Tim Heavyside

𝐀𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐰𝐞𝐫𝐞 𝐩𝐞𝐫𝐦𝐢𝐭𝐭𝐞𝐝 𝐨𝐧-𝐬𝐢𝐭𝐞 𝐢𝐧 𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 𝐢𝐧 𝐦𝐨𝐧𝐭𝐡𝐬, 𝐚𝐥𝐛𝐞𝐢𝐭 𝐰𝐢𝐭𝐡 𝐜𝐚𝐩𝐚𝐜𝐢𝐭𝐲 𝐚𝐧𝐝 𝐝𝐞𝐧𝐬𝐢𝐭𝐲 𝐥𝐢𝐦𝐢𝐭𝐬. 𝐖𝐡𝐢𝐥𝐬𝐭 𝐭𝐡𝐞𝐫𝐞 𝐢𝐬 𝐩𝐥𝐞𝐧𝐭𝐲 𝐨𝐟 𝐝𝐞𝐬𝐢𝐫𝐞 𝐭𝐨 𝐠𝐞𝐭 𝐛𝐚𝐜𝐤 𝐭𝐨 𝐧𝐨𝐫𝐦𝐚𝐥𝐢𝐭𝐲, 𝐭𝐡𝐞 𝐚𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐜𝐨𝐮𝐩𝐥𝐞𝐝 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐢𝐧𝐜𝐥𝐞𝐦𝐞𝐧𝐭 𝐰𝐞𝐚𝐭𝐡𝐞𝐫 𝐬𝐚𝐰 𝐬𝐞𝐯𝐞𝐫𝐚𝐥 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐫𝐞𝐦𝐚𝐢𝐧 𝐨𝐧𝐥𝐢𝐧𝐞.

In Burwood East, the four-bedroom, family home at 4 Skene Street offered scope for renovation and attracted six bidders to the online auction. Bidding began at the bottom of the price guide and rose fast, in a mix of increments mostly ranging from $10,000 down to $1,000. The race for the keys narrowed to two bidders, with the home selling under the hammer for $1.663 million.

Auctioneer Ben Williams said, “the market is holding up really well since we have come out of the lockdown period for real estate…there has been a lot more stock…demand is still far outstripping supply”. He said that buyers had become comfortable with the online method, which is why the sale went ahead virtually rather than in person.

Our team’s two auctions were called in Surrey Hills on Saturday morning, adopting the ‘hybrid’ style with both on-site and online bidders participating. The auction of 4/18 Essex Road in Surrey Hills saw a total of five bidders participate – two online and three on-site. The auction lasted for an hour, as I patiently fielded the bids traded between the parties. The successful bidder secured the keys to the home, when it was knocked down at $901,000. The following auction at 2/26 Florence Road was a much quicker affair with two bidders, with the property selling for $755,000.

In Malvern East, the auction of 12A Warida Avenue was also held on the street, seeing two bidders compete for the three-bedroom, single level home. The private, conveniently located home went on to sell for $1,013,000.

Online, the magnificently renovated and extended family home at 8 Tyrrell Street in Mont Albert North attracted five bidders and sold for $2,205,000.

In other property news, the Domain Group reports that some home sellers have brought forward their listings in hopes of getting the best price, before new mortgage rules kick in and reduce the budgets of potential buyers. Potential buyers who are hoping to borrow the maximum amount are also rushing to get in before the cut-off at the end of October.Property buyers will be assessed to ensure they could repay their loans, should the interest rates rise 3 percentage points, up from 2.5 per cent previously, under recently announced rules by bank regulator the Australian Prudential Regulation Authority (APRA) that are likely to cut buyers’ maximum borrowing capacity by about 5 per cent.

But with only 8 per cent of applicants borrowing their maximum, on Commonwealth Bank figures, most buyers are unaffected, meaning property prices are likely to keep pushing higher, albeit not at the same pace.

As Victoria is set to reach the 80 per cent double-dose vaccination milestone, open for inspections will also make a return with a capacity limit of 150 attendees. Both inspection and auction attendees are required to be double vaccinated and, of course, must check-in upon arrival.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

𝐖𝐞 𝐫𝐞𝐜𝐞𝐢𝐯𝐞𝐝 𝐬𝐨𝐦𝐞 𝐰𝐞𝐥𝐜𝐨𝐦𝐞 𝐧𝐞𝐰𝐬 𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤𝐞𝐧𝐝, 𝐰𝐢𝐭𝐡 𝐏𝐫𝐞𝐦𝐢𝐞𝐫 𝐃𝐚𝐧𝐢𝐞𝐥 𝐀𝐧𝐝𝐫𝐞𝐰𝐬 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐫𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐫𝐞 𝐬𝐞𝐭 𝐭𝐨 𝐞𝐚𝐬𝐞 𝐢𝐧 𝐕𝐢𝐜𝐭𝐨𝐫𝐢𝐚 𝐟𝐫𝐨𝐦 𝟏𝟏:𝟓𝟗𝐩𝐦 𝐭𝐡𝐢𝐬 𝐓𝐡𝐮𝐫𝐬𝐝𝐚𝐲. 𝐖𝐢𝐭𝐡 𝟕𝟎% 𝐨𝐟 𝐭𝐡𝐞 𝐞𝐥𝐢𝐠𝐢𝐛𝐥𝐞 𝐩𝐨𝐩𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐯𝐚𝐜𝐜𝐢𝐧𝐚𝐭𝐞𝐝, 𝐭𝐡𝐞 𝐜𝐮𝐫𝐟𝐞𝐰 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐥𝐢𝐟𝐭𝐞𝐝 𝐚𝐧𝐝 𝐫𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐨𝐧 𝐥𝐞𝐚𝐯𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐡𝐨𝐦𝐞 𝐫𝐞𝐦𝐨𝐯𝐞𝐝.

