A network is predicting that strong property sales in regional Victoria will be maintained throughout the summer season.
According to Barry Plant, a surge in property sales in Melbourne’s northern rural fringe towns including Wallan, Kilmore and Broadford looks set to continue well into the summer months.
Barry Plant director Simon Best, who heads offices in the Mitchell Shire towns, said the sales results for November were almost double the previous year’s results.
“Last year we recorded 15 sales for the month of November; this year it will close out at 32, including some strong auction results,” he said.
Mr Best said private sales had traditionally accounted for a vast majority of sales in the region. With market indicators strong over the past couple of months, he encouraged some vendors to sell their properties at auction, with some outstanding results.
“We pick our mark with the auctions, but they have certainly paid off recently,” he said.
- 6-8 Chapel St, Kilmore sold $66,000 above reserve
- 665 Donnybrook Rd, Kal Kallo sold at $5,000 over reserve
- 38 Gavan St, Broadford sold $34,000 over reserve
- 4 Providence Avenue, Wallan sold after auction for reserve
“These over-reserve amounts may not seem like much compared to the inner-Melbourne market but we are not talking about $700,000 properties here,” Mr Best said.
“We are looking at median prices in the region of around $300,000, so to sell on reserve or make a few grand on top is a great result.
“Prices definitely seem to be on an upward trend and moving into summer, which is traditionally a quieter time, we still have plenty of stock with some great homes, units, factories and land for sale.”