Real estate market conditions are ripe for a strong showing from now until early next year, according to directors of several Barry Plant offices.
With pent-up demand, low numbers of properties for sale and the return of on-site inspections, the delayed spring season will have plenty of momentum through to summer, they said.
“The season will stretch to early 2022 and so we expect our agents to be working throughout, except for Christmas and New Year’s holidays,” Barry Plant Manningham managing director Spiro Drossos said.
“Lots of sellers are wanting to sell and our four offices have about 150 properties for sale and 100 auctions scheduled for the rest of September and October.”
When private on-site inspections were allowed from September 18, Barry Plant Manningham agents started making appointments for keen buyers to view properties from 6.50 a.m. through to the evening, and this is expected to continue for some time.
“We have agents working flat out from dawn to evening, and we conducted a 1000 private inspections in three days, and have auctions scheduled for Thursdays, Saturdays and Sundays,” Mr Drossos said.
“We are happy that we can once again service buyers and sellers, and there is lots of confidence in the market.”
“There are still not a lot of properties for sale, but I expect that will continue to increase until February and March next year,” he added.
Having ‘lost’ several weeks of the spring selling season, agents in the city’s north-western suburbs will be “very busy between now and Christmas”, Barry Plant Essendon director Bill Karp said.
“We have been in a holding pattern and are all ready to go with new properties ready to sell during spring and summer,” he said.
“This will be our busiest period as there is also a backlog of property listings that have banked up.”
Barry Plant Taylors Lakes director James Hatzimoisis said the real estate market was no longer seasonal, but was instead constant year-round with sales.
“There is pent-up demand from buyers, and sellers who list now will be rewarded with great results,” he said.
The market will be busy from now until December and January, Barry Plant Frankston director Thomas Larkin said.
He noted July and August were strong months for sales as some buyers were able to make inspections prior to the lockdown, while some bought properties sight unseen.
“But most buyers still prefer to inspect a property before making offers,” Mr Larkin said.
“Now private inspections are back, we have 20 properties ready to launch and more properties for sale will come through quickly.”
He noted that the market was no longer seasonal in the Frankston region and believes it will be busy throughout the entire year except for a period after Christmas.
“We expect prices to continue to be strong till next year, and we’re now seeing more investors in the market due to low interest rates, strong rental returns and capital growth in the Frankston area,” Mr Larkin said.