In terms of real estate, private inspections will remain in place until the next vaccination milestone of 80% vaccination is reached (expected to be in the first week of November). Real estate offices will remain closed, but on-site auctions are permitted, with a maximum cap of 50 vaccinated attendees, outdoors. Masks are here to stay for the time being, required both indoors and outdoors for all Victorians.

During the week, a number of online auctions were scheduled, yielding fantastic results for our vendors. Some of the highlights included our mid-week auction of 52 Kitchener Street in Box Hill South. The beautiful four-bedroom home, zoned for Box Hill High School attracted a total of four bidders, however, it was whittled down to two extremely keen parties who sought to call the property home. I finally knocked the property down as sold at $2,055,500.

The auction of 4/51 Wandsworth Road in Surrey Hills was another online tug-of-war between two parties, trading bids to secure the single-level, three-bedroom home. With its own street frontage and within walking distance to shops, schools, and public transport, it was no surprise that the bidders didn’t want to let this one go! Of course, there can only be one winner, and the property was knocked down to the successful bidder.

Over the weekend, the lovely family home at 28 Currajong Avenue in Camberwell attracted four bidders. In the treasured Sunnyside Estate, the home boasts an expansive single-level design featuring multiple living zones. The property went on to sell under the hammer for $3,465,000.

We expect that this weekend will be a mix of on-site and online auctions, so please check in online and with your local Fletchers agent to keep up to date with any properties you’re interested in.

Stay safe and be well!

𝐌𝐀𝐑𝐊𝐄𝐓 𝐔𝐏𝐃𝐀𝐓𝐄 | Last 𝐰e𝐞𝐤𝐞𝐧𝐝 𝐬𝐚𝐰 𝐭𝐡𝐞 𝐜𝐨𝐦𝐛𝐢𝐧𝐞𝐝 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐚𝐮𝐜𝐭𝐢𝐨𝐧 𝐯𝐨𝐥𝐮𝐦𝐞 𝐚𝐜𝐫𝐨𝐬𝐬 𝐭𝐡𝐞 𝐧𝐚𝐭𝐢𝐨𝐧 𝐣𝐮𝐦𝐩 𝐚𝐧 𝐚𝐬𝐭𝐨𝐧𝐢𝐬𝐡𝐢𝐧𝐠 𝟓𝟐 𝐩𝐞𝐫 𝐜𝐞𝐧𝐭 𝐜𝐨𝐦𝐩𝐚𝐫𝐞𝐝 𝐭𝐨 𝐥𝐚𝐬𝐭 𝐰𝐞𝐞𝐤, 𝐚𝐬 𝐫𝐞𝐩𝐨𝐫𝐭𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐃𝐨𝐦𝐚𝐢𝐧 𝐆𝐫𝐨𝐮𝐩. 𝐓𝐡𝐞 𝐫𝐢𝐬𝐞 𝐡𝐞𝐫𝐞 𝐢𝐧 𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞 𝐜𝐚𝐧 𝐛𝐞 𝐝𝐢𝐫𝐞𝐜𝐭𝐥𝐲 𝐚𝐭𝐭𝐫𝐢𝐛𝐮𝐭𝐞𝐝 𝐭𝐨 𝐭𝐡𝐞 𝐞𝐚𝐬𝐢𝐧𝐠 𝐨𝐟 𝐫𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐫𝐞𝐥𝐚𝐭𝐢𝐧𝐠 𝐭𝐨 𝐭𝐡𝐞 𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐜𝐨𝐧𝐝𝐮𝐜𝐭 𝐢𝐧-𝐩𝐞𝐫𝐬𝐨𝐧, 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐟𝐫𝐨𝐦 𝟏𝟖 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫.

The REIV recorded a strong clearance rate of 86 per cent from another weekend of auctions conducted online. Over 800 auctions were called over the weekend, with the number expected to be over 1,000 by the following weekend. Of course, there are also a number of properties being scheduled for auction during the week as well, thanks to the flexibility that the online platform provides.

A highlight auction of the weekend was the sale of 22 Davis Street, described by my colleague and auctioneer Steven Zervas – Partner and Auctioneer – Fletchers Real Estate as “the best house in Burwood East”. He had sold the home to our vendors when it was brand new four years prior and they were hoping to achieve $1.95 million at auction on Saturday. With the home selling for $2.362 million under the hammer in a heated auction with nine bidders, the result was well above their expectations! A young family claimed the keys and are sure to enjoy the luxe five-bedroom home with its French oak floors, marble benchtops and multiple living zones.

