Auction Snapshot | 14 & 15 December
Rising house prices and late listings have resulted in a remarkably busier month for the auction market over December. With more owners feeling confident selling their homes later in the year, the REIV recorded a total of 993 auctions in Victoria, which is up from the same time last year.
Although typically viewed as a risky time of year to go to auction due to potential bidders being occupied with Christmas shopping and end of year functions, December has so far proven itself a worthy contender to buyers and sellers alike.
‘There has been over the past few months quite a bit of pent-up demand and that has pushed prices up in Melbourne quite sharply, and I think vendors are responding to that now,’ said ANZ Senior Economist, Felicity Emmett.
In a fantastic outcome for our team, an auction clearance rate of 91% was recorded across the Fletchers group over the weekend, marking a significant increase from the state-wide clearance rate of 75%. Similarly, the weekend also saw an incredible turn out of buyers, where there were as many as 6-7 bidders per auction.
One such auction was the premium 3 bedroom home at 9 Chester Street in Surrey Hills, which sold for $1,769,500 and had a turnout of 6 bidders on the day. Located in an enticing neighbourhood with tree-lined streets, this luxurious dream home featured a spacious lounge and dining, sun-filled family room and double secure carport.
Results. It’s a Fletchers thing.
Auction | 6/58 Windsor Crescent, Surrey Hills
A large crowd was in attendance at the auction of the two bedroom villa unit, at 6/58 Windsor Crescent in Surrey Hills.
I could personally vouch for the quality and location of the development, having rented within the block a number of years ago!
After the auction formalities, four bidders got down to the business of trying to secure the home – even with a very specific amount of $888,888! That wasn’t the final however, with bidding continuing until the final selling price of $903,000 was achieved! A fantastic result for both our vendors and the successful purchasers.
Results. It’s a Fletchers thing.
Auction Snapshot | 7-8 December 2019
With a staggering 1023 auctions reported across the state, Melbourne’s auction market continues to draw results similar to the ‘boom-time levels’ of 2013 and 2017, according to AMP Capital Chief Economist, Shane Oliver.
The first auction weekend for December saw a solid auction clearance rate of 78% in Victoria, indicating a remarkable improvement from this time last year, when clearance rates were recorded at 47%.
As the housing market continues to make strides on its way to recovery, Domain has reported a surge in home buyers rushing to renovate their homes in time for Christmas.
‘Almost two-thirds of home owners are making some type of improvements to their homes ahead of the holidays, with budgets ranging from $200 to $7000. More than 60 per cent of home owners said improvements at this time of year added financial pressure to the holiday period,’ said Tawar Razaghi from Domain.
Over the weekend, Fletchers recorded a clearance rate of 80% across the group, with 4 Tanami Court in Bulleen securing an astounding 8 bidders on the day. Making a bold statement of luxury and prestige, the 4 bedroom property, titled, ‘The Grange’, raised the benchmark for executive family entertaining, featuring an intuitive design with solar heated pool and spa, wood-fired pizza oven and palatial master bedroom.
Results. It’s a Fletchers thing.
25 Delany Close, Canterbury
Join me on a tour of 25 Delany Close, Canterbury.
A poetic hideaway and treasured Victorian beauty crowned with majestically high ceilings and constructed in double brick, this unique home offers the impressive trio of prestige, convenience and security. Enjoy the under-cover deck and north-facing paved courtyard with built-in seating, wander across to Maling Road’s renowned cafes, catch the train into the city or walk to nearby private schools and Canterbury Primary School.
To explore the property and view the Statement of Information, please contact me on 0403 020 404 or visit the website: bit.ly/25delanyclosecanterbury
Auction | 50 Wilson Road, Glen Waverley
It was great working with Michelle Huang and the Fletchers Waverley team on the sale and auction of 50 Wilson Road in Glen Waverley.
A sprawling suburban property offered for sale for the first time since 1962 drew a large crowd of approximately 100 people to the auction.
Bidding started at $1,300,000 with a total of six parties involved, and close to 100 bids later, the property was knocked down to the successful bidder at $1,550,500.
The team and I were thrilled to achieve a successful result for our vendor, Mark.
Auction | 106/20 Hepburn Road, Doncaster
The “Magnolia Apartments” are known for their exceptional quality and luxurious sophistication. We recently auction Number 106, an airy three bedroom, two bathroom abode on the first floor.
It was nice and cosy on auction day with two parties putting their hands up to bid. Auctioneer Tim Heavyside formally passed the property in before negotiating with the highest bidder to the ultimate sale price of $655,000.
Results. It’s a Fletchers thing.
Auction Snapshot | 30 November & 1 December
Another weekend of strong auction results has consequently become Melbourne’s second-biggest auction weekend for 2019, proving the strong demand for properties is creating a sense of urgency amongst buyers.
As the decade draws to a close, the strong performance of the market is likely to continue into the New Year as homeowners take advantage of low interest rates and renewed levels of buyer demand.
With economists referring to the recent surge in house prices as a ‘mini boom’ for the industry, positive market conditions combined with the resurgence in investor activity point towards a much healthier landscape for the property market in 2020.
REIV President, Leah Calnan, said ‘it’s important to look at how the long term market is trending. The Victorian real estate sector has demonstrated long term growth and stability. In signs of an improving market, we are again seeing increasing demand from interstate and international purchasers.’
Results. It’s a Fletchers thing.
