In fact, Corelogic released some data this week which confirmed that according to their data, the Australian property market has now regained all of the losses that occurred during the lockdown period and has now slightly exceeded the prices recorded at the peak of April last year.
However, one segment of the property market that has escaped a lot of the media attention, yet has recorded some astonishing results recently, is those buyers purchasing their next home off-the-plan. If you’re unfamiliar with the term, off-the-plan sales related to those purchases where the home is fully designed with a complete list of fittings and finishes, but is yet to be built.
Off-the-plan sales are commonly used in new housing projects such as new townhouses or apartment buildings, as well as new estates on the outer fringes of Melbourne. However, here at Barry Plant Moonee Valley we are seeing an increasing number of off-the-plan sales at the upper end of the market, including one recent result that has set a new benchmark for the City of Moonee Valley.
The property in question was a striking luxury townhouse to be built over four levels in Fawkner Street, Aberfeldie. Construction is set to be commenced in the middle of the year by renowned creators of luxury residences around Melbourne, Mavi Built, with the finished product destined to include five bedrooms, four bathrooms, an indoor pool and basement garaging for three cars complete with a mechanised turntable! If you’d like to know more about this remarkable property, you can view the details by CLICKING HERE.
What was particularly interesting about this opportunity was that despite being suited to a limited number of buyers, this property attracted immediate enquiries from buyers all over Melbourne through the use of an innovative digital marketing campaign. In fact, there were three buyers keen to secure the property, with two of them signing contracts above the $3.5 million mark…a new record for off-the-plan sales in this area.
If you have any questions about the opportunities that off-the-plan property might provide you, whether as a buyer or as a builder-developer, feel free to give myself or Walter Mahch a call at Barry Plant Moonee Valley on 9373 0000.
Director – Barry Plant Real Estate
Essendon & Keilor East