A buoyant Mornington Peninsula market is a result of buyer and seller confidence and a little bit of deja vu.
Melbourne-based buyers seeking holiday homes or rentals are continuing to throw bids at auctions for sight unseen properties down the bay, according to Barry Plant Rosebud director Craig Leo.
“Buyers are much better prepared to participate in online auctions this year, compared to last,” he said.
“We are selling homes without any physical viewings, just better preparing them with the Section 32, building reports and virtual tours.”
A stellar sale recorded at56 Whitehead Grove, Rosebud had one open inspection between lockdowns 5.0 and 6.0 and drew 29 registered bidders for an online auction.
The house sold for an eye-watering $1.1 million, well above the seller’s expectations, on August 17 to a bidder who did not inspect the property.
“Such is the market at the moment, travel is not secure so people are buying holiday homes or relocating out of the metro hub,” Mr Leo said.
“The demand in our area is still so high, and we don’t see it dropping or even plateauing, I just see it continuing to rise.”
Mr Leo’s confidence in the current market is backed by his prediction of the rush of stock due to hit the shelves in coming months.
“Real estate stock is down 27 per cent across Melbourne, people are holding out, we only listed four properties in August,” he added.
“I would envisage a lot of houses coming on the market in spring, which isn’t unusual, but there are still sellers that have been holding back through lockdown that will also be eager to list, there’s a backlog.”
A two-bedroom, weatherboard house at81 Broadway, Capel Sound sold on August 16 for $782,500. It drew multiple offers and sold without any physical inspections.
“We tried to sell this same property two years ago for $550,000, what does that tell you about the marketplace?” Mr Leo said.
Barry Plant Rosebud agents are giving buyers many options to help with the purchase, such as including the clause ‘offers subject to viewing’.
“Just like a finance clause, we are trying to provide as many options as we can for our buyers and even owners wanting to sell,” Mr Leo added.