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Narre Warren buyer surge flows into new year

Real estate & property news
18 February 2021
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Boom market sees homes sold in three days while scores attend inspections

Ready-to-go buyers are flocking to Melbourne’s outer southeast suburbs in search for bigger homes.

This has created an unexpected boom in Narre Warren and surrounding suburbs, with some properties selling in just three days.

Buyer activity is at an all-time high in the region, according to Barry Plant Narre Warren director, Nicola Parreira.

“COVID hasn’t hindered the growth of the property market, it’s stimulated it,” she said.

“We haven’t seen this movement since 2017 ... the offers we are receiving are above the reserve.”

The Narre Warren office has been selling properties after just one open inspection.

In 2018, some homes did not have any buyers attend inspections but now there is an average of 50-70 groups through each open, Ms Parreira said. 

A property at 70 Barondi Ave, Narre Warren, sold comfortably above the vendor’s expectations and in just three days. 

The three-bedroom home had 115 groups at the first inspection and received 10 offers on the day.

A stunning property at 3 Angela Crt, Narre Warren North, is on the market with a $1.65-$1.8 million price guide. 

The Sale by SETDATE® campaign, ending February 24, attracted 87 groups to the first inspection.

A mix of upsizers, investors and first-home buyers are flooding to the inspections, according to Ms Parreira.

“With everything we have faced in the last 12 months, people are now in situations where they don’t have to go into the office as much with working from home arrangements,” she said.

“People are willing to move out a bit further for that typical Australian backyard and bigger house.”

Late last year, Barry Plant Narre Warren sales agent, George Abraham, predicted a buyer rush followed by a steady decline. 

“From October, we were expecting a huge rush in the market to last about four weeks,” he said.

“But what we didn’t expect was for that rush to continue into the new year.”

Mr Abraham said buyer confidence, paired with low interest rates and government incentives, boosted the market emerging from last year’s lockdown.

“Every single property is receiving multiple offers from five to six serious buyers and we are selling at the top end of the price guide – if not above it,” Mr Abraham said.

“People aren’t trying to find a bargain; they know they need to act quickly to secure the property.”

Mr Abraham suggested the surge in buyers is a result of people staying in during the last 12 months.

“During the pandemic, people have realised that home is where they spend a lot of time, so upgrading to a bigger house is important,” he said.

“They haven’t spent money dining out and travelling, they have saved a lot over the last year and can now put that towards upgrading or investing in property.”

Real estate & property news
18 February 2021
Save Article

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