30th July 2019 / Rob Fletcher: AUCTION SNAPSHOT | 27 & 28 July 2019

More bidders were seen returning to the auction market over the weekend, with several reports of stronger sales across the state. Marking a solid outcome for clearance rates, Fletchers were delighted to have cleared more than 87% properties at auction, compared with the industry average of 73%.

With activity ramping up in the lead up to Spring, Domain says 'a combination of buyer confidence and "fear of missing out" is returning to the market.' Data from Domain's June quarter results has shown a slight jump in median house prices of 0.3 per cent for the first time since the peak at the end of 2017, sparking signals that Melbourne's fall in property prices is now over.

This is proving to cause some concern for first-home buyers who continue to face tough competition at auction, even in a weaker property market. As a result, more first-home buyers are now seen moving out of the city and are switching to established homes near schools and shops rather than land and house packages in growth suburbs. Fletchers Doreen Director, Nicholas Matkin, says, 'I live in Mernda and work in Doreen and first-home buyers have never gone away'.

In Fletchers news, Tim Heavyside and his team sold 11 Kaleno View in Balwyn on Saturday. Located within a beatifically tree-lined street, the impressive 4 bedroom property saw 4 bidders at auction, pushing up the original sell price from $1,750,000 to an incredible $1,907,000. In response, Tim said, 'According to Google, 'Kaleno' means happy! This perfectly describes how our vendors and the successful purchaser feel!'

Results. It's a Fletchers thing.