Market Update | 19 October 2020

October 19, 2020 Leave a comment

Under the latest announcements from the Victorian government on Sunday, public auctions can now resume with a maximum of 10 people for the first time since stage four restrictions were introduced.

‘It’s very good news,’ Real Estate Institute of Victoria [REIV] President, Leah Calnan said. ‘We’re now sending out information to agents because work permits are still required and agents still must work from home,’ she said.

With a swift market rebound now on the horizon, Domain in has already reported that agents have ‘been inundated with calls from vendors and buyers wanting to take part in traditional public auctions on Sunday immediately after the announcement’.

The next phase of eased restrictions will see Melbourne work towards a COVID-safe Summer and COVID-normal 2021, with industry leaders now hoping that the next step will be the return of ‘non-essential renovation work, which would allow prospective vendors to fix up their homes before selling,’ according to Domain. In addition to Sunday’s announcements, Premier Daniel Andrews also advised that private inspections for the purchase or leasing of commercial properties can also recommence.

‘The ability to commence inspections of commercial properties for sale or lease will help with economic recovery and allow business owners to sell, buy or lease properties to rebuild their businesses,’ the REIV has said.

In Fletchers news, my team and I saw 4 bidders participate in his online auction for 6/3-5 Louise Avenue in Mont Albert on Saturday. With several onlookers logging online to watch the event, the auction resulted in a total of 24 bids. Desirably positioned in a quiet and leafy neighbourhood, the 2-bedroom villa unit was originally on the market for $750,000, eventually selling for an impressive $804,000.

Success. It’s a Fletchers thing.

Categories: Auction Wrap

Market Update | 12 October 2020

October 12, 2020 Leave a comment

As Melbourne’s property market gradually regains momentum, CoreLogic has reported a ‘striking turn in housing market sentiment’, with significant increases in consumer confidence and new property listings over the past month.

Corelogic Head of Research, Tim Lawless, said ‘with restrictions starting to lift and private home inspections once again permitted, we expect to see activity lift [in Melbourne] in October’.

Similarly, after releasing the quarterly median house prices for September, the Real Estate Institute of Victoria [REIV] says that the ‘Victorian property market has survived everything thrown at it in 2020’, with results showing a new quarterly record for Regional Victoria at $442,500 for regional homes and house values in metropolitan Melbourne remaining strong, falling by just 1.7% over the quarter while recording a 7.4% annual growth.

‘Despite six months of COVID-19, lockdown and moratoriums, the Victorian Property Market continues to prosper with properties remaining more valuable than they were in 2019,’ REIV President, Leah Calnan, said. During this time, sales by private treaty have also increased in popularity, with units in metro Melbourne recording a 0.8 per cent growth to a new record, surpassing $600,000 for the first time.

In Fletchers news, we have seen a number of new properties hit the market and properties once again being listed for auction sales.

Success. It’s a Fletchers thing.

Categories: Uncategorized

Market Update 5 October 2020

October 5, 2020 Leave a comment

With private inspections now permitted, industry experts believe home buyers could spur on a late selling season for Melbourne’s property market.

According to Domain, ‘buyers and sellers have barely 12 weeks – the time it can take for a property settlement – to make a move before Christmas, after private inspections resumed this week’.

With the late start to Melbourne’s peak selling season a result of strict COVID-19 restrictions in Victoria, Real Estate Buyers Association of Australia President, Cate Bakos, believes many buyers have ‘arbitrarily set Christmas as an emotional date for their property goals’, with the large number of buyers and few properties on the market having left many with a case of ‘FOMO’. ‘Others have access to pre-approval and they’re not keen on going through that rigmarole again,’ she said.

NAB Chief Economist, Alan Oster, said that other Australian markets had fared better than first expected post-lockdown and suggested that the sudden increase in transactions could result in an uptick in house prices across October and November. ‘There will certainly be a spike in sales,’ he said.

Give me a call if you’re considering selling this Spring.

Categories: Uncategorized

Spring 2020 Market Update

October 1, 2020 Leave a comment

Spring has finally sprung for Melbourne’s real estate market!

With COVID-19 restrictions beginning to ease across metro-Melbourne, private inspections are back and vendors can put the sale of their property back into motion.

Throughout the entire lockdown, even Stage 4, we have seen a lot of buyer enquiry. On the flipside, there is very little stock available to accommodate this demand, so it is an excellent time for potential vendors to sell.

Have a listen to my market update.

Categories: Media

Make Plans to Spring Into Action

September 24, 2020 Leave a comment

I was recently quoted in Domain in The Age, talking about the Spring selling season in our current COVID-19 affected climate.

Categories: Media

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 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