17th February 2020 / Rob Fletcher: AUCTION SNAPSHOT | 15 & 16 February 2020

Melbourne's auction market continues to gain momentum, with the second weekend of results for the year showing a phenomenal auction clearance rate of 82%.

When compared with 60% this time last year, current results demonstrate 'that vendors are really confident going into their auction and confident that they have enough buyers to create that competitive auction environment,' said Domain Senior Research Analyst, Nicola Powell.

Interestingly, the recent gains for the auction market come as news of Melbourne's median house prices reach record-breaking highs. According to the REIV, the December 2019 quarter revealed a tremendous increase of 3.7% for houses and 3.8% for units in metro areas. These figures mark the first time that house values have surpassed $850,000 and unit values have surpassed $630,000, with new benchmarks set across the inner, middle and outer rings of Melbourne.

'These are outstanding figures; the Victorian real estate sector continues to soar to new heights. Buying in Victoria is a great investment; house and unit values are growing across the entire state. Anybody who invested here is getting a great return,' said REIV President, Leah Calnan.

In Fletchers news, our solid weekend of results saw a total of 14 properties sell across the Fletchers group, with as many as 6 bidders at auction in spite of the cooler conditions. Senior Associate, Rino Presutto of Fletchers Balwyn North secured a remarkable result for his vendors on Saturday, with 1A Elliot Avenue in Balwyn selling for a whopping $250,000 passed reserve. The well-located, single-level 3 bedroom retreat featured all the requirements of a scale-down lifestyle, including an easy to care for garden, spacious north-facing rear lawn and paved alfresco terrace.

Results. It's a Fletchers thing.