Spring Auction Surge Signals Active Market
The market may not yet be in full boom, but for Barry Plant Manningham, Whitehorse and Wantirna offices, the weekend’s auction results revealed a Melbourne property market steaming into spring.
Barry Plant Manningham had a mammoth weekend, conducting 18 auctions from their office alone. Fourteen sold under the hammer, producing a 77.8% clearance rate, while several others were finalised shortly after through post-auction negotiations. Nearby, Barry Plant Whitehorse delivered eight auctions, six of which sold under the hammer, achieving a 75% clearance rate – a clear sign that Melbourne’s eastern suburbs are buzzing with activity.
Further east, Barry Plant Wantirna capped off September with a flawless 100% clearance rate, selling all eight scheduled properties. Seven sold at auction and one prior to auction day, underscoring a market heating up alongside the spring weather.
Barry Plant Manningham Director Spiro Drossos said the results reflected a noticeable lift in buyer sentiment.
“We’re seeing more confidence from buyers, and many people clearly took the opportunity to get busy in the market the weekend before the AFL Grand Final. It created the perfect storm for a great auction weekend,” he said.
“What we’re observing is that renovated or semi-renovated family homes remain the most sought-after, as rising building costs and longer construction timelines make move-in-ready properties especially attractive right now.”
Among Wantirna’s standout results, 6 Ann Street, Bayswater – a well-kept four-bedroom classic – drew 44 bids before selling for $1,240,500, leaving the vendor ecstatic. Meanwhile, 4 Lindau Drive, Vermont South, produced one of the year’s most gripping auctions, with 93 bids over the course of an hour, eventually delighting the vendor with a sale price of $1,633,000.
Barry Plant Wantirna Senior Auctioneer Brett Smith credited the weekend's success to his team's buyer-focused approach.
“Trusting the process is paramount to achieving an outstanding result,” he said.
Manningham also posted several headline sales, including 4 Hamal Street, Donvale, which sold for $1,718,000 after six active bidders competed, and 91 Beverley Street, Doncaster East, which achieved $3,250,000 following fierce competition for the brand new single-storey French Provincial.
With interest rates easing, listings on the rise and confidence growing among buyers, Spiro Drossos expects the momentum to build even further this spring.
“With so many active buyers in the market, and demand only set to increase, the momentum we’re seeing now is just the beginning,” Drossos said.
“As interest rates are likely to drop further in the new year, the feeling in the industry is that people are keen to buy now and pay less than they will in 6 or 12 months time as the market picks up.”
If this weekend’s success is anything to go by, the months ahead promise even greater momentum for Melbourne’s real estate market and buyers and sellers alike are set to reap the rewards.