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Auction Snapshot: Saturday 20 May

May 22nd 2017

What’s happening in the market…

New Banking Legislation Impacts Interest-Only And Investor Loans

A rise in certain mortgage rates is already underway with recent actions by the bank regulator putting a handbrake on interest-only home loans. Our finance team, Shore Financial, reports that some of the major banks have been told that less than 30% of new mortgages can be interest-only, a significant decrease to the last reported figures and a peak of 45% in 2014.

Theo Chambers of Shore Financial says, “There have been significant regulatory changes in the past 12 to 18 months, mainly around banks lending policies and affordability. Most importantly, there have been substantial changes in the past few months with regard to interest only and investment loans. APRA and ASIC have implemented a new requirement to the major banks to restructure their debt books enforcing a larger proportion of loans to be structured on principal and interest repayments.”

In the current climate of policy change and with interest rates starting to nudge upwards, Theo advises that buyers should carefully consider all their options.

Theo continues, “Second tier lenders are not being as heavily scrutinised and may be able to offer borrowers better loan funding terms compared with the major banks. In fact, some banks are now not even funding or refinancing any new investment or interest only loans and the difference between options and lenders can be as great as 1%.”

The above information was provided to us by Shore Financial.

Saturday 20 May
Number of auctions in Victoria: 995
Clearance rate: 80%

The same weekend last year
Number of auctions in Victoria: 
750

Clearance rate: 73%

Auction highlights…

35 Houghton Road, Warrandyte

This three bedroom, two bathroom home features landscaped gardens, alfresco areas and cathedral ceilings. The lounge room has a relaxing fireplace, with the French provincial kitchen including stone surfaces and stainless steel appliances. Shops, Anderson Creek Primary School, Yarra River and transport are all located within walking distance.

Number of bidders: 4
Sale price: Confidential

39 Indra Road, Blackburn South
 
Located on a leafy corner block, this home is close to Orchard Grove Reserve, a primary school, transport, shops and eateries. The four bedroom, one bathroom weatherboard residence is an open plan space, featuring a large decking and a garden.

Number of bidders: 6
Sale price: $936,000

37 Allison Road, Mont Albert North

A four bedroom, two bathroom, renovated weatherboard home featuring a Provincial style kitchen, an alfresco space, a rear studio and a huge garden. Close by are a selection of schools, transport and shops. The residence has potential to redevelop (STCA).

Number of bidders: 5
Sale price: Confidential

Market Update – Michael Richardson

February 22nd 2016

Watch Michael Richardson & Michael Rosano talk about what happened in the 2015 property market and what the predict will happen in 2016.

Fletchers Group News Update – 15 December

December 15th 2014

The REIV recorded a clearance rate of 70% over the weekend, compared to 66 % last weekend and 68% on the same weekend last year. There were 1,231 auctions reported to the REIV with 835 sold.

It was hot on auction day, with Fletchers Eastern suburbs offices having a total of 22 auctions scheduled. Impressively, 17 properties sold (four prior to auction) and only five passed in.  A great result for the second last auction weekend of 2014, with a success rate of 77% achieved.

Adorned with original character features, 19 Monash Avenue in Balwyn offered buyers two spacious bedrooms, a fully renovated bathroom and bright family/dining room.  With excellent potential for renovation or extension, plenty of bidders were eager to secure this bungalow. There were five bidders vying for the home that reached $180,000 above reserve, selling for $1.88 million. 

In another great result for the area and Fletchers agent Chris Chapman, was the auction of 1/34 Jessop Street in Greensborough. This character-filled weatherboard home was lovingly renovated by Dermot and Clare, creating an immaculate interior with hardwood floors, spacious open plan living/dining and three light filled bedrooms. After working so hard to renovate their home, the vendors of Jessop Street were overwhelmed when their property sold at auction for $513,000, after a fantastic auction by Daniel O’Regan

In Box Hill, 35 William Street won over many potential buyers with its combination of period beauty and modern comforts. The renovated Californian Bungalow features four double bedrooms with built in robes, polished timber floors, gourmet kitchen and large entertainers deck that overlooks an award winning garden. Winning the 2011 Whitehorse sustainable garden award, it boasts a vegetable patch, chicken run, water tank and easy care planting. Six bidders fought to secure this home with it achieving $1.328 million – $128,000 above reserve!

­­Located in Forest Hill, 4 Panorama Drive is a north-facing brick veneer home that has been spectacularly renovated into the perfect family home. With four bedrooms, two bathrooms and a living, dining and kitchen zone flowing onto merbau deck and level backyard with landscaped gardens and vegetable patch. There were six bidders competing for this contemporary family home, which sold at auction for $900,000 – a fantastic result for the vendors and the lucky purchasers.  

