18th February 2019 / Rob Fletcher: AUCTION SNAPSHOT | 16 & 17 February 2019

The auction market across Melbourne has continued to stabilise in the early months of 2019, with Domain reporting 'strong bidder numbers and sales well above reserve'. With clearance rates in Victoria increasing to 56% over the weekend, the team at Fletchers have again surpassed the market average, achieving a stunning 100% clearance rate across all Fletchers offices.

Despite the slower final quarter of 2018, agents are now reporting 'more people coming through open for inspections', with house hunters 'relieved to see the end of the royal commission into banking,' which previously contributed to difficulty in obtaining finance.

Increasing interest from first-home buyers is said to be counterbalancing the reduced number of investors currently in the market, who usually account for 'up to 45% of all real estate transactions' across Sydney and Melbourne. While prospective buyers continue to maintain a cautious approach, agents are reporting that interest in a property and healthy competition in the market is encouraging other buyers to enter the ring and begin negotiating.

In Fletchers news, well-maintained family home on 16 Valentine Street, Bulleen went under the hammer on Saturday with exceptional results. Selling well above reserve at $1,260,000, the auction went for a total of 53 minutes, with 3 very engaged bidders making an incredible 132 bids on the property. Congratulations to Senior Associate and Auctioneer, David Taylor, on the fantastic outcome.