Huge growth in Thornbury and Preston markets

Quite the opposite in fact, as we have seen this week with two very strong results reminding us of just how far the market has come in Thornbury and Preston in recent years.

Our first auction result today involved a classic 2-bedroom Art Deco style home (pictured) in Thornbury, not far from the Merri Creek and Northcote Golf Course. Whilst not large, this property offered a large backyard as well as some of the modern comforts today’s buyers appreciate such as a modern 900mm stove and a solar electricity system. However, the looks on the faces of the onlookers told just how unexpected the result was, with competitive bidding pushing the price well beyond our happy vendor’s reserve price before selling for a very satisfying $1.26 million!

Another example of how far the market has come occurred when we sold a 3-bedroom home in Murray Road in Preston last night when a strong offer convinced our vendors to sell early rather than waiting for today’s scheduled auction. The strong sales price of $950,000 was made more memorable by the knowledge that we had actually sold that property to our vendors almost exactly 20 years ago…for $115,000! Yes, that amounts to a return of more than 820% in that time, or better than 40% (non-compounding) of their original investment for each and every year they have owner the home.

So, if you are still considering the best ways to realise the growth in your own property, whether your focus is on 2017 or early 2018, and you would to discuss your options, don’t hesitate to give us a call.