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Strong summer sales promise a big Autumn ahead

25 February 2017
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The last weekend of property auctions for the Summer proved to be a memorable one, with record numbers of auctions being scheduled across Melbourne. Importantly for the property owners of the City of Moonee Valley and surrounding suburbs, the big increase in available auctions had no impact on our results with some outstanding prices being achieved. This week’s results included:
  • Aberfeldie: A striking brand new 3-bedroom executive townhouse in Muldowney Street (pictured) achieved an excellent result when it was sold prior to the scheduled auction for $1.3 million.
  • Airport West: An updated 2-bedroom villa unit in an elevated position on Laurence Avenue, a short walk from Niddrie Primary School and PEGS, achieved a strong result when 4 bidders rook the price to a satisfying $470,000.
  • Ascot Vale: The classic block-fronted 3-bedroom period home positioned just a few minutes’ walk from the river in leafy Walter Street, as featured recently in the Herald-Sun, sold over reserve when it was knocked down for an impressive $1,381,500.
  • Essendon: An older 4-bedroom home on 650 sqm of land on Spencer Street came with the added bonus of town planning approval for three townhouses. A competitive auction between 5 bidders took the price to an outstanding $1,560,000, 20% above our excited vendor’s reserve price!
  • Niddrie: We saw two strong results at today’s auctions at opposite ends of the market. First home buyers and investors were attracted to a renovated 2-bedroom villa unit in Goble Street where 4 bidders produced a pleasing sale above reserve at $415,000. Meanwhile, over in Haldane Road, within a short walk of the Keilor Road shops and cafes, a 3-bedroom home on 650sqm of land was successfully sold just over the $1 million mark.
One point that intending sellers need to consider is that whilst some results are achieving well in excess of all expectations, this is not the situations in every case. So, don’t fall for the trap of assuming that your sale result will exceed all logical expectations. It is important to go into your sale with a clear understanding of what the market is likely to pay, rather than what a totally unexpected result might produce. This is where clear communication with your agent is so important. Best wishes, Bill Karp Director – Barry Plant Real Estate Keilor East, Essendon & Niddrie
25 February 2017
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