What has been interesting has been how buyers have responded to the choice of bidding onsite or online at our recent auctions, with preferences seeming to be divided 50:50 so far.
Market confidence seemed to gain a further boost this week with the news that the Reserve Bank was trimming official interest rates to new record lows. The confirmation from the Governor of the RBA that cash rates are likely to remain at these levels for at least the next three years would have provided local homeowners, along with those who are aiming to join them, with some genuine additional confidence about the medium term outlook.
This news certainly didn’t do activity levels any harm this week, with strong inquiry levels and competitive bidding being the order of the day.
A cross-section of some of our recent results includes:
Avondale Heights: 14 Thompson Street. Offered for sale for the first time since it was built 50 years ago, this appealing three-bedroom home on a valuable corner site near the Maribyrnong River parklands sold above reserve at this Saturday’s auction for $840,000.
Keilor East: 21A Rachelle Road. This sleek Architect-designed home (pictured) enjoyed a rare position adjoining Rosehill Park. An effective auction campaign saw the SOLD sticker go up on Saturday at $1.08 million.
Keilor Park: 1/8 Swan Street. Attracting interest from first home buyers as well as investors, this conveniently positioned two-bedroom townhouse sold at Monday’s twilight auction for $440,000.
Moonee Ponds: 4/48 Evans Street. Close proximity to all the local amenities, including Moonee Valley Racecourse, proved popular for buyers of this two-bedroom apartment, which achieved $385,000.
Niddrie: 13 George Street. With around 626sqm of land including a 16.7 metre frontage, this three-bedroom timber home attracted as much interest for its future possibilities as its current appeal. A strong mid-week sale was inked at $960,000.
If the latest reduction in interest rates has got you thinking about making a move a little earlier than you first thought, and you’d like an update on what your current home could be worth in today’s strong market, feel free to take advantage of our experience at Barry Plant Moonee Valley on 9373 0000.
Director – Barry Plant Real Estate
Essendon & Keilor East