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Faster sales a sign of market resilience

Real estate & property news
24 September 2022
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The property market in 2022 has been one where a combination of increasing interest rates and a slight correction in property values have challenged buyer confidence levels in some areas.

What many people are unaware of, however, is that despite these challenges, underlying levels of buyer demand for real estate in most parts of Melbourne have remained relatively solid. In fact, we saw some figures this week that confirmed just how resilient the market has been in 2022.

During the week, Domain published their latest ‘Time on Market’ data. These figures confirmed that whilst properties are taking slightly longer to sell than we were experiencing late last year, the average time on market of a property offered for private sale is still clearly quicker than the time properties were taking to sell prior to the pandemic. The figures for Melbourne show that the average time on market in August this year was 51 days, whereas back in the first three months of 2020, the average time was above 70 days.

These figures reflect a market that continues to achieve solid sales results, even when we have been competing for attention with outside distractions like this week’s AFL Grand Final. Recent results have included:

Brunswick West: 36 Hopetoun Avenue. Located opposite the Moonee Ponds Creek parklands in the Strathmore College zone, this contemporary double-storey four bedroom home reaped the benefit of some competitive mid-week negotiations, selling for $1,487,500.

Essendon: 1/242 Pascoe Vale Road. Providing an entry-level opportunity in a well-regarded Essendon neighbourhood, this compact single-bedroom flat drew interest from investors as well as market entrants before selling for $270,000.

Essendon: 2/70 Richardson Street. With Lincoln Park on the doorstep and the North Essendon cafes and shops around the corner, this three-bedroom townhouse (pictured) was a popular offering for location-conscious buyers. A mid-week sale achieved $880,000.

Niddrie: 72 Hotham Road. A level block of around 641sqm a stone’s throw from vibrant Keilor Road meant this three-bedroom home attracted plenty of attention from local builders, developers and investors. The SOLD sign went up during the week at just over $1.1 million.

Of course, now that the AFL Grand Final is behind us, the Moonee Valley property market is positioned for a relatively uninterrupted run through to December. So if you’re interested in finding out how much your own property could achieve in the current market, feel free to give us a call this week at Barry Plant Moonee Valley on 9319 1700 to discuss your options.


Bill Karp

Director – Barry Plant Real Estate

Keilor East, Essendon & Gladstone Park

Real estate & property news
24 September 2022
Save Article

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