glen Iris was among the 296 auctions which took place across the state over the weekend. Announced on the market at $1,475,000, the classic 1950’s weatherboard home saw 4 bidders compete on the day, selling under the hammer for a remarkable $1,900,000. Watch the live auction here: https://youtu.be/qgwcStA-VEk
Results. It’s a Fletchers thing.
Categories: Auction Wrap

Market Wrap | 9 June 2020

MARKET UPDATE 🏘
 
So far this month, the real estate industry has continued to take positive steps forward on the road to recovery amid the coronavirus pandemic, which has surpassed 7 million cases globally.
 
The Queen’s birthday long weekend saw several demonstrations for the Black Lives Matter movement take place in most major cities across the country. State governments and campaign organisers were left in heated debate around safety protocols and social distancing measures, sparking fears of a second coronavirus outbreak. The Commonwealth Deputy Chief Medical Officer, Nick Coatsworth, has urged people in attendance to self-isolate for the next 14 days and get tested if they have any symptoms.
 
Last week, the Federal government’s $688 million HomeBuilder package made headlines of its own, with critics questioning the government’s strategy to provide assistance to the construction sector.
 
‘It is possibly the most complex and least equitable program the government could have devised to deliver construction jobs. To be useful for jobs, it would need to deliver an extra 60,000 housing starts. Even if the full budget allocation is taken up, it would fund only about 25,000 projects. Many would have gone ahead anyway,’ wrote Geoff Hanmer, Domain. To be eligible, homeowners must be planning to undertake renovations worth between $150,000 and $750,000. Household incomes must also be lower than $120,000 for singles and $200,000 for couples.
 
In other news, the latest buyer data from the REA group has revealed significant increases in consumer confidence for the property market. In April, realestate.com.au hit a new record audience number, with 11.2 million people visiting their site. The surge in buyer activity has continued in May, where they received over 100 million visits to their web and mobile platforms.
All in all, buyer enquiries have jumped an astonishing 49% year-on-year. With buyer demand now at record levels, this presents vendors with a unique opportunity to advertise their properties and achieve a great sales result.
 
If you are considering selling or would like to arrange a confidential discussion, please don’t hesitate to get in touch.
 
Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing
Categories: Auction Wrap

Market Wrap | 1 June 2020

We enjoyed the final burst of crisp, beautiful weather over the weekend as Autumn finally came to an end. The sunshine seemed to have a positive effect on many buyers, with the Domain Group reporting a preliminary clearance rate of 64.8 per cent from the 165 scheduled auctions (110 of which were reported).

AMP Capital chief economist, Shane Oliver, compared the current auction market to The Twilight Zone, saying it was hard to understand and predict what would come next. He also added, however, that those properties that sold at auction, sold very well. Whilst many potential vendors may be taking a ‘wait and see approach’, there are certainly several buyers searching for the right property, competing against a shortage of stock.

As of today, easing restrictions mean that numbers at open for inspections and auctions can increase to a maximum of 20 people, plus the agents required to facilitate proceedings.

I conducted my first on-site auction since the COVID-19 restrictions were lifted, at 17 David Street in Box Hill South. The property sold under the hammer, with a total of five bidders competing to secure the traditional three bedroom home.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 18 May 2020

MARKET UPDATE 🏘
 
Operating within the new guidelines provided by the Victorian Government, the real estate industry is pleased to resume on-site auctions and open for inspections with restrictions being eased across the state. Limited to a maximum number of 10 members of the public, plus the minimum amount of people required to facilitate the process, both on-site auctions and open for inspections will require visitors to adhere to strict social distancing requirements of 1 person per 4 square metres.
 
According to Domain, ‘Victoria has now joined NSW, Western Australia, Queensland and South Australia in announcing the easing of auction bans,’ with agents having ‘welcomed the news’.
 
Real Estate Institute of Victoria [REIV] President, Leah Calnan said the industry is prepared to take the measures necessary to assist with a safe return to business. ‘The real estate sector has adapted extremely well during this pandemic, while restrictions are being lifted, the threat of coronavirus remains and it is imperative that we continue to run auctions safely and responsibility.’
 
The Fletchers team continues to take the appropriate measures to minimise these risks as we remain committed to securing the best results for our clients while providing quality service to those within the community.
 
My team and I recently sold 2 Belle Vue Road in Balwyn North as an online auction – very pleased for our vendor who was thrilled with the result!
 
Results. It’s a Fletchers thing.
Categories: Auction Wrap

Market Update | 11 May 2020

After much anticipation, last Friday saw the Federal government officially reveal its roadmap for getting us back to a COVID safe Australia, with hopes to see life returning to normal by the end of July.

The three stage plan, outlining a gradual easing of social distancing restrictions, will see each state and territory implement the steps at their own pace. Victorian Premier, Dan Andrews has made his first announcement in relation to this earlier today, which will allow up to 5 people to visit your home from midnight tomorrow.

Officially, Victoria’s State of Emergency has been extended until 31st May, with Mr Andrews encouraging Victorians to work from home over the next three weeks if they can.

