This week, saw the Reserve Bank hand mortgage holders a reprieve as they chose to keep the official rate on hold at 4.10%. Despite the 12 recent rises, the cash rate still sits below the 30-year average rate of 4.96% and miles below the nearly 16%+ rate back in the late 80’s.

Buyers are responding to the fact that the baseline on the cost of money seems to now be set and they can make their purchasing decisions with more certainty. This week, Macquarie Bank cut their fixed rates on 3, 4, and 5-year terms, all to under 6% in a clear sign to customers that they see interest rates coming down in the near to medium term.

On the street, we see auctions attracting multiple bidders and opens remain well attended. Buyers are also pouncing on quality “off-market” offerings in an attempt to snatch up their new home before it drifts out of reach.

These favourable conditions seem to be tempting some sellers to come to market before the traditional spring rush. The thought that they could perhaps capitalise on low stock levels over winter and be cashed up and ready to buy in spring is shaping up as a very clever play.

If you would like to talk about the best timing for your upcoming move, the team at Barry Plant Manningham would love to help. Guiding clients to their very best outcome is what we do! After all, we’re just people helping people.

Please see below our impressive sales for the week!

• 58 Landscape Drive, Doncaster East sold for $1,700,000
• 4 Edward Court, Ivanhoe sold for $1,540,000
• 45 Ironbark Drive, Templestowe Lower sold for $1,410,000
• 64 Rosella Street, Doncaster East sold for $1,320,000
• 37 Culwell Avenue, Mitcham sold for $1,175,000
• 13 Shirley Court, Doncaster East sold for $1,125,000
• 3A Morsby Avenue, Bulleen sold for $966,000
• 15 Goolgung Grove, Greensborough sold for $940,000
• 6 Hillside Close, Montrose sold for $592,000
• 36/81-97 Mitcham Road, Donvale sold for $530,000
• 4/116 Cowin Street, Diamond Creek sold!

Currently under offer and will be sold soon:

• 22-24 Drayton Crescent, Park Orchards
• 1 Robdon Court, Donvale
• 9 Mat Rush Avenue, Bundoora
• 34 Taylor Road, Hurstbridge
• 64 Beard Street, Eltham
• 2/7 Graeme Avenue, Montmorency
• 53B Mountain View Road, Kilsyth
• 39 Gedye Street, Doncaster East
• 53A Cassowary Street, Doncaster East
• 19 Monarch Ridge, Lower Plenty
• 10 Alan Place, Warrandyte
• 6 Forest Court, Templestowe
• 25 Reserve Avenue, Mitcham
• Lot 10, 10 Oakdale Rise, Diamond Creek
• 32 Launders Avenue, Wonga Park
• 1/38-40 Burnt Street, Nunwading
• 3/98-100 Carrington Road, Box Hill
• 7/36 Mitchell Street, Doncaster East
• 2/314A Reynolds Road, Donvale
• 79 Jolimont Road, Forest Hill
• 1/136 Parker Street, Templestowe
• 1/22 River Street, Briar Hill

Spiro Drossos

Managing Director

Barry Plant Eastern Group