How is Victoria’s real estate market tracking since restrictions eased?
SINCE we brought you news last month we have seen the resumption of outdoor auctions in Melbourne and more easing of restrictions. And the real estate market continues to be busy in the lead up to Christmas.
As an indication of the strength of the market and buyer demand, recently released data from the Real Estate Institute of Victoria shows the average Victorian home was on the market for just 33 days in October, the lowest figure since 2009. This is also down from 71 days in September and 40 days in October last year.
The market is also set to be boosted by a range of Budget measures announced last week, including:
• A stamp duty waiver of 25% for existing homes and 50% for new homes valued up to $1 million.
• An extension of the $20,000 First Home Owner Grant for those buying or building a new home in regional Victoria up to June 30, 2021.
• A 50% land tax discount for eligible new build-to-rent developments in from January 1, 2022 until 2040.
• $5.3 billion Big Housing Build to construct more than 12,000 new homes throughout metro and regional Victoria including a $500 million Victorian Homebuyer Fund.
Almost $20 billion will also be spent each year until 2024 on infrastructure, including $2.2 billion for the Suburban Rail Loop, and $2 billion towards the Geelong Fast Rail. All of this is designed to stimulate construction and create employment to spur on Victoria’s economic recovery.
In other news, at Property Mavens we are proud to be named as a finalist in the 2020 MyBusiness Awards Category for Property Business of the Year. Recognition for our excellent contribution to the Real Estate Industry reinforces the strength of our service and dedication to connecting with the community and engaging with clients.
If you need expert advice or help – whether you’re buying or selling - Property Mavens is here to guide you through the property market during the COVID-19 crisis and beyond. To talk to a qualified and highly regarded buyers’ agent or seller’s advocate during this challenging time, contact us today.
The Block and overpaying for property
Just over a week ago, on the finale on the latest season of The Block, we saw IT entrepreneur Danny Wallis pay almost $12 million collectively to buy three of the properties. He purchased Sarah and George's property for $4,000,002, Daniel and Jade's for $3.8 million, and Harry and Tash's for $4 million. They were generally secured with knockout bids well above the reserve, which was a very unusual way of bidding, to say the least. What’s more is that Danny reportedly bought the properties sight unseen – only looking at them from the outside.
Danny’s bidding and successful purchases on The Block is the perfect example of what happens when a buyer is willing to overpay for property. Driven by deep
pockets, his knockout bids were highly effective, leaving the competition in his wake. While Danny believes the purchase prices were good value for money,
that’s not our opinion.
In reality property pricing requires strict analysis and due diligence. It is complex and is ‘part science, part art’ . While recent sales are taken into
consideration, other non-tangible factors are also considered to determine a ceiling price for a client, such as the competition on the day and an emotional
premium a client is prepared to pay for a property.
Auction bidding also isn’t for the faint hearted. When a skilled buyer’s advocate bids, we set a strict limit before bidding and use a variety of different strategies
and skills to secure the best outcome for our client. In addition, a good buyers advocate won’t call the client and put them on the spot to manipulate more
money from them, just to secure an outcome. And the outcome doesn’t always require that we have the deepest pockets on the day.
So what’s the lesson? Don’t take what you see on The Block as being the way things work in property. Remember, despite being a ‘reality show’, it is more just
a television show, and doesn’t really reflect reality.
An experienced and expert buyers’ agent such as Property Mavens can provide advice and help buyers and sellers to navigate any market. If you are a buyer or seller that needs assistance,contact us today for an obligation-free discussion.
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Why do you need a buyer's advocate ?
As a first homebuyer, Jemma engaged Property Mavens services as a metro buyers’ agent to find, assess and negotiate to buy her a home.
In a fast rising market due to COVID-19, Jemma wanted to purchase a low- maintenance first home. We were able to successfully purchase this fantastic property for her, a 1 -bedroom, 1 -bathroom , OPS art deco apartment in St
Kilda under very tough competition at an online auction with 20 registered bidders. The purchase price was also under her budget!
Jemma engaged Property Mavens on the recommendation of her mortgage broker, and says the best thing to come out of 2020 has been working with our professional team in securing an investment-grade property that ticked every box, in the suburb of her dreams, and providing her with an instant equity gain.
If you want help to identify an investment-grade property like this one, whether it’s a family home or an investment property, click here to book a time with us to discuss your requirements. It’s 100% obligation free.
Why do you need a vendor's advocate ?
Gary and Loretta were time poor and wanted a stress-free experience selling their investment property, a 1 bedroom, 1-bathroom apartment in Braybrook, so they engaged Property Mavens to assist in the process.
After we determined which three agents best suited their needs, Gary and Loretta selected their chosen agent and the sales and marketing process began with gusto! This resulted in 2 offers coming in at the very beginning of the marketing campaign, and the property selling prior to auction for a price in excess of the quote range, and much more than the most recent sale in the same apartment block.
As professional property buyers and vendors advocates, we know the difference between a bad selling agent and a great one. If you would like help to secure a fantastic outcome like this one, whether it’s selling a family home or an investment property, and you’re ready to get started, click here to book a time to discuss your requirements. It’s 100% obligation free.
Single mum Suzie wanted a low-maintenance investment property in Ballarat to generate income into the future and engaged our Ballarat buyers agent services to help.
We were able to successfully purchase a high tenant appeal property delivering a good yield in less than 2 weeks after engagement in a highly competitive market.
We secured this 3-bedroom, 1-bathroom house in Ballarat at market value, with a $1000 rebate at settlement negotiated after discovering some issues during the due diligence period.
Suzie purchased this property in October 2018 for $331,000 and sold two years later for $400,000, enabling her to realise a 21% capital gain in two years and a
As professional property buyers we know the difference between a bad property and a good one, where to buy to generate the strongest returns, how to buy to secure the best result, and what properties are really worth, to ensure our clients don’t pay too much. If you want similar results, click here to book a time with us to discuss your requirements. It’s 100% obligation free.
Love to talk real estate?
If you want to invest or buy the right home for your budget, or sell your property click here to book a time, or call us for a chat about securing your financial independence.
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At Property Mavens we choose to give back to help create social change within our business model. If you use our buyers or vendor advocacy services, you will be helping to make a positive impact within the local and wider community.