During the week, my team and I have conducted a number of online auctions, including 2/67 Essex Road in Surrey Hills, 7 Loma Linda Grove in Balwyn North, 51 Valda Avenue in Mont Albert North and 52 Kitchener Street in Box Hill South which sold under the hammer after two bidders traded $500 bids at the end – the property eventually selling for $2,055,500.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

𝐈𝐭 𝐚𝐥𝐦𝐨𝐬𝐭 𝐟𝐞𝐥𝐭 𝐥𝐢𝐤𝐞 𝐚 𝐧𝐨𝐫𝐦𝐚𝐥 𝐚𝐮𝐜𝐭𝐢𝐨𝐧 𝐰𝐞𝐞𝐤𝐞𝐧𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 𝐭𝐡𝐢𝐬 𝐒𝐩𝐫𝐢𝐧𝐠, 𝐰𝐢𝐭𝐡 𝐬𝐞𝐯𝐞𝐫𝐚𝐥 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬 𝐬𝐜𝐡𝐞𝐝𝐮𝐥𝐞𝐝 𝐭𝐨 𝐠𝐨 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐡𝐚𝐦𝐦𝐞𝐫. 𝐀𝐥𝐭𝐡𝐨𝐮𝐠𝐡 𝐰𝐞 𝐰𝐞𝐫𝐞𝐧’𝐭 𝐚𝐛𝐥𝐞 𝐭𝐨 𝐞𝐧𝐣𝐨𝐲 𝐭𝐡𝐞 𝐬𝐮𝐧𝐬𝐡𝐢𝐧𝐞 𝐚𝐧𝐝 𝐮𝐬𝐮𝐚𝐥 𝐚𝐮𝐜𝐭𝐢𝐨𝐧 𝐯𝐢𝐛𝐞 𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐫𝐨𝐧𝐭 𝐨𝐟 𝐚 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲, 𝐭𝐡𝐞 𝐥𝐞𝐯𝐞𝐥 𝐨𝐟 𝐛𝐮𝐲𝐞𝐫 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐰𝐚𝐬 𝐡𝐢𝐠𝐡 𝐚𝐧𝐝 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐬𝐭𝐫𝐨𝐧𝐠.

In fact, the Domain Group reports that Australia’s property boom has reached record highs, resulting in the strongest annual growth in more than 30 years. Property values climbed more than 20 per cent over the past year nationally, marking the fastest annual growth seen since 1989, the latest CoreLogic National Home Value Index shows, with Melbourne up 15 per cent.

Whilst the number of homes hitting the market lifted in September, CoreLogic figures show they were still slightly down on the five-year average for this time of year, and the total supply of homes on the market is about 28 per cent below the five-year average. The combination of record low interest rates and low stock levels continues to put upward pressure on housing values.

Over the weekend, the renovated two-bedroom home at 7 East Court in Camberwell attracted 13 bidders at the online auction, which went for an hour. Steven Zervas – Partner and Auctioneer – Fletchers Real Estate fielded over 100 bids that were exchanged during the course of the auction, until it was finally sold under the hammer for $1,231,000.

Director Ben Williams called two auctions on Sunday, selling both 34 Maple Street, Blackburn and 1 Blake Street in Blackburn North under the hammer. The properties attracted four and five bidders respectively, demonstrating the demand for family homes in locations that cater for a convenient and secure lifestyle.

My team and I sold 2/24 Jersey Street, Balwyn post auction today.

We are certainly seeing the Spring property market come to life, even though it is looking a little different than in years past. Private inspections are in high demand and auctions are being scheduled both on weekends and during the week, so please ensure you keep an eye on our website and in touch with the agent, so you’re kept informed.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

𝐖𝐢𝐭𝐡 𝐭𝐡𝐞 𝐆𝐫𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐥 𝐢𝐧 𝐏𝐞𝐫𝐭𝐡, 𝐢𝐭 𝐰𝐚𝐬 𝐮𝐧𝐮𝐬𝐮𝐚𝐥𝐥𝐲 𝐛𝐮𝐬𝐲 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐥𝐚𝐬𝐭 𝐚𝐮𝐜𝐭𝐢𝐨𝐧 𝐰𝐞𝐞𝐤𝐞𝐧𝐝 𝐢𝐧 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫. 𝐖𝐢𝐭𝐡 𝐤𝐢𝐜𝐤-𝐨𝐟𝐟 𝐚𝐭 𝟕:𝟏𝟓𝐩𝐦 𝐖𝐀 𝐭𝐢𝐦𝐞, 𝐭𝐡𝐞𝐫𝐞 𝐰𝐚𝐬 𝐩𝐥𝐞𝐧𝐭𝐲 𝐨𝐟 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐟𝐨𝐫 𝐚𝐠𝐞𝐧𝐭𝐬 𝐭𝐨 𝐫𝐮𝐧 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐜𝐚𝐥𝐥 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐨𝐧𝐥𝐢𝐧𝐞.

