According to Barry Plant Northcote/Thornbury/Preston managing director Loretta Khoo, the region is following the trend of price growth across Melbourne and Sydney.
“The market is picking up here,” she said.
Recent standout sales include a two-bedroom house at 59 Jenkins Street, Northcote, which changed hands for $1.46 million.
Offering an inviting blend of period charm and modern comforts, the renovated home is nestled in an enviable location within walking distance of High Street’s shops and eateries, Northcote Plaza, public transport, parks and schools.
In Thornbury, a three-bedroom knockdown house at 74 Martin Street, sold for $1.41 million,
and in Preston, a three-bedroom townhouse at 41A Jacka Street, was snapped up for $1.22 million.
“These were all great results in a challenging market,” Ms Khoo said.
“All these properties attracted good numbers at the inspections, strong offers and multiple bidders.”
Ms Khoo said price increases were likely in the coming months due to low numbers of homes for sale and high demand.
“There will be strong interest from new migrants, as the rate of immigration is expected to surge,” she said.
Due to a slowdown of new housing construction, more buyers would be moving away from house and land packages and looking at established homes, Ms Khoo added.
Barry Plant Northcote, Thornbury/Preston director Jesse Dolcetta expects a three-bedroom, two-bathroom California Bungalow at 13 Comas Grove, Thornbury, to attract strong interest when it hits the market.
With a price guide of $1.75-$1.925 million, the luxury home has been fully renovated and has retained its period charm.
“It displays plenty of character and top-class fittings, including imported Italian tiles,” Mr Docetta said.
“It will appeal strongly to the family demographic in the area.”
The Barry Plant Northcote office has been restructured and relocated to new premises at 509 High Street, Northcote, and has taken on a new rent roll.
“Demand continues to soar for rental properties,” Ms Khoo said.
“We are receiving applications even before an open house.”