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Sales Insight

By Tamara Lloyd
The media and various talking heads would have us all believe that the property market has taken a downward turn or is going to take such a turn due to the upcoming election and impending interest rate hikes. Despite all the doom and gloom and we understand there’s been plenty – we’ve found that this isn’t the case in our area, with strong results over the last few months after a quieter end to 2021.

September and October last year saw the market at its peak, with most properties selling within a week or two of hitting the market. Following this high point, the end of the year finished a little slower, as did many industries, and although many suburbs have seen a reduction in the quarterly average due to this slower period, we’re still recording an overall increase of between 15–20% in prices over the last 12 months.
All indications are that the market has picked up and our local area is benefiting from an increase in numbers at open homes. Vendors are recognising that if it’s priced right their property will sell, as we saw at our recent auctions. Our last three auctions have seen multiple bidders and all properties have sold above the reserve ¬– up to $100k above.
A great example of this vibrant market is our recent sale of 133 Lincoln Road, Croydon. This online auction saw three very competitive bidders on the property, which had been listed for between $820K–$900K. The final buyer actually went through the property just 30 minutes prior to the auction commencing. This buyer purchased the property for $981K.
If you have been considering selling, now is a great time to put your property on the market as there is a lack of stock and a great deal of ongoing interest expected. The next few months look to be interesting as the election looms and in turn interest rates may change and the market will respond. Historically, the Melbourne market has always held up under such fluctuations and if you’re selling and buying within the same market you should have little to be concerned about.
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