Price records continue to tumble
Despite the ongoing media coverage of the threat of the coronavirus, it’s been a big couple of weeks for the Melbourne property market in general, and the market in the inner north specifically. The good news for sellers is that buyers are continuing to make strong offers in order to try and secure their preferred option in the face of intense competition for the scarce available properties.
This ongoing competitive environment has produced some outstanding sales results for the smart vendors who have recognised the current imbalance in the market and are responding by choosing to sell while there is so little competition from other sellers.
One area of the market that has been very active recently is for townhouses in the inner north. The Barry Plant team has been able to achieve some outstanding results on townhouses in the past two weeks, including setting a new price record for a townhouse in Preston.
The property in question was a side-by-side townhouse that utilised a quiet off-market campaign focusing on the extensive database of buyers who had registered their details with us in recent months.
The property in question was certainly an exciting opportunity. Architecturally designed and framed by professionally landscaped formal gardens, it offered four bedrooms and three bathrooms, and featured an extensive catalogue of quality appointments from American Oak floors and marble bench tops to a heritage-inspired leadlight entry. Strong interest from multiple buyers resulted in an outstanding mid-week sale, with the successful buyers relocating from Brunswick after paying a record-breaking $1.425 million. It may have been a deliberately quiet campaign, but the result will certainly make some waves in the townhouse market in the inner north!
Our auction this week of a three-bedroom townhouse in David Street, Preston also attracted plenty of interest with three strong bidders competing. Whilst not at the price level of the example above, this was still an excellent auction result that thrilled our ecstatic vendors.
Another strong townhouse sale took place in Hill Street, Thornbury, a location that enjoyed easy access to the Merri Creek trails, Miller Street cafes and Northcote golf course. This brand-new four-bedroom residence (pictured) offered a high level of fit-out, so it was no surprise to see the SOLD sign going up quite quickly after a strong mid-week sale was negotiated.
Mind you, townhouses are not the only property type attracting buyers. Our scheduled auction of a neat three-bedroom home in Rene Street, Preston wasn’t required after a convincing early offer of $972,000 convinced our vendors to put the SOLD sign up on Friday evening, less than 24 hours before the auction was due.
The important message for anyone considering selling in the inner north is that no matter how extreme the media headlines get, there is still a major shortage of properties available for sale. With so many buyers keen to secure their next home, sellers definitely have the upper hand right now. So, if you’re looking for a strong sale, just like the vendors mentioned above, feel free to give our team a call.
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