27th February 2012: Fletchers Group News Update – 27 February

Wow, what a scorcher in Melbourne on Saturday!

Auction day for Fletchers started with some hot auction action bright and early at 10:30am, at 4 Larbert Avenue, Balwyn North. A large crowd gathered at the property, with plenty of neighbourhood interest. The comfortable three bedroom Balwyn North classic cream brick was warmly received during the marketing campaign, both from owner-occupiers wanting some space in the yard for the family, and developers looking to re-build one or possibly two homes on the corner site of approximately 848 sqm.

In the end, an expat who had been in London for some years with an expectant wife was out-bid by a private developer who, it turns out, went to school with the under-bidder…talk about six degrees of separation! The property easily broke through the $980,000 reserve price and sold for $1,007,000 under the hammer.

Later in the morning, a hot and thirsty crowd of around 120 people attended the auction of 37 Mitta Street, Box Hill North. According to the Bureau of Meteorology, the hot conditions reached a sizzling 37 degrees! To make things more bearable, Fletchers handed out 72 bottles of water to quench the crowd's thirst, as they witnessed the property sell under the hammer with six bidders going 'hammer and tong'.

The auction clearance rate in Victoria recorded on the weekend was 63 percent, providing an indication that demand is gradually improving this year, in light of the increased number of auctions. Senior Property Consultant, Alan Bramich certainly experienced a high level of demand at his first open of 30 Farleigh Avenue, Burwood – the property had 73 people through despite the heat!

Enjoy the rest of your week!

Senior Associate & Auctioneer, Jeremy Tyrrell outside Balwyn North Office,

after a long day calling auctions in 37 degree heat! What a shiny forehead!