Buyer confidence growing this Easter
As you may have read in several parts of the media this week, (boy haven’t they changed their tune recently!), the signs that the Melbourne property market may be stabilising seem to be growing.
As we mentioned in LAST WEEK'S UPDATE, data from a number of trusted sources has begun indicating that property prices have been levelling out in recent months.
One example of this trend can be seen in the latest data from PropTrack. For the second month in a row, PropTrack’s monthly Hope Price Index for Melbourne has risen…yes you read that correctly. Whilst the increases are not big, the fact that their Home Price Index in March rose by 0.12 per cent, following a rise of 0.2 per cent in February, is certainly indicative of a levelling out of the overall market.
This trend is also reinforced by the latest data from Corelogic, which reported this week that after remaining virtually flat in February, their national Home Value Index posted the first month-on-month rise since April 2022, up 0.6 per cent in March.
On top of these statistical indications, we have been reporting an underlying sense of buyer confidence in these weekly Updates for quite some time now, and they continue to be seen in a number of recent sale results across the City of Moonee Valley.
One example was the recent sale of a modern contemporary style town residence in Roberts Street, Essendon. Combining a low maintenance block with the independence of its own street frontage and driveway, this three-bedroom, two-bathroom residence was sold for an impressive $1.09 million after productive mid-week negotiations.
Another example involved the sale of a townhouse in Coniston Avenue, Airport West which found new owners while construction was still under way. Due for completion in the middle of this year, this four-bedroom unit saw the contracts inked during the week at a very competitive $960,000.
Chances are that some readers will find results like these are providing an even clearer picture of what the Moonee Valley market is doing than the data we mentioned above. However, if you’d like an accurate indication of how much your specific property could achieve in the current climate, the simplest way to find out is to give our team at Barry Plant Moonee Valley a call this week on 9319 1700.
In the meantime, we hope you have a safe and relaxing Easter break.
Regards,
Bill Karp
Director – Barry Plant Real Estate
Keilor East, Essendon & Gladstone Park