The Barry Plant Group almost doubled the value of property they sold in October 2020 due to the pent up demand of buyers during Victoria’s lockdown.
The Announcement:
The Victorian property market bolted out of lockdown with pent up demand by buyers and eagerness to sell by vendors powering a month of records for the group.
Selling property valued at just over a billion dollars ($1.024B) Barry Plant almost doubled the value of property they sold in October 2020.
Twelve hundred properties were sold, the group’s biggest month in volume since May 2015. The 1200 number is a 47.23% increase on volumes for October 2020.
Nigel O’Neil, CEO of the Barry Plant Group said that it has been a truly amazing result. “There’s been a sort of frenzy in the marketplace with an extraordinary numbers of buyers attending opens and a consistently high number of offers on properties, as well as large numbers of registered bidders at auctions.”
The convenience of online auctions hasn’t been cast aside with the restrictions, but has remained a part of the group’s offering.
“There are agents who are conducting online auctions during the evening on weekdays and getting great results. This is freeing up their time on the weekend for other productive activities.
“Other agents are using a hybrid model with a street auction that is streamed for online bidders who either can’t get to the auction or are unable to attend because of their vaccination status.”
Nigel is quick to dismiss reports of property market correcting sharply in 2022.
“There’s certainly a lot of people still wanting to sell and buyers have been given some reassurance by the RBA recently re-affirming their goal to not raise interest rates until 2024 at the earliest.
“While we are have seen somewhat of an exodus from the state to places like Queensland in recent times, the opening of the international borders and the re-kindling of our immigration program should take up any slack and keep the demand for property in Victoria at healthy levels into the new year.”
Source: Barry Plant Group
