The following are category results:
February 9th 2015
After some questionable weather, we have been enjoying some gorgeous Melbourne summer days which has been lovely!
The REIV recorded a clearance rate of 62%, a result that includes the few auctions that occurred from 22 December up until 7 February. Auction activity will continue to pick up over the coming months, with more than 1,000 auctions already scheduled for the first week in March.
Speaking with The Age about our opening auction weekend, Fletchers agent Daiman Kane said that prices in 2015 have opened “on par” with the close of 2014. “Last year finished well, and we have started well”. The market appears to be showing continued positive signs for vendors and purchasers preparing for upcoming auctions.
The sale of 28 Bulleen Road, Balwyn North on the weekend was the first auction conducted for Fletchers eastern suburbs offices. This low maintenance family home, located within the sought after Balwyn High School Zone, offers formal living and dining rooms, parquetry floors and high ceilings. Certainly an exceptional home to share with family and friends, with a beautiful tended garden at the rear and wrap around terrace, perfect for alfresco entertaining!
The team at Fletchers Diamond Valley is expecting a large attendance this Saturday at the auction of 28 Wattle Avenue in Montmorency. Highly anticipated, this will be the first time the family home has been presented for sale in 49 years. Positioned in the heart of Montmorency on a generous allotment, it is no surprise how much attention this property has gained throughout its campaign.
February 3rd 2015
It has been an exciting week for the Fletchers Group, with the opening on 1 February of our new office, Fletchers Glen Iris. The experienced team at Glen Iris are led by long-standing local resident Karl Fitch. Positioned at the intersection of High Street and Malvern Road, the office is well located within the Eastern suburbs. The team offers unique insight into the Glen Iris area and surrounds, and they are eager to help you with your property search in 2015.
This week the Reserve Bank of Australia has made the surprise decision to cut cash rates to 2.25 per cent. This record low rate is set to have an impact on most markets across Australia. It was a welcome decision amongst those looking to purchase their first home as the cut has means that first time buyers will have access to cheaper mortgage rates, something that previous generations have not enjoyed. It is the perfect opportunity to get into the property market, with plenty of properties already on the market. So far, two of the big four banks have acted to pass on interest rate cuts.
Please do not hesitate to get in touch with our team if you would like to have a chat about the market, or discuss your property goals this year. We are more than happy to help!
January 27th 2015
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.
January 11th 2015
The RBA has released a snapshot of key economic data for the Australian economy: http://bit.ly/1xQ7S7Z