Market-wide statistics have a local impact
There was quite a bit of media coverage during the week on rising property prices, with Domain’s latest House Price Report showing that demand continued to push Melbourne’s median house price higher in the December quarter of last year.
In fact, if you missed the numbers, Domain’s data indicated that Melbourne’s median house price reached another record high at the end of 2021, climbing to $1,101,612 in the final three months of the year driven by a surge in buyers rushing back to the market at the end of our sixth lockdown.
Domain’s analysis says that house prices jumped by 5.8 per cent over the December quarter, equating to around $660 a day. But many local homeowners may still be wondering what that means at a local level, and whether that strong demand has impacted the market in the City of Hume.
Well, based on what we experienced in the last couple of months of last year here at Barry Plant Gladstone Park, and the inquiry levels we have been experiencing in the first few weeks of January, it seems that the strong buyer demand we have been reporting in our area is showing no signs of slowing down.
Our recent sales re3sults confirm this. One prime example was the recent sale of a contemporary town residence in Tullamarine (pictured). Offering plenty of flexibility in the combination of three bedrooms and three bathrooms, this modern low maintenance home provided a number of features that struck a chord with multiple buyers, including a well segregated home office area, a good looking kitchen highlighted by stainless steel and stone, hardwood floors and good flow between the indoor and outdoor living zones. The fact that 1/23 Dawson Street Tullamarine was successfully sold for $785,000 is a clear indication that buyer demand has not diminished in our area at all.
The important thing for homeowners in the City of Hume to keep in mind is that whilst selling conditions are certainly favourable at the moment, there may be disruptions to the market later in the year as we have not one, but two elections to deal with in 2022.
So if you are keen to sell whilst buyers are not distracted by all the scaremongering and mud-slinging that tends to take place in the lead-up to a vote, you might be wise to plan your move earlier rather than later.
If you need any advice or assistance, or you’d just like an update on what your property could achieve in these favourable conditions, feel free to give us a call this week at Barry Plant Gladstone Park on 9330 1088.
Cheers,
Nick Pugliese - Sales Director
and Bill Karp - Director
Barry Plant Real Estate
Gladstone Park