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Limited choices driving buyer competition

02 May 2015
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At the risk of repeating myself from several recent Updates, there is no doubt that the ongoing strength of the property market in the City of Moonee Valley is being driven, at least in part, by an ongoing shortage of available properties for purchase. This shortage is not only creating frustration among buyers, it is also forcing buyers to compete with increased numbers of their fellow buyers to try and secure one of these limited stock, producing some really outstanding results for sellers throughout our area. Today’s auctions included:
  • A well-presented 3 bedroom timber home with loads of potential at 67 King Street in Airport West saw serious competition, taking the eventual sale price to $767,500 which was $47,500 above the vendor’s reserve price.
  • A near new 2-storey 3 bedroom townhouse in Coghlan Street Niddrie (pictured) achieved a result that certainly got the locals talking.
  • A renovated 2 bedroom villa unit within walking distance of the Keilor Road strip at 5/92 Kerferd Street, Essendon North exceeded the vendor’s expectations by $30,000, selling for $335,000.
Our only other auction today was a 1 bedroom apartment in Miller Street, Essendon which is still being negotiated as I write this report. However, I can also report that we are deep in negotiations on several other properties that range from the first home buyer bracket to the multi-million dollar range, so it’s certainly a great time to be a seller in the Moonee Valley area! Remember, if you are keen to secure an outstanding result while “the iron is hot”, don’t hesitate to give me a call this week. Best wishes, Bill Karp Director – Barry Plant Niddrie & Essendon
02 May 2015
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