Buyers are building their future
The property market of 2025 will be remembered by many people, for a variety of reasons. The strong performance of the Spring market to date will without doubt be one of them. One trend that may have taken a few observers by surprise however, has been the consistent buyer interest in opportunities to build from scratch.
Whether focusing on the remaining vacant homesites in our part of Melbourne, or redeveloping a site that already has an existing structure on it, buyers have clearly been showing an interest in creating something new.
We saw an example of this quite recently when our office negotiated a very pleasing sale on a vacant corner homesite in South Morang. Totalling around 343sqm of land in an established neighbourhood, 6 Girvan Place (pictured) attracted interest from first home buyers and investors before the sold sticker went up at $430,000.
For those with bigger plans than just a single dwelling, our team was also responsible for the recent sale of a corner block in Jean Street, Lalor. This site of around 690sqm had an existing dwelling but came with the added benefit of already having plans and permits in place for the construction of four new townhouses. As a result, it attracted the attention of a number of investors, builders and developers. It sold in early November for $870,000.
Our network was also responsible for the earlier sale of a 625sqm vacant site in David Street, Lalor which had approvals in place for three new townhouses. Clearly, the market for ready-to-start development sites is solid in Melbourne’s northern corridor right now.
Sales like these are a timely reminder of the importance of getting experienced and objective advice before you start spending money on expensive renovations prior to selling. Sometimes, the presentation of your home could be irrelevant to the likely buyers.
With this in mind, if you are considering selling in the foreseeable future, be sure to give our team at Barry Plant Thomastown a call so that you can fully assess your options. You can always get us on 9466 3233.
Cheers,
Con Constantinou
Barry Plant Thomastown