August 22nd 2016
Despite the rainy Melbourne weather, the REIV reported an auction clearance rate of 75% for the week, whilst the Fletchers network of Eastern suburbs offices achieved a success rate of 85%. Of the 646 auctions reported across the state, 487 of those sold under the hammer.
The apartments at 1-5/37 Paxton Street in Malvern East offered a plethora of opportunity for investors and redevelopers alike. Successfully tenanted with a stable tenant history, the block of five two-bedroom apartments, including parking, were available on one title. Built in the 1970’s, the solid brick complex is surrounded by leafy peaceful parklands and comprised of three first floor and two ground floor apartments. Fletchers Glen Iris Director Karl Fitch led the auction as five bidders competed for the unrivalled opportunity to secure this unique purchase. Selling at auction for $2,700,000, the apartments were sold for an outstanding $350,000 over the reserve.
Nestled in a quiet tree lined street, the four-bedroom family home at 16 Strathallyn Road in Ringwood presented a multitude of opportunity. Potential purchasers were delighted with the home which sat on a magnificent 841 sq m (approx.) block of land. Featuring floating floor boards, air conditioning, fireplace and a large covered porch, the home allowed for the buyers to move in immediately or consider future renovations or development (STCA). The auction was held at 1pm by Fletchers Maroondah Director Reilly Waterfield, with three bidders competing for the property that is close to schools and shops. Resulting in a final sale price of $790,000, the property went for a magnificent $70,000 over the reserve!
Built in 1940, 27 & 27A Fitzwilliam Street in Kew offered the rare opportunity to purchase two semi-detached homes on a single title. In mainly original condition, potential purchasers were delighted by the homes period features including art deco ceilings, and the proximity to prestigious private schools including Trinity Grammar, Methodist Ladies College and Xavier College. The properties went to auction at 1pm with Fletchers Balwyn North Director Jeremy Desmier conducting the proceedings. Reaching an astounding $405,000 over reserve, four bidders intensely competed for the twin brick homes, resulting in a final sale price of $2,805,000.
Congratulations to our successful purchasers and vendors on the excellent results achieved this past week.
For all of Fletchers recent sales, visit our award-winning website.