28th June 2021 / Rob Fletcher: Market Update | 26 & 27 June 2021

Over 1,200 were scheduled to go under the hammer on the last auction weekend of the financial year, with many sales rescheduled post the "circuit-breaker" lockdown. The rain held off and although the temperature was a bit fresh, it was good to stay dry!

With the upcoming end of financial year, we expected to see many sales as it was the last chance to buy before the state government discount to stamp duty ends. The discount of 25 per cent of stamp duty was available to people who bought existing homes for under $1 million, brought in during the worst of COVID-19 last year to help maintain property sales.

From 1 July, stamp duty will rise for property sales over $2 million and the pandemic discount for properties under $1 million will end on the same date. This did not appear to have an impact on the buyers on the weekend however, with the Fletchers Group achieving a success rate of 82 per cent for the weekend.

In Glen Iris, the renovated and extended Californian bungalow at 3 Bourne Road sold under the hammer for $4.28 million, smashing its $3.5 million reserve. Fletchers Glen Iris Director & Auctioneer, Michael Richardson said both the vendors and agents were stunned with the opening bid, which was $3.75 million. "With such a big opening bid, there were some buyers who had been knocked out of contention and decided not to bid at all". In the end, three bidders competed. "I don't think with these buying groups, the stamp duty discounts would have made a difference to whether they needed to buy before June 30".

In Burwood East, Auctioneer Connor Sun fielded bids from six parties (and some very enthusiastic children!) who were keen to secure the three-bedroom property, which boasted a desirable north-facing backyard. The home went on to sell under the hammer for $1,195,000.

The team at Fletchers Mooroolbark were thrilled to achieve the highest residential sales result ever in Mooroolbark, with the sale of 32 Neryl Court. Attracting a lot of interest throughout the campaign, the prestige home boasted resort-style entertaining and a lifestyle of uncompromised luxury. Bought for $2,212,000 the new owners are sure to enjoy the home for many years to come!

Success. It's a Fletchers thing.