Chat with us, powered by LiveChatAuctions set to maintain hot streak with high demand

Auctions set to maintain hot streak with high demand

Sellers and buyers show confidence in market with strong turnout

Stellar auction results will boost the hopes of vendors ahead of winter auctions and amid more stock in the market.

It was another week of solid auction sales, with the Barry Plant Group reporting 80 per cent clearance from 100 auctions for the week ending May 22.

One agency reported a 100 per cent success rate and many sellers reaped large sums above their expectations or reserve prices.

“Our auctions saw large crowds and strong bidding and we offered a great selection of properties,” Barry Plant Eastern managing director Spiro Drossos said.

“Buyers that missed out have already reached out wanting to inspect other properties immediately.”

Mr Drossos added the market was “still showing good signs of buyer confidence and I am expecting this to continue right through winter”.

Among the top results on the weekend was 59 Rosehill Road, Lower Plenty, which fetched $2.78 million.

The figure was significantly above the seller’s reserve price, with four bidders made up of young families seeking a lifestyle and acreage property, according to Barry Plant Doncaster East director Theo Politis.

“This was an amazing result for the quality and well-built home, and shows the demand from buyers for more space and acreage properties,” Mr Politis said.

Mr Politis said two homes in Templestowe also sold well the same day and gave their sellers windfalls of at least $100,000 above the reserve.

There were four bidders for 12 Peter Budge Avenue, Templestowe, which changed owners for $1.455 million.

Also attracting strong buyer interest was 76 The Grange, Templestowe, which sold for $1.35 million.

While the “circuit breaker” lockdown in Victoria will mean many of Barry Plant Group’s 140 scheduled auctions for the weekend of the 29th of will be postponed, agents expect the market to rebound quickly from the setback. The strong demand is not cooling off despite more supply coming on the market and cooler weather conditions.

Related:

Eastern corridor: Demand soars for spacious family homes and acreages

Bayside scores 100 per cent clearance rate