Archive for the ‘Auction Wrap’ Category

Market Update | 6 & 7 November 2021

November 9, 2021 Leave a comment

๐“๐ก๐ž ๐ฉ๐ซ๐จ๐ฉ๐ž๐ซ๐ญ๐ฒ ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐œ๐จ๐ง๐ญ๐ข๐ง๐ฎ๐ž๐ฌ ๐ญ๐จ ๐ž๐ง๐ฃ๐จ๐ฒ ๐š ๐ฌ๐ญ๐ซ๐จ๐ง๐ , ๐›๐ž๐ฅ๐š๐ญ๐ž๐ ๐’๐ฉ๐ซ๐ข๐ง๐  ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐š๐ฌ ๐ญ๐ก๐ž Domain ๐†๐ซ๐จ๐ฎ๐ฉ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ญ๐ก๐š๐ญ ๐Œ๐ž๐ฅ๐›๐จ๐ฎ๐ซ๐ง๐ž ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐œ๐ฅ๐ž๐š๐ซ๐š๐ง๐œ๐ž ๐ซ๐š๐ญ๐ž๐ฌ ๐ซ๐ž๐š๐œ๐ก๐ž๐ ๐ญ๐ก๐ž๐ข๐ซ ๐ก๐ข๐ ๐ก๐ž๐ฌ๐ญ ๐ฅ๐ž๐ฏ๐ž๐ฅ ๐ข๐ง ๐Ž๐œ๐ญ๐จ๐›๐ž๐ซ ๐Ÿ๐จ๐ซ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ. ๐“๐ก๐ž ๐ฅ๐š๐ฌ๐ญ ๐ญ๐ข๐ฆ๐ž ๐œ๐ฅ๐ž๐š๐ซ๐š๐ง๐œ๐ž ๐ซ๐š๐ญ๐ž๐ฌ ๐ฐ๐ž๐ซ๐ž ๐ก๐ข๐ ๐ก๐ž๐ซ ๐ฐ๐š๐ฌ ๐ข๐ง ๐€๐ฉ๐ซ๐ข๐ฅ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ•.

The number of properties going under the hammer shows that pent-up supply has entered the market over the last month, although this is expected to pick up even more, as double dose vaccinations continue to grow.

In Melbourneโ€™s eastern suburbs, the REA Group reports that overwhelming demand from family buyers has pushed house prices in Blackburn to rise 17.2 per cent in the past 12 months โ€“ making it the top performing suburb of Melbourneโ€™s east. Pricing shot up to a $1,605,944 median, as neighbouring Blackburn North also recorded significant growth of 13.9 per cent to a $1.24 million median house price.

Doncaster East, Burwood East and Camberwell also made the list for the biggest median house price growth in the region. For units, Burwood was ranked number 1, with a strong 16.4 per cent price increase to $873,500 โ€“ Deakin University proving to be a major drawcard for investors in the suburb.

Over the weekend, the Fletchers Group reported a strong clearance rate of 80 percent.

In other news, the Reserve Bank of Australiaโ€™s governor Phillip Lowe has warned borrowers to prepare for interest rates to rise from their current historic low, but not before 2023 at the earliest. He maintains that 2024 is the most likely time frame for the central bank to lift the cash rate, however noted that the board is prepared to be patient when considering a lift in interest rates.

Whilst he said that they wouldnโ€™t rise again quickly, he did say that when people are making their borrowing decisions, they need to factor this into their calculations.

๐’๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ. ๐ˆ๐ญโ€™๐ฌ ๐š ๐…๐ฅ๐ž๐ญ๐œ๐ก๐ž๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .

Categories: Auction Wrap

Market Update | 10 & 11 April 2021

The first post-Easter auction weekend saw approximately 900 properties scheduled to go under the hammer. The weather conditions were more akin to a winter’s day, with temperatures much cooler and plenty of rain falling.

This didn’t seem to deter buyers though, with the REIV reporting a clearance rate of 80 per cent. The Fletchers Group was thrilled to finish the day with a success rate of 87 per cent!

My team and I were thrilled to sell all three of our properties scheduled for auction under the hammer!

