4th November 2019 / Rob Fletcher: Auction Snapshot | 2 & 3 November 2019

The Melbourne Cup long weekend saw fewer auctions take place last Saturday. With a mere 146 properties scheduled under the hammer, buyers braving the cold helped deliver some big results across the state, culminating in a clearance rate of 74% and a healthy start to November.

Despite the pouring rain, Fletchers Partner & Auctioneer, Mark Fletcher, said that bidders were still out in full force, with an average of between 2 to 5 bidders seen at each Fletchers auction last weekend. 'It really shows the strength of the market since last year,' he said.

Melbourne's increases in house and unit values last month saw the 2.3 per cent jump become 'the largest month-on-month gain since November 2009,' according to data from CoreLogic. With price rises tipped to continue into 2020, prospective buyers are being told not to wait to make their next move.

'Values have risen now in the city for five straight months. Before that, they fell for 18 in a row. Victoria's capital notched the nation's highest quarterly growth of 5.5 per cent to a $650,197 median. This is shaping up to be a more rapid recovery than expected,' according to the REA Group.

A standout result on Saturday included the auction of a 3 bedroom home at 24 Compton Street in Canterbury, which had five bidders fighting it out for the keys. The one-of-a-kind single level residence was sold by Fletchers Canterbury Director & Auctioneer, Tim Heavyside, who brought the selling price up to an incredible $286,000 beyond its reserve.

Results. It's a Fletchers thing.