Market numbers looking positive

With all the ‘doom and gloom’ being thrust upon all of us by the media recently, it was interesting to see that most recent data from Corelogic shows that the Melbourne property market is showing remarkable resilience through the current challenges.

If you were able to look beyond some of the negative headlines this week, you would have seen that the figures on the Melbourne property market are far more positive than most forecasters would have had us believe!

In fact, in a market where everyone expected prices to drop due to the impact of the coronavirus and social isolation, the latest figures from Corelogic say that dwelling prices in Melbourne only fell by 0.3% in April. This follows hot on the heels of a slight increase in March of 0.4%. No, you’re not misreading those figures…up 0.4% and down 0.3%...not the dramatic shift that some people thought.

Look even further into the numbers and they look even better for our part of Melbourne. Whilst the upper end of the market dropped by 0.8% in April, it turns out that the lower and middle priced market actually inched higher last month. More importantly, Melbourne’s median price in April was still 12.4% higher than it was this time last year.

Let’s be clear, there has been a decrease in buyer activity…but there has also been a drop in available properties, with Corelogic saying that new listings are down by around 35% on the same time last year, so the numbers are tending to balance out.

Thus, we are still achieving some excellent results for our vendors, including in:

Airport West: A brand new 4-bedroom home, 3-bathroom town residence (pictured) in Watt Street, close to the Keilor Road café precinct, achieved a very pleasing conclusion to a productive off-market campaign. The SOLD sign went up at $920,000.

Avondale Heights: A tranquil position near the Maribyrnong River trails attracted plenty of interest in a spotless 3-bedroom home in Barbara Crescent. A satisfying mid-week sale was completed at $850,000.

Essendon: Combining Edwardian charm with a contemporary update, an elegant single-fronted 3-bedroom home in the Strathmore College zone found new owners after the contracts were inked at $1.28 million.

Make no mistake, there are still a lot of buyers around who have not forgotten that interest rates are at records lows right now, making this a great time to buy if you are in a position to do so. Our team at Barry Plant Barry Plant Moonee Valley is always available to assist you if you’re ready to make a move, so feel free to give us a call on 9373 0000.

Best wishes,

Bill Karp

Director – Barry Plant Real Estate

Essendon & Keilor East