19th December 2012 / Andrew Paterson: Fletchers Group News Update – 20 December

As the year draws to a close, we wanted to take the opportunity to wish you and your family best wishes for the holiday season and a review of the year in real estate!

Fletchers ended the year on a positive note, achieving an 89 per cent clearance rate on the last big auction day for 2012. In Victoria, the overall clearance rate for the year was 61 percent, compared to a 59 per cent clearance rate in 2011.

Simply comparing the figures however, does not show the complete picture. This was particularly evident in this year's spring selling season, with more buyers in attendance both at auctions and open for inspections. Many amazing results were achieved, particularly at auction, where we were often pleasantly surprised at the number of bidders some homes attracted.

In Melbourne's east, Manningham, Whitehorse and Boroondara have each recorded auction clearance rates of around 69 per cent since January. Frequently, Fletchers clearance rates have been much higher and we have been seeing significantly more confidence, resulting in healthy competition and many outstanding results. These included achieving $1.73 million for a home in Croydon Road, Surrey Hills and just last weekend achieving a price $122,000 above reserve in Barter Crescent, Forest Hill.

For all of Fletchers recent sales, visit our award winning website.

Fletchers Property Management continues to be a thriving part of our business, with considerable increases in the number of properties leased across the first six months of the new financial year. Director and Company Property Manager, Andrew Paterson, does note that this success is largely due to a focus on the correct pricing of properties. Current and prospective landlords should be mindful of this due to increased stock levels and the corresponding increase in competition. Melbourne's vacancy rate is around 3 per cent, whilst Fletchers is under 1.2 per cent.

The Reserve Bank of Australia's interest rate reduction in December provided mortgage holders with some relief as the festive season began, with most of the big banks passing on some or the entire cut. Treasurer Wayne Swan described the cut as an "early Christmas present that hard working Aussies deserve".

Despite a somewhat challenging year in real estate, Fletchers has gone from strength to strength. At the industry's night of nights, the 2012 REIV Awards, Fletchers virtually scooped the pool of major awards for excellence. Our five awards included an unprecedented consecutive win of the prestigious Large Residential Agency of the Year Award.

2012 also marked the opening of Fletchers Whitehorse, right in the heart of Blackburn. We also welcomed our newest Director, Jason Salan, who now leads our growing Manningham team.

Thank you again for your continued support and we certainly hope that 2013 proves to be a happy and successful year for you.