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Time is ripe for sellers in Lysterfield and Rowville

Real estate & property trends
05 January 2023
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Accelerated market activity predicted for end of financial year

While the market shows signs of a slowdown in buyer activity, it’s business as usual in Rowville and Lysterfield.

Buyer activity remains strong across the outer-east suburbs while the market goes through a correction.

Buyer and seller confidence may have been impacted by interest rate hikes, but it is different in the two Knox suburbs, according to Barry Plant Rowville director Brenton Wilson.

“We have more buyers than listings,” he said. “With interest rate rises, I anticipated it would be the other way around, but people are still actively looking to buy.”

Though listings remain low and average stock levels are about 10 per cent down for this time of year, properties are still coming on the market and selling well.

“We predict accelerated market activity in the lead up to the new financial year as fixed mortgage rate periods will end and people will reassess their finances,” Mr Wilson said.

“However once interest rates peak, perhaps by mid next year, then the chatter will be about the drop-off, and we hope a bit more confidence in the real estate market will be restored.”

There were 74 houses available for sale in the past month and 3828 buyers were actively looking, according to data as at December 20.

“Advice for sellers would be to consider listing between now and February …we have a pool of buyers just waiting to jump on the right house,” Mr Wilson said.

“For house hunters, the biggest tip I can give is to buy when you’re ready, don’t wait for a market drop, because you won’t know when that will be and once it drops it will turn back round and rise, and you will miss your opportunity.”

Rowville’s median house price has seen a 9.5 per cent growth in the past 12 months to $1.095 million.

Mr Wilson is a strong advocate for the ‘Sale by SET DATEⓇ’ method and has achieved impressive results in comparison to competitors selling via auction.

One such recent sale was 3 Counithan Place, Lysterfield (image below), that fetched $1.755 million, with four keen buyers. The original home offers a great floorplan on a decent-sized block but is in need of an update and landscaping.

However, a comparable property up for auction in the same estate was passed in at $1.7 million.

“The other home which passed in on a vendor’s bid was very similar but featured an updated kitchen, outdoor entertainment area and a pool,” Mr Wilson said.

“But it didn’t get over the line and really could have achieved a higher price.

Real estate & property trends
05 January 2023
Save Article

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