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North east market mirrors 2017 boom

2021 is shaping up to be a great year in the city’s north east

The good days are back in Melbourne’s north east property market.

Bundoora, Mill Park and Greensborough are experiencing “awesome growth” since lockdown lifted late last year, according to local Barry Plant agents.

“In Greensborough, prices are going through the roof,” Barry Plant Greensborough director Brayden Schmidt said. “The market is resembling the height of the 2017 property boom. Prices have jumped eight to 10 per cent post-lockdown, mainly because of rising demand and an undersupply of homes.”

Greensborough is an established suburb and home to mainly mature-aged couples who have lived there for decades.

“They are now wanting to downsize but are reluctant to sell because of these uncertain times,” Mr Schmidt said. “And while they are holding on to their homes, purchasers are panic-buying in case government incentives dry up.”

Mr Schmidt pointed to 55 Medbury Ave, Greensborough, with a market value of about $900,000, which was snapped up in less than a week for just over $1 million.

Six buyers competed for the four-bedroom house, which sold to a young family from Fawkner who wanted to establish themselves in a reputable family-friendly location.

In Mill Park, homes are sought-after for their affordability and proximity to shopping centres, quality schools and train stations, according to Barry Plant Mill Park-South Morang partner, Jay Moxon.

“All types of properties are flying out the door, even top-end homes in the Blossom Park and Rivergum estates,” he said.

“Of the 30 auctions called late last year, 29 homes were either sold on the day or prior, and for well beyond vendors’ expectations.”

On the market for $845,000-$895,000, the four-bedroom house at 5 Hillrise Court, Mill Park, attracted 11 registered bidders and was snapped up by a local family for $1.095 million recently.

A record-breaking auction held on February 6 at 16 Warburton Court, Mill Park, saw multiple bidders fighting for a family home that sold for $783,000.

“This was the highest price paid for a three-bedroom house on the west side of Plenty Rd since April 2019,” Jay Moxon said.

In Bundoora, buyer interest, buoyed by record low interest rates and government incentives, is on the rise, according to Barry Plant Bundoora director, David Moxon.

“The market is in a good place,” he said.

“Numbers at opens have doubled compared to October last year and we are experiencing high auction clearance rates.”

All 24 properties auctioned late last year sold, except for the four-bedroom house at 2 Dorothea Court, Bundoora, that was passed in at $750,000.

The property was snapped up early last month after the first open for more than $800,000, mainly because of a lower supply of homes.

“I expect stock levels to rise in the next five to six weeks which help stabilise prices,” David Moxon said.