Chat with us, powered by LiveChatNumbers down but Heathmont and Ringwood vendors still getting strong prices

Numbers down but Heathmont and Ringwood vendors still getting strong prices

Market’s strong run continues with pent-up demand from large buyer pool

Inspection numbers have come down but sellers are still reaping high prices in Heathmont and Ringwood.

While buyers now have more choice with the number of homes for sale increasing, the market still has a large pool of buyers prepared to pay a premium, according to Barry Plant Heathmont/Ringwood agent Marcus Lim.

“The market has started 2021 so strongly that some homes are selling up to $250,000 above the seller expectations,” Mr Lim said.

“There are fewer people at inspections now but prices have remained strong because many buyers have missed out over the past seven to eight months.”

He noted that many disappointed buyers were now desperate to “buy something after looking unsuccessfully”.

“While there are more homes for sale now, the quality of buyers is more important than the quantity,” Mr Lim added.

An investor recently paid $1.6 million for a block of three units at 1-3/5 Wenwood Street, Ringwood East, which was well above the $1.35-$1.45 million price guide.

The property was fiercely contested because each unit has its own title and fetches a combined rental of just under $1000 a week. The 844sq m block also had development potential and is very near the train station.

On May 8, two properties achieved strong auction results despite noise concerns because they were so close to train lines.

A mid-century two-bedroom home with a bungalow at 67 Dublin Road, Ringwood East, had two bidders and sold for $1.22 million.

“Mid-century homes attract plenty of interest and the seller had brought it back to its original condition,” Mr Lim said. “One bidder wanted to knock it down while the successful buyer will move in.”

Sale records show the 1956-built home was purchased in 2008 for $380,000 and gave the seller a handsome gain of $840,000.

Opposite the train station, 99 Campbell Street, Heathmont, managed to secure a buyer after the auction. It sold for $1.325 million, which was $75,000 above the highest bid before being passed in.

The five-bedroom house on 666sq m was purchased in 2011 for $801,000 according to sale records.

Another busy auction Saturday is expected on May 15 with the Barry Plant Group holding 104 auctions.

Among them is the five-bedroom house on 742sq m at 3 Byways Drive, Ringwood East, placed in a convenient position near the village. It has a $1.1-$1.2 million price guide.

The listing agents are Barry Plant Heathmont/Ringwood director Louise Carrigg and sales consultant Kate Birchall.


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