Chat with us, powered by LiveChat

More good news brings out the buyers

25 May 2019
Save Article

No matter what you thought of last week’s election result, there is no doubt that the past week has been an extremely positive one for the Melbourne property market with several different pieces of really good news impacting on buyers’ confidence levels.

On top of the certainty that landlords now have about their current taxation position, it emerged that APRA are looking at removing the requirement for Banks to assess loan applicants as if interest rates were at 7%, which should increase the borrowing power of every home buyer. We also saw confirmation from the Governor of the Reserve Bank that a cut to official interest rates is almost certain and will probably be announced in the first week of June.

Good news like this tends to put a spring in the step of home buyers, as we saw in these recent results:

Tullamarine: 6 Learmonth Street

As we touched on in last week's market update, this well-maintained three bedroom home achieved a satisfying mid-week sale for the original owners, with the contract being inked at $612,000.

Westmeadows: 24 Swan Avenue

The combination of four bedrooms and two bathrooms proved to be a popular one for several first home buyers, particularly when it came with the added flexibility of an additional external room that offered scope for entertaining or even a home office or studio. The strength of interest in this one resulted in our vendors deciding to accept a convincing early offer of $575,000 (pictured) rather than waiting for this weekend’s scheduled auction.

Westmeadows: 30 Sandham Road

The benefits of patient post-auction negotiation were well demonstrated in the sale of this neat three-bedroom home near Hillcrest Drive Reserve. Rather than selling on the day, our vendors reaped a $10,000 bonus by allowing our team to do what they do best. Congratulations to all parties on a pleasing result.

With all the good news we experienced this week, many smart homeowners will be looking at taking advantage of the current market conditions by considering selling in the next month or two. If you’re in that boat, feel free to give the team at Barry Plant Gladstone Park a call on 03 9330 1088.

25 May 2019
Save Article

Get more from Barry Plant.
Sign up for our newsletter

Sign up now to stay informed about market trends, investment opportunities, and exclusive property listings. Don't miss out on valuable insights - join our community today!