Boasting an inspirational renovation, the iconic Glenvill home at 13 Silverene Court in Vermont South drew a lot of interest throughout the campaign, despite the impact of an extended lockdown. Offering a superb lifestyle amongst well-kept, landscaped gardens, six bidders competed to secure the home during the online auction. Auctioneer Jeremy Desmier knocked the property down to the successful bidder at $1,723,000.

On Sunday afternoon, Director Ben Williams conducted a relaxed online auction to determine who would be the new owner of the three-bedroom family home at 33 Thornhill Drive in Forest Hill. A total of five bidders participated, until just two determined bidders traded bids until the successful purchaser placed the winning bid!

My team and I sold the near-new, masterfully designed home at 16 Peter Street in Box Hill North prior to its scheduled online auction, for $1,670,000. Recently constructed by the owner, the four-bedroom home offers glamorous interiors, deluxe Neff kitchen and sophisticated lounge/dining out to an undercover alfresco.

As we settle into the Spring selling period, it is clear that whilst it may look a little different, buyer demand remains high. The REA Group reports that prices increased rapidly during the pandemic, with data showing a 20.7% increase in national property prices over the 12 months to August.

The reduction in stock levels due to the extended lockdown has had an impact, creating a high level of pent-up demand. With the easing of restrictions to allow for private inspections and for photography and marketing to be completed, this should help to provide buyers with a greater level of choice and reduce some of the competition for individual properties.

Record low borrowing rates have also been a major driver of the increase in property prices, with the Reserve Bank of Australia holding official interest rates at the record low of 0.1% at its monthly meeting.

REA Director of Economic Research, Cameron Kusher commented, “𝘵𝘩𝘦 𝘢𝘯𝘤𝘩𝘰𝘳𝘪𝘯𝘨 𝘰𝘧 𝘭𝘰𝘸 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘳𝘢𝘵𝘦𝘴 𝘪𝘴 𝘢 𝘣𝘪𝘨 𝘥𝘳𝘪𝘷𝘦𝘳 𝘰𝘧 𝘱𝘳𝘪𝘤𝘦 𝘨𝘳𝘰𝘸𝘵𝘩 𝘣𝘶𝘵 𝘵𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘰𝘵𝘩𝘦𝘳 𝘧𝘢𝘤𝘵𝘰𝘳𝘴 𝘴𝘶𝘤𝘩 𝘢𝘴 𝘢𝘯 𝘰𝘯𝘨𝘰𝘪𝘯𝘨 𝘴𝘪𝘨𝘯𝘪𝘧𝘪𝘤𝘢𝘯𝘵 𝘥𝘪𝘴𝘤𝘰𝘯𝘯𝘦𝘤𝘵 𝘣𝘦𝘵𝘸𝘦𝘦𝘯 𝘥𝘦𝘮𝘢𝘯𝘥 𝘧𝘰𝘳 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘴𝘶𝘱𝘱𝘭𝘺 𝘰𝘧 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘪𝘦𝘴 𝘧𝘰𝘳 𝘴𝘢𝘭𝘦, 𝘰𝘯𝘨𝘰𝘪𝘯𝘨 𝘳𝘦𝘴𝘵𝘳𝘪𝘤𝘵𝘪𝘰𝘯𝘴 𝘰𝘯 𝘩𝘰𝘸 𝘱𝘦𝘰𝘱𝘭𝘦 𝘤𝘢𝘯 𝘴𝘱𝘦𝘯𝘥 𝘵𝘩𝘦𝘪𝘳 𝘮𝘰𝘯𝘦𝘺 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘧𝘢𝘤𝘵 𝘵𝘩𝘢𝘵 𝘱𝘦𝘰𝘱𝘭𝘦 𝘢𝘳𝘦 𝘭𝘰𝘰𝘬𝘪𝘯𝘨 𝘵𝘰 𝘶𝘱𝘨𝘳𝘢𝘥𝘦 𝘵𝘩𝘦𝘪𝘳 𝘩𝘰𝘮𝘦𝘴 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘵𝘩𝘦𝘺 𝘴𝘱𝘦𝘯𝘥 𝘴𝘰 𝘮𝘶𝘤𝘩 𝘵𝘪𝘮𝘦 𝘵𝘩𝘦𝘳𝘦”.

