So far this year we’ve seen a gradual increase in value – demand has picked up, prices have risen, and sales have bene strong.
In the last 2-4 weeks, we’ve seen a reduction in the number of people attending our opens and enquiry is down a little bit. Buyers are perhaps thinking the market has peaked, and seem to be holding back. Other agents in the inner city are experiencing the same, with many auction sales being negotiated after the auction. The auction clearance on the election weekend was the lowest it’s been all year at 65%. Some economists are saying we may be headed for a recession, while others claim we are travelling along nicely.
The sale of unit 1/12 Parklands Avenue in Chirnside Park, a 3 bedroom home on a subdivided block, highlights that there are still good buyers out there at the lower end of the market. It was on for just over a week at $395,000 plus and sold for over $430,000. We also achieved a great result for the owners of 71 Zina Grove, Mooroolbark, which sold for over $100,000 more than what it was on the market for.
Deanna Ripepi from our Lilydale office sold a property in Sheffield Road in Montrose which was on for auction, but was passed in. A few weeks later and with a lot of hard work, Deanna sold the property and delighted the owners with a price well over $800,000.
In the last 4-5 years, December has seen a frenzy in the buyer market. With the buyer activity we’ve seen this year, it will be interesting to see if things continue on at a rapid rate or if they start to ease back a bit.
We had our annual awards and Christmas function last week at Shed 14 on the Docklands, where Margaret Rourke from our Lilydale office was recognised for having been with us for 25 years! We would also like to congratulate Betty Manning on her recent retirement – Betty was responsible for the property ad copy and writing. She had been with us for about 15 years and we wish her the best for the future.