27th January 2015: Looking to 2015…What’s Ahead?

Real estate in 2014 was one of the strongest years on record, with robust sales numbers and record prices across Victoria.

Property buyers were spoilt for choice throughout the spring selling season but despite the high stock levels, it was pleasing to see the market retain its buoyancy. Fletchers achieved an average success rate at auction of 77 per cent for the year, compared to the Melbourne-wide clearance rate of 71 per cent.

The strong finish to 2014 bodes well for continued success as we move further into the New Year. Much of the positivity that was seen I the market could be attributed to, in part, the stability seen in interest rates. The cash rate has remained at the record low of 2.5 per cent since August 2013. Top Australian economists do not expect the Reserve Bank to increase the cash rate until late 2015, while many forecasts now predict a rate cut. Real estate is seen as an attractive investment as a result, well supported by strong population and GDP growth.

It is already shaping up to be a busy year for the Fletchers Group, beginning with the launch of our Glen Iris office on 1 February and Glen Waverley on 1 March. Our network is set for further growth throughout the year and we look forward to keeping you informed of the developments!

With many auctions already scheduled for late February, we expect that the high level of activity will continue last year's trend of high attendance levels at open for inspections and plenty of competitive bidding at auctions!

We look forward to providing you with all your real estate needs in 2015.