Barry Plant says market is recovering

The latest figures released by the Barry Plant Group have highlighted the increasing strength in the recovery of the Victorian residential property market.

Comparing 2013 figures with the same period last year, Barry Plant has recorded an average increase in price of four per cent in the June quarter, as well as enjoying a 23.1 per cent increase in the number of sales and 29.2 per cent increase in the value of sales.

This is an increase from the first six months averages of 2013, where the average property price was two per cent higher than 2012, the number of sales were up 18.8 per cent and value of sales were up 21.1 per cent.

If you have a look at the financial year for Barry Plant Group, sales values were up 12.4 per cent and the number of sales were up 12.5 per cent, however, the average price over the 12 months was 0.2 per cent down.

Looking at June 2013 in isolation, compared to June 2012, the average property price at Barry Plant jumped from an average of $443,000 to $471,000. The number of sales jumped by 19.6 per cent and value of sales by 26.8 per cent.

Barry Plant Director & CEO Mike McCarthy said the June quarter in particular showed that both buyers and sellers were significantly more active than they were at this time last year.

“Also of significance is that the group recorded in excess of 9000 sales for the financial year – the last time we sold more than 9000 homes was in the boom year of 2010,” Mike said.

“It’s important to note that volumes are still below the boom of 2010 and our average sale price is also still just on five per cent down on the average achieved that year.

“All indicators are that whilst the recovery is strong and we should be pleased with the trends, we are still not in the boom times that we saw in 2010.

“Agents are still having to work hard on behalf of their vendors to achieve good results. It is about doing the small things well – marketing the property and negotiation – you get those two elements right and you will achieve the result your clients are looking for,” Mike said.

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