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Confidence rising with strong demand amid tight supply

Real estate & property news
05 May 2023
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Two Barry Plant offices score 100 per cent auction clearance rates

A pair of Barry Plant agents has successfully auctioned four homes in five hours, as sellers continue to reap strong prices.

And two offices – Barry Plant Eastern and Barry Plant Essendon/Keilor East/Gladstone Park – scored a perfect clearance rate on April 22.

Buyers are more confident now compared to late last year, with more predictable and stable auction bidding to the finish line, according to Barry Plant Eastern managing director Spiro Drossos.

He noted a “more balanced market seems to be on the horizon” with improving auction success rates.

Barry Plant Eastern sold all eight auction properties on April 22. Agency director Scott George and agent Ryan Faridi found buyers at their four auctions that day.

Multiple bidders with strong buyer interest gave some sellers almost $200,000 above their reserve prices.

Among the top results was 6 Mallard Close, Doncaster East, where five bidders pushed it to a $1.995 million result. The 11-year-old home sailed above the $1.8 million seller’s reserve price, Mr Faridi said.

Seven bidders contested for the keys to 29 Roger Street, Doncaster East, which had potential to build townhouses, and it also sold well above the seller’s reserve for $1.86 million.

Further out, six bidders competed for 18 Pine Crescent, Ringwood North, which sold for $1.32 million or more than $150,000 beyond the seller’s reserve.

The buyer was moving across from East Doncaster while the seller was downsizing to Donvale.

Mr George and Mr Faridi also sold two off-the-plan apartments in Doncaster East for $1.5 million and $1.225 million to two of the sellers from April 22.

Meanwhile, confidence was building in the market heading into the final month of autumn, the Herald Sun said.

“Real estate groups across the city have noticed green shoots at auctions in recent weeks, with clearance rates strong and continuing to improve,” it reported.

While PropTrack recorded a clearance rate of 68 per cent from 539 reported results for the week, the Barry Plant Group had clearances of over 85% per cent recently.

Auctions in the city’s inner north also exceeded sellers’ expectations by more than 5 to 22 per cent, Barry Plant Essendon director Bill Karp said.

“We’ve been talking about the growing confidence among homebuyers in our local market for a while now,” he said.

A highly competitive bidding duel saw the gavel eventually fall at $1.006 million, close to $200,000 above the seller’s reserve for 5 Cambridge Street, Maidstone.

“Add in the outstanding sales being achieved through private negotiation during the week, and the market is looking positive for anyone planning an autumn sale,” Mr Karp added.

Real estate & property news
05 May 2023
Save Article

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