Chat with us, powered by LiveChatRecord number of auctions booked for spring across beachside suburbs

Record number of auctions booked for spring across beachside suburbs

No signs of a market slowdown in Mordialloc

Flowers won’t be the only things blooming this spring with Barry Plant Mordialloc expecting record-breaking auction bookings.

All signs are pointing up for the real estate market to perform ‘extremely well’ in spring, according to Barry Plant Mordialloc auctioneer Chris Kavanagh.

“The market looks to be exceptionally busy already with a record number of auctions booked for September, October and November,” he said.

“This is a combination of a spring selling season and also properties we’ve acquired to sell during this lockdown that are holding off until they can conduct inspections.”

Mr Kavanagh said the market shows no sign of slowing down, “it may just be even heating up further”.

“Advice to prospective sellers would be to consider listing a home sooner, rather than later, because we do expect the number of homes for sale will significantly increase.”

The agency has continued to conduct auctions online through lockdown 5 and 6 and they are proving to perform ‘extremely well’.

“This time around things in the market are very different, people have adapted to the changes, and there seems to be a feeling like ‘we all understand the situation now let’s get on with the job’,” Mr Kavanagh said.

“There are some logistical difficulties whenever we go into a lockdown period, we can’t take photos, sellers can’t get any building work done at home, but there is absolutely no slowdown of buyer activity.”

A recent online auction drew multiple bidders and an eye-watering result for a three-bedroom home in very poor condition.

Sitting on 549sq m and backing onto the rail lines, 433 Main St, Mordialloc sold to a local developer under the hammer for $1.6 million.

“This sale was the highest price in relation to expectation I’ve seen in a couple of years,” Mr Kavanagh said.

“The seller’s expectation was $1.15-$1.25 million and we had four bidders still bidding over the $1.2 million mark.”

Buyer activity is a varied mix between first-home buyers, investors and upsizers, according to Mr Kavanagh.

“We are finding a lot of buyers upsizing within the area or close by from Bentleigh, Beaumaris and Sandringham, and moving to Edithvale, Aspendale and Chelsea,” he said.

“Buyers are chasing bigger blocks with more land and space, a lifestyle close to the beach and good value for money.”

Mr Kavanagh said there are still a good number of buyers who are happy to buy without inspection and he advises sellers to trust in the online auction method and to put their property on the market.