100% Auction rate shows true market strength
On a weekend when we saw some people in the media running with ‘doom and gloom’ headlines like “Auction clearance rates slump in cooling market”, (as we saw on page 2 of Saturday’s Age), it was good to be able to confirm the underlying strength of the property market in the inner-north with yet another 100% auction rate by our team at Barry Plant Preston.
What these journalists are clearly missing, (or is it simply a sub-editor or two looking for an eye-catching headline?), is that there is still plenty of demand from buyers for good property at competitive prices. More importantly, as the weather turns cooler the likely drop in new property listings will see those buyers being forced to compete even harder for the thin pickings, making the next few months a prime time to be a seller.
One of this week’s auctions involved a charming 3-bedroom timber home in Beauchamp Street, Preston. This home offered period features such as Baltic pine floors, airy ceiling heights and an elegant timber mantle on the fireplace, but also included modern Bosch appliances in the kitchen, a gas log fire and air conditioning. Many buyers were attracted to this appealing combination but the three strongest buyers took centre stage, fighting out a competitive bidding duel which pushed the price beyond our happy vendor’s reserve. The final result at $1.06 million was a great result for all concerned.
Over in Liberty Parade, Bellfield a very different offering still managed to produce a similarly pleasing result. This auction involved a 3-bedroom home brick home with a green outlook over Darebin Creek Forest Park. Whilst quite comfortable as it was, this property attracted strong interest from buyers who were particularly interested in the 629sqm block and its potential for future extensions, renovations or even redevelopment. In the end, another successful sale above expectations was achieved with the sale being completed at $870,000.
As we touched on earlier, with buyer demand remaining at very solid levels, the next few months look likely to be another prime example of what happens when demand remains strong and supply becomes thinner…great news for anyone planning on selling soon!
So, if you’d like to have a chat about the best ways to achieve a great result in a market where all types of approach can be productive, whether you use an auction or not, then give us a call at Barry Plant Preston.
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