7th May 2013 / Mark Fletcher: Fletchers Group News Update – 8 May 2013

The weather over the weekend was certainly a lot less blustery than the previous one, and everyone was glad that the rain held out for the auctions!

The REIV recorded a clearance rate of 72 per cent, compared to 59 per cent on the same weekend last year. Fletchers performed well achieving a success rate of 73 per cent, selling eight out of the eleven properties scheduled for auction.

Potential purchasers were spoilt for choice with a wealth of options available for the redevelopment of this expansive 1,161 sq m (approx.) allotment at 16 Kerry Parade in Mont Albert North. Develop, renovate, reinvent…the possibilities are endless! The opportunities proved too good to miss on auction day. The bidding started slow, however this quickly changed with four buyers competing for the property. The sale turned out to be the most impressive for the day, going under the hammer for an outstanding $152,000 above reserve.

One of the most entertaining auctions for the day was for the charming and original 1948 four bedroom, attic-style home at 48 Fitzgerald Street in Balwyn. The property, which was being offered for sale for the first time since it was built, attracted a lot of interest throughout the duration of the marketing campaign. Auction day drew a large crowd, with auctioneer James Bateman managing to get a few laughs early on from the spectators. After some frivolity, it was down to business and eight bidders fought it out to secure this great property, which sold for an amazing $150,000 over reserve.

The immaculate three bedroom home at 63 Jolimont Road in Forest Hill was another great result for the day. Situated in peaceful location opposite community gardens and close to Brentford Square and Vermont South shopping centres, the property, in an ideal family location, sold for $40,000 above reserve.

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

In other news, agent Mark Fletcher offered his auction services for JJ McMahon Kindergarten in Kew over the weekend. Mark helped raise a little over $1,000 for the kindergarten by auctioning off several items, including four pieces of art that were made by the children!

In a surprise move on Tuesday, the Reserve Bank of Australia cut interest rates by 0.25 per cent to a record low of 2.75 per cent. Many of the big banks have passed on the reduction in full, which is welcome news for home owners. Read a full explanation of the decision on the reserve bank website.

The REIV is predicting another big weekend coming up, with 730 auctions expected to be called. Keep up to date with the latest Fletchers news on our social media sites.

Enjoy your week!

The Reserve Bank of Australia cut interest rates to a record low of 2.75 per cent.