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Fletchers Group News Update – 24 February

February 23rd 2014

The first ‘Super Saturday’ of the year certainly lived up to expectations with auctions bustling with both spectators and buyers alike. With approximately 1,044 auctions recorded by the REIV, and over 1,000 homes sold by auction this year so far, it is evident that the property market is off to a solid start for 2014.

The REIV recorded a clearance rate of 75% over the weekend, compared to 72% on the same weekend last year. Fletchers enjoyed a busy auction day recording 22 auctions and posting a success rate of 87%.

The rainy weather made an interesting start to the day, with the auction for 1297 Toorak Road, Camberwell, being conducted in the large living room of the three bedroom, three bathroom property. With an intimate setting and a crowd of around 60 people the auction started with high bids of $25,000 increments, with four bidders competing, ending with $1,000 bids in a fighting attempt to secure the beautiful property. This fighting spirit pushed the property well above reserve with a final selling price of $1.222 million, resulting in very happy vendors and purchasers.

Auctioneer Troy Nelson conducted a great auction at the three bedroom, two bathroom townhouse at 2/10 Neville Street in Box Hill South, with the five participating parties competing right down to the final bid, ending with an interesting  selling price of $735,200!

A crowd of over 200 people gathered to observe the auction of the elegant two storey home at 2 Willis Street in Balwyn North. Offering great views to the north, and Art deco features, the home has outstanding renovation potential. The opportunity was clearly too good to miss, evident with the strong participation of six parties. Bidding was impulsive throughout, with a late entry bidder dropping out and re-entering late in the auction. The property eventually sold to a family who had participated from the beginning, for $1.761 million.

Continuing the trend of large crowds on the weekend, over 100 people crammed into the front yard of 18 Clarence Road in Wantirna, spilling out onto the nature strip to witness the auction that ensued.  The three bedroom, two bathroom home attracted seven parties who produced a high number of bids throughout the long auction. The property sold well above reserve for $670,000.

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

The REIV is expecting another big weekend, with 1,290 auctions predicted to be called.

Thinking of heading to the movies? Check out Fletchers review of Steve McQueen’s 12 Years a Slave, a confronting film telling Solomon Northup’s real life battle for freedom after being sold to slavery. Read the review here.

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Enjoy the rest of your week!

Tim Heavyside after the auction at 8 Sylvia Street in Blackburn South, which sold for a record price for the area!