Properties selling over asking price

July 24, 2019 BY

Chris Henson says buyer inquiries have increased significantly since the end of the financial year.

There’s been a big shift in buyer sentiment this past month or so. In July, I’ve had two homes that drew a lot of interest and sold over the asking price.

23 Pacific Drive in Torquay attracted 45 inspections and two offers over the advertised price range. This three bedroom home on a huge 826sqm block sold for $1.025 million (the asking price was $950,000 – $1.01 million).

In Mount Duneed, 104 Lower Duneed Road – a four-bedroom home set on 4.3 acres – attracted 61 inspections and two offers above the advertised price of $940,000 – $980,000. It sold for $990,000. This type of property is clearly in demand.

We also have a 2.5-acre block of land for sale at 124 Lower Duneed Road, which is priced at $600,000 – $650,000.

In north Torquay, two homes sold before we could get the sale sign up.

We contacted our database of buyers and interest was strong.

7 Yirn Avenue – a four-bedroom home on a 420sqm block in the Dunes – sold for $725,000. And in Quay 2, 6 Roadknight Lane – a four-bedroom home on a 416m2 block – sold for $675,150.

Boost in buyer confidence We’ve seen buyer inquiries increase significantly following the election and the end of financial year.

Recent developments in the property market have added to this.

Interest rates are at a historic low following back-to-back cuts and APRA (which develops the framework that banks and lenders must abide by) has removed a major regulation, which has made lending much easier.

I’ve noticed a lot of properties (listed by all agencies), which were sitting on the market for a while, have just sold.

Sell now while demand is strong There’s strong buyer inquiry at the moment, but choice is limited. The best piece of advice I can offer anyone looking at selling is to capitalise on this momentum and sell now; don’t wait until spring when you’re in competition with so many others.

There’s still lots of interest from Melbourne buyers chasing a seachange, with almost half of all our buyers over the past year coming from Melbourne.

For more information, phone Chris Henson on 0477 774 271 or email [email protected].