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Fletchers Group News Update – 7 August

August 7th 2012

The REIV recorded a clearance rate of 59 per cent on the weekend, compared to 55 per cent on the same weekend last year. It certainly was a wet winter day in Melbourne however there were definitely some highlights that managed to shine through! 

The marketing campaign of 2/7 St James Avenue, Mont Albert culminated in an exciting auction where four bidders competed for the single storey home with exceptional space. The result did not disappoint, selling above reserve, with the auctioneer’s hammer knocking it down at $762,000. 

Another competitive auction on the weekend was the huge five bedroom family home at 7 Boronia Street, Surrey Hills. The multiple living areas, separate granny flat and convenient location drew five bidders into contention, with the property selling above reserve for $1.178 million. 

The well-renovated unit at 3/15 Estella Street, Glen Iris was purchased by owner-occupiers, who were certainly keen to take advantage of the great location. 

It wasn’t just auctions that drew large crowds on the weekend! The grand Georgian style home at 264 Cotham Road, Kew had a huge reception for its first open on Saturday, with over fifty people streaming through the home to view its grandeur. 

Managing agent, Steven Lowry notes that the rear garden boasts its own separate title, with many buyers looking to restore it to its former glory as a tennis court. With a double garage and enough driveway to accommodate several more vehicles, get-togethers at 264 Cotham Road for extended family and friends couldn’t be easier! This rare opportunity will be submitted for auction on Saturday, 25 August at 12pm. 

Steven and Andrew Medland competed in the REIV Novice Auctioneers’ Competition this week, amongst a total of thirty entrants. They both represented Fletchers well and we are very proud of their efforts. 

On a final note, the Reserve Bank of Australia left interest rates on hold at 3.5 per cent this week. Most economists in Australia however expect at least one more rate cut before the end of the year. 

Enjoy the rest of your week and make sure you rug up, it’s quite chilly at the moment!