With property prices soaring, the Domain Group reports that the clock is ticking for first-home buyers to get on the property ladder with the help of government incentives, with a raft of support measures set to expire in the coming months. Experts say that slow lending approvals, strong buyer competition and rapidly rising prices mean that first-home buyers need to act sooner rather than later to take advantage of some of the stimulus measures set to end.

In Victoria, the temporary stamp duty waiver on homes worth up to $1 million has seen first-home buyers flocking to the market. Buyers can also access a 50 per cent duty discount on new homes, and a 25 per cent discount for existing homes until 30 June.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 3 & 4 April 2021

We had a quieter weekend due to the Easter break, after a strong finish to the first quarter of the year with one the busiest auction days on record.

The Domain Group reports that the number of property listings on the market slumped in the run-up to Easter, leading to fears that home prices will surge further as demand continues to outpace supply.

Domain senior research analyst, Dr Nicola Powell observed that “we are currently seeing a depletion of current stock in the market, where buyers are absorbing all the old listings as well as the new, as there’s a real shortage of supply”.

The effect on property values has seen them skyrocketing at the fastest rate in 32 years, with Melbourne values jumping 2.4 per cent in a month to a median of $736,620. With interest rates expected to stay at record lows for several years and the economy recovering post-COVID, the housing market is booming.

CoreLogic’s executive research director, Tim Lawless, commented that “with economic conditions consistently beating forecasts and interest rates likely to remain at record lows for an extended period of time, Australians are feeling more confident to make high commitment decisions”. He added, “we are expecting housing values will continue to rise through the year and probably next year as well, as long as interest rates remain at their record lows”.

With a record number of properties listed for sale in March, we are looking forward to a busy Autumn. With five auction weekends available in May, if you’re considering selling, get in touch to arrange a complimentary appraisal and discussion about the right marketing strategy for you.

Categories: Auction Wrap

Market Update | 11 January 2021

January 11, 2021 Leave a comment

Making a momentous comeback from this time last year – when just 339 auctions were recorded, Victoria is seeing a swift reopening of the property market this Summer, with 992 auctions reported in the state over the weekend. Of those, 82% of properties scheduled for auction sold on the day, bringing in a total auction volume of $763 million for Victoria, as well as another $217 million via private treaty.

In addition to open for inspections and auctions having returned back to โ€˜COVID-normalโ€™ across Melbourne, these early signs of recovery have been welcomed by agents and industry experts alike, including the Real Estate Institute of Victoria [REIV].โ€˜It is really exciting. I think there is a portion of real estate agents who will still utilise private inspections and technology at auctions,โ€™ REIV President, Leah Calnan, remarked.

Fortunately, we are already seeing more first-home buyers enter the market since Victoriaโ€™s extended lockdown, with many buyers citing an improved ability to save their deposit over the last 12 months.

โ€˜The biggest thing Iโ€™ve seen this year with Victoriaโ€™s lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings,โ€™ said Loan Market Geelong Finance Broker, Sarah Thompson.โ€˜Iโ€™ve had a lot of clients who were hoping to be able to save enough to buy something later this year or next year. But with the extra savings theyโ€™ve made during lockdown, theyโ€™ve been able to bring that forward a bit.โ€™

It was first home buyers, for example, that recently purchased the three bedroom home at 29A Crest Grove in Nunawading.

Categories: Auction Wrap

Market Update | 4 January 2021

January 4, 2021 Leave a comment

Melburnians are gradually returning to work after a well-deserved break following a challenging and eventful year across the globe. As we hope to return to a sense of normalcy in 2021, Fletchers would like to wish our clients and friends a prosperous year ahead and look forward to being of service to you as Melbourneโ€™s property market resumes.

After finishing the year on stronger footing, house prices are set to rise in all Australian capital cities in 2021. Buoyed by low interest rates, stimulus from the government and an improving economy, AMP Capital Chief Economist, Shane Oliver, predicts house prices will surge by 5 per cent nationally in 2021.โ€˜The whole market is being driven by low interest rates, buyer incentives.

