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FOMO continues to drive local market

There is no doubt that one of the buzzwords of the current property market in the City of Hume is FOMO, (Fear Of Missing Out), with buyers continuing to push prices in a desire to secure their next home before the market rises even further.

Of course, the news this week that the ANZ Bank has upped its forecasts on property prices wouldn’t have helped. For those that missed it, the ANZ is the latest of the Big Four to predict big increases in real estate values this year, saying that they expect prices to rise by 16 per cent in Melbourne this year.

Whether you put much faith in the crystal ball gazing of economists or not, there is no doubt that a lot of homebuyers are concerned by what may happen if the current levels of competition continue.

We saw a prime example of this on Saturday when we auctioned an appealing front-facing townhouse at 14 Burgess Street in Tullamarine (pictured). This home offered a low maintenance lifestyle, but with no Owner's Corporation fee and no shared access, so it was no surprise to see strong interest from a mix of first home buyers and downsizers.

In the end we saw five bidders competing at the auction, with a total of 49 bids being placed before the SOLD sign went up at an impressive $761,000, more than $30,000 beyond where the property was called ‘on the market’,

At the other end of the market, we saw a four-bedroom home in Greenvale’s acre belt sold within 72 hours of hitting the market, achieving $100,000 above our happy vendor’s reserve price in the process! Sales Manager Jason Padula currently has a large number of buyers at the top end of this price bracket who are currently looking for properties on this size of land, so if you are considering selling, be sure to give him a call as he probably has the ideal buyer ready and able to make a quick offer.

With the first quarter of the year now coming to a close, and the Easter break now on our doorstep, this is an ideal time for local homeowners to review their plans for the coming year. So if you need an up-to-date appraisal to ensure you are working with accurate figures, don’t hesitate to give us a call this week at Barry Plant Gladstone Park on 9330 1088.

Regards,

Nick Pugliese – Director

Barry Plant Real Estate

Gladstone Park