17th March 2020 / Rob Fletcher: AUCTION SNAPSHOT | 14 & 15 March 2020

While still early days, the initial effects of the coronavirus (COVID-19) pandemic has yet to impact the property industry, which continues to show resilience as the nation's economy faces challenging times ahead.

As the first state to declare a State of Emergency, Victoria continues to take precautionary measures to help 'flatten the curve' of COVID-19. If successful in limiting the spread, the market may undergo minor and temporary implications, which, according to Domain, could see 'a catch up period over Winter and Spring as people who wanted to buy and sell but didn't (or couldn't) transact in greater numbers'.

With this in mind, the Reserve Bank is likely to consider further interest rate cuts in its April meeting, while technology will continue to play a greater role in the way property is bought and sold.

Following a successful auction weekend which resulted in a clearance rate of 85%, our highest sale saw 6 bidders compete for 37 Hood Street in Balwyn North, which was sold by Director & Auctioneer, Jeremy Desmier, for more than $150,000 over reserve. As such, the Fletchers Group remains confident in the strength and durability of the property market and will continue to maintain our commitment to servicing those within the local community.

As the situation unfolds, Fletchers will maintain appropriate health and safety measures at our auctions, open homes and private inspections while listening to the advice of our local and state authorities.

For any real estate advice, please contact your local Fletchers agent.