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Fletchers Group News Update – 4 September

September 4th 2012

Spring is finally here and it has been fantastic to have some sun shining on us and feel that lovely breeze sweeping through!

The REIV recorded a clearance rate of 62 per cent on the weekend, up from 55 per cent on the same weekend last year. Fletchers enjoyed another weekend of above average success, achieving a clearance rate of 75 percent.

We saw multiple bidders at several auctions, with large crowds in attendance. After auctioneer Tim Heavyside’s concise and interesting preamble, the bidding at 53 Croydon Road, Surrey Hills opened at $1.4 million. It did take a little while for things to get going, but when they did it was ultimately three bidders involved, the property announced on the market at $1.7 million and sold under the hammer for $1.73 million! A beautifully renovated home, it was a good result for buyer and seller alike.

Tim fielded competition from five bidders later in the afternoon, when he auctioned 30 Electra Avenue, Ashwood. Located on a prime corner block, the attractive three bedroom red brick veneer home was stylishly renovated throughout.

The pretty, three bedroom clinker brick veneer home at 16 Garden Road, Camberwell offered the potential to renovate or extend. This and the great location close to schools, reserves, transport and local shops drew four bidders from the crowd, with the property ultimately selling for $793,000.

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

The Reserve Bank has kept interest rates on hold for the third consecutive month, at 3.5 per cent. The decision to hold rates steady was widely expected, with all thirteen economists surveyed by APP predicting no move in rates.

In other news, our property management team has been kicking goals recently, up 45 per cent on last August for the amount of properties leased! Director and Company Property Manager, Andrew Paterson observes that fundamentally the rental market is well positioned, but owners do need to be careful with their pricing. Owners should take note of what an agent is suggesting in terms of price as in many cases, trying for a price higher than the recommended figure can be more detrimental to the end result.

We certainly hope that the rest of your week is productive and enjoyable!

53 Croydon Road, Surrey Hills
Tim taking bids at 53 Croydon Road, Surrey Hills.
Photo courtesy of James Market News.