‘I don’t want to see that change in the next three weeks. The fact that we’re going to have literally hundreds of thousands of people visiting family and friends, that’s a big step and a lot of movement that wasn’t happening. We have to be careful not to do too much, too soon’.

Victoria’s Chief Medical Officer, Brett Sutton, has also said that handshakes and hugs are still not recommended at this time.

The gradual reopening of the economy will mean that funerals, weddings, church gatherings and auctions will be able to have more people in attendance than previously allowed. The REIV is currently waiting on direction from the Victorian Government on resuming public auctions and open for inspections.

‘Sales and rental open for inspections and public auctions can safely operate with crowd restrictions, social distancing and other measures. With the flattening of the curve, it is time to ease the restrictions on the real estate industry and help kick start the stimulus for our state’s economy,’ Real Estate Institute of Victoria [REIV] President, Leah Calnan, has said.

The real estate sector currently employs thousands of Victorians, with property transactions contributing over 45% to Victoria’s taxation revenue.

Categories: Auction Wrap

Market Update | 2 & 3 May

MARKET UPDATE 🏘
 
The latest sales results across the state have seen the volume of private sales surpass the total volume of auctions over the weekend, with figures sitting at $168 million and $49 million, respectively.
 
As Melburnians edge closer to the possibility of relaxed social distancing restrictions, many have wondered how society will operate in a post COVID-19 environment. Following weeks of isolation which saw fewer cars of the roads and a dramatic increase in people working remotely, the question we ask ourselves is what happens when we emerge from our homes and resume the daily commute?
In an exclusive interview with Domain, RMIT Urban Researcher, Thami Croeser, has used census data to help identify that 97% of Melburnians live within walking or cycling distance of a shopping strip, suggesting that our suburbs could be used as mini business hubs or co-working spaces.
‘There’s this real opportunity to make things better after COVID in terms of how we get around. This way, more people could walk or cycle to work, taking traffic off roads and negating the need for public transport.’
 
Results. It’s a Fletchers thing.
Categories: Auction Wrap

Auction Snapshot | 27 April 2020

With ANZAC Day services conducted remotely this year, Australia’s most significant day of remembrance offered the opportunity for Australians to come together and pay their respects in new and unusual ways. 🇦🇺

For many, lighting a candle in the street and tuning into The Last Post via radio or livestream was a favourable way to mark the occasion. For others, it meant bringing the family together and baking ANZAC Day Biscuits for all to enjoy.

As we look to the future, new data shows that Melbourne’s property market is expected to rebound strongly as restrictions ease. Prior to the COVID-19 outbreak, Victoria achieved record-breaking growth for the March quarter, which saw house prices rise 2 per cent and median house values reach $918,350.

In response, Real Estate Institute of Victoria [REIV] President, Leah Calnan, said ‘Real Estate had a strong start to 2020; property values have reached new heights across the state during January, February and March. Our industry is strong and we will survive Coronavirus. The desire for Victorian real estate is high and when this is over we look forward to more fantastic results.’

In the meantime, it seems that upsizers and first-home buyers are keeping the industry on its feet, with buyers taking advantage of the slowdown in order to either upgrade or enter the market for the first time.

‘Listing numbers are putting a floor underneath prices because there are fewer, so there may be more competition for properties keeping prices steady. It does make upsizing more affordable. It helps people get onto the property ladder too,’ said Domain Senior Research Analyst, Nicola Powell.

For any advice on selling in the current market, please contact me.

Categories: Auction Wrap

Auction Snapshot | 18 & 19 April 2020

The REIV has recorded a clearance rate of 78% for the weekend, which saw 103 auctions and 92 private sales take place, bringing in a total of $133 million for Victoria.

In a recent news editorial, Domain revealed entry-level homes continue to remain active despite broader economic uncertainty across the country.

‘Many first-home hopefuls with secure jobs who have spent months looking for a property and missed out at auctions during the recent market rebound are keen to snap up a place. While they’re competing with others well advanced in their search, few new buyers have started seriously looking, making it a little easier than two months ago,’ writes Domain Senior News Producer, Elizabeth Redman.

As purchasers now find themselves in a buyer’s market, homes at more affordable price points are expected to increase in demand, with record low interest rates and last year’s loosened credit restrictions providing additional support to those looking to enter the market.

In Fletchers news, Fletchers Canterbury Partner & Auctioneer, Steven Zervas – Partner and Auctioneer – Fletchers Real Estate, held a successful auction online on Saturday, which saw several bidders compete for a charming single-level, 3 bedroom home at 6 Epsom Avenue in Epping. A total of 6 bidders and 21 bids later, the home sold under the hammer well above expectations.

Reflecting on the success, Jeremy Desmier, Director & Auctioneer, BA, CEA – REIV, said, ‘it was a great call. Amazing example of rapidly adjusting to change and nailing it! Great work to the Fletchers and Real Time Agent teams that made this online auction possible’.

Results. It’s a Fletchers thing.

Categories: Auction Wrap