Was it really just this time last week that a number of commentators were talking about the probability that the Reserve Bank would be lifting official interest rates at their next meeting in August? Yet here we are today, after the release of the latest quarterly inflation rate figures here in Australia and the announcement on interest rates from the Federal Reserve in the USA, and at least two of the Big Four Banks are forecasting a CUT, not a rise, in official rates before Christmas!

In fact, the NAB seems to have voted with their feet by already dropping the rates on their three-year fixed rate home loans, which is a positive trend that all buyers will appreciate.

Time also played a key role in some of this week’s sales activity, with the most obvious example taking place at the auction of a largely original post-war family home at 22 Fitzgerald Road in Essendon (pictured).

Offered for sale for the first time in over 70 years, there was a lot of memories involved in proceedings, as well as an equal abundance of excitement about the future given that the home sat on around 699sqm of land in a prime corner position opposite Pascoe Reserve.

A competitive bidding duel took the price above our happy vendor’s reserve, with the gavel finally falling at a very satisfying $1.51 million.

Results like this one confirm a reassuring level of underlying buyer interest in the Moonee Valley property market, so if you’d like to discuss your own plans for the coming Spring market, why not get in touch with our team at Barry Plant Moonee Valley during the week on 9319 1700.

We look forward to being of assistance.

Best wishes,

Bill Karp

Director – Barry Plant Real Estate

Keilor East, Essendon & Gladstone Park