12th April 2021 / Rob Fletcher: Market Update | 10 & 11 April 2021

The first post-Easter auction weekend saw approximately 900 properties scheduled to go under the hammer.

The weather conditions were more akin to a winter's day, with temperatures much cooler and plenty of rain falling. This didn't seem to deter buyers though, with the REIV reporting a clearance rate of 80 per cent. The Fletchers Group was thrilled to finish the day with a success rate of 87 per cent!

One of the highlight sales from the weekend was the sale of the immaculately finished home at 1 David Street in Box Hill South. Six bidders competed to secure the four-bedroom home, which is well located close to schools, shops and transport.

The auction at 54 Cassinia Avenue in Ashwood was also hotly contested, where five parties shared an incredible 86 bids until the hammer was knocked down to the successful purchaser. A large block with endorsed plans and permits, the property sold for an impressive $1,389,000.

With property prices soaring, the Domain Group reports that the clock is ticking for first-home buyers to get on the property ladder with the help of government incentives, with a raft of support measures set to expire in the coming months. Experts say that slow lending approvals, strong buyer competition and rapidly rising prices mean that first-home buyers need to act sooner rather than later to take advantage of some of the stimulus measures set to end.

In Victoria, the temporary stamp duty waiver on homes worth up to $1 million has seen first-home buyers flocking to the market. Buyers can also access a 50 per cent duty discount on new homes, and a 25 per cent discount for existing homes until 30 June.

Success. It's a Fletchers thing.