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Auction Snapshot | 25 & 26 May

More than 711 homes were up for auction on Saturday, making it one of the biggest auction weekends in Victoria so far this year. With several reports of larger auction crowds across Melbourne, Domain Economist, Trent Wiltshire believes buyers are starting to feeling more confident. ‘The Reserve Bank’s hints of interest rate cuts and the loosening of lending criteria – which will enable people to borrow more,’ further contribute to this sentiment.

Similarly, the REA Group predicts the recovery of Melbourne’s property market is soon to be fast-tracked, with first-home buyers set to seize the opportunity to enter the market as a result of the Federal government’s pledge to assist with deposits. REIV president, Robyn Waters, agrees. ‘I can’t recall a better time to be a first-home buyer in Victoria and I’ve been in the business a long time’.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot | 18 & 19 May

It seems the property market in Melbourne received the vote of confidence at election day on Saturday. Passing the state-wide clearance rate of 65%, Fletchers achieved a record-breaking clearance rate for the year, selling more than 88% of properties at auction over the weekend.

With just under 400 auctions taking place, one agent claimed ‘election day to me has always been a great day to auction, everyone is out and about – so there are crowds. And they get into the auction sport’.

Seeing an average of 2-3 bidders at each auction, among the biggest results for Fletchers included the charming weatherboard family home at 10 Anthony Crescent in Box Hill North, which went under the hammer at $1,185,000. Featuring white plantation shutters and polished floorboards, the 4-bedroom, 2-bathroom home garnered the interest of 3 bidders and was sold by Tim Heavyside of Fletchers Canterbury.

Similarly, 9 Viewpoint Road in Balwyn North also sold at auction by Rino Presutto of Fletchers Balwyn North on Saturday. Achieving an incredible result of $1,268,000, the mid-century home was originally listed on the market for $1,130,000. Attracting 3 bidders at auction, the versatile property provided an abundance of possibilities for those interested in constructing a new luxury home or initiating a renovation.

Results. It’s a Fletchers thing.

#realestate #property #news

Categories: Auction Wrap

Auction Snapshot | 11 & 12 May

Fetching a healthy auction clearance rate of 60%, last weekend saw a reduced number of auctions taking place across Victoria. Responding to the decrease in homes currently listed for sale, Domain suggests that ‘the combination of state and Federal elections and a late Easter break that coincided with the school holidays’ was the reason for the shortfall. Given this, industry experts say properties on the market during the Autumn and Winter seasons are typically more likely to see higher demand from buyers at this time of year due to the lower stock on offer.
 
With the REA Group suggesting that ‘less choice this weekend is expected to help competition’, Australian Head of Real Estate, Geoff White, backed up this claim, saying the reduced competition in the market ‘might play into those vendors’ hands’.
 
This coming weekend, the political landscape is set to dictate the outcome on current industry policies relating to negative gearing and the capital gains tax. With the Federal election set for Saturday 18th May, Mr. White says, ‘homebuyers have not been so deterred by the political scene as investors.’ In fact, the REA Group suggests that pre-election auctions could ‘win a vote of confidence from buyers’.
 
Results. It’s a Fletchers thing.
 
#realestate #property #news
Categories: Auction Wrap

Auction Snapshot – 27 & 28 April

Auction results over the weekend saw a clearance rate of 57% across the state, culminating in a total auction volume of $154 million. Despite slimmer pickings on Saturday, auction numbers are now set to bounce back with the Easter break well and truly over. With agents reportedly seeing an increase in buyers waiting for the hammer to fall before entering negotiations, it remains to be seen whether a boost in auction numbers will neutralise the trend. ‘With the banks being tougher on lending I think a lot of people are being told not to bid at auction,’ said one agent.

On the bright side, Domain described an increase in investor activity on Saturday, saying ‘investors are starting to dip their toes back into Melbourne’s housing market, after all but disappearing when banks recently clamped down on lending’. In Fletchers news, Director & Auctioneer, Jason Salan had the pleasure of bringing down the hammer on scenic family home at 1/19 Greythorn Road in Balwyn North on the weekend. Situated over a treetop view of the mountain ranges, the single-level, 3 bedroom residence attracted two bidders at auction, selling above expectations for $850,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot – 13 & 14 April

The market in 2019 has so far seen auction clearance rates holding up across the state. Continuing our winning streak of strong results across the year, Fletchers has recorded an auction clearance rate of 62% for the week, compared with the statewide results of 58% (REIV). ‘There is a lot more confidence back in the marketplace than what we’ve been seeing – it’s very promising, it’s a little bit like the old days,’ said one agent.

With the Federal election now called for May 18th, many industry experts agree that any uncertainty remaining in the market is likely to settle once the outcome of the election and any policy changes have been announced. ‘Buyers want to buy – they don’t know what’s coming up so they’re a bit cautious’.

Over the weekend, my colleague Harley Toyle and I were thrilled to sell Art Deco beauty at 2/10 Westbourne Grove on Saturday. Three bidders and one fantastic sale later, the rare and spectacular 2-storey semi-detached property went under the hammer for $1,370,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Auction Snapshot – 6 & 7 April

Comparing Victoria’s 58% auction clearance rate with Fletchers strong clearance rate result of 71%, current market trends are pointing towards an increase in sales at auction across Melbourne, with Domain reporting ‘a couple houses that went above reserve this weekend and that is unusual in this market’.

With the Federal election likely to be in May, Domain’s Senior Research Analyst, Nicola Powell, said some stability could return to the market depending on the election outcome, saying ‘it could spark investor activity with investors wanting to buy before new rules come into place’. Although the unveiling of the 2019 Federal budget will do little to help first-time buyers save for a deposit or break into the property market, News.com.au says ‘the market has made a shift in favour of buyers, meaning things are slightly less dire for those looking to enter the market’.

Over the weekend, Fletchers agents saw a wave of bidders on Saturday, with many properties seeing as many as three to four bidders per auction. One such property was 15 Midvale Avenue in Balwyn North, which was sold by Fletchers Director, Jason Salan, for well-above average results. The 4-bedroom, 2-bathroom residence attracted four bidders on auction day, with each of them fighting it out for the substantial living and dining rooms, large rumpus room and work from home living options.

Results. It’s a Fletchers thing.

#realestate #property #news

Categories: Auction Wrap

First Auction Weekend of 2019

February 4, 2019 Leave a comment

It looks like we will continue to be in a predominantly “buyer’s market” in 2019, however the Melbourne market continues to produce mixed results.

Above-market sales depend on whether buyers viewed a particular listing as the “right property” and, more than ever, presentation is so important.

Read more of the latest on the market on Domain.

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