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Stock levels in Melbourne’s north to rise as autumn leaves fall

Homeowners to cash in on increasing property values as market continues strong run

Listings are expected to rise in Melbourne’s northern corridor this autumn as vendors cash in on the skyrocketing property market.

In February, national property values rose at the fastest rate in 17 years, with Melbourne recording a growth of 2.1 per cent to $717,767, according to CoreLogic’s national home value index.

Barry Plant Coburg/Pascoe Vale/Craigieburn director David Devlin believes this phenomenal growth will prompt more homeowners to list this autumn.

“There has been a supply shortage in the outer and inner north suburbs as vendors have held off listing their properties,” he said.

“But now as vendor confidence returns, we expect to see more stock coming on to the market in the next few months.”

Barry Plant Coburg and Pascoe Vale offices recorded a 30-35 per cent growth in listings since late last year, while there was a 10-15 per cent rise in the Craigieburn office, he said.

“Craigieburn has been solid right through because its affordable homes have attracted first-home buyers helped by government incentives and historically low interest rates,” Mr Devlin said.

About 25km north of the CBD with easy access to freeways, it is in a developing area with new homes and infrastructure.

Mr Devlin pointed to the keen buyer interest in a three-bedroom house at 2 Toongabbie Pde, Craigieburn, which is up for auction on March 13 with a $419,000-$459,000 price range.

“We’ve had an incredible response to this property because it offers value-for-money for less than $500,000,” Mr Devlin said.

Mr Devlin expected demand for larger homes on bigger blocks to gain momentum during the coming months.

“Working habits have changed and more people are wanting to upgrade to a better living environment with more space,” he said.

The autumn selling season is a great opportunity for homeowners to take advantage of a strong market buoyed by rising demand and a growth in home values, according to Barry Plant Diamond Creek director Peter Koiker.

“Supply is falling well short of demand in the Diamond Creek area and anything we list draws plenty of attention and sells very well,” he said.

“Some vendors’ expectations have been exceeded by more than $60,000,” he said.

In Melbourne’s outer north east, Diamond Creek attracts buyers wanting a tree-change and larger homes.

“This is a leafy suburb on the train line with an abundance of parks, sports facilities and a strong sense of community,” Mr Koiker said.

“There are lifestyle opportunities here particularly for those now working from home and not needing to commute to the city every day of the week.”

A recently listed 4,462sq m vacant block at 60 Perversi Ave, Diamond Creek, with a $1-$1.1 million price guide, is attracting buyers from far and wide.

“There is scope to build a dream home on this rare, gently sloping hilltop block with stunning views,” Mr Koiker said.