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High profile auction produces big result
Barry Plant Essendon-Niddrie-Keilor East  |  5 August 2017  |  Category: Market Update

High profile auction produces big result

This week’s property market results in the City of Moonee Valley confirmed just how broad the current levels of buyer demand are. Whilst one auction in particular probably enjoyed the most attention, compliments of some serious media attention in the lead-up to today’s auction, it was interesting to note that our sale results this week extended from the $2 million bracket right through to a sale below $500,000.

Perhaps the highest profile sale this week involved a property that was selected as the Herald-Sun’s ‘Pick of the Week’ in last Saturday’s newspaper (pictured), so there was quite a bit of interest in the brand new 4-bedroom home in McPhail Street, Essendon. Located within a short walk of the train as well as the shops and cafes on Mt Alexander Road. This double-storey 4-bedroom timber home attracted a good-sized crowd who saw a strong sale achieved at $2 million.

Over in Leslie Street, we saw strong activity at the other end of Essendon’s price spectrum. A blue-chip location just down the road from Lowther Hall had first home buyers, investors and down-sizers all keen on an older style 2-bedroom ground floor apartment. Spirited bidding at today’s auction produced a strong sale at $490,000, well above the happy vendor’s expectations.

Meanwhile, over in Avondale Heights, we had an extra emotional element to a sale when we were called on to auction a home that had been owned by the one family since it was first built for them over 30 years ago. The 4-bedroom home in Thackeray Quadrant had been well maintained, yet still offered tremendous potential for future modernisation. As a result, we saw six strong bidders who pushed the price all the way to $1.181 million, which was close to 30% above our ecstatic vendor’s reserve price!

The key message to remember is that if you are considering taking advantage of the opportunities that this year’s early Spring market looks set to provide, the time for action is right now. Feel free to give us a call if you would like some up-to-date advice or assistance.

Regards,

Bill Karp

Director – Barry Plant Real Estate

Essendon, Keilor East & Niddrie

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