Despite the fact that we are now just one month into the new year, all the signs are indicating that we are in for another strong year from the property market in the City of Moonee Valley and the adjoining suburbs. During the week we saw figures from the REIV that confirmed that the Melbourne real estate market had continued to grow strongly during the last quarter of 2016. We also saw reports that due to our ongoing low inflation rate, many economists are forecasting a further cut to official interest rates at some point this year. With the annual influx of property buyers from China due to arrive this week during the Chinese New Year holiday, there is every reason to expect a busy February for property sellers. Mind you, activity levels are already high, with several strong sales being achieved in recent days. These included a high-set single-level 4-bedroom home near Collier Park in Strathmore which offered lots of scope for expansion and modernisation. It was no surprise to see it attract plenty of buyer interest before selling for $765,000. A second floor 1-bedroom flat just around the corner from the junction in Essendon attracted a mix of first home buyers, investors and downsizers. As a result of this competitive interest, the vendors were able to achieve an outstanding sale at $285,000. Another noteworthy sale involves a brand new 2-bedroom townhouse near the Keilor Road shops in Niddrie. This one attracted so much interest that the vendors decided not to wait for the scheduled auction next month, accepting a strong offer above $600,000. Speaking of auctions, the first fall of our gavel for 2017 is now less than two weeks away, and with the kids back at school this week you can expect the home-buying landscape to return to its competitive best in coming weeks. Don’t forget, if you’d like an up-to-date appraisal of just how much more your property could be worth in the current market, we’re just a phone call away. Best wishes, Bill Karp Director – Barry Plant Real Estate Keilor East, Essendon & Niddrie