Chat with us, powered by LiveChat

Outer east supply squeeze to keep prices steady

Real estate & property news
09 September 2022
Save Article

Ferntree Gully, Boronia and Croydon North listings score multiple buyers

Sellers in the city’s outer-east suburbs scored goals as spring kicked off strongly with a lack of supply met by keen demand.

As many as ten interested buyers turned up for the auction of 3 Vella Court, Ferntree Gully, on September 3.

Three ended up making bids to compete for the three-bedroom house that sold for

$892,000 or more than 10 per cent above the seller’s reserve of $810,000.

“It was a rare listing because of the spectacular views of the Dandenong Ranges and towards Lysterfield,” Barry Plant Boronia auctioneer Mark Hughes said.

“The wide front veranda also captures the sunrise, and you get great views from the main lounge room and main bedroom as well.”

The auction drew “highly contested bidding” because of the short supply of family homes in the area, Mr Hughes added.

“Buyers are competing for very little stock, and this is keeping prices still relatively high.”

The Vella Court property attracted mainly owner-occupiers and upsizers from the area and from further away.

“We didn’t expect such a great result, but the seller presented the house well, had it staged and had realistic expectations,” Mr Hughes said.

Another of the agency’s listings, a two-bedroom unit at 4/374 Dorset Road, Boronia, was also very popular with buyers and it attracted eight offers.

The property fetched a strong $582,000.

A Croydon auction on the first Saturday of spring also saw 55 Bayswater Road attract strong bidding, and it sold for $655,000 or $50,000 above the reserve price.

“Supply is still limited while demand is good, and the market is becoming more balanced,” Barry Plant Croydon agent Nathan Hick said.

“Sellers are getting multiple offers, and there are often three or four bidders at auctions.”

Mr Hick added 20 Mary Court, Croydon North (pictured above), had three bidders and sold above the seller’s reserve for $1.385 million on the same day.

“We had four buyers register to bid for the property, which attracted mainly families, as it was a quality owner-builder home with a great man cave, workshop and double garage,” Mr Hick said.

“It was actually bought by a downsizer couple who wanted room for the grandchildren.”

Real estate & property news
09 September 2022
Save Article

Get more from Barry Plant.
Sign up for our newsletter

Sign up now to stay informed about market trends, investment opportunities, and exclusive property listings. Don't miss out on valuable insights - join our community today!