Buyer competition continues to push prices
Make no mistake, the remarkable run of sales results that have been astonishing so many homeowners in Melbourne’s north-west recently are being driven by two key factors…a seemingly endless supply of buyers who are keen to buy (and buy NOW), and the ongoing shortage of properties for them to purchase.
The inevitable result is serious competition, which is producing so many sales at prices that are exceeding all expectations.
Here’s some more examples of the current market at work:
Caroline Springs: 6/10 Kooyong Way. This larger-than-expected three-bedroom contemporary townhouse exceeded all expectations in reaching $645,000.
Hillside: 8 Benshaw Court. The opportunity to secure a rare vacant homesite in the Banchory Grove Estate proved popular, with mid-week negotiations sealing the deal.
Hillside: 68 Wattle Valley Drive. This three-bedroom home in the Bellevue Hill Estate drew an immediate response from the market, selling two weeks before the scheduled auction (pictured) for an impressive $645,000.
Hillside: 65 Banchory Avenue. A single-level four-bedroom floorplan and a popular location in the Parks Estate proved a desirable combination, with four bidders taking this one all the way to $815,000.
St Albans: 1/13 James Street. Fronting a group of four brand new units just a short walk from the shops and station, this three-bedroom townhouse saw the contracts inked at $605,000.
St Albans: 93 St Albans Road. This three-bedroom home on a corner site was another to enjoy an early result, with the strong pre-auction sale being concluded during the week.
Sydenham: 2 Penzance Place. Five bidders fought it out for the keys to this four-bedroom home near Pioneer Park. The sale at $750,000 was a pleasing result.
Taylors Hill: 37 George Street. Dominating a corner position in a popular neighbourhood near Taylors Hill Primary School, this single-level four-bedroom home achieved a satisfying $885,000 at auction.
Taylors Lakes: 11 Sandover Way. This stylish three-bedroom home with a pool made a real impression on numerous buyers during its campaign, resulting in an outstanding sale at auction for $970,000.
When you consider how many vendors are achieving results that are exceeding their most aspirational ‘dream price’, the obvious question is whether now is the right time to consider doing something similar. So if you’d like an update on how much more your property could achieve in the current conditions, you can give us a call at Barry Plant Caroline Springs and Taylors Lakes this week on 9390 8333.
Regards,
James Hatzimoisis & John Aaron Nakic
Directors – Barry Plant Real Estate
Taylors Lakes, St Albans & Caroline Springs