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‘Hottest market since 2017’: Eastern suburbs’ home prices smashed

Multiple factors driving strong results in the eastern suburbs as market heats up

Eastern suburbs vendors have achieved windfalls of more than $300,000 as the auction market went into overdrive.

Barry Plant Manningham reported an 80 per cent clearance rate from 10 auctions on March 13.

“I had six auctions and sold five, and the property that passed in has strong interest and should sell soon,” the agency’s managing director, Spiro Drossos said.

“We had record sale numbers recently, with 23 sales last week, and there are just not enough properties for sale.”

Driving the strong performance is buyer confidence, low interest rates and lack of supply.

Mr Drossos added the auctions saw quick and confident bidding by buyers with some properties “reaching their reserve within seconds”.

“Buyers were confident and were not shy about showing it and at two auctions, the opening bid was at the reserve price,” Mr Drossos said.

“This is the strongest market we have seen since the property boom of 2017.”

In Templestowe, 9 Whitehall Court, fetched $1.955 million to give the long-time vendors $305,000 above their reserve.

There were five bidders, including two who took part on the telephone from China and Tasmania.

A young family won the keys to the five-bedroom house built more than three decades ago, selling agent Scott George said.

“It is in a street with very nice homes and is also in two school zones,” Mr George said.

He also sold 54 Worthing Avenue, Doncaster East, for $305,000 above its reserve, with the winning bid reaching $1.455 million.

“The opening bid of $1.25 million was $100,000 above the reserve but this knockout bid did not work and bidding went on,” Mr George said.

A family living in the country who bought the property plan to rent it out in the short term, and knock it down and build a dream family home later.

The Barry Plant network had 76 properties for auction on the week ending March 14. Reported results from 65 auctions showed a 94 per cent clearance rate with four properties passed in and 61 sold under the hammer.

The last two weekends in March are expected to be busy as vendors try to cash in the hot market and before the Easter long weekend at the start of April.