14th October 2019 / Rob Fletcher: Auction Snapshot | 12 & 13 October 2019

Auction numbers have continued to perform well this month, with clearance rates finishing up at 77% last weekend. The favourable weather on Saturday saw 708 properties go to auction, marking a slight increase from the 675 auctions that took place the weekend prior.

With similar levels of competition expected in the coming weeks, buyers continue to face an uphill battle as demand for supply continues to grow. CoreLogic Head of Research, Tim Lawless, said 'the amount of stock on the market is still quite low but buyer numbers are rising because of interest rate cuts and the easing of credit restrictions. The clearance rate got as low as 41 per cent last year so this is a dramatic improvement'.

According to the REA Group, fear of missing out on the current market conditions is another factor creating a sense of urgency among buyers and sellers, resulting in many properties selling well above their reserve. Some of the best performing suburbs in the outer east over the last few months have included Wheelers Hill, Wantirna, Malvern, Mount Waverley, Mulgrave and Kew.

In Fletchers news, Fletchers Glen Iris Director & Auctioneer, Michael Richardson, sold a stunning 3 bedroom, 2 bathroom single-level home at 6 Johnston Street in Ashburton on Saturday morning. Perfectly positioned at the end of Ashburton Village, the stylish home attracted 5 bidders to the auction, which went under the hammer for a whopping $350,000 more than its reserve. Congratulations to the vendors and the Fletchers Glen Iris team!

Results. It's a Fletchers thing.