Number of homes for sale surge in the northern suburbs
Available properties jump in Coburg and Coburg North
The market might be turning to favour buyers in Melbourne’s northern suburbs.
Buyers are spoiled for choice as the number of homes for sale has spiked from the start of this year.
Coburg North and Coburg, along with Thornbury and Donnybrook, recorded more than a 100 per cent rise in listing numbers in January and February compared to the same time last year, according to a new PropTrack report from realestate.com.au.
The report revealed listings increased a whopping 120 per cent in Coburg North, while in Coburg, the numbers rose 119 per cent.
Record levels of new stock came to market late last year and early this year, according to PropTrack economist Angus Moore, as reported in the Herald Sun.
This has helped give buyers more choice and ease competition, he said.
Barry Plant Coburg director Rocco Siciliano said the market went “gangbusters” in the last three months of 2021.
“It was a brilliant market in Coburg and Coburg North, with more properties becoming available to meet buyer demand,” he said.
“However, it started to taper off in late December because of the Christmas period, but became busy again in January and February, when homes for sale reached levels similar to the same period in 2020.”
Mr Siciliano expected property numbers to jump in April, at least by 25 per cent, compared to the same time last year.
“Homeowners are more confident now and want to list their home for sale, which is good news for buyers,” he said.
“And all types of properties are coming on the market, from coveted period homes to new builds.”
Properties are currently achieving surprisingly higher prices than anticipated, according to Mr Siciliano, who pointed to the March 12 auction of a modest three-bedroom house at 26 Younger Street, Coburg.
The unrenovated property attracted three bidders and was snapped up by the neighbour next door for an unexpected $1.1 million.
Barry Plant Inner City Group agent Lucas De Bartolo said homes listed in Coburg North’s coveted Merlynston Village precinct were in demand and sellers in the area achieved high prices.
A renovated three-bedroom weatherboard house at 82 Shorts Road changed hands for $1.145 million at a competitive six-bidder auction.
“The Merlynston area is prized for its good size blocks and proximity to schools, village shops and train station,” Mr De Bartolo said.
“It is also community-driven and holds plenty of appeal for young families and downsizers.”
Coburg North’s modern townhouses are popular with those wanting an affordable entry into the area, while pockets in Coburg’s west are in demand as they are in the Strathmore High School zone, he added.
A new listing getting plenty of attention from young families is a three-bedroom period home at 1 Lobb Street, Coburg, up for auction on March 26 with $1.22-$1.27 million price hopes.
The California Bungalow is in a coveted position near Coburg Market, schools and parks.