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Market Update

The Domain Group reports that Melbourne property listings are running at about five per cent below the stock levels of 2017 so far this year. Buyers have had less choice throughout the cooler Winter months, particularly during the school holiday period.

Despite a tightening of supply, buyers have been wary of paying too much for property and in many cases are constrained on what they can spend due to the widening clampdown on mortgage lending. This has been illustrated by lower auction clearance rates compared to last year and relatively lower levels of enquiry. So if you are considering buying, now is your opportunity. We have seen real estate circles like this before (2008/2011), where buyers have tried to pick the bottom of the market and outsmart themselves. Particularly if you are upsizing on your property, now is the best climate to take action.

Low interest rates, strong employment growth and strong population growth continue to be a positive foundation for the housing market. AMP chief economist Shane Oliver believes that some parts of the Melbourne market may hold up better than others going into 2019. Melbourne’s outer perimeter, for example, continues to grow. The REIV reports that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

REIV President, Richard Simpson notes that, “auctions continue to be popular all over Melbourne, but clearance rates have fallen from the lofty highs of early 2017. Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations”.

This is an important reminder, particularly as we should see an increase in stock levels in late Winter and as we move into the peak Spring selling season. If you would like a complimentary appraisal of your home or simply wish to chat about the market, give me a call on 0403 020 404.

2017-2018 Market Wrap

December 20, 2017 Leave a comment

How did the 2017 real estate market fare, and what can we expect in 2018?

Join me for a review of the year that was, and learn my top tips if you’re considering selling in 2018.

Auction Wrap – 29 June

The weekend of 29 June was crammed full of auctions, I had a total of five, including one on the Sunday. On what was a very cold and uninviting day we still had plenty of people venture out to be amongst the property action. There were again good numbers at auctions, with many people participating, resulting in big numbers under the hammer.

The REIV recorded a clearance rate of 73 per cent with Fletchers performing above industry average achieving a clearance rate of 80 per cent.

A great sale was the classic four bedroom plus study home at 12 Highview Road in Balwyn North. Tasteful updates to this home over the years have resulted in a warm and welcoming residence that is ready to move straight into and enjoy. With room for a growing family, a rear garden that presents a paved alfresco area and undercover terrace with a spa, this home has it all! Gail Logan and I were pleased- as were our vendors with the eventual selling price of $1,108,000!

The sun-filled period timber home at 19 Loudon Road in Burwood was another great sale for the day. The three bedroom home offers the opportunity to renovate, extend or build new (STCA) and four bidders battled for this property which sold for $945,000 an impressive $75,000 over reserve.

Another pleasing sale for the day was the three bedroom, single level town residence at 2/57 Thea Grove in Doncaster East which sold for $660,000.

The Sunday auction at 43 Wattle Vallet Road in Mitcham was also a great success! Six bidders competed for the property which eventually sold for $639,500.

It was a successful weekend all round, I achieved a 100 per cent clearance selling all the properties I had scheduled for auction.

Loudon Road Auction

Auction at 19 Loudon Road in Burwood.

Auction Wrap – 19 June

The REIV recorded a clearance rate of 71 per cent on the weekend, compared to 53 per cent on the same weekend last year.

Fletchers had a relatively quiet auction day, although there were generally good numbers seen at auctions and open for inspections. Demand is still outweighing supply!

My colleague Stephanie Michael and I were thrilled to sell the contemporary Art Deco inspired home at 4 Tanami Court in Bulleen, under the hammer. Four bidders saw the price sell for $37,000 above reserve, with an eventual sale price of $1.187 million.

We passed in the two bedroom unit at 7/52 Union Road in Surrey Hills and whilst we received a later offer on the day, the property is still available at an asking price of $560,000. The unit will be open for inspection this Saturday, from 10 – 10.30am.

Next weekend the REIV is expecting 750 auctions to be called.

Hope to see you at some of our open for inspections or auctions on the weekend!

