Interest rate: 0.5%. Auction rate: 100%
The hot property market we’ve been reporting in recent months continued this week. Hot on the heels of the latest cut to official interest rates by the Reserve Bank, taking our cash rate to a new record low of 0.5%, our team saw the market respond with strong enquiry levels in all price ranges and some serious competition between buyers at auction.
A prime demonstration of the heat in the local property market occurred at our auction of a three-bedroom home at 70 Bickley Street in Thomastown.
This home attracted plenty of interest from the moment it hit them market, with buyers responding positively to the updated kitchen with stainless steel appliances and stone benchtops, the polished hardwood floors and the serene garden setting.
The location also added to the appeal, being within a short walk of the Darebin Creek trail, St John’s Primary School and Darebin Plaza Shopping Centre.
A very productive auction campaign resulted in strong interest from a mix of first home buyers and investors with three of the strongest buyers fighting it out at a very competitive auction. Indeed, the bidding was so strong that several other buyers didn’t get the chance to raise their hand. Despite the vendor’s reserve having a ‘5’ in front, the bidding continued all the way to $632,000…an outstanding result that certainly got a few local homeowners talking! As you can see from the photo, the buyer and his father were just as pleased about the result.
As we mentioned in LAST WEEK'S UPDATE, the current market imbalance between an oversupply of buyers and an undersupply of available property for sale has created a very positive environment for anyone considering selling this Autumn. So, if you would like some up-to-the-minute advice or some assistance in getting your property market-ready, feel free to give the team at Barry Plant Thomastown a call this week on 9466 3233.
Cheers,
Con Constantinou
Barry Plant Thomastown