23rd March 2014 / Robert Sheahan: Fletchers Group News Update – 24 March

Buyers and spectators were certainly out in force on the weekend, with many agents reporting large crowds and high numbers of bidders at their auctions. Open for inspections were also achieving high numbers, with agent Michael Richardson noting that he had over 50 groups through his first open for 24 Combarton Street in Box Hill.

The REIV recorded a clearance rate of 75% over the weekend, compared to 67% on the same weekend last year. They noted that there have been 26% more homes sold at auction this year than at the same point last year, making it the highest in six years. Fletchers have certainly noticed the rise in sales, with another big weekend of auctions. 22 homes were scheduled for auction and Fletchers achieved an above industry clearance rate of 77%.

Daiman Kane experienced the competitive market first hand at his auction at 21 Jacka Street in Balwyn North. Auctioneer Mark Fletcher had no problem finding bidders in the crowd, with over 7 parties competing strongly. The participating bidders were extremely eager to secure the property, which presented an opportunity to build a luxury new home on approximately 1,000 sqm, pushing the sale price well above reserve to $1.78 million.

Robert Sheahan also commented on the competitiveness in the market at the auction of 6/29 Mount Pleasant Road in Nunawading. A crowd in excess of approximately 100 people gathered to witness the auction and Rob had also had no problem finding buyers, with another 7 bidders participating with the hope of securing the two bedroom unit, which sold for $499,000.

Rob's second auction for the day, the recently renovated three bedroom unit at 2/23 Koonung Road in Blackburn North, was another to attract big crowds and competitive bidding. Four bidders contended, with Rob commenting that it was 'hotly contested' between two buyers, pushing the eventual selling price to $600,000.

It was a rather slow start to the auction of 88 Church Road, with Mark Fletcher opening to silence prompting one spectator to comment, 'it's very quiet!' to which Mark light heartedly answered 'what do you think I should do about that sir?', drawing laughs from the crowd. On that note, the action swiftly improved with a total of six bidders competing for the immaculately presented three bedroom home. The home sold above reserve for $833,000, a great result for managing agent Stephanie Michael, her vendors and the purchasers.

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

The REIV is expecting around 1,350 auctions to be called this weekend, predicting that it will be the biggest auction weekend this year so far.

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Enjoy your week!

Belinda Anderson with the very happy vendors and purchasers of 20 Durham Road in Surrey Hills!