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Epping sellers to reap rewards as home values rise

Real estate & property news
01 May 2024
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Epping, ‘one of the best serviced suburbs north of the CBD’.

Epping home prices are on the way up and outperforming other suburbs.

The northern suburb recorded an increase in property values in the past 12 months, despite falls seen in more than 100 suburbs across Melbourne, according to PropTrack data.

The median house price in Epping rose 1.5 per cent to $675,600, while unit prices jumped 3.2 per cent to $500,700.

Prices in Epping fell slightly in 2022-23, mainly due to interest rate hikes, but had now bounced back, Barry Plant Epping sales manager Michael Stamboulidis said.

He noted that buyer demand was strong in the suburb, and while there were reduced numbers at auctions, inspection numbers were steady and properties were selling well.

Stock levels were lower compared to previous years, according to Mr Stamboulidis.

“But with the increases in median house and unit values,” he said.

“Sellers should take the opportunity to list their homes.”

Located about 20 km from the CBD, Epping offered affordable properties compared to areas on the eastern side of Melbourne and closer to the CBD, Mr Stamboulidis said.

Residents had easy access to two train stations, major shopping centres, quality schools and sporting facilities, plus excellent freeway access, he added.

“It is one of the best serviced suburbs north of the CBD,” Mr Stamboulidis added.

Epping offers a range of properties, from apartments to larger lifestyle homes, and buyers have a choice of modern homes in new estates or established older-style properties on larger blocks.

Barry Plant Epping owners Bill and Deanna Dontsios with their team of experienced agents are experts in the local market and committed to helping both buyers and sellers achieve their goals.

On April 27, a three-bedroom house on 835sq m at 1 Coronet Close, pictured below, sold under the hammer for $753,000, to a first-home buyer from South Morang.

SOLD PROPERTY 1-coronet-close-epping-vic-3076

The modest 1980s home with scope to update attracted strong interest, Mr Stamboulidis said.

“The property’s location between two major shopping centres and train stations, plus the large block size were the main drawcards,” he said.

“It was ideal for entry-level buyers.”

Quality move-in ready homes were in high demand and many were snapped up by families in the newer estates.

In the sought after Lyndarum Estate, a modern four-bedroom house at 8 Wuchatsch Avenue, pictured below sold for $845,000.

SOLD PROPERTY 8-wuchatsch-avenue-epping-vic-3076

“This property was well inspected and sold within the vendor’s expectations,” Mr Stamboulidis said.

Most properties spent 28-30 days on the market, while some were snapped up quickly within a few days or prior to auction.

A centrally located two-bedroom villa unit at 9/50 Wedge Street, pictured below, sold for $500,000 within three days of listing.

SOLD PROPERTY 9-50-wedge-street-epping-vic-3076

“This little gem sold quickly,” Mr Stamboulidis said.

“It’s in a great spot within walking distance of the train station and Pacific Epping shopping centre.”

Also in a desirable location, a four-bedroom house on 535sq m at 802 High Street, pictured below is for Sale By Set Date, on May 6 at 5pm, with an $800,000-$850,000 price guide.

PROPERTY FOR SALE 802-high-street-epping-vic-3076

Originally built as a family home, the former dental clinic in the Epping Activity Zone is ideal for business owners, investors, home buyers or developers.

The high-exposure corner site, opposite the police station, is near the shopping centre, train station, Northern Hospital, schools and freeway access via Cooper Street or O'Herns Road.

Real estate & property news
01 May 2024
Save Article

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