Stable conditions with moderate growth for the next 12 months.
The local property market is currently going through a period of adjustment to a more balanced market place. The continual increase in prices that has been part of the real estate landscape for the last few years has changed to more stable conditions.
I suggest that the change is unlikely to last for long, as strong employment and population growth will help to support prices in the near future. We will see more stable conditions with moderate growth in some suburbs of the next 12 months.
Our open for inspection numbers are still solid. Properties that are well presented and in good locations are still seeing multiple buyers making offers and competing at auction.
Our strategies and methods have allowed us to continue achieving fantastic sale prices for our vendors across all areas of the east and north despite a more balanced market.
Our projects division has seen a healthy appetite this week from local investors and downsizers purchasing several of our apartments and townhouses. I am expecting the sales trend to continue in this space over the next 12 months with more investors coming into the market and the strong demand of people downsizing.
The property management team has also been busy this week having listed 12 new properties and leasing 16. Our property management and investment division is now one of the largest in the east and north-east markets and makes way for our newly formed Property Management Eastern Group with almost 1500 properties under our management and care. Our company now offers landlords and tenants even greater expertise and a larger database of qualified tenants.
If you are thinking of selling, or need advice in regards to your investment properties it has never been more important that you choose a highly experienced agent and property manager who can talk to you honestly about what is happening in the market and advise you on the correct strategies for success.
This week’s Auction results include:
- 11-13 Roseville Avenue, Doncaster sold at Auction for $3,760,000
- 46 Aquila Street, Balwyn North sold at Auction for $1,585,000
- 1/94 High Street, Doncaster sold at Auction for $860,000
This week’s Private Sales results include:
- 3 Green Ridge, Warrandyte South sold for the fantastic price of $1,845,000
- 6 Wembley Gardens, Donvale sold for $1,670,000
- 6 Maralee Place, Doncaster sold for $1,335,000
If you’d like to chat further about the current market and how it may be affecting to value of your property, please get into contact with our team of over 80 property professionals in Manningham – 03 9842 8888, Whitehorse – 03 9878 0222, Nillumbik and Banyule – 03 9431 1243.