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Million dollar babies

Whittelsea and Eden Park topped the list with the highest disclosed house sale prices in the municipality this year according to Real Estate View (REIV).

Located in Towts Rd and Fifth Ave, two properties sold for $1.125 million respectively, the first through Barry Plant and the second through another agent.

The most expensive property in the Mitchell Shire was in Kelly St, Beveridge which sold for $850,000 through Barry Plant.

REIV CEO Enzo Raimondo said that this year had seen a soft market in comparison to 2010, with the global economy leading buyers to hold back causing a decrease in sales.

“As prices in most areas are below their peaks in 2010 this year will be seen in retrospect as one where conditions favoured buyers,” he said.

“From the perspective of renters, conditions have finally improved with the vacancy rate exceeding three per cent for the first time since January 2006.”

Mr Raimondo predicted that the residential property market would still be impacted by a weak global economy in 2012.

“If the Victorian economy continues to slow then 2012 may well be similar to 2011, however the recent interest rate cuts and the continued volatility of the stock market may help to stimulate the property sector.”

Source: Star News Group