Congratulations to all the Dees fans, what a game over the weekend! Stay safe and be well.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

𝐀𝐬 𝐰𝐞 𝐦𝐚𝐫𝐤 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐰𝐞𝐞𝐤𝐞𝐧𝐝 𝐢𝐧 𝐥𝐨𝐜𝐤𝐝𝐨𝐰𝐧, 𝐰𝐞’𝐫𝐞 𝐯𝐞𝐫𝐲 𝐦𝐮𝐜𝐡 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐟𝐨𝐫𝐰𝐚𝐫𝐝 𝐭𝐨 𝐧𝐞𝐱𝐭 𝐰𝐞𝐞𝐤, 𝐰𝐡𝐞𝐧 𝐰𝐞 𝐡𝐨𝐩𝐞 𝐭𝐨 𝐬𝐞𝐞 𝐭𝐡𝐞 𝟕𝟎% 𝐟𝐢𝐫𝐬𝐭 𝐝𝐨𝐬𝐞 𝐯𝐚𝐜𝐜𝐢𝐧𝐞 𝐭𝐡𝐫𝐞𝐬𝐡𝐨𝐥𝐝 𝐦𝐞𝐭 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐬𝐮𝐛𝐬𝐞𝐪𝐮𝐞𝐧𝐭 𝐫𝐞𝐭𝐮𝐫𝐧 𝐨𝐟 𝐨𝐧𝐞-𝐨𝐧-𝐨𝐧𝐞 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧𝐬.

Buyer demand has continued to build throughout the lockdown and is likely to burst once the property market can reopen, with buyers set to face stiff competition and bullish prices to secure their dream home.

We saw a glimpse of this demand over the weekend, with two strong online auctions achieving excellent results. The beautifully updated home at 7 Liddle Way in Vermont attracted seven bidders, after the team conducted a final virtual inspection on Thursday morning. Offering multiple living zones and tucked away from the main roads, the competition was fierce, and the home sold under the hammer.

The property at 23 Ian Grove in Burwood saw five bidders compete to secure the home, and over 100 people tuning in online to watch the auction. The low maintenance, three-bedroom home is in the Mount Waverley Secondary College Zone and is on its own title, with no owner’s corporation fees. Amazingly, with no public inspections conducted due to lockdown, none of the five bidders had actually inspected the property! Auctioneer Steven Zervas knocked the property down to the successful bidder at $1,171,000.

With house prices rising by double digits over the past year in some sought-after suburbs on the back of low interest rates and a lockdown-fuelled desire from more space, the Domain Group reports that there are still good opportunities to get into the market, if buyers consider a nearby location or a different type of property.

Buyer demand is up 77.6% in the Stonnington (east) statistical region compared to this time last year, whilst demand in Bayside has jumped 73.8% and Boroondara is up 42.5%. There has also been strong rises in the tree-change hotspot of the Macedon Ranges and more affordable options such as Keilor and Tullamarine/Broadmeadows. Meanwhile in Warrandyte, house prices rose 25.8% in the year to June according to Domain figures, representing the biggest rise in Melbourne outside of the Mornington Peninsula.

For buyers priced out of the inner suburbs, I suggest Box Hill North instead of neighbouring Balwyn North and Mont Albert North. “𝘛𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘴𝘵𝘪𝘭𝘭 𝘦𝘹𝘤𝘦𝘭𝘭𝘦𝘯𝘵 𝘣𝘶𝘺𝘪𝘯𝘨 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘵𝘩𝘦𝘳𝘦 𝘣𝘶𝘵 𝘺𝘰𝘶’𝘳𝘦 𝘴𝘵𝘪𝘭𝘭 𝘴𝘰 𝘤𝘭𝘰𝘴𝘦 𝘵𝘰 𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘮𝘦𝘯𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘧𝘢𝘤𝘪𝘭𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘴𝘤𝘩𝘰𝘰𝘭𝘴. 𝘉𝘶𝘺𝘦𝘳𝘴 𝘢𝘳𝘦 𝘥𝘦𝘧𝘪𝘯𝘪𝘵𝘦𝘭𝘺 𝘴𝘵𝘢𝘳𝘷𝘦𝘥 𝘧𝘰𝘳 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺…𝘵𝘩𝘰𝘴𝘦 𝘱𝘦𝘰𝘱𝘭𝘦 𝘵𝘩𝘢𝘵 𝘩𝘢𝘷𝘦 𝘴𝘰𝘭𝘥 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨 𝘢𝘯𝘥 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘣𝘶𝘺 𝘴𝘰𝘮𝘦𝘵𝘩𝘪𝘯𝘨….𝘵𝘩𝘦𝘺’𝘳𝘦 𝘷𝘦𝘳𝘺 𝘧𝘳𝘶𝘴𝘵𝘳𝘢𝘵𝘦𝘥”.

Keep safe and be well.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

𝐀𝐬 𝐕𝐢𝐜𝐭𝐨𝐫𝐢𝐚’𝐬 𝐞𝐱𝐭𝐞𝐧𝐝𝐞𝐝 𝐥𝐨𝐜𝐤𝐝𝐨𝐰𝐧 𝐫𝐨𝐥𝐥𝐬 𝐨𝐧, 𝐣𝐮𝐬𝐭 𝟓𝟎𝟓 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐰𝐞𝐫𝐞 𝐬𝐜𝐡𝐞𝐝𝐮𝐥𝐞𝐝 𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤𝐞𝐧𝐝, 𝐰𝐢𝐭𝐡 𝐦𝐚𝐧𝐲 𝐯𝐞𝐧𝐝𝐨𝐫𝐬 𝐜𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐭𝐨 𝐰𝐢𝐭𝐡𝐝𝐫𝐚𝐰 𝐭𝐡𝐞𝐢𝐫 𝐡𝐨𝐦𝐞𝐬. 𝐓𝐡𝐞 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐞𝐚𝐦 𝐡𝐚𝐝 𝐭𝐰𝐨 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐬𝐜𝐡𝐞𝐝𝐮𝐥𝐞𝐝, 𝐛𝐨𝐭𝐡 𝐬𝐞𝐥𝐥𝐢𝐧𝐠 𝐩𝐫𝐢𝐨𝐫 𝐚𝐬 𝐚𝐜𝐜𝐞𝐩𝐭𝐚𝐛𝐥𝐞 𝐨𝐟𝐟𝐞𝐫𝐬 𝐰𝐞𝐫𝐞 𝐫𝐞𝐜𝐞𝐢𝐯𝐞𝐝.

