Mar­ket set to turn

Herald Sun - Property - - MARKET WRAP -

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.

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