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Winter chill no match for robust buyer activity

Real estate & property news
28 July 2023
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Sellers with Barry Plant agents reap six-figure windfalls at auctions

An unseasonably strong winter market has propelled sellers to stellar results at auctions.

In Melbourne’s north, the price of 16 Coghlan Street, Niddrie (pictured below), sailed $115,000 beyond the seller’s reserve during a six-bidder contest on July 22.

The opening bid for the well-presented townhouse was a strong $1.08 million, and it eventually sold to a young couple for $1.305 million.

“We expected strong competition but did not expect it to go so high,” Barry Plant Essendon agent Natalie Drazic said.

“There was good interest because the property is in a sought-after location and there is a shortage of good quality homes in the area.”

The seller had purchased the 326sq m property from a Barry Plant agent 14 years earlier.

Ms Drazic said Barry Plant Moonee Valley, which has offices in Essendon, Keilor East and Gladstone Park, had nine properties scheduled for auction that weekend and sold seven on the day, or prior to auction.

Strong buyer activity levels this winter are showing no signs of easing as the official start of spring edges closer, according to Barry Plant Moonee Valley Director Bill Karp.

“This is a very positive sign for homeowners who are considering selling in the City of Moonee Valley and surrounding suburbs,” he said.

“The lack of competition is contributing to outstanding sales results.”

Barry Plant Group Partner, Mark Lynch said those who sold their properties on July 22 were doing so in a “little bit of a golden hour for winter real estate”, between the end of the winter school holidays and start of the spring selling market.

Mr Lynch said the Barry Plant network, Victoria’s second biggest real estate group, had recorded an auction clearance rate around 80 per cent in recent weeks.

“I reckon you could go back over 10 years and the best numbers have come traditionally through the late winter,” Mr Lynch told the Herald Sun.

“The volumes will increase as we head into the spring market … four weeks post the grand final is going to be a busy, busy day.”

Another outstanding auction result on July 22 was 3 Royal Oak Court, Mulgrave, which sold for $1.265 million, which was $165,000 above the reserve, with five bidders competing for the home.

And in South Morang, 33 Chandler Drive also sold six figures above expectations, with four bidders driving the sale of the four-bedroom house $100,000 past expectations. With a $650,000 opening bid at the bottom of the home’s advertised range, consistent bidding pushed the figure to $750,000 when the property was called on the market. It sold under the hammer for an amazing result at $850,000.

If you've been considering selling your property, now is the time to act! Request a free property evaluation and find out what your property could be worth.

Real estate & property news
28 July 2023
Save Article

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