Market powers through Melbourne’s north with ‘no end in sight’
Bullish behaviour from bidders ‘from the get go’ drives up prices
Home sellers across Whittlesea and Banyule suburbs have seen windfalls come their way following auctions on recent weekends.
Properties are selling well above expectations as demand soars through the roof, according to agents from the Barry Plant North Eastern Group, which includes Bundoora, Mill Park-South Morang, and Greensborough offices.
“In the 34 years I have been in real estate, this is the strongest market I have ever seen,” Barry Plant Bundoora director David Moxon said.
“I am amazed at its resilience and how it has sustained its run with no end in sight.”
On May 8 and 15, the group sold 29 out of the 29 properties listed for auction, which attracted multiple bidders and achieved standout results .
They included 2 Janet Crescent, Bundoora, a brand new four-bedroom townhouse that sold for a record $1.101 million on May 15, Mr Moxon said.
One of five bidders, a buyer from Rosanna, paid $141,000 above the seller’s expectation for the property that features a stunning architectural design.
On the same day, six bidders battled for a four-bedroom house at 2 Pateman Street, Watsonia, which was snapped up by a buyer from Heidelberg Heights for $1.095 million, a whopping $215,000 above what the seller had hoped for.
“The buyer had been on the hunt for a larger home for quite a while and missed out on a couple of auctions,” Mr Moxon said.
In Greensborough, a knockdown house on1341sq m at 151 Grimshaw Street, sold to one of five bidders for $1.651 million.
Attracted to its land size and location, the developer paid well above the reserve for the property, which had potential for a five-unit site, Mr Moxon said.
In recent weeks, auctions have attracted multiple bidders, with an average of four to six buyers fighting it out at a time.
“Bidders are more in tune with the auction process and are applying different strategies to secure a home,” Mr Moxon said.
“Some are using the wait-and-watch approach, while others are much more aggressive.”
Recent auctions in Mill Park and South Morang were highly contested, according to Barry Plant Mill Park-South Morang director Jay Moxon.
“Bidders are behaving like bulls at a gate from the get go,” he said.
“Opening bids no longer start at the bottom of the price range, they come in strong and hit above the top.”
On May 15, a buyer from Eltham defeated four bidders to win the keys to 63 Garden Grove Drive, Mill Park, which sold for $835,000.
The buyer splashed well above the reserve for the three-bedroom house that included an updated kitchen, an oversized garage with workshop plus ample off-street parking.
In South Morang’s exclusive Hawkstowe East Estate, a stylish Porter Davis house at 93 Wilton Vale Road, changed hands for $999,999, well above the owners’ expectations.
“As the property sold below $1 million, the buyer was eligible for the government’s 25 per cent discount on stamp duty,” Mr Moxon said.
The savvy buyer was one of five bidders who competed for the spacious family home in an enviable location opposite a park.
Barry Plant North Eastern Group will auction about 20 properties on May 22, including a three-bedroom house at 10 Sinclair Crescent, Macleod, which is generating strong interest.