4th February 2020 / Rob Fletcher: AUCTION SNAPSHOT | 1 & 2 February 2020

As we begin to wave goodbye to another Summer in Melbourne, it's been incredible to see a first-class clearance rate of 100% across the Fletchers group on the first auction weekend of 2020! Compared with the industry-wide result of 69%, Fletchers are proud to have an extremely hard-working team of sales agents who have not only made a remarkable start to the year, but who go above and beyond to help their vendors maximise their results.

After a solid end to 2019, we have seen first-home buyers and upsizers make up the majority of home loan applications over Summer, with mortgage brokers reporting an influx of enquiries over the Christmas break.

House prices for 2020 are now expected to grow, with Senior Economist, Felicity Emmet from ANZ forecasting an impressive 4.3% increase in house prices over the next 12 months. As a result, economists expect that Melbourne's property prices will be restored in full by June of this year, following the 18-month downturn.

Interestingly, Melbourne's inner-city suburbs have led the property market recovery, which is said by many to have happened much quicker than expected. The top 10 house price rises from the last quarter include a number of inner eastern suburbs, such as St Kilda East, with a 23% increase year-on-year, Canterbury, with a 17% increase year-on-year, Caulfield North, Hawthorn and Box Hill.

Last weekend, Director & Auctioneer, Tim Heavyside, sold a 4 bedroom weatherboard charmer at 11 William Street in Box Hill well above expectations. Traditionally decorated with ornate ceilings and peacefully placed in a tree-lined, family-friendly locale, this delightful home was listed on the market for $1,400,000 and featured 3 bidders on the day, selling for $1,551,000.

Results. It's a Fletchers thing.