Chat with us, powered by LiveChatCrowded market not likely to dampen Super Saturday auctions

Crowded market not likely to dampen Super Saturday auctions

Strong auction clearance rate expected as buyer pool grows

Clearance rates are expected to remain high on Victoria’s busiest auction weekend this year.

The strong demand has even seen buyers making attractive offers to try to secure properties before their auction on Super Saturday.

Many Barry Plant offices have reported clearance rates of 80 per cent and above this year.

Local agents said some properties had been sold before their scheduled March 27 auctions, with sellers taking offers at the top or above their price guide.

The Barry Plant network has 135 properties up for auction on Saturday, from affordable $600,000 homes to $1.5 million-plus prestige properties.

More than 2000 properties are on offer this week in the state, according to Real Estate Institute of Victoria data, making it the largest auction week following several Saturdays of 1000-plus auctions.

The state had an 84 per cent clearance rate from more than 3000 auctions in February, setting a new record.

Among the busiest offices is the Barry Plant Manningham network with 21 auctions on Saturday. Agency director Mark Di Giulio was confident all five of the properties he will auction have buyers ready to purchase.

“The high volume of properties for auctions will take some buyers away but there are enough buyers in the pool to sustain sales,” he said. “There are sellers rushing to get their properties on the market and sell.”

Among the auctions are 34 Devon Street, Box Hill South, which has a $1.4-$1.5

million price guide, while 91 Helene Street, Bulleen, has price expectations of $1.35-$1.45 million.

One of the priciest homes on offer is 41 Fremantle Drive, Wantirna South, where three or four bidders are expected.

In the prestigious Knox College zone and located in a tightly held street, the property has a $1.6-$1.76 million price guide.

“In this price bracket, there is a smaller pool of buyers but we are confident it will sell,” listing agent and Barry Plant Wantirna director, Brendan Murphy said.

“There is also a very active market for homes in the $950,000-$1.2 million range.”

In the city’s inner west, Barry Plant Sunshine has nine auctions scheduled but agent Victor Hsu said one house was under offer and there was strong interest in three more of his auctions.

A four-bedroom house at 4 Fontana Close, Sunshine West, sold prior to auction for $1.21 million from a $990,000-$1.08 million price guide.

The vendors took the offer that was more than $100,000 above expectations.

“We had four offers and the vendors were over the moon with the price,” Mr Hsu said.

Meanwhile, Barry Plant Highton hopes to maintain its perfect auction clearance rate in 2021.

“We have seven auctions on Saturday and they are all looking good,” agency director Kieron Hunter said. “We have had 100 per cent clearance for our auctions this year.”

He noted the strong market in the Geelong region was driven by COVID-related factors.

“People are working from home and many are returning to Geelong from the city,” he said.

“First-home buyers are active, investors are also returning, and buyers are seeking a lifestyle or coastal change.”

Some 70-80 per cent of the properties the agency has for sale are now auctions, a marked increase from previous years.

”The market is rising and sellers are getting $70,000-$100,000 more than they got last year,” Mr. Hunter said.

“And $1 million homes are now fetching $1.2 million.”