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Strong mid-year property market continues
Barry Plant Caroline Springs  |  17 June 2017  |  Category: Market Update

Strong mid-year property market continues

The cool, crisp weather conditions were Winter to a ‘t’ today. However, the ongoing stock shortages that we have been reporting in recent months are continuing to force buyers to compete strongly, underpinning some enormous results for those vendors who have been smart enough to make the most of the tight mid-year property market.

What is really interesting about the property market is that some buyers are clearly not reading the market conditions very well, and holding back at some auctions in the hope of securing a property for less by negotiating after auction. What they are failing to understand is that if a property is passed in, (which is not happening all that often anyway), it is the highest bidder that then has first right to negotiate. If you hold back, you won’t be the highest bidder, and probably won’t get a chance to negotiate at all!

Among the more recent notable results were:

  • 4 Oakwood Road, Albanvale

A family-friendly open floorplan proved popular in this 3-bedroom home located just minutes from Brimbank Shopping Centre. Five bidders pushed the price well beyond the vendor’s reserve, reaching $572,000.

  • 18 Wilkens Crescent, Burnside Heights

This well-presented 3-bedroom home (pictured) attracted a large crowd see who would be moving in to allow our vendors to complete a move interstate. As it turned out, the winning bid of $481,00 was placed by family members of a buyer who is currently holidaying in Europe. Imagine the added excitement of waking up in Italy to find a text message informing you that you’d just become a home owner!

  • 8 Avondale Avenue, St Albans

The combination of 5 bedrooms and 660sqm of land in a sought after St Albans East address within walking distance of St Albans Secondary College attracted four bidders to today’s auction. Competition took care of the rest, with the winning bid of $651,000 exceeding the vendor’s reserve.

  • 13 Bungarim Wynd, Sydenham

Quality construction was just one of the features of this double-storey 5-bedroom home a short walk from Copperfield College. Competitive interest produced a strong mid-week sale for our happy vendors.

  • 27 Lucas Terrace, Taylors Hill

Built for the vendors some 7 years ago in a super location that combined parkland across the street and a short walk to the shops at Watervale, this 3-bedroom home saw three bidders competing in the Winter sun. A rapid bidding duel erupted once the property was declared ‘on the market’. It was smiles all round, both for the vendors who sold well over their reserve, and the buyers who secured their first home for $558,000

  • 18 Whiteley Parade, Taylors Lakes

Positioned directly across the street from the Taylors Creek reserve, this double-storey 4-bedroom home on 679 square metres of land produced a solid sale at $715,000.

  • 2 Clifton Court, Taylors Lakes

This appealing period-style single level home that was featured in the last weekend’s Herald-Sun got a few local home owners talking when it was successfully sold for a very satisfying $780,000.

As we’ve mentioned before, the current mid-year property market is really well set-up for anyone who wants to sell at a premium, with an oversupply of buyers and very little property on the market to compete with. So, if you’re keen to look at your options in selling at a great price, feel free to give us a call this week.

Best wishes,

James Hatzimoisis, David Lussi & John Aaron Nakic

Barry Plant Real Estate

Caroline Springs, Taylors Lakes & St Albans

 

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