25th September 2012: Fletchers Group News Update – 25 September

Spring is in the air and the excitement is building for the AFL Grand Final this weekend, when the Mighty Hawks will take on the Sydney Swans!

The REIV recorded a clearance rate of 64 per cent last Saturday, compared to 52 per cent for the same weekend last year. The clearance rate is considered by the REIV to be quite healthy, taking into account the increase in stock which continues the trend this spring of the clearance rate being consistently a few points higher than last year.

Due to the Grand Final this weekend, the low number of auctions scheduled means that a clearance rate will not be published by the REIV. Fletchers have not scheduled any auctions, however there are plenty of open for inspections (most will occur before the first siren sounds)!

Fletchers achieved an auction clearance rate of 80 per cent on the weekend, with some fantastic homes selling above reserve. The elegant, three bedroom family home at 30 Talbot Avenue, Balwyn was an incredible auction where the reserve was quickly reached and five bidders kept it going! The final result was undisclosed, but we can report that both vendor and purchaser were thrilled!

Another fantastic result was produced when the fabulous family home at 8 Menzies Street, Box Hill was auctioned, where three bidders to the sale price soaring above reserve. Although the final sale price was undisclosed, it is not hard to see why the home was popular, as it offered great potential to renovate and extend further (STCA) in a convenient location.

The tastefully renovated and extended four bedroom home at 19 Loddon Street, Box Hill North proved to be a real find for family buyers. The ideally located home was on the market at $900,000 and sold just over the reserve for $905,000.

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

The Reserve Bank meets next week, with most mortgage brokers expecting at least one cut in the official cash rate this year. However many speculate that it won't be until Melbourne Cup Day in November that there is a rate cut, as the Reserve Bank has moved rates on Cup day every year since 2006.

Also next week, Jeremy Tyrrell from our Balwyn North Office leaves for Adelaide to compete in the Australasian Senior Auctioneer Competition on Wednesday, with the finals on Thursday. We are really thrilled for Jeremy and proud he is part of our team. Break a leg Jeremy!

We hope you enjoy the rest of your week. Good luck if you are supporting one of the teams in the Grand Final this weekend!

Photo courtesy of afl.com.au.