Numbers confirm market confidence
As Victoria comes to terms with living under the latest lockdown, some people might have assumed that the real estate market would go into ‘hibernation’ while physical property inspections are prohibited, and real estate agent’s offices temporarily closed their doors.
The reality of the current situation is quite different. Whilst the Barry Plant team in the north-west is currently working remotely, the stream of buyer enquiries remains strong. Clearly demand has not declined at all. In fact, we are seeing another build-up of pent-up interest that is likely to produce some frantic activity as soon as this lockdown comes to an end.
As you may have read in the media this week, the use of online auctions has not only ensured that property sales have continued in the midst of the current restrictions, but the sales results have been quite remarkable. This weekend, the Barry Plant network reported sales on 58 of our 59 auctions, with our team here at Barry Plant Taylors Lakes and Caroline Springs reporting another 100 per cent success rate.
This included a vacant four-bedroom home in Nordic Avenue, Taylors Lakes (pictured) which had 93 physical inspections before the lockdown, and eleven registered bidders for this week’s online auction. The bidding opened at $800,000 and was declared ‘on the market’ at $880,000. I took a total of 72 online bids before it sold for an astonishing $1,025,000…Yes, more than 15 percent above the reserve!
Results like these come hot on the heels of the quarterly sales statistics that were published in the Realestate lift-out in this week’s Saturday’s Herald-Sun. As you can see in the picture above, our group sold 3,055 properties in Autumn, (an average of better than 1,000 properties per month), confirming the depth of buyer activity throughout the year to date.
As we mentioned last week, the uncertainty produced by the latest lockdown has clearly not impacted on the confidence of homebuyers in our area. So, if you’d like to take advantage of the built-up demand that is set to take off once the restrictions are lifted, the team at Barry Plant Caroline Springs and Taylors Lakes is ready to provide the advice and guidance you’re looking for. You can give us a call this week on 9390 8333.
Best wishes,
James Hatzimoisis & John Aaron Nakic
Directors – Barry Plant Real Estate
Taylors Lakes, St Albans & Caroline Springs