Obviously, the reopening of the economy and the improvement in the jobs market which are tending to dominate the negatives,โ€™ he said. In a recent update from CoreLogic Australia, data is now showing that โ€˜as remote working opportunities become more prevalent and demand for lifestyle properties and lower density housing options become more popularโ€™, housing markets in regional areas have also continued to surge, with demand currently outweighing supply.

Dr Oliver has echoed this sentiment, believing that โ€˜employeesโ€™ and businessesโ€™ attitude to working from home have changed fundamentally as a result of this pandemic, which will change peopleโ€™s attitudes towards commuting and lifestyle and ultimately, where they choose to live. Iโ€™d expect regional areas within a two-hour zone of Melbourne [and Sydney] could to be towards 10 per cent next year,โ€™ he suggested.

With state-wide border closures and small, localised outbreaks of COVID-19 expected to emerge across the year, Commonwealth Bank Economist, Gareth Aird, says their current forecasts have taken these factors into account and that โ€˜while thereโ€™s nothing about this latest outbreak just yet thatโ€™s big enough to shift the dial, it is just a reminder that COVID-19 is still there.โ€™

If youโ€™re looking for assistance or advice on your property plans over the next 12 months, get in touch to help optimise your marketing strategy and achieve the best outcome for your home.

My team and I would like to wish you all the year ahead! Enjoy your Summer and we look forward to helping you on your property journey in 2021.

Categories: Auction Wrap

Market Update | 21 December 2020

December 21, 2020 Leave a comment

Victoriaโ€™s road to recovery has seen demand flooding back to the market this month, setting up for a solid start to the New Year.

According to CoreLogic Australia, housing values rose across every capital city in November, with property prices set to surpass their pre-COVID highs early next year. โ€˜If housing values continue to rise at the current pace, we could see a recovery from the COVID downturn as early as January or February,โ€™ CoreLogicโ€™s Head of Research, Tim Lawless, remarked.

Another positive trend coming out of lockdown has been the sharp rise in activity from first-home buyers, with many reports that both couples and singles have used this time to boost their savings and secure themselves a house deposit.

โ€˜The biggest thing Iโ€™ve seen this year with Victoriaโ€™s lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings. Iโ€™ve had a lot of clients who were hoping to be able to save enough to buy something later this year or next year. But with the extra savings theyโ€™ve made during lockdown, theyโ€™ve been able to bring that forward a bit,โ€™ said Sarah Thompson of Loan Market Geelong.

Over the weekend, Fletchers achieved a very strong auction clearance rate of 83.87%, selling a remarkable 27 properties across our office network on Saturday alone. My person team sold 5/6 properties under the hammer which was fantastic, although we were sad to say it was the last day at work for our colleague, Harley Toyle who we will miss very much!

โ€˜Well done on another great day today – with so many multiple bidders. It certainly looks like we are in for a strong start in the New Year,โ€™ said Fletchers Executive Chairman, Rob Fletcher.

Success. Itโ€™s a Fletchers thing.

Categories: Auction Wrap

Market Update | 14 December 2020

December 14, 2020 Leave a comment

Itโ€™s shaping up to be a busy season for the property market this Summer, with more than 2,100 auctions recorded in November; the highest numbers seen since the beginning of lockdown in March.

While December is a traditionally quiet month for the real estate sector, the industry is expecting to see another rise in auction numbers. Already this month, the Real Estate Institute of Victoria [REIV] has recorded more than 600 auctions across the state, with a clearance rate of 74% in the first week alone.

According to the Real Estate Institute of Victoria [REIV], โ€˜homes sold by private treaty are also selling fast, with homes in metro Melbourne spending an average of just 25 days on market and 43 days in regional Victoria before being soldโ€™.

Similarly, the number of vendors accepting an offer on their home prior to auction has also soared in recent times. In Melbourne, Domain reports that โ€˜one quarter of reported sales, or 25.1%, were sold prior to auction last month, compared to 16.6% a year agoโ€™.

