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Fletchers Group News Update – 5 December

December 5th 2012

It seems the whole world is on royal “bump watch”, after Prince William and Catherine, the Duchess of Cambridge have announced they are expecting! Whilst the welcome news sent the media into a spin, we have been following the impact of another announcement this week, namely the Reserve Bank of Australia’s decision to reduce the cash rate by 25 basis points to 3 per cent.

Not since April 2009 has the Reserve Bank cut the cash rate to such a low level, with RBA Governor, Glenn Stevens stating that the cut “will help foster sustainable growth in demand and inflation outcomes”. Treasurer Wayne Swan described the cut as an “early Christmas present that hard working Aussies deserve”, whilst Prime Minister Julia Gillard called on the banks to pass on any cut in full to borrowers. So far, the National Australia Bank is the first of the big four banks to move on interest rates, cutting its variable rate by 0.2 per cent.

The REIV recorded a clearance rate of 60 per cent on the weekend, compared to 52 per cent on the same weekend last year. Approximately 970 auctions are expected to be called over the upcoming weekend, with the REIV noting that the clearance rate is quite stable considering the high volume of auctions.

The 1st of December marked the beginning of the festive season and Director & Auctioneer, Jason Salan got into the spirit of things at our first auction at 3/11 Chandler Road in Boronia…at the early time of 10am! The first bidder when proceedings got underway was the recipient of a fantastic gingerbread house from Dolce Mio. Unfortunately, that was all they walked away with…four bidders were competing for the opportunity to secure the double storey home. It eventually sold for $381,000 against a reserve of $363,000.

Our beach loving, naturally tanned cohorts at Fletchers Gold Coast South had a couple of stellar results in Palm Beach on the weekend. 34 Parnki Parade offered a terrific, flat block of prime waterfront land with a low set three bedroom home, selling under the hammer for $735,000. The superbly located and beautifully renovated three bedroom home at 96 Nineteenth Avenue also sold, unconditionally after auction.

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

A big congratulations to Chris Chapman and Dean Wolfe from Fletchers Eltham, who raised nearly $1,000 for Movember last month! Well done guys.

We hope you enjoy the rest of your week!

Jason Salan
Jason Salan with his vendor of 3/11 Chandler Road, Boronia which sold under the hammer on Saturday.