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Fletchers Group News Update – 7 November

November 6th 2012

Despite a quiet auction weekend, there has been plenty happening this week! ‘Green Moon’ took out the Melbourne Cup over the predicted favourites, the $100 million Oz Lotto jackpot went off and, in a surprise decision, the Reserve Bank held interest rates steady at 3.25 per cent.

The Reserve Bank’s decision breaks a six year trend of altering the cash rate on Melbourne Cup Day. In a statement accompanying the decision, Reserve Bank Governor, Glenn Stevens said that effects of previous rate cuts had not yet been fully realized and recent inflation data had contributed to the board’s decision. The RBA has left open the chance of a pre-Christmas interest rate cut, which would certainly be a welcome early Christmas present for mortgage holders.

A clearance rate of 62 per cent was recorded on the weekend, compared to 50 per cent for the same weekend last year. Due to the low number of auctions held due to the Derby and Melbourne Cup, the clearance rate from the weekend is not an accurate indicator of current market conditions.

Fletchers sold the meticulously maintained, three bedroom home at 121A Normanby Road in Kew East for an undisclosed price. Four bidders competed for the opportunity to secure the exceptional home, on its own title and close to shops, schools and trams.

Also in Kew East, 32 Elm Grove sold for $781,500 – making it two sold out of two in the suburb for Fletchers! In a select pocket of Kew East, the three bedroom townhouse offered private and secure single level living.

As the end of the year draws closer, we have only a few weeks to book auctions before Christmas! If you would like an obligation free appraisal to discuss what your home could sell for in today’s market, contact Fletchers on (03) 9836 2222.

The REIV expects around 810 auctions next weekend. For all of Fletchers recent sales, visit our award winning website.

Also this weekend, Box Hill North Primary School is holding their annual school fair. All are welcome!

Today we will be watching as America decides, after a spirited campaign between Barack Obama and Mitt Romney which looks like it will culminate in a result that goes down to the wire!

Enjoy the rest of your week.

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