โ€˜Sold priors are an indication of a market on the move. In Melbourne, there has been such a long time in lockdown, people just donโ€™t want to wait any more, particularly if a buyer puts in a strong offer for the house they want,โ€™ Senior Analyst, Nicola Powell remarked.

In Fletchers news, a total of 22 properties were sold across our network over the weekend, with a strong show from both buyers and bidders at auction.

Success. Itโ€™s a Fletchers thing.

Categories: Auction Wrap

Market Update | 30 November 2020

November 30, 2020 Leave a comment

With 809 scheduled auctions reported on Saturday and a solid clearance rate of 80% for Victoria, Melbourne has experienced its biggest auction weekend since April 18th, marking a positive turnaround for the industry since virtual auctions and strict social distancing measures were first introduced.

As buyer competition continues to grow, Melbourneโ€™s post-lockdown market is looking particularly attractive for first-home buyers, with Domain reporting that โ€˜due to low interest rates and the announcement this week that the Victorian Government will waive 25 per cent of stamp duty on existing homes, and up to 50 per cent on new homes,โ€™ interest will continue to build.

In a great weekend for our agents and vendors, a total of 14 properties were sold under the hammer by the Fletchers group on Saturday, with our sales team achieving an 82.35% success rate on the day.

Our highest sales for the weekend went to 7 Neath Street in Surrey Hills, for an outstanding $4,005,000. Originally listed on the market for $3,700,000, the property saw 3 bidders and achieve a cracking result for our vendors. Since then, the property was reported by Domain as the most expensive home sold in Victoria over the weekend.

Success. Itโ€™s a Fletchers thing.

Categories: Auction Wrap

Market Update | 24 November 2020

November 24, 2020 Leave a comment

As more COVID-19 restrictions were eased in Victoria over the weekend, the latest data from the Real Estate Institute of Victoria has revealed the stateโ€™s lowest days on market since 2009.

With the average Victorian home spending just 33 days on market, Real Estate Institute of Victoria [REIV] President, Leah Calnan, says that โ€˜the Victorian real estate market is starting to shine post COVID-19 restrictions, with homes across the state taking less time to sellโ€™.

Comparatively, homes in metropolitan Melbourne are currently selling within just 25 days on market, a huge comeback after a sluggish average of 71 days on market in September.

โ€˜Days on market is a strong indicator of buyerโ€™s desire. Competition between buyers is heating up, and people arenโ€™t waiting to purchase the property they want,โ€™ she said. Starting from this week, โ€˜indoor real estate inspections will be able to open to a maximum of 20 people, subject to density limits, while outdoor auctions can include up to 50 people from any number of households,โ€™ as reported by ABC News.

In Fletchers news, a total of 6 bidders were seen competing for the 4-bedroom, 3-bathroom property at 11/924 Toorak Road in Camberwell on Saturday. Quietly tucked away at the rear of a development, my team and I sold the contemporary large family town residence for $1,408,000. Success.

Itโ€™s a Fletchers thing.

Categories: Auction Wrap

Market Update | 14 & 15 November 2020

November 16, 2020 Leave a comment

After coming out of another weekend of strong auction results, the Fletchers Group achieved a solid clearance rate of 84.62%, slightly above the state-wide average of 82%, with 384 auctions reported across Victoria.

With the backlog of buyer demand that had built up amid stage four restrictions, Melbourne’s property market is now seeing more homes selling quicker than new ones being listed, leaving buyers struggling to find property in time for Christmas.

According to Domain, ‘despite a staggering 170.9% jump in new listings in October,’ Senior Research Analyst, Nicola Powell, says ‘stock is being absorbed at a greater rate than new stock is coming onto the market’.

As we move into a seller’s market post-lockdown, Buyer’s Advocate and Real Estate Buyers Agents Association of Australia President, Cate Bakos said vendors were now taking pre-auction offers, leaving ‘the days on market so tight; agents, vendors and buyers are all creating that perfect storm’.

With multiple properties selling above the $1 million mark, our highest sale for the weekend went to 32 High Street in Mont Albert. My team and I sold the property under the hammer for $2,365,000.

Success. It’s a Fletchers thing.

Categories: Auction Wrap