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Fletchers Group News Update – 3 July

July 2nd 2013

On what was a very cold and uninviting day, plenty of people turned out to be amongst the property action over the weekend. There were again good numbers at auctions, with many people participating, resulting in big numbers under the hammer.

The REIV recorded a clearance rate of 73 per cent on the weekend, compared to 55 per cent on the same weekend last year. Fletchers performed above industry average achieving a clearance rate of 80 per cent, selling 12 out of the 15 properties scheduled for auction.

Director and Auctioneer Tim Heavyside had a big weekend auctioning and selling 5 properties. A standout sale for Tim and agent Gail Logan was the classic four bedroom plus study home at 12 Highview Road in Balwyn North. Tasteful updates to this home over the years have resulted in a warm and welcoming residence that is ready to move straight into and enjoy. With room for a growing family, a rear garden that presents a paved alfresco area and undercover terrace with a spa, this home has it all. Five bidders agreed and pushed this property $108,000 over reserve, with an eventual selling price of $1,108,000. Another great sale for Tim was the sun-filled period timber home at 19 Loudon Road in Burwood. The three bedroom home offers the opportunity to renovate, extend or build new (STCA) and four bidders competed to secure the property which sold for $945,000 an impressive $75,000 over reserve.

The first class, four bedroom family home at 12 Byron Street in Box Hill South was another impressive sale for agent Michael Richardson. The property was extremely popular throughout the marketing campaign with over 100 groups through. Offering two studies, stunning kitchen/meals area and rumpus/theatre room it is easy to see why this property generated so much interest. Six bidders agreed and by the second bid in the auction, the property was already on the market. Continuing the trend of high numbers at auctions this property was pushed to $225,000 over the reserve price, selling for $1,325,000.

Situated in a prized locale and presenting outstanding prospects to rebuild a brand new home 59 Fitzgerald Street in Balwyn was offered for sale for the first time ever on the weekend. The original 1950’s home features two bedrooms and one bathroom and is located in a quiet residential street filled with luxury homes. This property was another that generated a great deal of interest with six bidders on the day pushing the sale price to $1,015,000, $115,000 over reserve.

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

The REIV stated that the slight increase in clearance rates this weekend may have been due to the first home owners grant for buyers of established properties coming to an end on the 30th of June 2013. The grant will still be available to those buying new properties and will increase to $10,000, while stamp duty discounts for all first-time buyers will jump from 30 to 40 per cent in July.

It may be a slightly quieter weekend ahead with the REIV expecting around 390 auctions to be called.

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Enjoy the rest of your week!

Director and Auctioneer Tim Heavyside in action on the weekend.