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Darebin's real estate market is on solid ground, agents say

08 August 2011
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Darebin real estate agents are predicting steady sales for the rest of the year, despite speculation interest rates could soon rise.

Barry Plant Reservoir director Harry Kontossis said the last fortnight had seen strong attendance at open days and auctions across the inner north.

“Last week there were more people at our open for inspections than there were for the whole of June,” Mr Kontossis said.

“We’ve seen activity in Northcote, Preston and Reservoir. It comes back to position and those areas are very close to transport, schools and universities.”

Mr Kontossis expects prices and sales will flatten out.

“It will be steady as she goes. There won’t be records set for six months, which is probably where most people want to see it,” Mr Kontossis said.

“The last five years it’s been going one way, north, and when it does that it affects the economy.”

The latest Real Estate Institute of Victoria figures have shown median house prices remained fairly steady across Darebin in the June quarter.

The biggest increase was in Northcote (up 12.1 per cent), followed by Preston (6.4 per cent) and Thornbury (1.7 per cent), but prices slipped 6.8 per cent in Reservoir.

Apartment median prices were up 4 per cent in Preston in the June quarter but down 11.5 per cent in Northcote, while Reservoir and Thornbury were relatively flat.

Source: Leader Newspaper

08 August 2011
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