12th February 2012 / Kaye Hoverd: Fletchers Group – News Update, 13 February

The biggest talking point of the last week has been about interest rates – the Reserve Bank of Australia (RBA) was widely expected to cut interest rates for the third time since November, but surprised the market by keeping interest rates on hold at 4.25%. Read the statement by Glenn Stevens on the monetary policy decision here.

Auction clearance rates in Victoria showed a modest improvement on last year's results, achieving a rate of 66% compared with 63% on the same weekend last year. Brad Cooper from our Hawthorn Office sold 12/3 Glenroy Road, Hawthorn under the hammer for $532,500 – a contemporary apartment in the coveted Scotch Hill precinct.

2A Glengarriff Crescent, Montmorency was also scheduled for auction, but was sold before by Kaye Hoverd from Fletchers Eltham for an undisclosed amount. 1C Chilcote Court, Box Hill South passed in on the weekend but is open for inspection tonight, Monday 13 February from 4-4:30pm with an asking price of $1.5 million (it's on a huge block of 1,171 sqm approx.)!

Fletchers Gold Coast South conducted a successful auction on the weekend, selling 193 Nineteenth Avenue, Elanora under the hammer, over reserve, for $880,000 in front of a crowd of over 30 that included 5 registered bidders. It was particularly special for the vendor to attach the sold sticker, as he had previously tried to sell the lakefront home with another agent for 18 months! Agent Larry Beech noted that once again, they wouldn't have achieved the same result via a private sale treaty.

Last, but not least – it's Valentine's Day tomorrow! Why not treat your loved one to a weekend escape to the Mornington Peninsula?