4 Tanami Court, Bulleen

4 Tanami Court, Bulleen

Auction Wrap – 27 May 2013

The REIV recorded a clearance rate of 71 per cent on the weekend, compared to 60 per cent on the same weekend last year.

Fletchers achieved a success rate of 80 per cent, a strong follow up from the 88 per cent the previous weekend.

The fantastic weather certainly brought the buyers out with it, and I was pleased to be able to contribute 2 out of 2 properties sold to the company tally (can’t get better than that)!

My colleague Jason Salan and I were thrilled to achieve the fantastic price of $1.665 million for our lovely vendor, Fay, of 26 Bamfield Close in Templestowe. On an acre block in an exclusive Templestowe location, there wasn’t much not to like for the eventual purchasers!

The north facing, open plan living at 4/140 Nelson Road, Box Hill North was a real drawcard for potential purchasers, with three bidders competing to secure the as-new unit. It eventually sold for $510,000 with all parties thrilled with the result!

Last weekend I auctioned six properties, including the four units at 84 Winfield Road, Balwyn North. The process of auctioning one unit after another in the development went smoothly, with all selling under the hammer – a fantastic outcome for our vendors.

A highlight sale came from the auction of 29 Boisdale Street in Surrey Hills, which defied all expectations and was declared sold at $1.115 million. Five bidders pushed the property an impressive $215,000 over reserve!

Next weekend I am auctioning two properties, as one sold before – 18 Sutton Parade, Mont Albert North for $1.508 million…after only 9 days! Our vendors were thrilled with the oustanding sale price achieved.

Hope to see you at some of our open for inspections or auctions on the weekend!

4-140 Nelson Road, Box Hill North

The vendors & purchasers of 4/140 Nelson Road, Box Hill North

Auction Wrap – 13 May 2013

The REIV recorded a clearance rate of 72 per cent on the weekend, compared to 61 per cent on the same weekend last year.

Fletchers achieved a success rate of 90 per cent, with the market definitely surging forward. The interest rate cut last week is certainly assisting!

It was one of those beautiful Autumn days in Melbourne on Saturday, with plenty of colourful leaves everywhere. We sold 10 Station Street, Burwood under the hammer for an undisclosed amount, with five bidders in contention.

The auction of 14 Ryeburne Avenue, Hawthorn East prompted two bidders to put their hands up, with the period home selling under the hammer for $2.4 million.

During the week, my colleague Thomas Lo and I also sold 13 Winmalee Road in Balwyn for an excellent price of $2.4 million.

Next weekend, around 670 auctions are expected in Melbourne. Fletchers have 19 auctions scheduled and I have a big day calling six auctions, including the four units at 84 Winfield Road, Balwyn North from 11am.

Hope to see you at some of our open for inspections or auctions on the weekend!

14RyeburneAvenueHAWTHORNEAST-3

Auction Action at 14 Ryeburne Avenue, Hawthorn East
(photo courtesy of James Market News)

Auction Wrap – 6 May 2013

The REIV recorded a clearance rate of 71 per cent on the weekend, compared to 57 per cent on the same weekend last year.

Fletchers achieved a success rate of 73 per cent, with activity and results remain high both for our company and the industry itself.

We had three partied bid at the auction of 434 Elgar Road in Box Hill which was pleasing to see, however our vendor’s expectations were not met on the day. The property is open this Thursday, 9 May from 3-3.30pm and we are confident that the home will sell eventually.

There has been a lot of debate about what the Reserve Bank will do with interest rates this week; I believe that they will remain at 3 per cent.

Next weekend, around 730 auctions are expected in Melbourne. Fletchers have 12 auctions scheduled and I am calling two: 14 Ryeburne Avenue, Hawthorn East and 10 Station Street, Burwood.

Hope to see you at some of our open for inspections or auctions on the weekend!

14 Ryeburne Avenue, Hawthorn East

14 Ryeburne Avenue, Hawthorn East (auction at 12pm)