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Winter imbalance continues to reap rewards

Real estate & property news
08 June 2024
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We’ve been talking for quite some time now about the imbalance between the strong demand from buyers for property in the City of Hume, and the shortage of new properties for sale hitting the market in this area.

Unfortunately, this imbalance tends to become more apparent when the Winter chills arrive each year, and this year is no different.

As a result, what we are seeing in the current market is a typical “good news, bad news” scenario. The bad news for buyers is that there is nowhere near enough property on the market to meet the needs of motivated buyers, forcing many of them to compete strongly in order to secure a property that meets their needs. The other side of this equation is the good news for sellers, as this additional competition often produces sales results that tend to exceed many people’s expectations.

We saw several examples of this imbalance at work in these recent sales results:

Greenvale: 3 Norcal Court. Part of our very successful In-Room Auction campaign, this glamourous four-bedroom contemporary style home (pictured) generated such strong early interest that the SOLD sign went up in the days prior to Tuesday’s scheduled auction.

Greenvale: 30 Palamino Valley Court. Set on around 2653sqm of land, (that’s over half an acre in the old scale), in a highly regarded court setting, this potential-packed five bedroom, three-bathroom home gave buyers an opportunity to renovate a generous floorplan to their own tastes. Three bidders fought it out on auction day, with a sale being completed immediately after at $1.607 million.

Westmeadows: 10/185-195 Johnstone Street. Located within a short stroll of the Moonee Ponds Creek Trail, this three-bedroom townhouse offered a peaceful environment in which to enjoy a low maintenance lifestyle. Buyers appreciated the space of the courtyard and the flexibility of the floorplan here, resulting in a pleasing mid-week sale at $565,000.

As you can see from this cross-section of recent results, there is solid buyer interest in a wide range of property types and price ranges. So if you would like to discuss whether your own property might be better suited to hitting the market now, rather than waiting for Spring, don’t hesitate to give us a call at Barry Plant Gladstone Park this week on 9330 1088.

Best wishes,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park

Real estate & property news
08 June 2024
Save Article

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