Houses in the Brimbank and north-west property markets are being snapped up in record time due to a shortage of housing stock.
That’s the word from Bells Real Estate sales executive Anthony Christakakis, who said increasing buyer demand and a lack of properties on the market were driving up property prices across the board.
“At the moment, we’re finding so many buyers on our books, but there’s a major shortage of stock,” Mr Christakakis said.
“All the stock that we pick up, we’re finding that, nine times out of 10, we’ll get offers from our database prior to it officially hitting the market. Clients are putting their best foot forward and putting up good offers for properties.”
Latest figures from the Real Estate Institute of Victoria show most Brimbank suburbs have recorded fewer than 30 sales over the past three months, while the two that did – Deer Park and St Albans – recorded decreases in median house prices.
The biggest change was in Deer Park, which recorded a 3.3 per cent price drop to an average of $355,369.
Neighbouring suburb Caroline Springs also recorded more than 30 property sales during the March quarter, producing a 2.5 per cent boost in the median house price to $474,000.
Mr Christakakis said the shortage of stock had resulted in properties across the area – including Kings Park, Delahey and Burnside Heights – starting to fetch previously unheard-of prices.
“I’ve sold two three-bedroom homes in Delahey for above $450,000, which is almost on par with what they would get in the Rose Hedge estate in Sydenham.”
Last week, Mr Christakakis sold a double-storey property in Burnside Heights for $850,000 after it had been on the market for only 24 hours.
“The highest property price sold in Burnside Heights prior to that was within the $600,000s,” he said.
He predicts a similar market performance over the next three months.
