3rd June 2019 / Rob Fletcher: AUCTION SNAPSHOT | 1 & 2 June 2019

With reports that several properties sold well above reserve over the weekend, the auction market across Melbourne is continuing to show signs that a turning point could be just around the corner.

Domain, Senior Journalist, Melissa Heagney, agrees. 'Investors and international buyers were back in the crowd. Popular properties were selling hundreds of thousands of dollars above reserve and attracted several bidders.'

One such example included 60 Brinsley Road in Camberwell, which was sold by Fletchers Director & Auctioneer, Tim Heavyside, on Saturday for $3 million. As one of the biggest results in the state over the weekend, the inspiring 5-bedroom Federation went under the hammer for $200,000 above reserve.

'Ironically, it was a family downsizing who bought it,' Tim remarked.

Backed by renewed buyer activity in the market, auction clearance rates have now reached their highest point in a year, increasing to 65% over the weekend. With Domain Economist, Trent Wiltshire, also reporting 'more people are attending open for inspections and auctions and more people are inquiring about home loans,' Fletchers was certainly encouraged to see as many as 9 bidders at one of our auctions at 21 Cockaigne Street in Doncaster, which sold above expectations for $1,422,500.

Results. It's a Fletchers thing.