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‘Super Saturday’ auctions continue as buyer demand still strong

Real estate & property news
08 April 2022
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Rush to auction by sellers looking to bag strong prices as winter chill looms

The autumn auction season continues its strong run with some 2000 properties to go under the hammer in one of Victoria’s busiest ever auction weeks.

The number of auctions has jumped for the week ending April 10, exceeding 1700 a week earlier.

Auction volumes in the first two weeks of April have meant the busiest start to the month on record.

Barry Plant agents said the rush by sellers has followed strong results at the end of 2021 and this February and March.

The market takes a pause over the long Easter weekend but many auctions are scheduled for the last two weeks in April.

Demand has remained strong because buyers expect the number of properties available for sale to come down in winter, which would mean less choice, local agents said.

Barry Plant Doncaster East however expected auction volumes in May to remain steady as the “market was performing well and people are still looking to buy,” according to agent Ryan Faridi.

“We expect May and June to be busy, with last May being one of our biggest months on record,” he said.

“We have quite a few listings for May and demand has not slowed, and with the borders open, our international clientele is returning.”

Mr Faridi noted that Manningham suburbs such as Doncaster, Doncaster East and Templestowe “have good schools that buyers like and the properties are solid investments”.

The Barry Plant Group has 124 auctions on April 9, four on April 10-11 and 10 on April 7-8. Another four scheduled for the week have sold or are under offer.

The auctions are well spread out across Melbourne’s suburbs, both closer to the city and in the outer suburbs, and also in the Geelong and the Mornington Peninsula regions.

The office at Doncaster East has 12 auctions on April 9, followed by 10 for Barry Plant Coburg, nine for Barry Plant Wantirna and eight for the Mentone-Cheltenham office.

Real Estate Institute of Victoria president Adam Docking described April 9 as “a Stellar Saturday” because of the auction volumes, compared to a Super Saturday.

There are still many buyers looking to secure a property, Mr Docking said in a Herald Sun report.

Better quality properties in good locations are selling well at auctions in most suburbs, several Barry Plant agents said.

“A-grade homes in A-grade locations’ are getting strong prices in the city’s northwest suburbs, Barry Plant Taylors Lakes agent Andrew Koulaouzos said.

But it was a challenge selling homes that need renovating or updating and also properties such as townhouses in some locations, Mr Koulaouzas said.

“While the number of properties available for sale usually slows down as the market moves towards the colder months, anything can happen, and buyer demand is still there,” he added.

Real estate & property news
08 April 2022
Save Article

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