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‘Winter a good time to sell’ with less properties for sale in Bayside suburbs

Corporate - Home Page
28 June 2022
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Property owners advised not to wait till spring rush to list

Bayside suburbs are bucking the trend of a traditional winter selling slowdown, with a strong season being predicted by local Barry Plant agents.

“As the supply of homes for sale is down a little, there is less competition for sellers, so winter can be a good time to sell with prices still firm,” Barry Plant Mordialloc agent Kylie Sirianni said.

“The weather might be cold but there are still serious buyers out there, and sellers should not wait till spring when the number of properties for sale increases.”

Barry Plant Mentone-Cheltenham sales manager Chris Kavanagh said the winter market in bayside suburbs would be busy despite a softening market.

“There are still those who want to sell and who were delayed by Covid and unable to get their homes ready,” he said.

“Volumes have decreased and demand has declined from last year but there is good demand for quality properties in good locations.”

The Barry Plant Bayside network of four offices held nine auctions on June 18, with six sold on the day. Negotiations are ongoing to sell the remaining three that passed in.

“Homes that are priced well and correctly will sell comfortably,” Mr Kavanagh added.

He noted that properties overpriced by even 5 per cent would not sell in the current market.

With 80 per cent of its properties for sale up for auction and the rest for private sale, the Bayside group has scheduled six auctions on July 2.

Among its June 18 successes was 14 Ellendale Street, Hughesdale, which attracted four bidders and a 100-strong crowd.

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“This is an original home in one of the best streets in the suburb, and it drew good interest with 60 groups at the inspections,” Ms Sirianni said.

“We had seven buyers with four making bids and it sold for $1.4 million, which was well above the seller’s reserve.”

Sold for the first time in half a century, the three-bedroom California bungalow was won by a buyer from Carnegie, who entered the auction at the tail end and outbid three family buyers, and will use the property as a rental investment.

“We are seeing buyers who are a little nervous because of interest rates and the cost of living, but there is still good activity and they are still keen,” Ms Sirianni said.

“Properties priced right will sell.”

Two adjacent period homes at 504 and 506 Main Street, Mordialloc also changed hands.

“We had interest from developers, homebuyers and investors, and the properties sold to homebuyers who will renovate and extend,” Mr Kavanagh said.

No. 506 Main Street sold for $860,000, while the new owners paid $855,000 for 504 Main Street.

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And the auction of 16 Mcardle Street, Dingley Village, saw the three-bedroom house on 527sq m fetch $865,000.

In Parkdale, an original three-bedroom house near schools and parks at 34 Balmoral Drive, sold to the highest bidder for $1.18 million.

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Corporate - Home Page
28 June 2022
Save Article

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