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‘Pent-up buyer demand’ drains Victorian stock

16 October 2020 Grace Ormsby
Melbourne

With private inspections back on the agenda, pent-up buyer demand is delivering good results for sellers, according to a Victorian network CEO.

A Barry Plant update from CEO Mike McCarthy said it is “now abundantly clear that we have a shortage of homes for sale at the moment” after just one week of loosened restrictions around property inspections in Melbourne and surrounds.

“Generally, we’re only seeing serious buyers wanting to inspect homes, but we’re still seeing individual inspection numbers of 15, 20, 30 and more go through a single property,” he commented.

According to the CEO, all of Barry Plant’s agents have been extremely busy trying to fit in appointments for people to look at available stock.

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As a result, Mr McCarthy said available homes are selling quickly at or near to the top of the quoted price range.

“I’ve got to say, it’s been challenging, but it’s a nice problem to have after eight weeks of not being able to show properties to anyone,” the CEO said.

‘Pent-up buyer demand’ drains Victorian stock
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