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Barry Plant Eastern records above 90 per cent clearance rate

Real estate & property news
23 March 2023
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Quality family homes land top prices with multiple bidders

A superb clearance rate of 93 per cent by a Barry Plant office has reinforced the strong auction market in Melbourne’s east.

The Barry Plant Eastern Group sold 13 out of 14 homes scheduled for auction for the week ending March 18, according to sale records.

This exceeds the average rate of 72 per cent over the period reported to the Real Estate Institute of Victoria.

The group that has four offices in the east and outer-east suburbs sold 21 properties in seven days, its managing director Spiro Drossos said.

“We have witnessed a surge in demand for properties in recent weeks and this trend has continued,” he added.

“Recent auctions by our group saw a record number of buyers, with multiple bidders vying for each property, which resulted in strong sales results for vendors.”

Mr Drossos attributed the success to the team of experienced and knowledgeable agents who worked to ensure that their clients obtained the best possible outcome.

“There were 10 real estate agencies that sold properties in Manningham suburbs last week,” Barry Plant Eastern director Scott George said.

“We sold as many properties as the other nine agencies combined.”

Mr George said homes were selling strongly at auction because of the lack of quality homes on the market.

“Some results are even stronger than at the peak of the market,” Mr George said.

He sold 2 Fremont Close, Bulleen, for $1.84 million on March 18, while 11 Yarra Court, Templestowe Lower, changed hands prior to auction.

Among the top results that day was 32 Gray Street, Doncaster, which attracted six bidders and achieved a $1.534 million result.

A young family won the keys to the property that had been owned by the same family for nearly 50 years, Barry Plant Manningham agent Robert Groeneveld said.

The property drew interest from mainly owner-occupiers and a few investors. Mr Groeneveld also sold two more homes under the hammer that day.

The Barry Plant Group reported a 76 per cent clearance rate for the week, with 44 sales from 58 auctions.

The coming weeks prior to Easter and the April school holidays are expected to feature Super Saturdays with more than 1000 auctions scheduled each weekend.

Real estate & property news
23 March 2023
Save Article

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