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Fletchers Group News Update – 6 March

March 5th 2013

Summer is officially over but it seems that the weather has other ideas, as we have enjoyed a consecutive number of sunny, idyllic Melbourne days! The temperature on Saturday was no exception, with the sun beating down on what was an exceptionally busy weekend, with nearly 900 auctions scheduled.

The REIV recorded a clearance rate of 69 per cent, compared to 61 per cent on the same weekend last year. Fletchers had a fantastic day under the hammer, achieving a success rate of 88 per cent on the day, selling 15 out of 17 properties on offer. Fletchers Executive Chairman, Tim Fletcher, said: “people can see there is quality stock coming on and they’re deciding to sell.” 

The day started off well with 2/9 Iramoo Street in Balwyn selling under the hammer for $550,000 with 7 bidders in contention. The two storey townhouse at 7/13 Grandview Grove in Hawthorn East also sold under the hammer, after consistent bidding from four parties, at an eventual sale price of $735,000. 

The vendors of 79 Baker Parade in Ashburton were thrilled with the result achieved by agents Gail Logan and Mark Salvati, who conducted an excellent marketing campaign for the established red brick veneer family home. Tim Fletcher auctioned the property, fielding bids from three parties to a selling price of $915,000 – a pleasing $55,000 above reserve. 

Auctioned by Fletchers Whitehorse agent Troy Nelson, 27A Bourne Road in Glen Iris sold well above reserve, with three bidders competing to push the price to $840,000. The single level, three bedroom townhouse on its own title offered a spacious, zoned floorplan in a quiet setting close to quality amenities. 

A standout sale on the weekend was for a rare and exciting opportunity in the prestigious Studley Park precinct in Kew. The vacant and cleared land at 24 Stawell Street presented an impressive new home or multi-dwelling site (STCA) close to private schools and CBD access by tram, bus and the Eastern freeway. The sizeable block of approximately 848 sqm sold for $1.57 million – an impressive $120,000 over reserve. 

The last auction was scheduled for 4pm at 142 Station Street in Burwood. Three bidders were involved but interestingly, the ultimate purchaser who the property was knocked down to hadn’t seen the inside of the house! The clients were suitably impressed by the marketing campaign and successful auction conducted by agents Tim Heavyside and Steven Zervas

In other news, the Reserve Bank kept official interest rates on hold at 3 per cent at their meeting yesterday, as expected. Most economists are still tipping that the RBA will lower rates once more in the months to come, possibly around June/July. 

We were also thrilled to announce this week the further expansion of Fletchers on the Mornington Peninsula, with our second office open in Blairgowrie. Serviced by the same team as at Sorrento, Fletchers clients are provided with an outstanding presence for the sale or rental of their properties.

We hope you have a fantastic week!

7-13 Grandview Grove, Hawthorn East
Agents Steven Lowry and Jason Salan after the successful auction of 7/13 Grandview Grove, Hawthorn.