Market set to turn
stable at present owing largely to continually low interest rates,” Mr Pabst said.
“While homebuyers, both upgraders and first-time varieties, are driving the market, investors remain present.”
Nelson Alexander, Brunswick, auctioneer Mark Verrocchi said any increase in stock levels would be warmly met by buyers. “It is the age-old adage of supply and demand and at the moment that is in favour of the sellers,” Mr Verrocchi said.
“Buyers don’t have as many options, which is definitely helping vendors achieve strong results.”
A fiercely contested auction of a three-bedroom house in Brunswick, which sold for $361,000 above reserve, showed how a lack of other properties on the market could help sales results.
The vintage charm of 175 Edward St attracted five bidders who pushed the price to $1.261 million on April 16.
“Good properties that are ready to be moved into are in incredibly high demand,” Mr Verrocchi said.