Eastern corridor: Demand soars for spacious homes and acreages

Sellers firm up June auctions as buyer demand remains strong

The `hot market’ for quality properties in the east and outer-east suburbs is expected to continue into the rest of the year.

The market is seeing ‘two years of buyers crammed into one” because of COVID, according to Barry Plant Eastern managing director Spiro Drossos.

“Our June auctions are looking strong and we have auctions confirmed till late June,” he said.

“The market has changed because of COVID when many people were prevented from buying through most of 2020.”

Since last October, buyer demand has been strong with larger family homes and acreage properties the most sought-after, Mr Drossos added.

The market usually slows down in autumn and winter as vendors prefer to sell in spring – but not this year.

“Since last October, we have seen plenty of buyers competing, and while there are now many townhouses and units on the market, there is a shortage of quality family homes and acreages,” Mr Drossos said.

“These types of properties are the best performing in the east and outer-east suburbs.”

The lockdowns and working-from-home arrangements have led to a demand for larger homes with a backyard, alfresco area, home office, theatre room, swimming pool and tennis court.

“There is a lot of buyer confidence in this segment of the market and these buyers are more engaged,” Mr Drossos noted.

He added his Barry Plant network of offices could service buyers looking for large homes in sought-after suburbs such as Templestowe, Park Orchards, Eltham and Donvale.

“For those seeking homes in good locations, we also have properties in Doncaster, Box Hill, Blackburn and Mitcham,” he said.

On the weekend of May 15, the agency scored an 85 per cent clearance rate from 14 properties. And it has lined up 15 auctions on May 22.

Multiple competing bidders drove the sale of 8 Elizabeth Street, Doncaster East, more than $150,000 above what the seller had anticipated.

The property found new owners who bid $1.85 million, with buyers drawn to the large double-storey floor plan and proximity to the shops and cafes.

Four bidders also competed strongly on May 15 for 1 Daniel Street, Donvale, which sailed past the $1.55 million reserve to sell for $1.692 million.

“Another agency had failed to sell it but we used a comprehensive digital marketing strategy and attracted buyers to it from our database,” Mr Drossos said.

At the start of May, Barry Plant Eastern sold $26.64 million worth of properties in a week, highlighting the strong autumn conditions for vendors.


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