Franchise on track for another record year

Barry Plant Group has followed up its strong growth in January with a record-breaking February result.

The Victorian franchise sold 929 properties worth $462 million in February.

That marked a 33.9 per cent increase on the volume for February 2014, which set the previous record for the month.

Barry Plant said its auction results had been consistently high – including a record clearance rate of 94 per cent in the first week of March, when 78 of 83 properties found a buyer.

That has helped 24 of Barry Plant’s 80 offices post record months for February, despite an average price rise of just 4.0 per cent.

Chief executive Mike McCarthy said the modest price rise suggests that while the market is strong, it is not overheated.

Barry Plant booked a sales record $5.3 billion in 2014, then made $277 million of sales in January, which was up 7.2 per cent on the previous January.

The group said it was well on the way to beating last year’s record result if sales continued on their current trajectory.

According to CoreLogic RP Data statistics for February, the median Melbourne house price grew 6.8 per cent to $578,000, while the median unit price rose 2.7 per cent to $475,000.

The median time on market was 52 days for houses and 62 days for units.

[Related: Melbourne and Adelaide lead the way for vendor growth]

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