Under current restrictions, in-person inspections and on-site auctions are banned, impacting what would usually be the start of the busy Spring selling season. Regional Victoria looks set for an earlier reprieve, with Premier Daniel Andrews hinting that lockdown settings could be lifted this week. Once these restrictions are lifted, our Bellarine office will have greater capacity to service their clients and facilitate transactions again.

In metro Melbourne, agents have been doing their best to assist buyers by arranging virtual inspections of properties in conjunction with vendors. In the current circumstances, we have seen a surge in demand for properties being sold for their land value only, with purchasers often happy to buy sight-unseen, as they know they’ll only be knocking the home down anyway.

I recently sold a clinker brick duplex via online auction, which sold for a whopping $4.088 million under the hammer. One of the biggest rebuild sales, the auction of 28 Stanley Grove in Canterbury lasted for an hour and 40 minutes, with 152 bids being made during an intense battle to buy the property. “T𝘩𝘦 𝘱𝘦𝘳𝘴𝘰𝘯 𝘸𝘩𝘰 𝘣𝘰𝘶𝘨𝘩𝘵 𝘪𝘵 𝘸𝘢𝘴 𝘢𝘯 𝘈𝘶𝘴𝘵𝘳𝘢𝘭𝘪𝘢𝘯 𝘤𝘪𝘵𝘪𝘻𝘦𝘯 𝘭𝘪𝘷𝘪𝘯𝘨 𝘰𝘷𝘦𝘳𝘴𝘦𝘢𝘴 – 𝘵𝘩𝘦𝘺 𝘩𝘢𝘥 𝘯𝘰 𝘪𝘯𝘵𝘦𝘯𝘵𝘪𝘰𝘯 𝘰𝘧 𝘭𝘰𝘰𝘬𝘪𝘯𝘨 𝘢𝘵 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺 𝘪𝘯 𝘱𝘦𝘳𝘴𝘰𝘯”.

Some modest restrictions are due to ease in metro Melbourne around 23 September, when 70% of the population has received one dose of the vaccine. With vaccination rates ramping up across the state, this could be brought forward as soon as 19 September. Under these eased restrictions, private inspections of unoccupied premises will be permitted, which will be a welcome move forward for the real estate industry.

On behalf of the Fletchers team, I hope that all the Fathers and Father-figures had a wonderful day on Sunday. Of course, we also remember those who are no longer with us.

Stay safe and be well.

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

𝐀𝐬 𝐕𝐢𝐜𝐭𝐨𝐫𝐢𝐚 𝐜𝐥𝐨𝐬𝐞𝐬 𝐢𝐧 𝐨𝐧 𝐚 𝐦𝐨𝐧𝐭𝐡 𝐢𝐧 𝐥𝐨𝐜𝐤𝐝𝐨𝐰𝐧 𝐰𝐢𝐭𝐡 𝐧𝐨 𝐜𝐞𝐫𝐭𝐚𝐢𝐧 𝐞𝐧𝐝 𝐢𝐧 𝐬𝐢𝐠𝐡𝐭, 𝐢𝐭 𝐥𝐨𝐨𝐤𝐬 𝐚𝐬 𝐭𝐡𝐨𝐮𝐠𝐡 𝐚𝐭 𝐥𝐞𝐚𝐬𝐭 𝐬𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐩𝐫𝐢𝐧𝐠 𝐬𝐞𝐥𝐥𝐢𝐧𝐠 𝐬𝐞𝐚𝐬𝐨𝐧 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐞𝐝 𝐮𝐧𝐝𝐞𝐫 𝐫𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲, 𝐢𝐧-𝐩𝐞𝐫𝐬𝐨𝐧 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐩𝐮𝐛𝐥𝐢𝐜 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐡𝐚𝐯𝐞 𝐛𝐞𝐞𝐧 𝐛𝐚𝐧𝐧𝐞𝐝, 𝐟𝐨𝐫𝐜𝐢𝐧𝐠 𝐯𝐞𝐧𝐝𝐨𝐫𝐬 𝐭𝐨 𝐜𝐡𝐨𝐨𝐬𝐞 𝐭𝐨 𝐩𝐮𝐬𝐡 𝐟𝐨𝐫𝐰𝐚𝐫𝐝 𝐰𝐢𝐭𝐡 𝐨𝐧𝐥𝐢𝐧𝐞 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬, 𝐜𝐫𝐞𝐚𝐭𝐢𝐯𝐞𝐥𝐲 𝐭𝐫𝐲𝐢𝐧𝐠 𝐭𝐨 𝐩𝐫𝐨𝐦𝐨𝐭𝐞 𝐭𝐡𝐞𝐢𝐫 𝐡𝐨𝐦𝐞, 𝐨𝐫 𝐩𝐨𝐬𝐭𝐩𝐨𝐧𝐢𝐧𝐠 𝐭𝐡𝐞𝐢𝐫 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐬𝐚𝐥𝐞.

