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Figures confirm market growth

Real estate & property news
21 September 2019
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There seems to be a growing realisation around the Melbourne property market that home sellers are beginning to find themselves in an improved position as the overall market continues to show signs of recovery after the uncertainty of the past 18 months.

Recent figures from SQM Research have confirmed the perception that property prices have begun to lift ever so slightly, whilst the data shows that vendors are not reducing their prices to the same degree that was apparent during last spring and summer.

This growing confidence was reflected in this week’s auction results. Despite Melbourne conducting the highest number of auctions since February this week, the Barry Plant network had a preliminary auction success rate of 82%, which was great news for so many of our vendors.

At a local level, some of our recent results have included:

Airport West: 12 Moore Road

Our mid-week auction of this commercial property provided a very satisfying result for our vendors. Strategically located with quick access to all the major road networks including the Tullamarine Freeway and the Western Ring Road, this property comprised around 600sqm of land with a Commercial 1 zoning. The existing building totalled around 356sqm of usable space and was sold with vacant possession. The SOLD sign went up at $705,000.

Avondale Heights: 29 Orleans Road

Situated on a prime corner block of around 546sqm, within a short walk of Milleara Shopping Centre, this neat three-bedroom home (pictured) attracted buyers who showed interest in modifying the existing building, starting from scratch and building a new home, or even redeveloping the site entirely, (particularly with two driveways already in place). A competitive auction saw four bidders fight it out, with the eventual sale price of $770,000 exceeding our happy vendor’s expectations.

Keilor East: 21 Olivine Road

An exciting opportunity for a growing family with a taste for cutting edge contemporary architecture, this striking multi-level home was positioned to provide easy access to parks, a range of quality schools including PEGS, and a choice of recreational facilities. A flexible floorplan provided living area on all three levels, a heated in-ground swimming pool, three bathrooms and an attractive outlook over the surrounding hills. A very pleasing mid-week sale was negotiated this week at $1.21 million.

Just keep in mind that as far as auctions are concerned, time is already becoming a key factor for many vendors. With the AFL Grand Final coming up next week, the next auctions that most buyers will be attending will be in October, so the year is going past quickly!

If you need experienced advice from someone who knows the local market in this area inside and out, don’t hesitate to give a call at Barry Plant Moonee Valley this week on 9373 0000.

Best wishes,

Bill Karp

Director – Barry Plant Real Estate

Essendon & Keilor East

Real estate & property news
21 September 2019
Save Article

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