Victoria’s property market is set for a strong finish to a very unusual year
THERE has been more good news over the past month for Victoria’s property market. Following the resumption of in-person private inspections at the end of September, as of midnight on Sunday, October 18 outdoor auctions were also allowed with up to 10 people in attendance, excluding auction staff. In more good news, Melbourne will exit lockdown on Wednesday.
Since the resumption of private inspections we have seen both surging demand and greater supply, with the floodgates seemingly opening as people can now act rather than wait. There are people who have sold that are desperate to buy, and sellers who have bought their next property and are desperate to sell, accompanied by the usual buyers, including first homebuyers, and sellers, not necessarily desperate but wanting to be active.
Auction volumes have risen sharply, along with new listings, with the latest CoreLogic data showing a rise of around 330% (from 1,606 listings to 6,974) in the four weeks ending 18th of October – with Melbourne adding more stock than any other capital city over the period.
There are now signs pointing towards a market recovery. While some people have been hit very hard financially in 2020, many others have got through fairly unscathed. Property values have fallen, but are only down by 3.1% over the past year in Melbourne, according to CoreLogic data.
Over the past month the market has become much busier, and with demand and supply both on the rise we anticipate it will be bedlam leading into Christmas and into next year, with January and February expected to unusually busy.
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.
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Beware of the perils of rushing in to buy as COVID restrictions ease
With pent-up demand in the market following such a long lockdown, people are understandably keen to get out there and buy. We are seeing lots of buyers rush in and snap up whatever property they can find so they don’t miss out. FOMO is definitely kicking in and causing a panic, especially for properties under $750,000.
But we would urge caution on getting carried away now restrictions are lifted and rushing into the market to buy. You do need to be careful in your selection to ensure you are buying an A-grade property, as well as inspecting it in person. On the ground I’m seeing that A-grade property is in high demand, with agents flat out with inspections for these homes, but supply is low.
Take your time and make sure you understand the market – and be informed of recent sales - before you buy. The best thing to do is to get advice about not only what to buy, but where, as traditionally-popular properties and areas may change in the post-COVID world and future capital growth could be impacted. Having the support of an experienced buyer’s agent can help you navigate this, as well as the other murky waters.
When buying, try not to be manipulated by Expression of Interest campaigns, which aren’t transparent and can be detrimental to buyers. It often leads to a “Dutch auction” scenario, which also lacks transparency. Inform agents that you will participate in an online auction only. I am also still witnessing some underquoting, so don’t be afraid to insist the agent needs to amend price ranges if you present an offer over the bottom of the range and it’s rejected. By law, they must increase the bottom of the quote range within 24 hours to reflect the new range.
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.
Why do you need a buyer's advocate ?
Saurav and Paridhi engaged Property Mavens services as a metro buyers’ agent to find, assess and negotiate to buy them a family home.
In a fast-rising market due to pent-up demand resulting from COVID-19 lockdowns, Saurav and Paridhi wanted to purchase a low-maintenance first home.
We were able to successfully purchase this fantastic property, a 4 bedroom, 3-bathroom house in Rosanna, for them immediately after the Stage 4 lockdown in a competitive market. Not only that, we purchased the property in a private sale with no buyer competition, which resulted in a price $32,000 under the valuation – giving our client an immediate equity gain, and coming in under their budget.
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 ?
Lauretta wanted to sell her treasured family home of 30 years a 2-bedroom, 1-bathroom heritage apartment in St Kilda - to downsize.
She needed our expert advice, however, to guide her throughout the process and sales journey.
We worked with Lauretta to secure her dream price with an interested party, off market and within 48 hours of her engaging our services.
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.
William and Luiza engaged Property Mavens services as a metro buyers’ agent to find, assess and negotiate to buy them a family home.
Amid a fast rising and competitive market due to COVID-19, William and Luiza wanted to purchase a low-maintenance first home. We were able to successfully purchase this fantastic property for them, a 4-bedroom, 2 bathroom townhouse in Heidelberg after the end of the Stage 4 lockdown.
Early in the sales campaign we used strategy to force an online auction, which resulted in nine parties registering to bid, only two bidding and our first homebuyer client securing this rare townhouse under budget.
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.
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