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Snap lockdown no deterrent to keen buyers

Home buyers
17 February 2021
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Vendors and agents turn to online and re-scheduled auctions to clinch results

A nimble response to the lockdown’s ban on onsite auctions has paid off for sellers.

Many Barry Plant agents who brought forward or held online auctions last Saturday delivered handsome gains to vendors.

More than 50 auctions were scheduled by Barry Plant offices throughout Victoria on February 13 but some were converted to private sale negotiations while others were postponed.

In Bayswater, an online Zoom auction for 3 Figtree Court, attracted 17 registered bidders.

Five bidders battled for the property that fetched $857,500, about $80,000 above the reserve price.

The buyer had not even inspected the property but was keen to move closer to family in the area, Barry Plant Wantirna director, Brett Smith, said.

“They wanted to inspect the home prior to the auction but couldn’t because of the lockdown,” he said.

“Now they can only inspect it after the lockdown.”

Mr Smith said the strong result was because of the demand and competition among buyers.

Another scheduled auction at 20 Reita Ave, Wantirna South, was converted to a sale by negotiation. 

The property drew three potential buyers and sold within the $850,000-$935,000 price guide.

In the city’s north, five properties scheduled to go under the hammer were quickly brought forward or sold before February 13, according to Barry Plant Mill Park and South Morang auctioneer Jay Moxon.

“We gave buyers five hours’ notice as we brought forward two auctions to Friday night,” Mr Moxon said.

About 100 people and eight bidders attended the auction at 46 Teatree Drive, South Morang, where a three-bedroom house sold for $639,500 - a whopping $109,500 beyond the seller’s reserve.

The same evening, Mr Moxon auctioned 127 Centenary Drive, Mill Park, for $772,000 with five bidders present.

“The auctions were brought forward because we want the transparency of on-site auctions and the buyers were ready,” Mr Moxon said.

The agency had a 100 per cent clearance rate as it also sold three properties in South Morang and Mill Park before their February 13 auctions.

A marathon online auction lasting 90 minutes for 153 Manningham Road, Bulleen, gave the sellers a $1.081 million result.

“As we had buyers lined up, we went ahead with the auction, and had 126 bids from four buyers,” Barry Plant Doncaster East director, Theo Politis, said.

Sought after for its development potential, the 700sq m property attracted interest from investors and owner-occupiers.

In Eltham, an online auction for 15 Leane Drive saw four bidders push the price to $1.255 million.

The winning bid came from a buyer moving from South Morang, who defeated a local and two bidders from the inner city, Barry Plant Eltham senior sales agent, Daniel Brittain, said.

“Eltham is tightly held with high demand and so we did not want to postpone the auction,” Mr Brittain said.

He also sold 18 Montrose St, Montmorency, before its February 13 auction for a price above the $800,000-$880,000 price guide.

This Saturday looms as an auction Super Saturday with more than 1000 properties scheduled to go under the hammer in Victoria.

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Home buyers
17 February 2021
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