Skyrocketing sales are expected to spark price spikes in Melbourne's northern suburbs.
About 80 per cent of suburbs across the city have shown a rise in sales activity since the start of this year, according to Hotspotting’s Autumn Price Predictor Index, as reported in the Herald Sun.
Affordably priced suburbs in the north, west and outer fringe regions are set for a price boom, including Reservoir in the City of Darebin, said Hotspotting property expert Terry Ryder.
Demand for homes in Reservoir had increased in the past three years, Barry Plant Reservoir agent Ross Kontossis said.
“Buyers from across Melbourne have seen excellent value here,” he said.
“While it’s much more affordable than surrounding suburbs, prices in Reservoir are on the rise.”
Jumping 15.7 per cent in the past 12 months, the median house price in Reservoir is $917,750, according to realestate.com.au.
The price is well below its neighbours, including Preston with a $1.225 million median house price and Coburg where the median is $1.258 million.
Located 12km north of the CBD, Reservoir’s proximity to the city, established infrastructure and recent developments to the train station and the Edwardes Lakes recreational precinct, are also attracting buyers.
“It’s a great place to live for families and also offers opportunities for developers and investors,” Mr Kontossis said.
Its variety of home styles attracts all types of buyers, including modern townhouses that are ideal for first-home buyers, young couples and downsizers.
Period homes on larger blocks are sought-after by families, according to Mr Kontossis.
“Lifestyle choices have changed since Covid, with buyers wanting more space to work and entertain from home,” he said.
A three-bedroom clinker brick house on 863sq m at 15 Daventry Street attracted six bidders, including locals and buyers living out of the area.
The property sold for $1.316 million, well above the seller’s expectations, to a homebuyer from Thomastown.
“This home attracted strong competition because of its land size, unique style and location near the Edwardes Street shopping hub, schools and lake,” Mr Kontossis said.
At a hotly contested auction, five bidders battled it out for a three-bedroom house at 20 Liston Avenue, which sold above the seller’s expectations for $896,000.
“This home attracted mainly young buyers because it was a great opportunity to get into the market,” Mr Kontossis said.
With scope for further renovation, it is in a sought-after park location near Keon Park train station, Reservoir Views Primary School and William Ruthven Secondary College.
And, a developer snared a knockdown three-bedroom house at 7 Charleyer Street for $1.27 million.
“This property is ideal for a unit development,” Mr Kontossis said.
Up for auction on April 2 with $900,000-$990,000 price hopes, a four-bedroom house on 768sq m at 12 Ryan Street, is attracting strong interest from families.
Fully renovated throughout, it features two spacious living areas, storage space under the house, ample car parking areas plus a large covered outdoor entertainment zone.
“This property is in a great location near schools, parks and transport, and we expect it will achieve a good result at the auction,” Mr Kontossis said.