Chat with us, powered by LiveChat

High demand and low supply rewarding sellers with strong prices

Real estate & property news
22 February 2023
Save Article

Multiple-bidder auction gives Templestowe Lower seller $171K above expectations

Sellers are fetching high prices for their homes because of the lack of supply and strong buyer demand.

The market is looking up with healthy inspection numbers and strong auction contests, according to Barry Plant Manningham director Scott George.

“Our auctions are performing well despite the media hype about interest rates,” he said.

“On the ground, we are still seeing plenty of demand, crowds at inspections and more sellers coming on board.”

Three of the agency’s auctions on February 18 attracted multiple bidders, with 4 Newbury Close, Templestowe Lower, fetching $171,000 above expectations when the bidding ended at $1.651 million.

Four bidders, including three families who fought to the end, competed for the immaculately presented one-owner home of 51 years.

Offering beautiful views of the area plus an under-house office and rumpus room, the home drew 80 groups to the inspections.

In images 1/44 Newbury Close, Templestowe Lower

“The market is healthy because of the low supply of homes and there are still many buyers around,” Mr George said.

“We average 60 groups per listing and only one buyer can buy that property, which leaves many more buyers to sell to.”

Mr George noted that listing numbers would have to double or triple to have an impact and see prices fall.

The same day, Mr George and colleague Ryan Faridi also auctioned 4 Meldrum Close, Doncaster East, for $1.8 million, with four bidders and a large crowd attending.

A young family also outbid another for 233 Andersons Creek Road, Doncaster East, which sold for $1.236 million.

In a recent off-market deal, Mr George sold another Doncaster East home at 15 Treevalley Drive, for $1.91 million.

In images 1/34 Meldrum Close, Doncaster East

“We took buyers through the home privately and it was sold to a family from Berwick looking for a nice area to move to,” he said.

He estimated 10 per cent of the agency’s sales were off-market through its large buyer database.

The auction clearance rate is rising steadily in Melbourne, and there were 816 auctions scheduled across Victoria for the week ending February 18. PropTrack recorded an early clearance rate of 70 per cent from 464 results for the city.

The Barry Plant network reported a 78 per cent from 36 auctions, with 28 properties sold and eight passed in.

For the week of February 25, it will be a Super Saturday of auctions, with 1221 scheduled in Victoria and 1153 in Melbourne.

Real estate & property news
22 February 2023
Save Article

Get more from Barry Plant.
Sign up for our newsletter

Sign up now to stay informed about market trends, investment opportunities, and exclusive property listings. Don't miss out on valuable insights - join our community today!