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Whittlesea suburbs poised to power through spring selling season

Corporate - Home Page
04 September 2021
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Lack of supply to drive prices in Epping and Wollert

Demand for homes in the Whittlesea region will continue to drive the market in coming months. 

In Epping and Wollert, strong competition for the low number of homes for sale will push up prices, according to Barry Plant Epping director Angelo Nestor.

Mr Nestor expected more properties to come on the market in the next few weeks, with eight homes already waiting to be advertised online.

“We hope the situation will return to some normality and sellers will regain the confidence to sell their homes,” Mr Nestor said. 

“Well-presented properties near train stations and shopping centres will be snapped up.” 

Buoyed by stamp duty incentives and low interest rates, first-home buyers and a rising number of investors have swooped on homes in the $600,000-$700,000 price range.

Epping is a property hotspot due to its affordable homes and infrastructure development that has transformed it into a thriving outer Melbourne hub, according to Mr Nestor.

Two major shopping centres, train stations, quality schools, the Northern Hospital, Costco and Melbourne Wholesale Fruit, Flower and Vegetable market are at the suburb’s doorstep, he said.

Neighbouring Wollert is also a haven for entry-level buyers with its modern low-maintenance houses on compact blocks serviced by parks, shops and eateries.

“Those buyers priced out of nearby Preston, Reservoir, Thomastown and Lalor, are now looking towards Epping and Wollert to get a foot in the market,” Mr Nestor said.

Value-for-money properties have been selling fast, according to sales agent Michael Stamboulidis.

“Previously, the majority of homes were on the market for more than a month, now they are flying out the door in three weeks or less,” he said.

Despite major disruptions caused by lockdowns, the agency has recorded standout sales, particularly in the sub-$600,000 price point.

After more than 40 inspections over two weeks, a three-bedroom townhouse at 7 Knoll Walk, Epping, attracted five offers before auction.

With a price guide of $500,000-$550,000, the property sold to a first-home buyer from Mill Park for $560,000.

More than 75 groups inspected the three-bedroom house at 10 Carousel Court, Epping, before it sold at auction for $721,000. Eight bidders competed to push up the price a whopping $91,000 above the seller’s expectations.

“A couple from Heidelberg Heights wanting to live closer to their children and grandchildren bought the home,” Mr Stamboulidis said.

Attracted to the land size and potential for an update, a Thomastown couple snapped up a three-bedroom house at 12 Dransfield Way, Epping, a day before the auction for $620,000.

“The auction was disrupted because of lockdown, so we received three offers from first-home buyers and the property sold significantly above expectations before the auction,” Mr Stamboulidis said.

“On average, prices have gone up at least 10-15 per cent, and we expect a rise of 15 to 20 per cent by the end of the year.”

With a combined 90 years of experience in real estate, Barry Plant Epping agents, Angelo Nestor, Michael Stamboulidis and George Stathopoulos have achieved a considerable market share in the area.

In images 1/37 Knoll Walk, Epping
Corporate - Home Page
04 September 2021
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