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Strong bidding continues to drive price growth

29 April 2017
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It’s hard to believe that we are already one third of the way through 2017…where does the time go? But what’s quite clear right now is that the property market of 2017 is continuing to push ahead strongly in the face of continuing strong auction bidding, record low interest rates and general confidence in the economic outlook for our State. Among a large number of very positive recent property sales, we have seen some particularly strong sales being achieved in the $1 million to $1.5 million bracket. This trend continued today, as did the ongoing interest of property investors and developers. Some of the more notable results included:
  • Airport West: A single-level 3-bedroom home in Bowes Avenue (pictured), walking distance from Penleigh & Essendon Grammar School, saw a competitive bidding duel between buyers. The end result was a strong sale at $905,000.
  • Moonee Ponds: An architecturally striking 3-bedroom contemporary home in Sydenham Street, just a stone’s throw from the cafes and boutiques on Puckle Street, attracted strong bidding from families near and far. The result was a strong undisclosed seven-figure sale after 4 bidders took the price well above the vendor’s reserve price.
  • Moonee Ponds: An inner-city lifestyle attracted plenty of interest in a north-facing 2-bedroom apartment above the retail strip on Maribyrnong Road. As a result, we saw a very satisfying sale achieved at $465,000.
  • Niddrie: A 649sqm allotment in Rutland Street came complete with a town planning permit for three 3-bedroom townhouses. Not surprisingly, the main interest came from a number of local builders and developers, with 5 bidders producing an excellent sale more than 10% above the reserve at $1.405 million.
As we mentioned last week, the property market is now positioned at the start of a clear run without any short weeks or public holidays dues until June. This creates a real opportunity for anyone considering taking advantage of the strong market conditions. So, if you would like an obligation-free update on how much more your property could be worth in the current market, feel free to give us a call. Best wishes, Bill Karp Director – Barry Plant Real Estate Keilor East, Essendon & Niddrie
29 April 2017
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