New numbers will surprise many

Not only did their latest figures confirm the ongoing shortage of new listings in Melbourne’s property market, they also confirmed that this imbalance between supply and demand is providing a clear benefit for Melbourne’s property sellers by minimising the price corrections that are being produced as a result of the Reserve Bank’s interest rate increases.

In fact, Domain’s figures show that while they recorded a 5.7 per cent drop in median house prices during 2022, the December quarter saw a halt to these falls. In fact, some areas actually saw a marginal increase in the last three months of 2022.

Here in the City of Brimbank, we are continuing to see good sales results being achieved on a daily basis. Recent examples of this activity include:

Deer Park: 9 Stevenston Street. Close to Brimbank Plaza and local schools, this potential-filled three-bedroom home attracted interest from market entrants and investors before the keys changed hands during the week at $615,000.

Hillside: 4 Grandview Crescent. Nestled within the much admired Bellevue Hill Estate, this one-of-a-kind seven bedroom home attracted strong interest from the moment it hit the market. Saturday’s auction attracted a huge crowd which saw strong bidding pushing well above the vendor’s reserve before finishing at an impressive $1.363 million, selling to a lovely local family with five children.

Maribyrnong: 21 Eveline Avenue. Situated in the heart of the Edgewater Estate, this three-bedroom terrace enjoyed good access to Highpoint and the river. It sold during the week for $845,000.

St Albans: 3 Lyall Street. Being within walking distance of the trains and shops in Alfrieda Street, this three-bedroom home didn’t take long before the contracts were inked during the week.

St Albans: 3 Curtin Street. Comfortable in its current condition but offering plenty of potential for future enhancement, this four-bedroom, two-bathroom home near Victoria University achieved a very satisfying mid-week sale.

Taylors Lakes: 11 Wakelin Crescent. This impressive double-storey home offered four bedrooms and a study serviced by three bathrooms, as well as a good sized swimming pool, making it a must see for upgrading local families. Productive mid-week negotiations saw the SOLD sign go up at $1.25 million.

With the official start of the Autumn market now just a matter of days away, there is certainly an opportunity available for local homeowners to approach their own sale with confidence right now. So if you’d like an accurate update on what your own property could achieve in the current market, you can give us a call this week at Barry Plant St Albans on 9367 7044.

Cheers,

John Aaron Nakic & James Hatzimoisis

Directors – Barry Plant Real Estate

St Albans, Taylors Lakes & Caroline Springs