Auction | 32 Severn Street, Balwyn North
We enjoyed the coffee van from Domain at the auction of 32 Severn Street in Balwyn North, where almost 950sqm of land was on offer in an excellent location.
With the market on the move, we saw a strong opening bid of $2.2 million start the auction off and it didn’t stop! The large crowd looked on as four bidders competed to secure the property, which is just metres from local schools and eateries.
Our vendors were thrilled wth the result!
Market Update | 24 & 25 April 2021
After some promising looking sunshine in the morning, it ended up being a chilly Autumn day in Melbourne on Saturday. Despite the cooler weather, Melbourne’s property market was surprisingly buoyant, with strong results once again achieved under the hammer.
The REIV reported a clearance rate of 80 per cent over the weekend, as the median house price in Victoria recorded one of its largest quarterly increases. For the first time, houses in metro Melbourne surpassed a median value of $1 million, jumping by 8.8 per cent from the previous quarter to land at $1,004,500. REIV President, Leah Calnan, notes that “high demand across the state has been fuelled by an increase in activity following Victoria’s lockdowns which saw thousands of auctions cancelled”.
The Fletchers Group was thrilled to achieve an auction clearance rate of 89 per cent over the weekend. My team and I sold 8 Rose Avenue in Surrey Hills, in a private indoor auction. I also called the auction of 33 Peel Street in Kew, which sold under the hammer.
Activity was paused on Sunday to mark ANZAC Day, as we took the time to reflect on the service and sacrifice of all those who have served and who are currently serving. We will remember them.
Success. It’s a Fletchers thing.
Auction | 17 Kingston Road, Surrey Hills
We saw a big crowd and strong bidding from four parties at the auction of 17 Kingston Road in Surrey Hills last weekend.
The 1910 period home was being offered for sale for the first time in 40 years, showcasing an exceptional renovation and extension for the successful purchaser to enjoy.
We are so thrilled for our vendors, Bill & Kay, and grateful that they entrusted us with the sale of their beautiful home.
Auction | 1/30 Haig Street, Burwood
We saw strong bidding at the auction of 1/30 Haig Street in Burwood, with buyers keen to secure the four bedroom town home that lacks for nothing!
A total of four bidders competed, pushing the eventual sale price to $1,270,000 from the opening bid of $1,000,000 even.
Congratulations to our vendors and the successful purchasers!
Market Update | 17 & 18 April 2021
It was another ‘Super Saturday’ of sales over the weekend, with more than 1,000 auctions held.
The Domain Group reported a clearance rate of 74.5 per cent, observing that renovators and builders were among the big buyers across the weekend. Australian housing values are surging at their fastest rate in 32 years, with residential values jumping 2.8 per cent in March – the fastest rate of growth since 1988, according to data firm, CoreLogic.
Buyers continue to create fierce competition on auction day due to relatively low stock levels and to take advantage of record low interest rates and government incentives.
The Fletchers Group were thrilled to achieve a clearance rate of 92 per cent on the weekend, with most properties attracting multiple bidders.
My team and I sold 17 Kingston Road in Surrey Hills under the hammer, after it was offered for sale for the first time in 40 years! It was also an honour to represent our vendors of 1 Goulburn Street, Box Hill North which was bought by the family 63 years ago. We also sold 118 Woodhouse Grove, Box Hill North and 32 Severn Street in Balwyn North.
Success. It’s a Fletchers thing.
Auction | 30 Illawarra Road, Balwyn North
The comfortable, 1954 home at 30 Illawarra Road in Balwyn North offered a number of options to buyers on auction day.
We started proceedings with a vendor bid which quickly led to participation from genuine bidders as interested buyers got confident enough to bid.
Great to see auction crowds back and competition in what is a strong market. Congratulations to our vendors and the successful purchasers!
Auction | 1 David Street, Box Hill South
We had the coffee van and the Chupa Chups ready for the auction of 1 David Street in Box Hill South last weekend!
Built in 1947, the character-filled home has been extended and renovated, perfect for a family to move in within the Box Hill High School zone. My colleague Connor Sun and I were thrilled to see a healthy level of competition, with six bidders involved.
Congratulations to our vendors, Kevin and Grace and well done to the successful purchasers who withstood a typical Melbourne change in weather to secure the home!
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.
Auction | 1/36-38 Hamel Street, Box Hill South
Offering a golden opportunity in Box Hill South, the property at 1/36-38 Hamel Street boasts a double block on its own street frontage!
It was great to see the coffee van back and we were underway on auction day with an opening bid of $1 million. Three bidders competed to secure the home, which went on to sell for $1,182,000 under the hammer.
We’re thrilled for our vendors, Mike & Tess, and the successful purchaser!
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.
