13th August 2019 / Rob Fletcher: AUCTION SNAPSHOT | 10 & 11 August 2019

It was very clear on the weekend that weather-wise, we are still very much in the throes of Winter! Whilst it felt like the perfect weather to park ourselves on the couch in front the TV, several bidders braved the polar conditions and created their own heat with feverish competition at a number of auctions called over the weekend.

The REIV recorded a clearance rate of 76% - now the fourth week in a row that Melbourne has had a clearance rate at 70% or above. Economists have predicted another interest rate cut by the Reserve Bank of Australia before the end of the year, which continues to have a positive impact on confidence amongst buyers. The Domain Group notes that young families are also coming back to buy, regaining enough confidence to put their hands up at auction to secure their property future.

Whilst there is still relatively low stock on offer, there certainly seems to be an increasingly positive buzz in the market. This has been most apparent with the number of properties that are attracting multiple bidders at auction; in the hands of a skilled auctioneer, has drawn out impressive results for vendors over the last few weeks.

A huge crowd watched on as Fletchers Partner, Steven Zervas, fielded bids from eight parties looking to secure the bright future offered by the immaculate family home at 7 Hillview Avenue in Mount Waverley. Offered for sale for the first time in 55 years, the property was knocked down at $1,410,000 – an impressive $210,000 above the vendor's expectations!

Featuring an architect-designed extension, the Californian Bungalow at 35 Parkside Avenue in Box Hill also attracted eight bidders on the weekend. Marketed by Directors Ben Williams and Tim Heavyside, the exceptional home sold under the hammer for $2,030,000.

We also saw a couple of strong results in Balwyn North, with both 24 Corby Street and 10 Macedon Avenue selling under the hammer, with multiple bidders competing at each auction.

Results. It's a Fletchers thing.