Market Update | 14 December 2020
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.
Auction | 7 Neath Street, Surrey Hills
Architecturally designed and customised to every family desire, the auction of 7 Neath Street in Surrey Hills brought out buyers who were determined to secure the modern and sophisticated home.
Our vendors presented the home exceptionally well throughout the campaign and their efforts were rewarded with strong bidding from three parties.
After an opening bid of $3 million, the property went onto sell under the hammer for $4,005,000.Success.
It’s a Fletchers thing.
Market Update | 30 November 2020
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.
Auction | 2/16 Bentley Street, Surrey Hills
Tranquility, peace and that enviable single-level living was on offer at the auction of 2/16 Bentley Street in Surrey Hills.
We conducted the auction in a hybrid format, and passed the property in to an online bidder at $1.2 million. We successfully negotiated a result for our vendors post auction, at $2,300,000. A great outcome for all parties!
Market Update | 24 November 2020
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.
Market Update | 14 & 15 November 2020
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.
Auction | 11/176-178 Union Road, Surrey Hills
We were thrilled to market and sell the uniquely designed two bedroom home at 11/176-178 Union Road in Surrey Hills.
We passed the property in on a genuine bid and then went on to sell it for an excellent price after negotiations with the highest bidder. Our vendors are rapt with the result and the successful purchasers have bought into a highly desirable locale.
Market Update | 10 November 2020
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.
Auction | 5 Conder Avenue, Burwood
My team and I were thrilled to achieve a successful result at auction for our vendors of 5 Conder Avenue in Burwood.
The auction was a “licorice allsorts” sale with six registered bidders – three onlline and three onsite. “The people who bought it were online and are a family” – no doubt they will get years of enjoyment with low maintenance yet luxurious living.
Congratulations to our vendors, all the best for the future.
Market Update | 4 November 2020
Following a remarkable auction clearance rate of 100% for the Fletchers group on Saturday, Melbourne’s property market is already making a comeback.
With fierce competition amongst buyers, our agents reported strong attendance at auction, with as many as 6 bidders participating in the sale for 5 Conder Avenue in Burwood on Saturday, which was sold by my team and I for $1,450,000.
AMP Capital Chief Economist, Shane Oliver, suggested that the uptake in auction activity ‘was probably due to the pent-up demand of buyers and sellers back on the market after the city and property market was locked down during the worst of the coronavirus pandemic,’ according to Domain.
While real estate activity over the Melbourne Cup long weekend traditionally sees auction volumes dip across the city, CoreLogic has instead predicted a 27% increase in auctions, with 690 homes scheduled for sale. ‘It’s an increase from the 490 homes that went to auction last week, while just 255 homes went under the hammer on the same weekend last year,’ Real Estate Business reported.
The RBA delivered good news for home buyers with a rate cut on Cup Day, with the official cash rate now at 0.10 per cent.
Success. It’s a Fletchers thing.