The lower stock levels have seen interest for properties on the market increase, with a number of homes selling prior to the auction or via online auction only having had a handful of in-person inspections and in some cases, none at all!

Over the weekend, five bidders competed via an online auction for the property at 45 Park Crescent in Kew. Presented in immaculately maintained, mostly original condition, the property boasts stunning beamed cathedral ceilings and a premier corner allotment that could lend itself to future redevelopment (STCA). Auctioneer Jeremy Desmier fielded just 20 bids during the half hour auction, before knocking it down at $1,650,000.

Fletchers Blackburn agent, Connor Sun, sold two properties in Burwood East prior to their scheduled online auctions over the weekend. Both 32 Newhaven Road and 15 Sugarloaf Close received acceptable offers, demonstrating the high level of interest in high quality, well located homes.

My team and I also sold 20 Surrey Street in Box Hill South prior to auction.

The Real Estate Institute of Victoria [REIV] continues to lobby the Victorian government to review the real estate industry and change its status to “essential”, to allow inspection of homes. In an open letter to the Premier of Victoria, the industry body states that ‘when Victorians buy, sell or rent a property, they are making some of the most significant financial decisions of their lives. And, as a result, it’s imperative they’re informed and have had the opportunity to undertake critical due diligence.

We wholeheartedly agree, and also urge the Victorian government to remove the ban on private inspections to ensure that the unnecessary burden on homeowners is removed and those seeking access to rental properties can put a roof over their heads.

As with many other industries, the consequence of ongoing lockdowns is seeing people experience hardship – many people have bought and need to sell, for example, or have sold and need to buy. As the lockdown continues, many are being forced to undertake these key transactions virtually or sight-unseen.

We do expect that once the market does reopen, there will be a flurry of activity as homeowners who have held back due to the restrictions will scramble to get online as quickly as possible. We encourage you to reach out and start a conversation now about your options if you’re considering selling this year. Many vendors are working with their agents to facilitate online inspections for keen buyers, and of course, authorities and contracts can be completed digitally.

Please stay safe and well. 😷

𝐒𝐮𝐜𝐜𝐞𝐬𝐬. 𝐈𝐭’𝐬 𝐚 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐡𝐢𝐧𝐠.

Offered for the first time for sale in 14 years, the beautifully renovated and extended home at 9 Kawarren Street in Balwyn North was sold via online auction over the weekend.

It was a marathon auction, lasting an hour and a half, with two bidders tussling it out in the end to secure the keys. The home eventually sold under the hammer for $2,421,500 but to get there, bids of just $500 were traded for the last half an hour of the auction.

Our congratulations to our vendors and to the successful bidders who managed to hang on until the end!

𝐎𝐯𝐞𝐫 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤𝐞𝐧𝐝, 𝐕𝐢𝐜𝐭𝐨𝐫𝐢𝐚 𝐰𝐚𝐬 𝐨𝐧𝐜𝐞 𝐚𝐠𝐚𝐢𝐧 𝐩𝐥𝐚𝐜𝐞𝐝 𝐢𝐧 𝐚 𝐬𝐭𝐚𝐭𝐞-𝐰𝐢𝐝𝐞 𝐥𝐨𝐜𝐤𝐝𝐨𝐰𝐧, 𝐰𝐢𝐭𝐡 𝐫𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐚𝐫𝐞𝐚𝐬 𝐣𝐨𝐢𝐧𝐢𝐧𝐠 𝐦𝐞𝐭𝐫𝐨𝐩𝐨𝐥𝐢𝐭𝐚𝐧 𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞 𝐢𝐧 𝐚 𝐛𝐢𝐝 𝐭𝐨 𝐜𝐮𝐫𝐛 𝐭𝐡𝐞 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐬𝐩𝐫𝐞𝐚𝐝 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐚𝐜𝐫𝐨𝐬𝐬 𝐨𝐮𝐫 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐢𝐞𝐬.

Although just over 1,100 auctions were schedule in Melbourne on Saturday, some were postponed due to the lockdown. Those vendors brave enough to proceed were rewarded, with the Fletchers Group achieving a 100% success rate between properties sold under the hammer and prior to auction.

In a marathon online auction lasting 90 minutes, two bidders tussled over the renovated home at 9 Kawarren Street in Balwyn North, which eventually sold for $2,421,500. I fielded more than 100 bids from the front room of my home, with bids of just $500 taking up the final 30 minutes of the auction. The underbidders twice conceded and congratulated the other party, only to jump back in with more offers. The home sold for more than $200,000 over the reserve price – it was on the market at $2.2 million – an example of how successful online auctions can be.

