Once again this week we saw numerous examples of what happens when multiple buyers all gather in the one place at the one time to decide which one will get to claim their next home. As you might expect, the result of this type of competition is often spirited bidding duels and prices that exceed expectations, and we saw plenty of this today. Among today's more memorable examples that achieved more than $230,000 above their reserves were:

• The gracious 3 bedroom Californian Bungalow with period features at 73 McCracken Street in Essendon attracted plenty of interest from several motivated buyers, resulting in an outstanding sale price of $1.65 million.
• A charming 4 bedroom Edwardian-style timber home at 34 Primrose Street, Moonee Ponds also attracted plenty of interest, achieving a very pleasing sale at $880,000.
• Another 4 bedroom timber home, this time at 95 Bowes Avenue in Airport West (pictured) attracted 11 separate bidders and sold exceptionally well at $652,000.
• A renovated 3 bedroom home in a quiet position in Warren Court, Keilor East produced an excellent result at $587,000.
• A 3 bedroom home at 48 St Raphael Street in Avondale Heights attracted the attention of a number of keen renovators and builders, exceeding expectations by selling for $525,000.

With recent data indicating that the volume of new listings hitting the market across Australia is down by close to 18% when compared with the same period last year, it is clear that there is a real opportunity for astute sellers to reap the benefits of overflowing buyer demand and a shortage of supply. If we can be of assistance in helping you to make the most of the current market situation, don’t hesitate to give us a call this week. Regards, Bill Karp Director – Barry Plant Essendon & Niddrie