An outer-east Barry Plant office is well on its way to achieve its target of listing one new property for sale daily in the first quarter of 2023.
Barry Plant Wantirna listed 60 properties in the first two months of this year and is on track to list another 30 by the end of March.
“We have sold more than 50 of the 60 listed for sale in January and February, and we will sell the rest, and are confident of reaching the target of 90 homes in 90 days,” Barry Plant Wantirna director Brendan Murphy
“We usually list and sell 20-25 homes a month but decided to increase our target in the first quarter of 2023.”
The agency was able to set a higher target because it had gained market share in Knox suburbs through its growing network.
“The market here is alive and a lot is happening, and we have a stronger team now after recruiting excellent agents over the past 12 months,” Mr Murphy said.
“With strong inspection numbers and multiple buyers and bidders, we know that people are still buying and selling homes.”
Mr Murphy described the market as “balanced and healthy” with house price falls stalling in Melbourne.
“Buyers are not able to borrow as much in 2023 compared to 2022, but many homes are selling well above vendors’ price expectations,” he said.
“We have also got new properties to sell as owners have seen some strong results at auctions and have gained confidence in the market.”
He added the market in the outer east had a strong start to 2023, with renovated homes in high demand from buyers.
“The market still has plenty of depth,” Mr Murphy said.
“Many families are concerned about renovating and building new homes, and prefer to buy turnkey homes that they can move in right after settlement.”
In February, home prices in Australia rebounded as the market downturn lost momentum amid tight supply and sustained buyer demand, according to PropTrack data.
PropTrack senior economist Eleanor Creagh was reported as saying other factors may put upward pressure on prices and there was the prospect of interest rates starting to ease.
Limited housing supply and the return of international migration would also drive demand.