28th October 2019 / Rob Fletcher: AUCTION SNAPSHOT | 26 & 27 October 2019

The windy weather proved to be no deterrent from buyers who helped secure another solid weekend of auction results across Melbourne last Saturday. With 1067 auctions reported, this marks a significant increase from the 811 auctions that took place the weekend prior.

Across the group, we saw a noteworthy 60% of Fletchers properties which sold at auction sell above their reserve price, demonstrating increasing demand from buyers for more properties to hit the market.

Domain Research Analyst, Eliza Owen, echoed the same sentiment. 'The strong demand, represented in clearance rates consistently over 70 per cent, is also showing in price increases across Melbourne. Domain data shows the median house price is up 4.1 per cent in Melbourne over the September quarter, and unit prices up 3.7 per cent.'

At present, the recovering market has been dubbed 'the quickest turnaround ever' from industry experts, with agents reporting 'some sale prices close to, or above, those during the market boom between 2013 and 2017,' according to Domain. This means homeowners still have time to capitalise on the strong sales conditions, with the surge in buyer activity expected to stretch out until Christmas.

In Fletchers news, the auction at 22 Jacka Street in Balwyn North yielded spectacular results last Saturday, with Fletchers Senior Associate & Auctioneer, Jane Caulfield, selling the property under the hammer for an astonishing $457,000 beyond reserve for $2,757,000. The peacefully positioned 4 bedroom, 2 bathroom home saw 4 bidders attend the auction on the day. 'I love making both buyers and sellers happy. Thank you Ray and Cathie for being amazing vendors to work with,' Jane said.

Results. It's a Fletchers thing.