For all of Fletchers recent sales, visit our award-winning website.

It’s that time of year and what better way to celebrate the Christmas period by getting your family and friends together to sing some carols! Carols in Warburton will be taking place on the 20th December at Warburton Oval. What could be better than sitting looking up towards Mt Victoria and Mt Donna Buang on a picnic rug and singing along to lots of familiar Christmas Carols. The night will commence 7pm at 345 Warburton Highway, Warburton.  Be sure to head down early to pick out the perfect spot for a fantastic night of singing!

This week the Summer Edition of Fletchers weekly Places magazines will be available, so be sure to look out for it at your local office or cafe!

Be sure to keep up-to-date with all of Fletchers latest news and information on Facebook, Twitter and LinkedIn.

Enjoy your week! 

Fletchers agent Chris Chapman with the happy vendors
of 1/34 Jessop Street, Greensborough.

 

Fletchers Group News Update 8 December

December 7th 2014

It was a damp weekend across the eastern suburbs but buyers looking to secure a home before Christmas were happy to brave the inclement conditions. With only two auction weekends left in 2014, the countdown to purchase before the New Year is on!

The REIV recorded a clearance rate of 69% this weekend, with 1,325 auctions reported. The spring auction market this year has been the strongest ever, with two record auction weekends in the past five weeks. This year has also had the highest number of auctions on record, with more than 37,000 held to date.

It was a weekend full of auction activity for Fletchers agents. Our Eastern suburbs offices had a total of 31 auctions scheduled for Saturday; 26 of those properties were sold (five prior to auction) and only five were passed in. We were able to achieve a success rate of 84%, an excellent result with the high volume of auctions and number of properties on offer.

Up for auction on Saturday was 8 East Court in Camberwell, a semi detached timber home that is perfect for first home buyers, couples or investors. This two bedroom property backs onto Cooper Reserve and is located close to shops, schools and transport. Four bidders were keen to secure this freshly updated home and, with some competitive bidding, the property reached $825,000 – selling for an overwhelming $225,000 over reserve!

Superbly renovated, 17 Oliver Street in Ringwood offered buyers a four bedroom, two bathroom family home. This home features a welcoming garden oasis, north facing verandah, open plan living, dining and kitchen with French doors leading out to a large covered alfresco area. With plenty of buyers eager to call 17 Oliver Street home it fared extremely well at auction. In front of a crowd of approximately 120 people, six bidders helped the property reach well over reserve, selling for a fantastic result of $876,000.

Located in a gorgeous court position, the two year old home at 1 Jocelyn Court in Forest Hill features five bedrooms, three bedrooms, two living areas, floating floors, plantation shutters, a north facing family living and dining with stacker doors that lead to a covered alfresco area. A north oriented backyard offers the new owners a lush lawn and thriving veggie gardens. All located within walking distance to shops, schools and transport. Four bidders competed for this home, which ultimately sold for $1.311 million.

For all of Fletchers recent sales, visit our award-winning website.

With the festive season upon us there is an array of activities in our community that the whole family can enjoy. Across the Eastern Suburbs you will find a carols event close by – so pack your picnic and get into the Christmas spirit!

In Greensborough, Carols by Candlelight will be held on Saturday, 13 December at 1 Flintoff Street. This free event will have delicious food and drinks for sale and a range of free family activities, as well as entertainment provided by The Australian Children’s Choir and Diamond Valley Brass Band. Gates open at 6.30pm!

The City of Whitehorse will be holding their carols night on Sunday, 14 December at the Whitehorse Civic Centre in Nunawading. With musical guests for young and old to enjoy it will be a great night, starting at 5.30pm. There is even the opportunity for photos with Santa and his elves. Pack your picnic and get singing! For more information, visit Whitehorse Carols.

Carols in Macleay Park will feature Balwyn North choirs and Balwyn Primary Senior Strings ensemble, even a visit special visit from Santa and fireworks to conclude the night. Head down to Macleay Park, located on the corner of Belmore and Buchannan Avenue in Balwyn North on Saturday, 15 December from 6.30pm.

In Hawthorn, Carols at Grace Park will begin at 5pm on Sunday, 16 December. Musical guests include Boroondara Brass, Exaudi Youth Choir, Auburn and Deepdene Primary School choirs. Get your singing voice ready and join in on some of your favourite carols!

Be sure to keep up-to-date with all of Fletchers latest news and information on Facebook, Twitter and LinkedIn.

Enjoy your week!

 

Fletchers agents Jason Salan, Tim Heavyside and Jack Lim with the happy purchaser
of 4 Edith Court, Doncaster.