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Half Year Market Wrap

The last five months have been unchartered territory for every industry in Australia. In the real estate sector, the COVID-19 pandemic has brought about many challenges and forced us to modify our approach when assisting buyers and sellers during this unique period.

In response to these challenges, the Barry Plant Eastern Group has adapted the way in which it operates and has even celebrated the success of being a finalist for the prestigious REB 2020 Office of the Year award.

The coveted nomination completed a challenging yet successful period for the Barry Plant Eastern Group of three offices (Barry Plant Manningham, Whitehorse and Eltham), which collectively sold 246 properties during the pandemic with a total sold value of $248,885,502. Despite the changes to open for inspections, 2,218 buyer appointments were organised from March to July and over 2,000 potential buyers were reached daily across our social media channels during the same window. A positive sign of our innovative approach is reflected in the fact that one in every nine inspections generated a sale and homes sold by the Barry Plant Eastern Group spent less days on the market (on average) as the year progressed.

Our Property Management Department has also adapted during the pandemic and implemented a number of innovative strategies. As a result, the department has been rewarded with record-breaking leasing months. An incredible 240 properties were leased during the first half of 2020, with 62 being leased in June alone — our highest month on record.

If you’d like to learn more about how the local market has responded during the pandemic or are considering buying or selling during this period, contact one of our agents today for an obligation-free chat.