Sight unseen sales on the rise across Melbourne
Buyers adjust to ‘no inspections’ restrictions to snap up limited supply
More buyers are snapping up properties without inspections due to lockdown restrictions.
One family even splashed $3.388 million on 3 Landridge Street, Glen Waverley, using videos of the stunning luxury home to help them make their decision.
“We made videos of all the rooms and spaces in the new house for them to view, and when they Google mapped the property they liked the location,” Barry Plant Glen Waverley agent Julie Guiqian Wells said.
The family, originally from China, lived two suburbs away in Rowville and wanted to move to Glen Waverley near shops, schools and cultural connections.
The property had earlier passed in at auction and was listed for three months with another real estate agency, Ms Wells said.
“We had another interested buyer, and the vendors were happy with the result, especially during a lockdown,” she added.
Two more homes in the suburb have also sold sight unseen to Chinese buyers.
“Chinese buyers are very brave and many just want to buy a home in a good location and are happy with just seeing videos and photos of the properties,” Ms Well said.
In the north-west, buyers are also making offers and bids on existing homes and development sites without inspections, according to Barry Plant Essendon director Bill Karp.
“Buyers are used to and comfortable with this different way of buying,” he said.
“We learnt this from last year’s lockdown and buyers know they have to compromise, especially if they have sold and have to buy.”
On August 21, the agency sold 22 Cambridge Street, Collingwood, sight unseen for $1.111 million to a buyer who intends to renovate the three-bedroom house on 144sqm.
In Airport West, four of five registered bidders pushed the result of 2 Bedford Street to $1,010,500, Barry Plant Essendon auctioneer Paul Filippone said.
Sight unseen sales were also recorded for 151 and 162 Rachelle Street, Keilor East, which fetched $1.013 million and $970,000 respectively, he added.
Barry Plant agents also noted some sight unseen sales were conditional on the buyers doing post-lockdown inspections.
In the south-east, Barry Plant Berwick has recorded several such sales during this lockdown, with sellers and buyers happy that they could facilitate such sales, according to agent Gabriel Nigro.
“We have bidders at online auctions who had not inspected properties and buyers happy to view properties via zoom calls,” Mr Nigro said.
The underbidder for 18 Grantham Crescent, Berwick, who did not inspect the home, competed strongly and the house sold above the $990,000 reserve price for $1.051 million.
A unit at 5/44 Railway Avenue, Beaconsfield was launched during lockdown and sold to a buyer who inspected it via a zoom call.
An owner-occupier also recently bought 76 Ridgemont Drive, Berwick, with interested buyers taking virtual tours of the property.
“Buyers and sellers are happy that we are still selling homes at this time, that we have the skills and technology to help them,” Barry Plant Berwick agent Hayley Taufa said.
“Buyers are happy to trust us and use virtual tours to buy a property and our good relationships with them help in the process,” she said.