Last week’s interest rate cut, the first in 12 months, highlighted favourable buying conditions and confirmed confidence in the property market. Investors, couples and families looking to upgrade all responded well, with a notable increase in buyer inquiry.
Competitive buyer interest, coupled with a limited number homes available for sale, creates an interesting paradox. Many buyers are becoming somewhat ‘time-poor’. Their property search continues week after week as they are unsuccessful time and time again at auction. We hear, see and feel their disappointment and hope the situation spins around soon so we can help more buyers purchase in the months to come.
The corresponding level of pent-up demand however, leads to terrific outcomes for our sellers. At Saturday’s auction of a three-bedroom, two-bathroom townhouse at 2/31 Beaumont Parade, West Footscray, bids climbed way over reserve to a highlight result of $698,000, an apt reflection of the number of purchasers eager to step off the ‘buyer train’.
We invite you to come along and see our team in action this weekend. At 11am on Saturday, the auction to watch is 6/150 Hyde Street, Yarraville. A bright, renovated two-bedroom townhouse positioned in a dynamic location has attracted excellent levels of enquiry from first homebuyers and would-be investors.
In West Footscray at 1pm, 1/350 Somerville Road goes to auction. Superbly located in a boutique complex, boasting privacy, security and contemporary convenience in a vibrant spot minutes from Footscray Market and Yarraville Village, this super three-bedroom residence is both visually appealing and wonderfully functional.
As winter looms, people often enquire about the best time to sell. We always say there are a number of factors involved in the debate such as the property itself, its surroundings, the suburb you live in, as well as the level of buyer activity, your future plans and property goals. In this competitive market if priced correctly most homes should sell, however the importance of choosing the right agent, marketing strategy and auctioneer becomes absolutely paramount to maximise your return on investment. We encourage you to get in touch with us to talk more.
We hope to see you at one of our open for inspections or auctions very soon!