Auction dates are being brought forward and homes are flying off the shelves even before they are advertised across Hume suburbs.
Some properties are selling before they are advertised, others within a few days of advertising, and many are being snapped up prior to auction, Barry Plant Gladstone Park agents said.
Some scheduled auctions are being brought forward thanks to increasing demand, according to director Nick Pugliese.
Strong early interest in the new three-bedroom townhouse at 74A Clarke Drive, Gladstone Park, prompted its auction date to be brought forward by more than a week.
The move resulted in a $900,000 sale that exceeded the seller’s expectation by 15 per cent and set a new price record for this type of property in the suburb, Mr Pugliese said.
The four-bedroom house at 10 Pirianda Court, Greenvale, sold the night before its scheduled May 22 auction for $650,000, well above it’s the seller’s expectations.
The buyer was a downsizer from Craigieburn who was attracted to the property’s location in the Greenvale Lakes Estate near Craigieburn Central and Kolbe College, according to auctioneer Phong Ho.
“Buyers are becoming increasingly frustrated at missing out and are now putting in strong early offers to avoid competing at auctions,” he said.
Mr Ho pointed to the three-bedroom house at 39 Eyre Street, Westmeadows that was snapped up before auction for $652,600, within two weeks of listing.
Priced at $550,080, the property drew early offers from three groups, including first-home buyers in Essendon and Glenroy and an elderly downsizer from Westmeadows.
The buyer from Westmeadows won the keys to the house, one of two on a block without owners’ corporation.
“The home was well looked after, had a great floorplan and a vaulted ceiling,” Mr Ho said.
The buyers from Essendon who missed out on the property by $100, managed to snap up a three-bedroom at 35 Kenny Street, Westmeadows, two weeks later for $550,000.
“This property hadn’t even been advertised yet,” Mr Ho said.
“They were among the finance-ready buyers on our database just waiting to pounce on anything that becomes available.”
The entry-level house sold well above its high $400,000s price hopes because of its location in a quiet pocket and low-maintenance 336sq m block size.
“It also has a simple floorplan and the potential for the buyers to put their stamp on it,” Mr Ho said.
Buyers from Strathmore, Essendon and Greenvale also competed early for a four-bedroom split-level house at 68 Valley Park Boulevard, Westmeadows, that sold two weeks before auction for $710,000.
The modern home with panoramic views across Broadmeadows Valley Park attracted strong interest at the open-house inspections.
“The owner was blown away by the result that was well beyond the comparable sales in the area that range from $595,000-$635,000,” Mr Ho said.
Buyers from further afield were competing strongly for properties in the area.
“Those wanting to get a foot in the market are looking for affordable homes and are seeing value in these Hume suburbs,” Mr Ho said.