What we’ve seen is the combined impact of extremely strong demand and an ongoing shortage of properties for sale, resulting in a market where large numbers of buyers are being forced to compete strongly in order to secure their next home.
The added concern for buyers is that an increasing number of economists are forecasting that this ongoing market imbalance will continue to drive prices higher. Indeed, if you missed the news this week, the ANZ Bank updated their forecasts for the Australian property market this week, predicting that Melbourne’s housing prices would rise by 16 per cent this year!
News like this is encouraging an increasing number of buyers to stretch their budgets now rather than risking having to pay even more later in the year.
We saw another prime example of this trend on Saturday when we auctioned a beautifully updated three-bedroom home in Teal Crescent in Lalor, close to the shops, station and Peter Lalor Secondary College.
Enabling the new owners to move straight in without having to undertake any renovations, this appealing home attracted plenty of interest during its campaign, with five bidders raising their hand at this week’s auction.
A highly competitive bidding duel in front of a big crowd saw the property sold for a remarkable $728,000, well above the expectations of our ecstatic vendors. As you can see from the photo, our successful purchasers were equally pleased to have secured their first home. Even our vendor’s dog seemed happy with the result!
The important thing to keep in mind is that if you plan to spend the coming Easter weekend deciding whether now is the right time to make your own move while conditions are so favourable for sellers, it would be wise to get an updated appraisal on your property. You might be surprised at how much more it could be worth at the moment. So feel free to give us a call this week at Barry Plant Thomastown on 9466 3233 if you’d like an obligation-free update.
Barry Plant Thomastown