Change of season brings big results
I know that ‘time flies’, but the fact Summer officially finished this week, and we are now heading into the Autumn market has me wondering how that happened so quickly!
The good news is that Autumn has historically proven itself to be a time that is particularly strong for the Australian property market…yes even stronger than Spring. So the fact that this Autumn is kicking off on the back of a really strong finish to the Summer is a very good sign for anyone planning on making their next move in the coming months.
One clear sign of the strength of demand in our local market can be seen in the sale this week of an unusual family home at 11 Midholm Court in Thomastown (pictured).
This property is one of those rare opportunities which combined a three-bedroom home and a two-bedroom unit as two completely self-contained homes, but on the one title with scope to work as one big flexible family home if required. So not only did it have appeal for astute investors, it also attracted attention from several multi-generational families looking for space for older offspring or resident grandparents.
What was interesting was that there is clearly quite a deal of interest in this one. So strong, in fact, that we ended up selling it during the week rather than waiting for the scheduled auction. A competitive bidding duel took place during the week between four interested groups, resulting in a very satisfying sale at $777,500, with the new owners planning on moving their family into the home. Our congratulations go out to our successful vendors and excited buyers.
As I mentioned earlier, results like these are a clear indication of the positive mind-set among homebuyers around Melbourne right now following the move by the Reserve Bank to drop official interest rates. Indeed, the latest Home Price Index from Proptrack shows that Melbourne’s median house price rose by more than 0.6 per cent in February, the largest spike recorded around the country for the month.
So if you’re keen to find out what’s happening in your local market, or to talk about what might be possible in making your own move before things get mixed up with a potential election, why not give us a call this week at Barry Plant Thomastown on 9466 3233.
We’re more than happy to help.
Best wishes,
Con Constantinou
Barry Plant Thomastown