Some incredible auction results have been recorded by the Barry Plant Eastern Group over the past 2 weeks with a handful of properties recording sale prices, in some cases, well exceeding expectation. A common thread seems to be the race for buyers to get a foothold within sought after school zones but not exclusively! We had a property in Research which also record a strong result today with 3 very keen bidders taking the sale price well above the owners’ anticipated value.

That said, the overall Melbourne market can best be described as steady. In fact, the last 3 months has seen Melbourne dwelling prices hold firm with 0.0% growth. In contrast, other Australian capitals have seen a healthy increase in the same time frame ranging from Hobart (+0.8%) right through to Perth (+6.0%). This would indicate that there is a lot of affordability built into the Melbourne market right now. With more new arrivals choosing to call Melbourne home than any other Australian capital, it would seem inevitable that Melbourne prices will surge to close the gap. When looking at why Melbourne might be slower to increase in property value, we can look at the new listing data which shows that we have 32.4% more properties listed right now than the same period last year which is markedly more than any other capital.

What do we make of these figures? Well now, more than ever, it would seem that Melbourne real estate would be a very good buy. Picking the time to enter the market is far from a perfect science but the old adage that time in the market, is more crucial than timing the market would hold very true.

The rental side of our business also continues to be incredibly busy. This week alone has seen the team process 225 rental applications from 1,551 enquiries and 568 open house attendees. This saw 31 properties leased within the week with a vacancy rate of just 0.38%.

If you’re planning a real estate move of your own, the Barry Plant team would love to help. Decades of experience and local market knowledge have made us a trusted partner for those making a move.

See below our impressive sales activity for the week.

• 25 Dumossa Avenue, Bulleen sold for $3,850,000.
• 8 Parklands Close, Donvale sold for $1,700,000
• 75 Maroong Drive, Research sold for $1,650,000
• 44 Bryson Grove, Templestowe Lower sold for $1,450,000
• 35 Apex Crescent, Bulleen sold for $1,431,000
• 35 Laurison Road, Eltham North sold for $1,310,000
• 24 Bellevue Avenue, Doncaster East sold for $1,310,000
• 34 Wilson Street, Diamond Creek sold for $1,240,000
• 6 Maxine Drive, St Helena sold for $1,210,000
• 3/15 Browning Drive, Templestowe sold for $1,116,000
• 11 Tower Drive, Briar Hill sold for $951,000
• 2/40 Boronia Grove, Doncaster East sold for $940,000
• 18 Bardia Street, Heidelberg West sold for $860,000
• 1/2 Lee Court, Heathmont sold for $650,000
• 35/81-97 Mitcham Road, Donvale sold for $510,000
• 4 Page Street, Balwyn North sold!
• 97 Harrison Street, Box Hill North sold!
• 2/141 Marshall Street, Ivanhoe sold!
• 204/21 Bourke Street, Ringwood sold!

Currently under offer and will be sold soon:

• 50 Windella Quadrant, Doncaster
• 10 Reark Court, Templestowe

Spiro Drossos

Managing Director

Barry Plant Eastern Group