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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

Auction Snapshot | 6 & 7 July

With the second interest rate cut for the year and relaxed lending criteria providing a boost of confidence for buyers and sellers alike, last weekend’s clearance rate result of 72% shows signs of a stronger auction market across Melbourne.

Compared with an outstanding clearance rate of 100% for the Fletchers group, we were pleased to see more buyers back in the market and more active bidders at auction. Given the school holiday period typically sees a reduced number of auctions taking place, a total of 176 out of 290 properties sold across the state, bringing in an auction volume of $163 million.

With some agents acknowledging increased competition for buyers is likely as we head into the Spring selling season, one agent remarked, ‘it’s a funny time because there are a lot more buyers back in the market and actively looking, but stock levels haven’t caught up. Vendors want to see a bit more of a body of work than just the few weeks we’ve seen since the election – the catalyst for all of this’.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 29 & 30 June

After accomplishing a phenomenal result for the Fletchers Group, we are delighted to share news of our 100% auction clearance rate over the weekend. When compared with Victoria’s industry average clearance rate result of 73%, it pays to know who you can trust with the sale of your property in 2019.

Commenting on activity from Saturday, Domain Economist, Trent Wiltshire believes the lower number of auctions was a key factor in the strong auction results for the state.

‘Auction numbers remain low and school holidays in the next couple of weeks means we won’t see too many auctions so the market won’t be tested too much. Looking ahead, we’re forecasting prices to bottom-out in Melbourne in Spring, then modest price growth of about 1-2 per cent in 2020’.

In Fletchers news, the fashionably renovated, single-level jewel at 1/33 Broughton Road, Surrey Hills, was in high demand over the weekend. Featuring an impressive 4 bidders at auction, the alluring 3-bedroom home went under the hammer for $1,300,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 22 & 23 June

After exceeding the industry average clearance rate by 10% this week, the Fletchers team achieved a fantastic outcome for its auctions across Melbourne, clearing more than 80% of properties over a cold, yet successful weekend.

While we are seeing as many as three to five bidders per auction, many agents and auctioneers have been reporting lower levels of stock currently on the market, creating a highly competitive auction environment for prospective buyers. In response, Domain Economist, Trent Wilshire, said ‘clearance rates over recent weeks are now at the highest point in over a year, so activity has definitely picked up. There’s more buyer interest and activity, with lower interest rates a key driver.’

In Fletchers news, 5-bedroom Californian Bungalow was a stand-out at auction over the weekend. Providing a private retreat from the hustle and bustle of everyday life, the timeless home offers its new residents an attractive dining and family room with open fireplace, solar-heated pool and fully tiled vogue ensuite. My team and I were thrilled to achieve such a fantastic result.

Results. It’s a Fletchers thing.

#realestate #property #news

Categories: Auction Wrap

Auction Snapshot | 15 & 16 June

Surpassing the state-wide auction clearance rate of 69%, Fletchers are pleased to have cleared more than 72% of homes over the weekend, seeing as many as 5 interested parties bidding at auction.

The strong weekend of results is said to be a sign the market is beginning to improve, with clearance rates reaching their highest point over the last 12 months. With several reports of more buyers attending open for inspections and auctions in recent weeks, it seems now it the time to get a jump on the market and beat the Spring rush. Fletchers Canterbury Partner & Auctioneer, Steven Zervas agrees.

‘The recent outcome of the Federal election has taken a lot of indecision out of the property market. Negative gearing is here to stay, retirees won’t lose their franking credits, talks of another interest rate cut in August will stimulate the market and banks have already loosened their lending requirements.’

In Fletchers news, 57 Warburton Road in Canterbury went under the hammer on Saturday for $2,490,000! With an impressive 4 bidders at auction, the luxurious c.1890 Victorian home features 4 bedrooms, Baltic pine floors, a self-cleaning Magna pool/spa and open fireplace. Congratulations to our vendors on the successful outcome.

Results. It’s a Fletchers thing

 

Categories: Auction Wrap

Auction Snapshot | 8 & 9 June

Fewer properties were scheduled for auction over the Queen’s Birthday long weekend, temporarily hampering the improving trend in auction results over the last few weeks.

Reaching a clearance rate of 62% following subdued activity on Saturday, some agents believe the market has undergone an interesting transformation this year. ‘The observation of the market is that the buyers have come back but there are no sellers. It’s gone from one extreme to the other.’

Following a historic decision from the Reserve Bank to cut interest rates to 1.25% last week, Domain Economist, Trent Wiltshire, says its likely that the RBA will again reduce rates later this year, with talks that interest rates could be cut down to 1% by Christmas. ‘It’s likely to give the market a bit of a boost and contribute to Melbourne and Sydney house prices stabilising,’ he said.

Results. It’s a Fletchers thing.

#realestate #property #news

Categories: Auction Wrap

Auction Snapshot | 1 & 2 June

With reports that several properties sold well above reserve over the weekend, the auction market across Melbourne is continuing to show signs that a turning point could be just around the corner.

Domain, Senior Journalist, Melissa Heagney, agrees. ‘Investors and international buyers were back in the crowd. Popular properties were selling hundreds of thousands of dollars above reserve and attracted several bidders.’

One such example included 60 Brinsley Road in Camberwell, which I sold on Saturday for $3 million. As one of the biggest results in the state over the weekend, the inspiring 5-bedroom Federation went under the hammer for $200,000 above reserve. ‘Ironically, it was a family downsizing who bought it’.

Backed by renewed buyer activity in the market, auction clearance rates have now reached their highest point in a year, increasing to 65% over the weekend. With Domain Economist, Trent Wiltshire, also reporting ‘more people are attending open for inspections and auctions and more people are inquiring about home loans’.

Results. It’s a Fletchers thing.

Categories: Auction Wrap