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Pent up demand sees buyers rushing for appointments to inspect

Now private inspections are allowed again, pent up buyer demand is delivering good results for sellers. Barry Plant CEO, Mike McCarthy, explains.

We've now had a full week since we came out of lockdown for real estate inspections, and I've got to say that, as we thought, the pent-up demand for buyers has been huge. Across the 75-office Barry Plant network, all of our agents have been really busy trying to fit in the available appointment times for people to look at the stock that's out there right now. And I've got to say it's been challenging but it's a nice problem to have after eight weeks of not being able to show properties to anyone. Well, it's now abundantly clear that we have a shortage of homes for sale at the moment. Generally, we're only seeing serious buyers wanting to inspect homes but we're still seeing individual inspection numbers of 15, 20, 30 and more go through a single property.

Competing buyers driving good results

What does that mean? It means we've got more buyers competing for the available stock and that means that homes are selling quickly at or near to the top of the quoted price range.

Let me share some examples with you. In Diamond Creek, we had a three-bedroom unit at 1/38 Haley Street that was listed during lockdown but had over 80 enquiries which resulted in an amazing 46 inspections and with a price guide of $590,000 to $640,000 it achieved a final sale price of $670,000 which was some $30,000 above the top of the range.

20 Toolimerin Avenue in Bayswater North also attracted a lot of interest with 18 inspections and after being marketed with a price range of $730,000 to $780,000 it resulted in three offers and a final sale price just over the top of the range at $786,000.

Our Point Cook office had a great result for 15 Beaumont Drive with 36 inspections in just four days. They achieved a sale price of $705,000 which was some $60,000 above the reserve price.

And finally, in one of the last sales to happen during the real estate lockdown, our Manningham office were marketing a magnificent home in South Valley Road, Park Orchards. There were 195 email enquiries, which resulted in five registered buyers and the property sold on the Sunday prior to restrictions being eased at the very top of the range for 4.4 million dollars which is a new benchmark for the area. Whilst the purchaser hadn't been able to physically inspect the property they really understood the quality of what they were buying and the community feel that is the Park Orchards area.

If you are thinking of selling, now is a good time

So as you can see from those sales results, which are by no means unique, the market is performing extremely well, but as I said before we have a real shortage of properties, so if you're thinking of selling or just want to get an idea of what your property might be worth in the current market, please contact your local Barry Plant agent for a free, no-obligation appraisal on your home. And don't forget to ask about our exclusive Herald Sun offer where we can give your home even more marketing exposure right across Victoria for just $75 plus GST.

Mike McCarthy
Barry Plant Group CEO