“𝘝𝘦𝘯𝘥𝘰𝘳𝘴 𝘤𝘢𝘯 𝘣𝘦 𝘩𝘦𝘴𝘪𝘵𝘢𝘯𝘵 𝘢𝘳𝘰𝘶𝘯𝘥 𝘪𝘵 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘪𝘵’𝘴 𝘵𝘩𝘦 𝘧𝘦𝘢𝘳 𝘰𝘧 𝘵𝘩𝘦 𝘶𝘯𝘬𝘯𝘰𝘸𝘯, 𝘢𝘯𝘥 𝘢 𝘤𝘰𝘶𝘱𝘭𝘦 𝘰𝘧 𝘺𝘦𝘢𝘳𝘴 𝘢𝘨𝘰 𝘪𝘵 𝘸𝘢𝘴𝘯’𝘵 𝘨𝘦𝘯𝘦𝘳𝘢𝘭 𝘱𝘳𝘢𝘤𝘵𝘪𝘤𝘦, 𝘣𝘶𝘵 𝘪𝘵 𝘪𝘴 𝘯𝘰𝘸, 𝘢𝘯𝘥 𝘐’𝘮 𝘯𝘰𝘵 𝘴𝘶𝘳𝘦 𝘪𝘧 𝘪𝘵’𝘴 𝘩𝘦𝘳𝘦 𝘵𝘰 𝘴𝘵𝘢𝘺, 𝘣𝘶𝘵 𝘪𝘵’𝘴 𝘢 𝘱𝘳𝘰𝘭𝘪𝘧𝘪𝘤 𝘸𝘢𝘺 𝘰𝘧 𝘴𝘦𝘭𝘭𝘪𝘯𝘨”.

There were only two inspections before Melbourne’s sixth lockdown was announced, which made vendor Nav Krishnan feel a little nervous, with the auction held on a day when the Andrews Government announced further restrictions, including a lockdown for regional Victoria.

“𝘐𝘵 𝘸𝘢𝘴 𝘳𝘦𝘢𝘭𝘭𝘺 𝘯𝘦𝘳𝘷𝘦-𝘳𝘢𝘤𝘬𝘪𝘯𝘨 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘰𝘧 𝘭𝘰𝘤𝘬𝘥𝘰𝘸𝘯. 𝘞𝘦 𝘸𝘦𝘳𝘦 𝘭𝘪𝘬𝘦, ‘𝘈𝘳𝘦 𝘸𝘦 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘢𝘶𝘤𝘵𝘪𝘰𝘯 𝘰𝘳 𝘯𝘰𝘵?’,” Mr Krishnan said. “𝘉𝘶𝘵 𝘵𝘩𝘪𝘴 𝘳𝘦𝘴𝘶𝘭𝘵 𝘸𝘢𝘴 𝘴𝘶𝘱𝘦𝘳 𝘦𝘹𝘤𝘦𝘭𝘭𝘦𝘯𝘵 𝘦𝘷𝘦𝘯 𝘪𝘧 𝘸𝘦 𝘥𝘪𝘥𝘯’𝘵 𝘩𝘢𝘷𝘦 𝘢 𝘭𝘰𝘤𝘬𝘥𝘰𝘸𝘯. 𝘖𝘯𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘧𝘢𝘤𝘵𝘰𝘳𝘴 𝘸𝘢𝘴 𝘵𝘩𝘦𝘳𝘦 𝘸𝘰𝘯’𝘵 𝘣𝘦 𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘯𝘦𝘸 𝘩𝘰𝘮𝘦𝘴 𝘰𝘯 𝘵𝘩𝘦 𝘮𝘢𝘳𝘬𝘦𝘵, 𝘢𝘵 𝘭𝘦𝘢𝘴𝘵, 𝘪𝘯 𝘵𝘩𝘦 𝘯𝘦𝘢𝘳 𝘧𝘶𝘵𝘶𝘳𝘦.” The location of the house inside the coveted Balwyn High School zone was also a major drawcard.

As stock levels begin to tighten up due to the lockdown, it is becoming very frustrating for both vendors waiting to put their property on the market, and those buyers keen to purchase. We have even seen some properties sell to keen buyers, sight-unseen! These are certainly very trying times and we continue to work with both our vendors and buyers to facilitate transactions as best we can, whether that be via virtual inspections or reaching out to our database.

We strongly believe that it’s important to get the ball rolling if you’re considering selling, to ensure you’re ahead of the pack when the inevitable post-lockdown rush to market begins. Eighteen months into the pandemic, our team is adaptable to the conditions and is available to assist you with advice and strategy. Don’t hesitate to contact me today for a confidential discussion.

𝐒𝐭𝐚𝐲 𝐬𝐚𝐟𝐞 𝐚𝐧𝐝 𝐛𝐞 𝐰𝐞𝐥𝐥. 😷