Off the back of a breakaway month for the property market, a Victorian network has almost doubled the value of property sold in October 2021 compared to the same period last year.
In just one month, Barry Plant has reported transactions worth $1.02 billion, thanks to the sale of 1,200 properties.
The network reported that the achievement was a 47 per cent increase in volumes for October 2020 and the Victorian group’s biggest month since May 2015.
Nigel O’Neil, CEO of the Barry Plant Group, commented on the combination of factors that led up to the record-breaking selling season.
“There’s been a sort of frenzy in the marketplace with an extraordinary number of buyers attending opens and a consistently high number of offers on properties, as well as large numbers of registered bidders at auctions,” Mr O’Neil said.
He noted that the easing of restrictions coupled with continued use of some of the tech tools agents had adopted during lockdowns had allowed them to get the most out of the current market.
“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,” Mr O’Neil noted.
In his eyes, the current strength of the market is set to continue in the months to come, with notions of a sharp correction on the cards for 2022.
“There’s certainly a lot of people still wanting to sell, and buyers have been given some reassurance by the RBA recently reaffirming their goal to not raise interest rates until 2024 at the earliest.
“While we have seen somewhat of an exodus from the state to places like Queensland in recent times, the opening of the international borders and the rekindling of our immigration program should take up any slack and keep the demand for property in Victoria at healthy levels into the new year.”
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Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.