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Fletchers Group News Update – 17 April

April 17th 2012

Can you believe it is already mid April?! Hopefully we have all recovered from Easter chocolate ‘hangovers’, school holidays and everything in between to get back into the swing of things for what is shaping up to be a busy couple of months!

The REIV recorded an auction clearance rate of 55 per cent over the weekend, with no clearance rate published the previous weekend due to Easter. The REIV observes that the result from the weekend provides a clear indication that further interest rate increases by the banks would negatively impact demand and confidence in the residential property market.

Despite the Reserve Bank board deciding not to lift rates this month, the ANZ bank increased its variable rate last Friday. It was the first of the big four banks to make a move on rates after the Reserve Bank’s decision, and the second time this year that ANZ has hiked its rates despite the RBA leaving the cash rate unchanged. ANZ Australia’s Chief Executive cited the need to remain profitable as justification for the increase.

Most economists expect that the Reserve Bank will cut the cash rate by 25 basis points next month, in light of the increasing pressure to ease monetary policy. Read more at the Financial Review.

In defiance of all the interest rate fuss, around 120 people attended the cracking auction of 206 Warrigal Road, Camberwell on the weekend. Heated competition from five different bidders saw the price accelerate over $1,050,000 (the eventual price was undisclosed).

The house was in complete disrepair and did not add any value, proving that large blocks of land (1,000 sqm approx) are still in high demand. Auctioneer Tim Heavyside notes that mathematically, this equates to more than $1,000 per square metre!

The vendors were, understandably thrilled with the result, and brought in sandwiches for Tim, Clara, Albert and the team to share – how lovely (and delicious)! They also shared this thoughtful testimonial:

“To Tim, Clara, Albert and the team – thank you for all the hard work you put in to sell 206 Warrigal Road. We have not stopped smiling since the auction. The outcome was amazing and will certainly make the next phase of our lives a lot easier. With our greatest appreciation and warmest regards, Pam, Ellese and Peggy”.

What a fantastic endorsement for ‘Team Heavyside’ and the Fletchers family! We certainly appreciate the feedback from our clients. We always seek to provide our clients with the highest level of service to ensure that the process of buying and selling is a stress free experience.

In addition, Fletchers strive to provide relevant and up to date information about property and real estate for consumers, for example, this month we have posted information about the new cooling off laws, property prices and QR codes. If you are interested in real estate, follow Fletchers on Facebook, Twitter, YouTube and of course, the Fletchers Forum. If there is a particular real estate topic you would like information on,Ask a Fletchers Agent’…you can use your Facebook account!

Enjoy the rest of your week!

Clara Maruzzi and Tim Heavyside
Clara Maruzzi & Tim Heavyside, at Fletchers Canterbury