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Market Review: April

It’s amazing what a difference a few weeks can make to people’s state of mind in general, and to the property market in particular. The past month has been a prime example of this.

When we look back to the start of April, everyone was still coming to terms with the impact of Covid-19 and the restrictions that social isolation were placing on everyday activities. When you throw in the confusion created by the ill-timed (and fortunately short-lived) decision over the Easter weekend to restrict peoples’ ability to inspect occupied properties, it’s no wonder April began with so much uncertainty in the property market.

Fortunately, confidence seemed to grow with the passing of each week in April. Whilst overall buyer numbers are lower, a corresponding reduction in the number of available properties has meant that many vendors are still achieving good outcomes when they sell.

The team at Barry Plant has adapted to conducting private inspections rather than Open Houses with a minimum of fuss. In fact, we have noticed that whilst there has been an increase in one-on-one negotiations, we are still seeing strong competition between buyers in many property sales.

The situation is fluid and changing, so whilst we expect May to provide more of the pleasing sales results we have seen in April, the market could step up another gear if restrictions are eased and we begin the process of returning to some sense of normality.

Recent results included activity in:

Delahey: A 4-bedroom home in Poltava Walk, a short walk from Copperfield College, sold for $550,000.

Hillside: A 4-bedroom home in Kenswick Drive in the Banchory Grove Estate sold for $555,000.

Keilor: A beautiful single-level villa in the heart of the Village achieved $680,000.

Kings Park: A mix of first timers and investors drove the price of a 3-bedroom home in Tremaine Avenue to $515,000.

Taylors Hill: A modern low maintenance 3-bedroom home in Synergy Court saw the SOLD sign go up at $600,000.

Taylors Lakes: Tasteful renovations made the difference to a 3-bedroom home in Australia Drive, resulting in a pleasing mid-week sale.

We also saw strong activity in the rental market during April, which is great news for local landlords, but more about that later.

In the meantime, if you are considering making a move keep in mind that there are a lot of buyers who are aware that interest rates are at an all-time low, so they are keen to take advantage of this. If you need any advice or assistance on any property-related matter, don’t hesitate to give us a call at Barry Plant Caroline Springs and Taylors Lakes on 9390 8333.

Regards,

James Hatzimoisis & John Aaron Nakic

Directors – Barry Plant Real Estate

Taylors Lakes, St Albans & Caroline Springs