30th November 2020 / Rob Fletcher: Market Update | 28 & 29 November 2020

With 809 scheduled auctions reported on Saturday and a solid clearance rate of 80% for Victoria, Melbourne has experienced its biggest auction weekend since April 18th, marking a positive turnaround for the industry since virtual auctions and strict social distancing measures were first introduced.

As buyer competition continues to grow, Melbourne's post-lockdown market is looking particularly attractive for first-home buyers, with Domain reporting that 'due to low interest rates and the announcement this week that the Victorian Government will waive 25 per cent of stamp duty on existing homes, and up to 50 per cent on new homes,' interest will continue to build.

In a great weekend for our agents and vendors, a total of 14 properties were sold under the hammer by the Fletchers group on Saturday, with our sales team achieving an 82.35% success rate on the day.

We saw as many as 6 bidders register to bid at auction during the campaign for 2/1 Purches Street in Mitcham, which sold $80,000 above reserve thanks to Senior Property Consultant, Michael Gurry, of Fletchers Blackburn.

A few suburbs away, our highest sales for the weekend went to 7 Neath Street in Surrey Hills, for an outstanding $4,005,000. Originally listed on the market for $3,700,000, the property saw 3 bidders and Director & Auctioneer, Tim Heavyside, achieve a cracking result for their vendors. Since then, the property was reported by Domain as the most expensive home sold in Victoria over the weekend.

Success. It's a Fletchers thing.