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Auction Snapshot | 7 & 8 September

September 9, 2019 Leave a comment

Buyers were not put off by the return of blustery, winter weather conditions on the weekend, generating plenty of auction competition. Domain economist, Trent Wiltshire, said that it was another strong Saturday of results for Melbourne, with the REIV recording a clearance rate of 77 per cent.

“Auction numbers remain low, below this time last year, but they look to be increasing to more normal levels,” Mr Wiltshire said. Approximately 549 auctions were held, compared to 799 at the same time last year.

The Fletchers team ended the day with a success rate of 83 per cent, with many sales concluded in the wet weather!

I sold the property at 72A Strabane Avenue in Mont Albert North for the second time, knocking it down to the highest bidder at $1,080,000. My vendor, Amy, was featured in the Herald Sun as a great example of ‘how to present your home for sale’ by painting the home inside and out prior to selling.

Results. It’s a Fletchers thing.

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Categories: Auction Wrap

Auction Snapshot | 31 August & 1 September

September 3, 2019 Leave a comment

On the first auction weekend of Spring, we relished the return of some sunshine and almost 20 degree temperature!

The REIV recorded a clearance rate of 76 per cent from 585 auctions called, a significant improvement from the same time last year, when a clearance rate of just 59 per cent was achieved.

The Fletchers team ended the day with a success rate of 86.7 per cent, with agents and auctioneers surprised at just how strong the level of competition currently is. Partner and Auctioneer, Steven Zervas commented that, “there seems to be a real fear of missing out amongst buyers”.

In conjunction with Industry Insider advocate, Andrew Date, my colleague Stefan Cook and I saw six bidders compete to secure the five bedroom Californian Bungalow at 381 Station Street in Box Hill South. On a corner block, the home offered great potential and sold under the hammer for $1,721,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 24 & 25 August

August 26, 2019 Leave a comment

The REIV has reported a clearance rate of 81 per cent on the weekend, the highest rate it has been since April 2017 – with much less for sale. Close to 500 auctions were held, compared to over 800 over the same weekend last year.

With housing market sentiment much improved since the Federal election in May, two interest rate cuts and a regulatory move to relax lending standards, we look set to have a strong Spring selling season. The only component that has ostensibly been missing to date is a volume of sellers.

The Fletchers team achieved a strong auction success rate of 87.5 per cent over the weekend – the last auction weekend of Winter!

My team and I had auctions on both Saturday and Sunday, selling 2 Benbrook Avenue in Mont Albert North and 2/33 Spencer Road in Camberwell under the hammer on Saturday, then 25 Clontarf Crescent in Templestowe on the Sunday! All in all, a very successful weekend, we are so thrilled for our vendors and the successful purchasers.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 17 & 18 August

August 20, 2019 Leave a comment

The delightful sunshine on the weekend reminded us that Spring is just around the corner, whilst the strong auction results indicated that Melbourne’s property market is continuing on an upward, positive trajectory.

Domain economist, Trent Wiltshire said that the weekend clearance rate of 73.3 per cent not only showed that buyers are demonstrating renewed confidence, but it also revealed a slight price growth.

Approximately 514 auctions were held on Saturday, which is still nearly 300 homes less than the same time last year. Lower stock levels, combined with the two interest rate cuts in 2019, certainly seem to be generating larger crowds at auctions more often than not, multiple bidders.

The Fletchers Group achieved a success rate of 80 per cent, with most auctions attracting multiple bidders. A highlight was the auction of 21 Barkers Road in Kew, which saw three bidders compete to secure the potential that the property offered. Over 45 minutes and 189 bids later, the property was sold under the hammer!

Results. It’s a Fletchers thing.

 

Categories: Auction Wrap

Auction Snapshot | 3 & 4 August 2019

Results from the first auction weekend of August continued the current trend of clearance rates reaching above 70%, with the REIV reporting a 76% clearance rate from the 375 auctions called. Fletchers were thrilled to once again achieve a number of excellent results for our clients, with a success rate of 83% accomplished.

Domain economist Trent Wiltshire noted that Melbourne’s overall clearance rate for the month of July was at its highest point since October 2017. With Spring just around the corner, we expect that in addition to improved market condition, we will also see the usual seasonal increase in volume.

Alongside Rob & Nick Fletcher, I was thrilled to sell both 1&2/6 Wilburton Parade in Balwyn North. The properties were offered both separately and with the option to buy both, in an extremely rare opportunity in the Balwyn High School zone. There was competitive bidding at both auctions, with both selling under the hammer (separately)!

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 27 & 28 July

More bidders were seen returning to the auction market over the weekend, with several reports of stronger sales across the state. Marking a solid outcome for clearance rates, Fletchers were delighted to have cleared more than 87% properties at auction, compared with the industry average of 73%.

With activity ramping up in the lead up to Spring, Domain says ‘a combination of buyer confidence and “fear of missing out” is returning to the market.’ Data from Domain’s June quarter results has shown a slight jump in median house prices of 0.3 per cent for the first time since the peak at the end of 2017, sparking signals that Melbourne’s fall in property prices is now over.

This is proving to cause some concern for first-home buyers who continue to face tough competition at auction, even in a weaker property market. As a result, more first-home buyers are now seen moving out of the city and are switching to established homes near schools and shops rather than land and house packages in growth suburbs. Fletchers Doreen Director, Nicholas Matkin, says, ‘I live in Mernda and work in Doreen and first-home buyers have never gone away’.

In Fletchers news, my team and I sold 11 Kaleno View in Balwyn on Saturday. Located within a beatifically tree-lined street, the impressive 4 bedroom property saw 4 bidders at auction, pushing up the original sell price from $1,750,000 to an incredible $1,907,000. ‘According to Google, ‘Kaleno’ means happy! This perfectly describes how our vendors and the successful purchaser feel!’

Results. It’s a Fletchers thing. 

Categories: Auction Wrap

Auction Snapshot | 13 & 14 July

The cooler weather certainly hasn’t dampened Melbourne’s property market, which has shown considerable resilience as auction clearance rates continue to rise in the lead up to Spring. Clearing more than 76% of properties over the weekend, Victoria’s auction market saw 257 properties go under the hammer.

With the Reserve Bank having made a historic decision to move forward with a second interest rate cut earlier this month, economists believe a third-rate cut could be expected as soon as Christmas. Households across the country are expected to welcome the reduced payments to their mortgages, putting buyers, sellers and investors in a favourable position to consider their next move.

Despite lower stock volumes in Winter, buyer activity has remained strong over the cooler months as we’ve continued to see auction clearance rates improve in recent weeks. These factors, along with relaxed lending criteria, has already seen the number of potential buyers attending opens and auctions increase, boding well for a successful property campaign.

In Fletchers news, my team and I sold 5/6 Jersey Street in Balwyn on Saturday for an impressive $862,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap