Making Hay While the Sun Shines

August 10, 2021 Leave a comment

I recently chatted with Grace Ormsby fromย REB (Real Estate Business), about how I’ve kept up my sales momentum – even through Melbourne’s extended lockdown.

Have a listen to the podcast on your preferred device, as we talk about how agents can still “find a way” through resilience and how we can adapt to our new normal:ย

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Market Update | 7 & 8 August 2021

๐‘ฝ๐’Š๐’„๐’•๐’๐’“๐’Š๐’‚๐’๐’” ๐’˜๐’†๐’“๐’† ๐’‘๐’๐’–๐’๐’ˆ๐’†๐’… ๐’Š๐’๐’•๐’ ๐’‚๐’๐’-๐’•๐’๐’ ๐’‡๐’‚๐’Ž๐’Š๐’๐’Š๐’‚๐’“ ๐’•๐’†๐’“๐’“๐’Š๐’•๐’๐’“๐’š ๐’๐’‚๐’”๐’• ๐’˜๐’†๐’†๐’Œ, ๐’˜๐’Š๐’•๐’‰ ๐’•๐’‰๐’† ๐’ˆ๐’๐’—๐’†๐’“๐’๐’Ž๐’†๐’๐’• ๐’‚๐’๐’๐’๐’–๐’๐’„๐’Š๐’๐’ˆ ๐’•๐’‰๐’† ๐’”๐’Š๐’™๐’•๐’‰ ๐’”๐’•๐’‚๐’•๐’†-๐’˜๐’Š๐’…๐’† ๐’๐’๐’„๐’Œ๐’…๐’๐’˜๐’ โ€“ ๐’”๐’๐’‚๐’•๐’†๐’… ๐’‡๐’๐’“ ๐’”๐’†๐’—๐’†๐’ ๐’…๐’‚๐’š๐’”, ๐’‰๐’๐’˜๐’†๐’—๐’†๐’“ ๐’•๐’‰๐’†๐’“๐’† ๐’Š๐’” ๐’”๐’‘๐’†๐’„๐’–๐’๐’‚๐’•๐’Š๐’๐’ ๐’•๐’‰๐’‚๐’• ๐’Š๐’• ๐’˜๐’Š๐’๐’ ๐’†๐’™๐’•๐’†๐’๐’… ๐’‡๐’–๐’“๐’•๐’‰๐’†๐’“.

Once again, sellers, buyers and agents swiftly adapted to the circumstances, with several auctions scheduled for the weekend moving online. It may have been the online format or the number of bidders (9!), but whatever the cause, our auction of 28 Stanley Grove in Canterbury went for over an hour and a half! The original clinker brick home was being offered for sale for the first time in 49 years, located in one of Canterburyโ€™s most beautiful groves. The successful bidder fashioned her own paddle for the occasion!

The stunning, builderโ€™s-own home at 10 Woburn Street in Heidelberg also sold under the hammer via online auction. Attracting six bidders, the luxurious home enjoys a premier Heidelberg Hill position and is also central to schools, transport and lifestyle options.

Domain research has reported this week that Melbourneโ€™s unit prices are set to blow out further this year, as young buyers abandon their dreams of a house and turn to apartments instead. Melbourneโ€™s median house price soared past $1 million in the June 2021 quarter, defying the pandemic and setting a new record. Units also hit a record price, rising to a median of $572,793.

While the cost of a unit sits at nearly half that of a house, experts say affordability issues will force many in the market, particularly first-home buyers, to purchase apartments rather than houses, which will then drive unit prices higher again. Domain chief of research and economics Nicola Powell said the higher house prices climbed, the more demand would flow into units.

