First of all, the quarterly House Price Report from Domain which was published this week confirmed that Melbourne’s house prices had remained stable during the September quarter, despite the most challenging lock down conditions we’ve seen all year. Data like this shows just how resilient the local property market is despite all the challenges.
On top of that, quite a few economic commentators are saying that we could see another cut to official interest rates on Cup Day. With little room to manoeuvre, any reduction by the Reserve Bank is likely to be a small one, but it can’t do confidence levels any harm all the same.
Last, but certainly not least, is the level of activity in the local market that our team at Barry Plant Gladstone Park are currently experiencing. As we have reported several times in recent weeks, our sales team is dealing with an enormous number of enquiries and requests for property inspections from buyers who seem determined to secure their next home before the end of the year. When you combine this demand with the ongoing shortage of available properties, it seems we are in for a very positive last month of the Spring selling season.
A prime example of the strong demand in the local market occurred this week with the sale of an updated three-bedroom home in Glencara Close, Westmeadows. Enjoying a peaceful location with reserves at both ends of the court, this elevated one-owner home saw the SOLD sign go up within a little over a week, achieving a very pleasing $730,000.
Importantly results like this are becoming a regular part of our week at the moment, So if you’re weighing up whether this is the right time to make a move, don’t hesitate to give our team a call this week on 9330 1088. Alternatively, you can give me a buzz any time on 0418 889 678.
Nick Pugliese – Director
Barry Plant Real Estate