Autumn property market strong in the inner-north
At the risk of becoming a little repetitive, the arrival of the Autumn property market this week has provided further confirmation of what we’ve been reporting for most of 2019. Simply put, there is still strong underlying buyer demand for property in Melbourne’s inner-north, with buyers clearly prepared to compete for property that offers genuine benefits and has been priced realistically.
We saw this again on Saturday with our first auction in the new Autumn property market. This involved a charming Art Deco style 3-bedroom home in Tyler Street, Preston. Set on around 550sqm close to vibrant eateries and bars and the No.86 tram, this potential-packed home had retained many period features such as hardwood floors, decorative ceilings, leadlight windows and a terracotta roof.
If you wanted any indication of how the Autumn property market is performing in the inner north, this property attracted strong interest from first-home buyers and investors from the day it hit the market. Over 80 separate groups of inspected the property, and at least five buyers raised their hands at the auction, with several more left behind in the rush. After a competitive bidding duel, the auctioneer’s gavel fell at a very satisfying $825,000, more than $50,000 above our happy vendor’s reserve price. As you can see from the photo, the buyer seemed pretty happy with the result too!
The fact that we had so many younger buyers inspecting this property, and commenting with confidence on the current state of the Autumn property market in this area, is a very positive sign for anyone considering selling in the inner north in the coming months. Just keep in mind that we do have an election coming up, in all likelihood in May, so don’t leave your run too late.
Remember, if you are interested in finding out what your property could achieve in the current strong market, don’t hesitate to call the Barry Plant Inner North team.
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