Our team at Barry Plant Moonee Valley has been reporting some excellent turnouts at many of our recent Open Houses this year.

One trend that is particularly pleasing for anyone considering selling in the first quarter of 2023 is that it has been noticeable that a significant percentage of the buyers we are meeting at our Open Houses were not active in the latter part of 2022. This suggests that a growing number of Melbourne residents have realised that the impact of rising interest rates has not had the huge impact on the market that some were forecasting, and are moving forward with their plans.

Another trend we are noticing is that there seems to be a growing sense of confidence in the future among many buyers, viewing the current attempts by the Reserve Bank to reign in inflation as a short-term blip in a market with long-term upside.

A prime example of this can be seen in the strong interest we are experiencing from investors and developers who are looking for quality sites on which to create new homes or multi-residential projects.

This was certainly the case in the recent sale of a superb residential site on the corner of Alma Street and Beaver Street in Aberfeldie (pictured).

This site had already achieved Town Planning approval for a two lot subdivision and came with working drawings for two striking contemporary homes for potential purchasers to create if they desired. However, the block also attracted interest from upgrading families looking to build a new home of their own.

The fact that a substantial sale was negotiated so early in the new year shows just how strong demand is for opportunities of this calibre.

With so many results like these being completed recently, it’s clear that some of the recent negativity in the media is well and truly missing the mark. So if you would like an ACCURATE update on what your property could achieve with the right marketing and the right attitude behind it, feel free to give us a call this week at Barry Plant Moonee Valley on 9373 0000.

Best wishes,

Bill Karp

Director – Barry Plant Real Estate

Essendon, Keilor East & Gladstone Park