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Market steady despite the uncertainty

Real estate & property news
28 March 2020
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There’s no doubt that the past few weeks have been a trying time for Melbourne residents, with a great deal of uncertainty about so many aspects of daily life and what the future holds.

That has certainly been the case for the real estate industry, with so many changes to the way we deal with property inspections and sales, let alone simply conducting client meetings in the office. Unfortunately, these changes have resulted in some misunderstandings about buying and leasing property, so just to clarify the situation:

  • Inspecting property: Yes, you can still inspect a property that is for sale or lease, but this will be done as a private inspection with one set of buyers or tenants at a time. Of course, these will be undertaken with all appropriate safeguards as recommended by health authorities (including increased sanitation and social distancing).
  • Property Auctions: Auctions CAN still be conducted, but only via telephone bidding or using one of the online auction platforms, (as we did this week). The important thing is that buyers cannot gather to bid in the one place, so these auctions require careful planning by the agent and vendor.

The key fact is that there are still people who want to buy, people who want to sell, and people who want to lease real estate. It just requires a slightly different approach to the methodology, as we saw with several of this week’s sales…

Aberfeldie: 5/319 Buckley Street

This two-bedroom apartment on the first floor of a well-located block (pictured) just a short walk from a choice of schools and the Maribyrnong River trails attracted enquiries from a mix of first home buyers and investors. This competitive interest resulted in an excellent sale price of $405,000.

Airport West: 40A Highridge Crescent

Following hot on the heels of our successful auction two weeks ago of the adjoining property at No.40, the team was able to negotiate a terrific sale on this contemporary three-bedroom home to the losing bidder during the week, inking the contract at $970,000.

Avondale Heights: 5 Christine Court

Whilst the location of this three-bedroom home certainly made an impression, being in a tranquil court overlooking the Maribyrnong River flats, the word on everyone’s lips here was the future potential that it offered. Initially scheduled for auction next month, the level of buyer interest produced a very strong early sale at $740,000.

Keilor East: 13 Dinah Parade

As mentioned above, this auction was conducted via an online bidding platform, adding an additional element to this week’s already interesting mix. This potential-packed three-bedroom home on around 638sqm of land generated interest from aspiring owner-occupiers, investors, builders and developers. Five bidders registered to compete at the auction, with the SOLD sign successfully going up to prove the value of this unusual approach to auctioning.

In summary, is the current situation challenging? Of course, just as it is for so many people around Victoria. Is it different to the usual market? Yes, but not as different as you might think. Is it impossible to buy, sell or lease property? Absolutely not, as the results above confirm!

Remember, experienced advice on any real estate matter is just a phone call away, so don’t hesitate to call on Barry Plant Moonee Valley at any time on 9319 1700.


Bill Karp

Director – Barry Plant Real Estate

Keilor East & Essendon

Real estate & property news
28 March 2020
Save Article

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