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Price rises encourage spirited bidding

There was lots of interest this week in the latest quarterly market data from the REIV, as the figures confirmed how far off the financial experts were at this time last year when they were forecasting doom and gloom.

In case you missed it, the REIV reported that Melbourne’s median house price has now gone past $1million for the first time, with the average house in our city selling for $1,004,500 during the first three months of this year! Not only does this record-setting number reflect an 8.8 per cent increase since the December quarter of 2020, but it’s largest quarterly increase for houses in metropolitan Melbourne since the matching quarter of 2009.

Bear in mind that these figures relate specifically to stand alone houses. However, unit owners will be pleased to know that the median unit price in Melbourne also increased in the March quarter, growing by the slightly smaller margin of 4.8 per cent.

With many buyers becoming increasingly anxious about the prospect of prices growing even further before they manage to secure a home of their own, it was no surprise to see out team achieving yet another 100% auction success rate for our vendors this week.

Perhaps the highlight of the week involved the auction of a two-bedroom home on around 585sqm of land in Heyington Avenue Thomastown, which attracted interest from a mix of first home buyers, investors and builders looking for potential to subdivide and build. Having been thoughtfully updated and offering the flexibility of an extra bungalow at the rear, this property had plenty of buyers talking about potential.

In the end, a first home buyer won the bidding duel, securing the property for a very satisfying $591,000. As you can see from the photo, both the buyer and vendor were very pleased with the result.

The most important tip we can offer anyone considering selling in the current market is that results like these don’t ‘just happen’. Yes, there’s plenty of buyer demand, but if you want a result that exceeds everyone’s expectations it requires careful planning and hands-on management from start to finish. So, if you would like an obligation-free chat about your own situation, don’t hesitate to give us a call at Barry Plant Thomastown this week on 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown