16th July 2019 / Rob Fletcher: Auction Snapshot | 13 & 14 July 2019

The cooler weather certainly hasn't dampened Melbourne's property market, which has shown considerable resilience as auction clearance rates continue to rise in the lead up to Spring. Clearing more than 76% of properties over the weekend, Victoria's auction market saw 257 properties go under the hammer.

With the Reserve Bank having made a historic decision to move forward with a second interest rate cut earlier this month, economists believe a third-rate cut could be expected as soon as Christmas. Households across the country are expected to welcome the reduced payments to their mortgages, putting buyers, sellers and investors in a favourable position to consider their next move.

Despite lower stock volumes in Winter, buyer activity has remained strong over the cooler months as we've continued to see auction clearance rates improve in recent weeks. These factors, along with relaxed lending criteria, has already seen the number of potential buyers attending opens and auctions increase, boding well for a successful property campaign.

In Fletchers news, Director and Auctioneer, Tim Heavyside, sold the gently elevated 2-bedroom home at 5/6 Jersey Street in Balwyn on Saturday. Seeing a total of 3 interested bidders at auction, the charming home was originally on the market for $760,000, later selling for an impressive $862,000.

Results. It's a Fletchers thing.