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Strong rebound in consumer confidence

It was interesting to see that the latest consumer confidence statistics, which were released this week, confirmed our own observations of the growing confidence in the property market in Melbourne’s south-eastern suburbs.

In fact, the latest Westpac-Melbourne Institute consumer sentiment survey shows that Australia’s consumer confidence levels rose by 2.5 per cent in November, making it three months in a row that this figure has risen. Confidence levels are now 13 per cent higher than they were prior to the pandemic hitting in March and, more remarkably, are now at a seven-year high!

The monthly survey showed that Victoria achieved the biggest improvement in consumer confidence of any state, recording a rise in November of 9 per cent just as the coronavirus restrictions eased and interest rates fell to new record lows. The news was even better for the property market, with the Chief Economist at Westpac, Bill Evans, being quoted as saying, "One aspect of the survey that's most outstanding is strong confidence in the housing market, that's spilling over to general confidence."

This confidence is continuing to drive some outstanding sales results in the local area. Here’s some more of our recent activity:

3 Cullan Place: Enjoying a prime location for those who enjoy a round of golf, this warm and welcoming four-bedroom home found new owners at a very competitive $550,000.

17 Leawarra Parade: Potential was the key word on the lips of the many buyers who responded to this four-bedroom home near parks and transport. The sold sign went up at $583,000.

2/27 Denbigh Street: Offering low maintenance living and flexible family accommodation with good access to schools, this four-bedroom townhouse achieved a strong result in a very short time.

29 Havana Crescent: Close to popular shopping opportunities, this fully renovated four-bedroom home achieved a pleasing mid-week sale at $613,500.

6A Lawrey Street: Transformed to a very high standard, this three-bedroom villa unit offered convenience and privacy in one stylish package, with the keys changing hands at $670,000.

5 Little Court: Making the most of a quiet court setting in one of the area’s most popular estates, this one sold well before the deadline using our unique Sale by Set Date® marketing strategy.

36 Blair Avenue: Set high on a generous 824sqm block within walking distance of the High School, this charming three-bedroom timber home saw the contracts inked at $783,000.

If you are considering making a move while confidence levels are at such high levels, now might be a good time to get an update on what your property could achieve, so don’t hesitate to give us a call at Barry Plant Cranbourne this week on 5990 9400.


Barry Plant Real Estate

Cranbourne & Frankston