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Flurry of buyer activity in the inner-north

Real estate & property news
10 April 2024
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Autumn windfalls for homesellers

The market in Melbourne’s inner-north continues to power through the autumn months.

As a hold on interest rates brings greater levels of confidence, buyer-activity is on the rise.

The quality and quantity of buyers have improved, according to Barry Plant Northcote, Preston & Thornbury director Jesse Dolcetta.

“There are more genuine buyers looking to transact,” he said.

“And there are at least 10 to 20 groups at each inspection, and multiple bidders at auctions.”

More than 100 groups inspected the three-bedroom villa at 2/39 Belgrove Street, Preston, which was priced at $750,000-$825,000.

239 Belgrove Street, Preston

Six registered bidders competed at the auction, and the property sold above expectations for $1.017 million.

“It was a very competitive auction, with a first-home buyer winning the keys,” Mr Dolcetta said.

First-home buyers were active in the market because of homebuyer schemes and government incentives, he added.

“Also due to skyrocketing rents, many are now opting to purchase instead,” Mr Dolcetta said.

Units and apartments were in hot demand, with turnkey properties selling well, he pointed out.

A one-bedroom ground-floor apartment at 11/400 Murray Road, Preston, was snapped up within a week of listing for $355,000.

11400 Murray Road, Preston

“Three first-home buyers made offers,” Mr Dolcetta said.

“And it sold above the owner’s expectations.”

Period homes also continued to generate strong interest, including the solid brick three-bedroom California Bungalow at 7 Frier Avenue, Reservoir.

7 Frier Avenue, Reservoir

Priced at $1.2-$1.3 million, the property in the coveted Oakhill Estate attracted six registered bidders and sold for $1.586 million, according to Mr Dolcetta.

In Coburg North, a solid brick three-bedroom period house at 15 Glyndon Avenue, attracted five bidders and sold above expectations to a young couple for $1.075 million.

5 Glyndon Avenue, Coburg

The character property delivered immediate move-in comfort and the potential to further enhance, according to Barry Plant Coburg agent, Jarrod Couch.

Buyers were also drawn to the home’s location near Merlynston Station, Coburg North Village and vibrant Sydney Road.

Home inspections were well attended in the area with an average of 40 to 60 groups per campaign, Mr Couch said.

“The numbers have increased compared to the same time last year,” he said.

“Neat and move-in ready homes are in demand.”

He pointed to the two-bedroom townhouse at 6/7 Schofield Street, Essendon, which sold above expectations for $735,000.

67 Schofield Street, Essendon

“Three bidders including young couples battled for this stylishly renovated property,” Mr Couch said.

Polished concrete floors, high ceilings and a free-flowing indoor-outdoor floorplan were appealing features, he added.

Real estate & property news
10 April 2024
Save Article

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