Putting it simply, when you are comparing market statistics such as auction results with a boom market where barely a week went by without new records being set, of course there must be a bit of slow down! But that is not actually bad news, as some sections of the media are portraying it.

The simple fact is that no property market, (or market for anything else for that matter), can sustain growth like we saw in 2017 and 2016 forever. Just ask all those people who jumped on the ‘Bitcoin bandwagon’ in recent times. But then, no-one would want the property market to keep growing at the rate it was, as we would all end up priced out of it.

What we are seeing now is a more ‘normal’ property market where both buyer and seller have a far better understanding of what the market is likely to do. A market like this is actually more likely to produce predictable auction results, as we saw again in these recent sales:

AIRPORT WEST – 28A Highlands Avenue

An appealing 3-bedroom home on a subdivided block near the McNamara Avenue shops achieved an outstanding mid-week sale at $750,000.

ESSENDON – 324 Pascoe Vale Road

A brand new 2-bedroom apartment with all the mod cons and basement garage capitalised on its close proximity to trains and the Moonee Ponds Creek trail, selling for a very satisfying $620,000.

ESSENDON NORTH – 76 Keilor Road

Another modern 2-bedroom apartment, this time on the doorstep of the cafe strip with trams past the door, saw a deal inked at $410,000.

KEILOR EAST – 214 Sterling Drive

There’s always a degree of additional interest when a property is offered for sale for the first time since new, as was the case with this potential-filled 4-bedroom home on a generous 698sqm block. The result of the auction was a strong sale above the vendor’s reserve at $811,000.

KEILOR EAST – 21 Rachelle Road

With Rosehill Park straight across the road, and easy access to several quality schools, location was always going to be one of the main drawcards for this 3-bedroom home on 612sqm of land. Buyers were weighing up the respective benefits of rebuilding, renovating or redevelopment. A sale at $1,000,000 was the result.

NIDDRIE – 9 Jackson Street

Potential was also the major talking point among the buyers for this elevated 2-bedroom home on 650sqm a short walk from all the lifestyle attractions of Keilor Road. There were smiles all round when the deal was done at $1,325,000.

Keen market observers would have noticed that despite the weather turning decidedly “wintery” on Saturday, many of the auctions still achieved sales results that would have surprised some people.

If you are thinking of selling, the real estate market is still performing well, so don’t hesitate to give us a call.