25th November 2019 / Rob Fletcher: AUCTION SNAPSHOT | 23 & 24 November 2019

With a total of 486 properties selling at auction last weekend, the limited number of properties left for sale this year has seen buyers scramble to try and secure themselves a home before Christmas.

So far this Spring, we've seen the effect of three interest rate cuts encourage buyers back into the market, with the REA Group revealing record visits to their website in September and October.

Reflecting on this, Domain Economist, Trent Wiltshire, said the market has stabilised. 'Auction numbers have risen and clearance rates are still strong. Another indicator of a strong market is that there are still many properties selling well above reserve.'

While industry experts predict an interest rate cut is unlikely to occur until at least February next year, it is said that another rate cut would bring the cash rate down to a record low of 0.50%, allowing plenty of opportunities for buyers and investors to enter or re-enter the market in 2020.

In Fletchers news, agents were pleased to see as many as 5 or 6 bidders at auction last Saturday. One such example included the 4 bedroom, 2 bathroom home at 24 Jaserfold Street, Balwyn North. Looking over the vast expanse of Leigh Park from its elevated position, the original home attracted 6 bidders on the day and was sold under the hammer at $1,971,000 by Fletchers Director & Auctioneer, Jason Salan.

Results. It's a Fletchers thing.