FOMO driving new price records
There’s no doubt that FOMO is one of the key driving forces in the current property market around the City of Hume. (That’s Fear Of Missing Out for those who may be unfamiliar with the term).
Whilst the local market has been one where we’ve had more buyers than properties for sale throughout the entire year, despite the impact of various lockdowns and restrictions on movement, in recent weeks this imbalance has become even more obvious. Not only have we seen buyers becoming more anxious about the ongoing shortage of available property for sale, the realisation that we are now already halfway through Spring has got an increasing number of buyers concerned that they may still be looking for a property in another month or two…hence the whole FOMO issue.
This increased motivation among multiple buyers is continuing to produce some amazing sales results in our area, and we saw another example this week with the sale of a striking architect-designed home in Trumpington Terrace, Attwood.
Capturing outstanding views from the sought-after Cambridge Gardens Estate, this eye-catching home provided a total of six bedrooms serviced by six bathrooms, along with an impressive array of living and entertaining zones capped off by an expansive theatre and games area with access to the indoor pool, sauna, steam room and gym. As several people commented when inspecting the home, this was an opportunity to live in your own luxury resort!
Such was the appeal of this property that there were multiple buyers jockeying to make it their own within a matter of days of it hitting the market. Some intensive negotiations saw the sold sign go up (pictured) at a price that not only exceeded the previous record sale price for this area, it broke the previous record by more than 20 per cent!
Results like this confirm just how much buyers are being driven by the FOMO factor that we mentioned earlier, making the next two months a terrific time to be selling your current home. So if you’d like a confidential chat about the best way to achieve a record-breaking result of you own, don’t hesitate to give us a call this week at Barry Plant Gladstone Park on 9330 1088.
Regards,
Nick Pugliese - Sales Director
and Bill Karp - Director
Barry Plant Real Estate
Gladstone Park