โ€œ๐˜š๐˜ฐ๐˜ฎ๐˜ฆ ๐˜ฑ๐˜ฆ๐˜ฐ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ข๐˜ณ๐˜ฆ ๐˜ง๐˜ฐ๐˜ณ๐˜ค๐˜ฆ๐˜ฅ ๐˜ต๐˜ฐ ๐˜ฃ๐˜ถ๐˜บ ๐˜ข ๐˜ถ๐˜ฏ๐˜ช๐˜ต ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ๐˜ช๐˜ณ ๐˜ฅ๐˜ฆ๐˜ด๐˜ช๐˜จ๐˜ฏ๐˜ข๐˜ต๐˜ฆ๐˜ฅ ๐˜ด๐˜ถ๐˜ฃ๐˜ถ๐˜ณ๐˜ฃ๐˜ด,โ€ Dr. Powell said. โ€œ๐˜๐˜ตโ€™๐˜ด ๐˜ข๐˜ฃ๐˜ฐ๐˜ถ๐˜ต ๐˜ต๐˜ฉ๐˜ฆ๐˜ฎ ๐˜จ๐˜ฆ๐˜ต๐˜ต๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต ๐˜ณ๐˜ถ๐˜ฏ๐˜จ ๐˜ฐ๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ญ๐˜ข๐˜ฅ๐˜ฅ๐˜ฆ๐˜ณ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ช๐˜ต ๐˜ฉ๐˜ข๐˜ด ๐˜ต๐˜ฐ ๐˜ฃ๐˜ฆ ๐˜ข ๐˜ถ๐˜ฏ๐˜ช๐˜ต ๐˜ฃ๐˜ฆ๐˜ค๐˜ข๐˜ถ๐˜ด๐˜ฆ ๐˜ฉ๐˜ฐ๐˜ถ๐˜ด๐˜ฆ ๐˜ฑ๐˜ณ๐˜ช๐˜ค๐˜ฆ๐˜ด ๐˜ข๐˜ณ๐˜ฆ ๐˜ด๐˜ฐ ๐˜ฉ๐˜ช๐˜จ๐˜ฉโ€.

We will all keenly wait to hear the news on easing of the latest restrictions. Until then, stay safe!

๐‘บ๐’–๐’„๐’„๐’†๐’”๐’”. ๐‘ฐ๐’•โ€™๐’” ๐’‚ ๐‘ญ๐’๐’†๐’•๐’„๐’‰๐’†๐’“๐’” ๐’•๐’‰๐’Š๐’๐’ˆ.

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Auction | 52 Suffolk Road, Surrey Hills

Our time between Lockdown #5 and #6 was extremely brief, with only one auction weekend back out on the street!

We sold the four bedroom, Californian Bungalow at 52 Suffolk Road in Surrey Hills under the hammer, beginning with a vendor bid of $2,000,000. Two bidders then raised their hands and competed to secure the stunning home.

Congratulations to the successful purchasers and to our vendors, Sri and Leman.

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Auction | 2/45 Stott Street, Box Hill South

We saw strong bidding at the auction of 2/45 Stott Street in Box Hill South, on our first weekend post Lockdown 5.0.

Five bidders competed to secure the contemporary home, which was built in 2011 and being offered for sale for the first time.

We are thrilled for our vendor Sam, who was quite overwhelmed with the result! Congratulations also to the new owners of this fantastic home. ๐Ÿ‘

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Market Update | 31 July & 1 August 2021

Over 1,000 auctions were scheduled across Melbourne, as the auction market bounced back to a Super Saturday after Lockdown 5.0 ended earlier in the week. The team was thrilled to be back doing on-site auctions, with the group achieving a 92 per cent clearance rate.

In Burwood, the extended and renovated home at 38 Haig Street saw strong bidding from five parties, selling under the hammer. The successful purchasers were over the moon, after a twelve-month search for their dream home. Steven Zervas – Partner and Auctioneer – Fletchers Real Estate called a spirited auction, watched on for the first time by his young son, Lucas!

Offered for sale for the first time, the contemporary four-bedroom town home at 2/45 Stott Street in Box Hill South attracted five bidders and sold under the hammer. In Box Hill North, three bidders sought to secure the potential offered at 15 Kneale Drive, on the high side of the street with a desirable north-facing rear. The property sold under the hammer for $1,360,000.Designed for families, the stunning home at 20 Stanton Street in Doncaster boasts three generous living zones, glistening black kitchen with premium appliances and undercover alfresco. Attracting a lot of attention throughout the marketing campaign, the property went on to sell under the hammer for $1,703,000.

The Real Estate Institute of Victoria [REIV] June quarterly report reveals that the median house price in metropolitan Melbourne is holding steady above $1 million, confirmation that the historic March quarter result was not a one-off spike. REIV President, Leah Calnan, said that โ€œbuyers and sellers across the state are still active within a strong growth market โ€“ Victorians are out there making property decisionsโ€.

๐’๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ. ๐ˆ๐ญโ€™๐ฌ ๐š ๐…๐ฅ๐ž๐ญ๐œ๐ก๐ž๐ซ๐ฌ ๐ญ๐ก๐ข๐ง๐ .

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Market Update | 24 & 25 July 2021

Today the Victorian Government has confirmed that as of 11:59pm tonight, the current state-wide lockdown will be over. The new restrictions will be in place for the next two weeks.

In relation to real estate, on-site auctions can resume with a maximum patron cap of 100 and buyers and renters can register for private inspections, to a maximum of 10 people. Real estate offices can also reopen, with a 25 per cent capacity limit.

Over the week, vendors planning an auction sale were once again required to make an important decision for their sales campaign. Sell prior, proceed to online auction or push their auction date out in the hope of it being called out on the street. Our vendors opted for a mix of these choices as once again, they adapted to the conditions we have become so used to.

We started the week with an online auction on Monday evening for 3/289 Mont Albert Road in Surrey Hills. Four bidders competed for the newly renovated and extended two-storey home. The property went on to sell under the hammer, showcasing how comfortable both vendors and buyers have become with the online auction method of sale.

Also in Surrey Hills, the contemporary yet low-maintenance home at 1/291 Elgar Road sold prior to the scheduled online auction. My team and I worked alongside Ian van Eijk from the Blackburn office โ€“ their vendors are stoked with the result!

Nick Fletcherโ€™s vendor at 11 Mitchell Street in Richmond opted to sell prior as well, finalising the sale on Friday night. Renovated and extended, the single-fronted home offered the perfect configuration for young professionals.
Stay safe!

๐™Ž๐™ช๐™˜๐™˜๐™š๐™จ๐™จ. ๐™„๐™ฉโ€™๐™จ ๐™– ๐™๐™ก๐™š๐™ฉ๐™˜๐™๐™š๐™ง๐™จ ๐™ฉ๐™๐™ž๐™ฃ๐™œ.

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Market Update | 17 & 18 July 2021

๐Œ๐ž๐ฅ๐›๐ฎ๐ซ๐ง๐ข๐š๐ง๐ฌ ๐ฐ๐ž๐ซ๐ž ๐ฉ๐ฅ๐ฎ๐ง๐ ๐ž๐ ๐ข๐ง๐ญ๐จ ๐š๐ฅ๐ฅ ๐ญ๐จ๐จ ๐Ÿ๐š๐ฆ๐ข๐ฅ๐ข๐š๐ซ ๐ญ๐ž๐ซ๐ซ๐ข๐ญ๐จ๐ซ๐ฒ ๐ฅ๐š๐ฌ๐ญ ๐“๐ก๐ฎ๐ซ๐ฌ๐๐š๐ฒ, ๐ฐ๐ข๐ญ๐ก ๐ญ๐ก๐ž ๐š๐ง๐ง๐จ๐ฎ๐ง๐œ๐ž๐ฆ๐ž๐ง๐ญ ๐จ๐Ÿ ๐จ๐ฎ๐ซ ๐Ÿ๐ข๐Ÿ๐ญ๐ก ๐ฌ๐ญ๐š๐ญ๐ž-๐ฐ๐ข๐๐ž ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง ๐›๐ž๐œ๐š๐ฎ๐ฌ๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‚๐Ž๐•๐ˆ๐ƒ-๐Ÿ๐Ÿ— ๐ฉ๐š๐ง๐๐ž๐ฆ๐ข๐œ. ๐–๐ข๐ญ๐ก ๐จ๐ฏ๐ž๐ซ ๐Ÿ,๐ŸŽ๐ŸŽ๐ŸŽ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐ ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐ฐ๐ž๐ž๐ค๐ž๐ง๐, ๐ฏ๐ž๐ง๐๐จ๐ซ๐ฌ ๐ฐ๐ž๐ซ๐ž ๐Ÿ๐จ๐ซ๐œ๐ž๐ ๐ญ๐จ ๐ช๐ฎ๐ข๐œ๐ค๐ฅ๐ฒ ๐๐ž๐œ๐ข๐๐ž ๐ฐ๐ก๐ž๐ญ๐ก๐ž๐ซ ๐ญ๐จ ๐›๐ซ๐ข๐ง๐  ๐ญ๐ก๐ž๐ข๐ซ ๐ฉ๐ซ๐จ๐ฉ๐ž๐ซ๐ญ๐ฒ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐Ÿ๐จ๐ซ๐ฐ๐š๐ซ๐ ๐ญ๐จ ๐“๐ก๐ฎ๐ซ๐ฌ๐๐š๐ฒ ๐ง๐ข๐ ๐ก๐ญ, ๐ฆ๐จ๐ฏ๐ž ๐ญ๐จ ๐š๐ง ๐จ๐ง๐ฅ๐ข๐ง๐ž ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง, ๐จ๐ซ ๐ฉ๐จ๐ฌ๐ญ๐ฉ๐จ๐ง๐ž.

