Market Update | 14 September 2020

September 14, 2020 Leave a comment
While Melbourne’s property market effectively remains in hibernation until the end of October, the current ban on private one-on-one inspections has seen thousands of Victorians caught in limbo.
‘No one can inspect anything. There are literally hundreds and thousands of people who’ve lost their jobs and are struggling with mortgages and struggling with rent. They are in genuine financial distress or there’s illness, or divorce. This is about so much more than the real estate industry – it’s about the basic human need of shelter,’ one agent reported.
Among those struggling with current restrictions include buyers who purchased a property prior to lockdown and need to sell, vendors who sold their property and need to buy, unemployed tenants who are struggling to afford their rent and mum and dad landlords who are trying to keep their mortgages afloat.
As the sector seeks to bring forward the timeline to allow private inspections, the Victorian Government’s road map to reopening revealed that in-person inspections would be able to resume if the state recorded fewer than five daily cases over the two weeks prior to October 26.
‘Stress, anxiety and financial pressures could be avoided with very minor changes to the current restrictions,’ said Real Estate Industry Partners CEO, Sadhana Smiles.
While an increasing number of Victorians face financial difficulty due to the impact of COVID-19, the real estate industry remains committed to providing this essential service using COVID-safe practices and hopes the proposed date to reopen can be brought forward to assist buyers, sellers, tenants and landlords in need.
Categories: Auction Wrap

Spring 2020 Buying Guide

September 7, 2020 Leave a comment
Some advice for buyers who are looking to secure a property this year, with the game being changed so dramatically due to the COVID-19 pandemic.
In summary, do extensive online research, be ahead of the game, act decisively and know your strategy. We are still seeing people buy property even during the Stage 4 lockdown, with all the technology that is now available. You don’t have to wait if you see a property you’re interested in.
Categories: Media

How is the Melbourne property market tracking?

September 4, 2020 Leave a comment

With metro Melbourne still in Stage 4 lockdown, many potential buyers and sellers are choosing to wait and see what happens this Spring, traditionally the busiest selling season.

One of my vendors, Kerrie Love, is bucking the trend and has opted to bring forward her decision to move.

Ms Love, recently retired from her catering job, had supplemented her income over the past few years by renting out rooms in the historic Box Hill house she had raised her four children in on Airbnb.

It had been an extremely successful income stream, and one which she had planned on continuing following her retirement, with bookings up until October 2021 – until the pandemic hit.

“I’ve had so many cancel. All the borders are closed and there’s so much uncertainty,” she said.

“Not being able to rely on that income has brought my decision forward. I’ve had time [during lockdown] to do up the garden, the renovations are all done, so I think it’s time to do it. I’m hoping the fact it’s a beautiful family home will mean it sells now.”

She expects the October 17 auction to be very different to when she bought the home in 1996, with 200 people at an auction in the backyard.

Categories: Media

Market Update | 31 August 2020

August 31, 2020 Leave a comment
As the real estate industry endures the final weeks of Melbourne’s strict six-week lockdown, buyer activity has remained surprisingly strong, with realestate.com.au reporting almost no impact to traffic on their website, with total site visits and enquiries in Victoria remaining steady throughout stage 4 restrictions.
REA Chief Economist, Nerida Conisbee, said that despite fears of a dramatic slowdown, current activity shows that people see this lockdown ‘more as business as usual and that there is a timeframe for it and they will get through it’.
‘We’ve got incredibly low interest rates of below 2% now and so I think buyers are seeing now as an opportunity to jump in,’ she added.
Melbourne’s property market has survived a 53% drop in newly listed homes over the last four weeks due to the strict lockdown measures, but strong interest in property amongst buyers continues to show signs of a swift market rebound this Spring, with agents expecting a busy marketplace through the back end of September and October.
‘What we’ve seen in Melbourne is a pullback of listings. But it will help to support prices. Following stage 4 lockdown, we’ll see a rapid increase in vendors coming to the market. Transactions will start to return,’ Domain Senior Research Analyst, Nicola Powell suggested.
In Fletchers news, my team and I successfully sold 8 Bright Street in Camberwell for $1,638,000 on Saturday. Conducted via a one-hour long, remote, online auction, the property generated lots of buyer interest in the lead up to auction day, where it attracted three interested bidders.
‘Patience is definitely a virtue! A whopping 66 minutes after we began, we had the result! Congratulations to our vendors and the successful purchasers, who played the long game and are rewarded with the keys to a wonderful home in a blue-chip location’.
Success. It’s a Fletchers thing.
Categories: Auction Wrap

Market Update | 24 August 2020

August 24, 2020 Leave a comment
With still a few weeks to go until stage 4 restrictions are eased, Melburnians forced to put their property plans on hold in the wake of the tougher lockdown measures are still ‘wanting to take advantage of the market, despite not being sure how,’ according to Smart Property Investment.
James Symond, CEO of mortgage brokerage, Aussie, said that ‘there are many opportunities available right now that could make it favourable for Australians to enter the market, invest, downsize or refinance, including lender cashback incentives, reduced interest rates and government initiatives, such as the First Home Owner Grant, the $25,000 HomeBuilder grant and the First Home Loan Deposit Scheme’.
After commissioning a survey back in January, pre-pandemic and then again in June to analyse COVID-19’s impact on the property market, Aussie found that more than 6 in 10 respondents said that ‘the pandemic caused them to change their property plans’.
With our Fletchers agents continuing to field plenty of property enquiries during lockdown, it seems buyers and sellers are waiting for current restrictions to ease in Victoria in order to resume their property plans.
Fortunately, with the ever-popular Spring selling season upon us, we encourage our clients to use this free time to start making preparations and be ready to act. Our agents continue to work remotely during this time and are happy to answer any of your questions, so please don’t hesitate to reach out should you need assistance.
My team and I were thrilled to sell the stunning property at 12 Hopetoun Avenue, Canterbury prior to auction last week.
Categories: Auction Wrap

