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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 ‘COVID-normal’ across Melbourne, these early signs of recovery have been welcomed by agents and industry experts alike, including the Real Estate Institute of Victoria [REIV].‘It is really exciting. I think there is a portion of real estate agents who will still utilise private inspections and technology at auctions,’ REIV President, Leah Calnan, remarked.

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

‘The biggest thing I’ve seen this year with Victoria’s lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings,’ said Loan Market Geelong Finance Broker, Sarah Thompson.‘I’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 they’ve made during lockdown, they’ve been able to bring that forward a bit.’

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 Melbourne’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.‘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,’ he said. In a recent update from CoreLogic Australia, data is now showing that ‘as remote working opportunities become more prevalent and demand for lifestyle properties and lower density housing options become more popular’, housing markets in regional areas have also continued to surge, with demand currently outweighing supply.

Dr Oliver has echoed this sentiment, believing that ‘employees’ and businesses’ attitude to working from home have changed fundamentally as a result of this pandemic, which will change people’s attitudes towards commuting and lifestyle and ultimately, where they choose to live. I’d expect regional areas within a two-hour zone of Melbourne [and Sydney] could to be towards 10 per cent next year,’ 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 ‘while there’s nothing about this latest outbreak just yet that’s big enough to shift the dial, it is just a reminder that COVID-19 is still there.’

If you’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

Victoria’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. ‘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,’ CoreLogic’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.

‘The biggest thing I’ve seen this year with Victoria’s lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings. I’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 they’ve made during lockdown, they’ve been able to bring that forward a bit,’ 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!

‘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,’ said Fletchers Executive Chairman, Rob Fletcher.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 14 December 2020

December 14, 2020 Leave a comment

It’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], ‘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 sold’.


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 ‘one quarter of reported sales, or 25.1%, were sold prior to auction last month, compared to 16.6% a year ago’.


‘Sold priors are an indication of a market on the move. In Melbourne, there has been such a long time in lockdown, people just don’t want to wait any more, particularly if a buyer puts in a strong offer for the house they want,’ 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. It’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, Melbourne’s post-lockdown market is looking particularly attractive for first-home buyers, with Domain reporting that ‘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,’ 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. It’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 state’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 ‘the Victorian real estate market is starting to shine post COVID-19 restrictions, with homes across the state taking less time to sell’.

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.

‘Days on market is a strong indicator of buyer’s desire. Competition between buyers is heating up, and people aren’t waiting to purchase the property they want,’ she said. Starting from this week, ‘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,’ 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.

It’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

Market Update | 10 November 2020

November 10, 2020 Leave a comment

After achieving another 100% auction clearance rate for the second weekend in a row, our Fletchers agents are showing no signs of slowing down as the market continues to heat up leading into Christmas.

‘The market is now showing great resilience after so much uncertainty during stage 4 lockdown,’ my colleague Steven Zervas remarked.

Complemented by an abundance of activity and strong demand for property across Victoria, the recent announcement from Premier Dan Andrews on removing both the ‘ring of steel’ and 25km travel limit are set to open new opportunities for the backlog of buyers and sellers looking for a lifestyle change.

In a recent article from Brokernews.com.au, many are now questioning whether COVID-19 has changed real estate forever, with many Australians now reassessing their lives, locations and lifestyle.

‘Traditionally, millions of people have chosen to live in areas that didn’t necessarily deliver their ideal lifestyle, but did provide convenience. Moving forward, many people will cease their daily commute and live in an ideal location and enjoy an effective work routine without the stress-inducing travel,’ the article stated.

After the Reserve Bank cut the official cash rate to 0.1%, buyers have been out in force. We saw multiple bidders at all our auctions on the weekend, whether they secured a spot on-site or participated in bidding online.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 24 & 25 October 2020

October 26, 2020 Leave a comment

This weekend, there were a couple of things a bit different for Victorians! First, we saw the Tigers and Geelong go head to head in an all-Victorian final…held in Queensland, at night! Secondly, we saw a range of auction methods utilised – completely on-site, completely online and a new option, the “hybrid” auction.

With on-site auction restrictions currently capped to ten registered bidders, most of our auctions were conducted using the hybrid method with registered bidders both on-site and tuning in online. With the rain pouring down for much of the day, it was an ideal situation for many potential buyers to participate in the comfort of their own home!

There were thirteen registered bidders for the hybrid auction of 252B Glenlyon Road, Fitzroy North which successfully sold under the hammer. As Christmas quickly approaches, it’s expected that several vendors will want to list before the end of the year. My colleague George Ozzimo said, “I think we’ll see some confidence come back to the market [but] it will just be based on the number of homes available. There’s a lot of pent up demand in the market”.

The property at 74A Dunloe Avenue in Mont Albert North attracted four registered bidders, with three on-site and one online. My team and I sold the superb three-bedroom home sold under the hammer for $1,317,500.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 19 October 2020

October 19, 2020 Leave a comment

Under the latest announcements from the Victorian government on Sunday, public auctions can now resume with a maximum of 10 people for the first time since stage four restrictions were introduced.

‘It’s very good news,’ Real Estate Institute of Victoria [REIV] President, Leah Calnan said. ‘We’re now sending out information to agents because work permits are still required and agents still must work from home,’ she said.

With a swift market rebound now on the horizon, Domain in has already reported that agents have ‘been inundated with calls from vendors and buyers wanting to take part in traditional public auctions on Sunday immediately after the announcement’.

The next phase of eased restrictions will see Melbourne work towards a COVID-safe Summer and COVID-normal 2021, with industry leaders now hoping that the next step will be the return of ‘non-essential renovation work, which would allow prospective vendors to fix up their homes before selling,’ according to Domain. In addition to Sunday’s announcements, Premier Daniel Andrews also advised that private inspections for the purchase or leasing of commercial properties can also recommence.

‘The ability to commence inspections of commercial properties for sale or lease will help with economic recovery and allow business owners to sell, buy or lease properties to rebuild their businesses,’ the REIV has said.

In Fletchers news, my team and I saw 4 bidders participate in his online auction for 6/3-5 Louise Avenue in Mont Albert on Saturday. With several onlookers logging online to watch the event, the auction resulted in a total of 24 bids. Desirably positioned in a quiet and leafy neighbourhood, the 2-bedroom villa unit was originally on the market for $750,000, eventually selling for an impressive $804,000.

Success. It’s a Fletchers thing.

Categories: Auction Wrap