Our vendors at 8 Golden Ridge Drive in Croydon Hills opted for a dusk auction on Thursday night. Offering broad appeal, the contemporary family home attracted six bidders, with the property selling under the hammer for $1,052,000. Our Blackburn and Ringwood teams worked together seamlessly to achieve an excellent result!

In Burwood East, the auction of 49 Hilltop Crescent was also brought forward to Thursday night. The immaculate brick home offered scope for renovation and saw five bidders compete for the opportunity. The property sold under the hammer for $1,425,000.

By the weekend, auctions moved online to comply with the current government restrictions. Auctioneer Rod Burton fielded bids from 7 parties at the auction for 1A Pearwood Street in Ringwood. Most bidders opted to place their bids via the chat function, each trying to place the winning bid to secure the single-level home. It wasn’t until the very pointy end of the auction, when a new bidder emerged, after waiting patiently for most of the auction. Calling out his bid the “old-school” way, he went on to place the winning bid and would become the new owner of 1A Pearwood Street.

We encourage you to keep up to date with changes on our website to auction dates, times, and locations. As we await further news on restrictions, many auctions are being moved online and/or their times being updated.

My team and I will be holding an online auction at 5pm tonight for 3/289 Mont Albert Road in Surrey Hills.

Our sales and property management teams continue to work remotely and are available to assist you with any questions you may have. Be safe and well.

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Market Update | 10 & 11 July 2021

๐€๐ฌ ๐ฌ๐œ๐ก๐จ๐จ๐ฅ ๐ก๐จ๐ฅ๐ข๐๐š๐ฒ๐ฌ ๐œ๐จ๐ฆ๐ž ๐ญ๐จ ๐š๐ง ๐ž๐ง๐ ๐š๐ง๐ ๐ฆ๐š๐ง๐ฒ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ซ๐ž๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐ ๐ญ๐จ ๐‰๐ฎ๐ฅ๐ฒ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐๐ฎ๐ž ๐ญ๐จ ๐Œ๐ž๐ฅ๐›๐จ๐ฎ๐ซ๐ง๐ž’๐ฌ ๐ญ๐ฐ๐จ-๐ฐ๐ž๐ž๐ค ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง, ๐ฐ๐ž ๐ž๐ฑ๐ฉ๐ž๐œ๐ญ ๐ญ๐จ ๐ฌ๐ž๐ž ๐ข๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ ๐š๐œ๐ญ๐ข๐ฏ๐ข๐ญ๐ฒ ๐จ๐ฏ๐ž๐ซ ๐ญ๐ก๐ž ๐ง๐ž๐ฑ๐ญ ๐Ÿ๐ž๐ฐ ๐ฐ๐ž๐ž๐ค๐ฌ.

On Saturday. close to 1,000 properties were scheduled to go under the hammer, up 14 per cent from the previous week. The Real Estate Institute of Victoria [REIV] reported a clearance rate of 79 per cent, whilst the Fletchers Group was thrilled to achieve a success rate of 86 per cent for our clients.The Domain coffee van kept everyone warm at the auction of 39 Stanton Street in Greensborough, which we were very grateful for! Six bidders competed to secure the home, which sold under the hammer for $737,000.

My colleague Steven Zervas represented some of his old school friends with the sale of 1/65 Blaxland Drive in Dandenong North. A total of three bidders competed to secure the stylish two-bedroom town home, which sold for $509,000. Steven was pleased to have been entrusted with the sale of the property.

Our Blackburn office had a huge auction weekend, achieving a 100% success rate under the hammer. Amongst the results was the sale of the classic three-bedroom home at 17 Neville Street in Box Hill South, which offered opportunity to build a luxury residence or multiple townhouses, The property sold for $1,676,000. In Burwood, the stunning family home at 49A Somers Street saw four parties participate in bidding, until the home sold under the hammer for $1,790,000.

The upcoming Spring selling season is sure to be a real test for the property market, as there should be a greater supply of stock becoming available. However, economists at the big four banks expect property prices to surge by at least 10 per cent and as much as 17 per cent this year, before growth slows to a still solid 5-6 per cent in 2022.

Success. It’s a Fletchers thing.

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Auction | 10 Mahala Court, Blackburn South

We saw strong, spirited bidding at the auction of 10 Mahala Court in Blackburn South. It’s not just the street name that sounds nice, the home offers contemporary finishes, privacy and an excellent location.

Bidding started at $1,200,000 and the four participating bidders quickly saw the property announced ‘on the market’, before it went on to sell under the hammer.

Congratulations to the successful purchasers and we’re so happy for our vendors, Branko and Jess!

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Market Update | 3 & 4 July 2021

๐ˆ๐ญ ๐ฐ๐š๐ฌ ๐š ๐ช๐ฎ๐ข๐ž๐ญ๐ž๐ซ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฐ๐ž๐ž๐ค๐ž๐ง๐ ๐๐ฎ๐ž ๐ญ๐จ ๐ญ๐ก๐ž ๐ฌ๐œ๐ก๐จ๐จ๐ฅ ๐ก๐จ๐ฅ๐ข๐๐š๐ฒ๐ฌ, ๐ฐ๐ข๐ญ๐ก ๐š๐ฉ๐ฉ๐ซ๐จ๐ฑ๐ข๐ฆ๐š๐ญ๐ž๐ฅ๐ฒ ๐Ÿ–๐Ÿ“๐ŸŽ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ฌ๐œ๐ก๐ž๐๐ฎ๐ฅ๐ž๐. ๐ˆ๐ญ ๐Ÿ๐จ๐ฅ๐ฅ๐จ๐ฐ๐ฌ ๐š๐ง ๐ข๐ง๐ญ๐ž๐ซ๐ซ๐ฎ๐ฉ๐ญ๐ž๐ ๐ฆ๐จ๐ง๐ญ๐ก ๐จ๐Ÿ ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐‰๐ฎ๐ง๐ž, ๐ฐ๐ก๐ž๐ซ๐ž ๐ซ๐ž๐ฌ๐ฎ๐ฅ๐ญ๐ฌ ๐ฐ๐ž๐ซ๐ž ๐š๐Ÿ๐Ÿ๐ž๐œ๐ญ๐ž๐ ๐›๐ฒ ๐‚๐Ž๐•๐ˆ๐ƒ-๐Ÿ๐Ÿ— ๐ซ๐ž๐ฌ๐ญ๐ซ๐ข๐œ๐ญ๐ข๐จ๐ง๐ฌ, ๐ข๐ง ๐ฐ๐ก๐ข๐œ๐ก ๐ญ๐ก๐ž ๐š๐ฎ๐œ๐ญ๐ข๐จ๐ง ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐ฆ๐จ๐ฏ๐ž๐ ๐จ๐ง๐ฅ๐ข๐ง๐ž ๐Ÿ๐จ๐ซ ๐ญ๐ฐ๐จ ๐ฐ๐ž๐ž๐ค๐ฌ ๐๐ฎ๐ซ๐ข๐ง๐  ๐ฅ๐จ๐œ๐ค๐๐จ๐ฐ๐ง.

Domain senior research analyst, Nicola Powell, said Melbourne’s auction clearance rate dipped in June to 70.4 per cent, 1 percentage point lower than in May. She further commented that “the impact of lockdowns and COVID-19 weighed heavily on the auction market over the month, nevertheless the city still recorded its highest June result since 2015”.

The Fletchers Group was thrilled to achieve a clearance rate of 86 per cent over the weekend. There were three auctions scheduled in Box Hill North, one selling prior, one selling under the hammer and one shortly after auction. My team and I sold the near-new residence at 10 Janda Court prior, its architecture, style and luxury fixtures and fittings attracting a lot of interest throughout the campaign. Three bidders competed for the property at 87 Woodhouse Grove, which offered the opportunity to renovate, extend or build brand new (STCA). Finally, 120 Dorking Road attracted four bidders and ultimately sold post auction. Neat and tidy, the charming two-bedroom home sits on a large block of approximately 769 sq m.

Offering scope to subdivide and develop (STCA), the three-bedroom home at 45 Alvena Crescent in Heathmont sits on approximately 777 sq m and sold under the hammer. My colleague Trudy Brewster ran an excellent campaign, and I auctioned the property.

In Balwyn North, the contemporary three-bedroom home at 44 Kawarren Street attracted two bidders and sold under the hammer for $1,400,000. Within the Balwyn High School zone, the home had been updated and enhanced, but also offered opportunity as an ideal home site (STCA).

Success. It’s a Fletchers thing.

Categories: Uncategorized