SOLD | 12 Hopetoun Avenue, Canterbury

August 21, 2020 Leave a comment
Architect inspired and unforgettably unique, it’s unsurprising that this stunning home attracted so much attention, despite the lockdown conditions!
Thrilled to secure a deal prior to auction for our vendors and happy for the successful purchasers who will now get to enjoy this wonderful home.
Categories: Sold

Market Update | 17 August 2020

August 18, 2020 Leave a comment

Buoyed by strong levels of buyer interest, Melbourne’s property market saw a 90% success rate for properties that went to an online auction over the weekend, according to Domain.

To date, Melbourne’s stage 4 restrictions have weighed heavily on the nation’s economy, with the Reserve Bank of Australia holding the official cash rate at 0.25% for the fifth consecutive month. AMP Chief Economist, Dr Shane Oliver, believes that the Reserve Bank is still in a ‘watch and wait mode’ and suggests the next rise in interest rates could be at least another 3 years away.

‘By maintaining interest rates today, this is sympathetic to the balancing act our economy faces. Once the likes of JobKeeper, JobSeeker, mortgage holidays and safe harbour do eventually come to an end there will be a seismic shock to the economy’, he said.

Fortunately, the latest data from CoreLogic Australia revealed that despite current restrictions, residential properties sold by private treaty continue to see strong demand across Victoria.

According to Smart Property Investment, research from the REIV ‘found that houses spent just 41 days on market, down from 44 days in the same time last year.’

‘Ultimately, the data proves that the Victorian residential housing market still remains highly desirable. Properties spending less time on market means sellers won’t have to deal with the stress of a lengthy real estate transaction. This is a great time to sell your property – a relatively lower volume of property listings is producing strong prices and driving down the selling time’ Real Estate Institute of Victoria [REIV] President, Leah Calnan said.

In Fletchers news, Senior Associates, Michelle Yan and Ian van Eijk (Team Yan Eijk – Estate Agents), successfully sold a boutique, modern ground-floor apartment in Wantirna over the weekend.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

12 Hopetoun Avenue, Canterbury

August 15, 2020 Leave a comment

Space, light and volume. That’s what you experience when you walk into the architect-designed home at 12 Hopetoun Avenue in Canterbury.

Our vendors have owned the land for 35 years and in 2008, they designed and created something special – a brand new build, which is what you see today.

In a blue-chip neighbourhood, the home boasts attractive entertaining areas, a luxe main bedroom and Bosch kitchen draped in stone.

I encourage you to watch the video, this is a special home.

Categories: Listings

Market Update | 10 August 2020

August 10, 2020 Leave a comment

Melbourne’s first weekend of stage 4 restrictions saw a sharp increase in online auctions and inspections, with a clearance rate of 92% achieved for Victoria amongst 165 scheduled auctions.

Although auctions have now been held online successfully for several weeks, auctioneers are now required to hold all auctions online at home, with agency offices now closed under the tighter lockdown measures.

Under the latest restrictions, the Real Estate Institute of Victoria (REIV) has stated that permitted work during this time will include ‘services related to property settlement or end-of-lease, including removalists’ and ‘building and grounds maintenance, cleaning, pest control and packaging where providing support to an essential industry or where required to maintain the health and safety of Victorians at home or work’.

For the next 5 weeks, this means that any work related to contract settlements or end-of-lease scheduled to occur during this period, may be undertaken. This also includes final inspections.

With physical inspections not permitted at this time, we encourage all buyers to register their interest in a property with us to book a private appointment as soon as restrictions ease.

Results. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 27 July 2020

Following another weekend of private inspections and online auctions, it was positive to see buyers embracing the new normal while under current restrictions. In total, the Fletchers team sold a fantastic 7 out of 10 properties conducted via online auction over the weekend.

With Victoria recording an auction clearance rate of 78% over the weekend, Real Estate Institute of Victoria [REIV] President, Leah Calnan, says that despite the challenges presented by the pandemic, residential property in Victoria is now selling quicker than it was 12 months ago.

The latest data from the REIV revealed that ‘the average Victorian home is spending just 41 days on market before being sold, down from 44 days in the same period last year. Homes in metropolitan Melbourne are being sold within 39 days on average.’

‘There remains a huge interest from buyers despite the state undergoing restrictions due to the pandemic. The REIV days on market figures, amongst a range of other measures, show that our state’s property market is holding strong and delivering great results across the board,’ she noted.

With listing numbers remaining down on previous months and some vendors delaying their sales until public auctions return, agents across Melbourne are citing a missed opportunity in the market, with one agent pointing out, ‘buyer activity is so strong at the moment. We just wished we had more stock’.

Meanwhile, interest from first-home buyers continues to grow, with affordable entry-level homes generating increased interest from buyers throughout the state.

‘There seems to be plenty of buyers in our market. Looking for that entry point, whether it’s a house or an apartment. There’s not a lock of stock coming up, which is normal for Winter, but I think with COVID, people are waiting a little,’ one agent remarked.

My team and I sold the freshly renovated, single level home at 2/3 Raynes Street in Balwyn which saw 4 bidders fight it out for the keys to the deceased estate. The buyers were a young couple looking to get into the Balwyn market. ‘The vendors were two brothers and they were thrilled with the result’. We also sold 12 Albert Street in Surrey Hills post auction, for $2,300,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap