8th July 2019 / Rob Fletcher: AUCTION SNAPSHOT | 6 & 7 June 2019

With the second interest rate cut for the year and relaxed lending criteria providing a boost of confidence for buyers and sellers alike, last weekend's clearance rate result of 72% shows signs of a stronger auction market across Melbourne.

Compared with an outstanding clearance rate of 100% for the Fletchers group, we were pleased to see more buyers back in the market and more active bidders at auction. Given the school holiday period typically sees a reduced number of auctions taking place, a total of 176 out of 290 properties sold across the state, bringing in an auction volume of $163 million.

With some agents acknowledging increased competition for buyers is likely as we head into the Spring selling season, one agent remarked, 'it's a funny time because there are a lot more buyers back in the market and actively looking, but stock levels haven't caught up. Vendors want to see a bit more of a body of work than just the few weeks we've seen since the election – the catalyst for all of this'.

In Fletchers news, Rob Sheahan of Fletchers Blackburn sold the attractively presented 3-bedroom home at 11 Deane Street, Blackburn over the weekend. Featuring a crackling gas coal fireplace, attractive front garden and recently updated kitchen, the auction attracted an incredible 6 bidders on the day. The enticing family home was originally on the market for $925,000, eventually going under the hammer at $976,000.

Results. It's a Fletchers thing.