The upper end of the market in northern suburbs is expected to do well in 2023 as demand for premium homes continues to rise.
Million-dollar homes offering a luxury lifestyle achieved outstanding results in 2022, according to Barry Plant North Eastern Group director David Moxon.
“The upper end of the market was very strong coming out of lockdown,” he said.
“And this should continue through 2023.”
Mr Moxon said the market had overheated and peaked in April and May last year.
“It was in overdrive and then, as a result of consistent interest rate rises, it slid back into third gear in the second half of the year,” he said.
“It was a cooler market heading to Christmas.”
Premium properties performed well last year, with modern luxury homes strongly contested and achieving record-breaking prices.
“Blue-chip homes, particularly in the Botanica, Springthorpe and Uni Hill estates, that were priced in excess of $1.6 million got plenty of attention and sold very well,” Mr Moxon said.
Buying an established high-spec property had become a viable option against building new, because of the shortage of materials, construction costs and time delays, he added.
In Greensborough, a luxury mansion at 3 Viewgrand Way, sold at auction for an eye-watering $2.685 million.
The price smashed the $2.2 million reserve and eclipsed the suburb price record by $430,000.
A local couple snapped up the four-bedroom, three-bathroom house on 885sq m after an aggressive battle between two bidders.
About 70 groups inspected the property and eight buyers registered to compete at the auction, but only two had the chance to put their hands up amid hectic bidding, according to Mr Moxon.
Displaying meticulous attention to detail and first-class craftsmanship, the home has exquisite wrought-iron work, brush box parquetry and travertine marble floors.
An entertainment zone with a pizza oven and pool, two kitchens and all the modern conveniences added to its appeal.
In Bundoora, a luxurious four-bedroom showpiece on 767sq m at 24 Leahy Drive, sold for a whopping $2.71 million, setting a new benchmark price for the suburb.
Inspected by about 70 groups, it was contested by four buyers, according to Barry Plant North Eastern Group partner Michael Egan.
The standout property in the Uni Hill Estate features a fully-equipped theatre room, heated pool and spa, a sauna and a basement eight-car garage with a gymnasium.
Also last year, a grand French Provincial-style house at 80 Clovemont Way, attracted three bidders and sold under the hammer for $2.375 million.
Demand continues to soar for quality family homes in the area, particularly for those that are newly built or renovated to a superior standard, Mr Egan said.
While interest rate rises made a noticeable impact on buyers towards the end of last year, well presented homes were popular, according to Mr Moxon.
“Even though people were starting to feel the pinch, the attendances at opens were still quite good,” he said.
“Now is a good time to buy as there is less competition around and there is still a reasonable number of homes on the market.”
Mr Moxon advised sellers to get in early as the market may become more challenging as the year progresses, and take advantage of the interest in well-presented and realistically priced homes.
“They are attracting good numbers and selling within a reasonable period of time,” he added.
In Greensborough, the immaculate four-bedroom house on 1003sq m at 34 Melliodora Crescent was attracting good interest from families, according to Mr Moxon.
With a price guide of $1.665-$1.765 million, the prestige property is designed for keen entertainers and displays multiple living and dining areas.
A feature is the magnificent family room that opens onto a spacious deck and covered outdoor entertainment area overlooking a solar heated pool.
The opulent home also showcases a state-of-the-art kitchen with a butler’s pantry, plus a hotel-style main suite with a walk-in through wardrobe and dressing room that leads to an indulgent ensuite.
Meeting contemporary needs, the property comes with all the bells and whistles, including smart climate control, double-glazed windows, solar electricity, Cat 5 ethernet cabling and ducted vacuum.
Adding further appeal is the prime family friendly location, with St Thomas The Apostle Primary, Greenhills Primary School and St Helena Secondary College within the zone.