The red hot property market in Victoria is expected to settle back into a semblance of normality this year.
Several Barry Plant Group experts have predicted more stability in the market, after a 2021 season that saw strong price hikes in many suburbs caused by limited supply and strong demand.
Mr McCarthy predicted a more normal housing market this year, after a rollercoaster two years of lockdowns and bans on on-site auctions and inspections.
Clearance rates are likely to return to 60-70 per cent, while days on market would extend to a typical 30-40 days, he said.
“Demand is still good with strong numbers at opens and buyers confirming to bid at auctions,” he said.
“We expect a busy year with a lot fewer disruptions and the stop-start activity of last year.”
Affordable hotspots in the Moonee Valley area, including Airport West, Keilor East and Avondale, are the suburbs to watch in 2022, while Moonee Ponds, Essendon, Aberfeldie and Strathmore will remain popular for their prestigious period homes.
Strong sales have already produced stellar results for sellers, including the $1.16 million sales on January 19 of a four-bedroom showpiece at 15 Samara Road, Burnside.
This is a clear indication that there is an opportunity out there for anyone considering selling in the next month or two, Mr Hatsimoisis said.
The agency has 12 auctions planned between January 29 and February 19, including the family entertainer with a pool at 5 Nerida Court, Kealba, up for auction on February 12 with an $890,000-$950,000 price guide.
“There are strong numbers at opens, with holiday homes in big demand due to travel restrictions, and the rental market is up 30 per cent,” he said.
The agency has 16 properties scheduled for auction from January 22 to February 12, including the landmark home in the golden triangle at 5 The Crescent, Rosebud, with $950,000-$990,000 price hopes.
With the median house price rising to $640,500 in the past 12 months, according to realestate.com.au, Epping is a magnet for first-home buyers and savvy investors because of its affordable properties and potential price growth.
“Prices have increased about 15-20 per cent in the past year and we expect this growth to continue as Epping develops into a major city outside the CBD,” Mr Nestor said.