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Spring auctions off to hot start

Real estate & property news
12 September 2023
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Barry Plant Bundoora and Wantirna score 13 from 14 auctions

The spring auction market has kicked off strongly in the northeast and outer-east suburbs, with two offices turning in outstanding results.

Barry Plant Bundoora agents found buyers for all seven properties auctioned on September 9.

“While listings have increased, there is built-up demand in the northeast corridor,” Barry Plant Bundoora auctioneer Michael Egan said.

The most impressive result was 204 Waiora Road, Rosanna (pictured above and below), which fetched $2.34 million. The quality custom-built house with smart features was a favourite among buyers and attracted four bidders.

Three bidders also competed for 116 Mountain View Parade (pictured below) in the same suburb, which was sold to a young family who plans to extend the original one-owner house.

The property fetched $1.48 million, which was $130,000 above the reserve.

“The market is healthy and we are averaging two to five bidders per auction,” Mr Egan said.

“We are seeing more appraisals and rising supply but this is still not enough to satisfy the demand for homes.”

Barry Plant Wantirna also had seven auctions pencilled in for the same day and sold two prior and four under the hammer. The seventh property was passed in but sold a few days later.

Barry Plant Wantirna director Brendan Murphy said listing numbers rose in the winter months to offer buyers more choices in property types and prices.

“We listed 28 homes in July and 40 in August, and the next six months will be exciting for buyers looking to achieve their goals of home ownership,” he said.

“We are starting to see interest rates stabilise and buyers gaining confidence in terms of their budget and ability to buy.”

The office has maintained a strong clearance rate despite the increase in stock levels because “buyer demand was still outstripping supply”, Mr Murphy noted.

Its top result on September 9 was 82 Raheen Avenue, Wantirna (pictured below), which had four bidders and sold for $1.518 million.

The property went to a family from Ormond who were looking to enter the top schools in the area. The seller had a reserve price of $1.35 million.

And in nearby 1 Barmah Drive (pictured below), a six-bidder battle pushed the price well over expectations going under the hammer at $1.404 million. The property had a $1.175-$1.275 million price guide.

Real estate & property news
12 September 2023
Save Article

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