Seven bidders tell a story
As many of our regular readers will already know, we’ve been reporting a steady growth in buyer activity in the northern corridor of Melbourne throughout the first few months of 2025.
Indeed, it was only a few weeks ago that we POSTED AN ARTICLE which mentioned that several of the well known market analysts had reported a slight increase in Melbourne’s median property prices in February after the first of the Reserve Bank’s interest rate cuts.
However, if you wanted a clear first-hand indication of what is currently happening in our local property market, you need only have visited our auction this weekend at No.4 Lois Court in Thomastown.
This well-maintained one owner home attracted good levels of buyer interest in the weeks leading up to this week’s auction, both due to the undeniable potential it offered for future enhancements and its excellent court location being positioned between the High Street strip and Edgars Creek parkland. Being with easy walking distance of both schools, the trains and more, this property had appeal for a wide variety of buyers, including owner occupiers and investors.
However, there were several local property owners attending the auction who were somewhat surprised to see the level of competition for this home, with seven separate bidders attending with the aim of securing the keys.
As a result of this competitive interest, the auctioneer’s gavel fell at $787,000, which was well above our happy vendor’s reserve. One interesting note was the fact that the winning bidder had flown down from Sydney to compete, at the same time that their partner was bidding at another auction. So there was plenty of discussion taking place on the phone to ensure that they didn’t end up buying two properties at the same time!
As you can see from the photo, both buyer and vendor looked pretty pleased with the result.
Results like these are a clear indication of the underlying strength of buyer demand in our part of town right now, so if you are considering selling in this strong Autumn market, can I suggest that you give us a call at Barry Plant Thomastown this week on 9466 3233.
Who knows, one of the losing bidders from this week’s auction might be the ideal buyer for your own place.
Best wishes,
Con Constantinou
Barry Plant Thomastown