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Melbourne Population Growth Drives Buyer Interest in the Eastern Suburbs

08 February 2020
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The Macquarie Bank of Australia reported, "building on the strong momentum of 2019, this year, rising property prices are expected to be further supported by historically low mortgage rates and the possibility of further cuts by the RBA."

Closer to home, we have already seen the sentiment of this statement with open for inspection attendee numbers consistently higher than that of the last quarter of 2019. Many buyers are showing fear of missing out, eagerly attempting to secure the keys to their dream home prior to its scheduled auction or Sale by Set date closing timeline.

With Melbourne's ongoing population growth of 1.5% per annum, our local municipalities of Manningham, Whitehorse, Nillumbik and Banyule are further being showcased as popular choices for a variance in buyer demographics. Predominately due to the regions' desirable liveability, highly regarded schooling options and an evergrowing variety of cafes and shops with upgrades of major infrastructure already well underway.

This week has seen an increased number of vendors putting pen to paper with the Barry Plant Eastern group in preparation to placing their home on the market. We anticipate the high demand we are seeing will continue to outweigh supply.

If you're considering a move, whether it be buying or selling, contact our award-winning team today to take advantage of this positive property market.

Sales from our team this week include:

301/19 Frederick Street, Doncaster sold for $600,000

104/2-4 Old Warrandyte Road, Donvale sold for $666,000

202/200 Foote Street, Templestowe sold for $790,000

94 Mayona Road, Montmorency

Under Offer:

26-28 Glenauburn Road, Lower Plenty

Enjoy the rest of your weekend! - Spiro Drossos, Director, Barry Plant Manningham, Whitehorse and Eltham

08 February 2020
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