PHYSICAL real estate offices are closed in Victoria, but the real estate industry is still operating, and Property Mavens is open for business. Services allowed during this time are those required for the end or start of a lease and those related to completing a property settlement, as long as requirements are adhered to, including one person in a property at a time and the wearing of face masks. All other inspections to buy or sell property, including auctions, are online only.
Despite restrictions, there is ongoing buyer demand for residential properties in Victoria, and people are attending online auctions and inspections – including us, on behalf of our clients. With fewer properties offered to the market it’s a great time to sell as prices are being pushed up due to competition for the low supply. Clearance rates are holding up, and in some cases are double than the previous lockdown, but auction volumes are low. We expect this to pick up post lockdown, when confidence improves.
Recently released data from the Real Estate Institute of Victoria found properties in our state were selling quicker than 12 months ago, with the average Victorian home spending 41 days on the market in June 2020 compared to 44 days at the same time last year last year, and in metropolitan Melbourne it was 39 days, down from 42 days last year.
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.
At Property Mavens we are continuing to operate during this six-week lockdown, due to end on September 13. We are working from home, as required, but it is still business as usual. Our availability to clients remains the same and we are continuing to work with our clients to buy and sell during this period. Our extensive experience means we are equipped to guide buyers and sellers through the property market during this challenging time. Stay safe and take care!
Regional areas are even more appealing in the wake of COVID-19
The popularity of Victoria’s regional cities has been growing for many years, largely due to the relative affordability of housing compared to Melbourne, and the improving infrastructure of these areas, including transport corridors. But the appeal of regional areas has strengthened in the wake of COVID-19. In fact, these areas, such as Bendigo and Ballarat, are booming with tree changers, with first homebuyers in particular increasingly looking to buy and relocate from metropolitan Melbourne.. Not only have people been looking for a relative safe haven to ride out the pandemic, but the rise in working from home brought about by COVID has made it easier to live further from the city and just commute for two to three days per week if necessary.
We are seeing good properties in regional cities such as Bendigo and Ballarat snapped up the day they are listed. Real Estate Institute of Victoria data shows the vacancy rate for rental properties in regional Victoria has fallen to 1.8%, compared to 3% for Melbourne. Regional property markets also saw an average of 3.4% growth in the median house price in the 12 months to June, around three times the capital city markets, according to PRD. Growth in regional Victoria was 4.4%.
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.
For investors, it’s important to know that the ban on evictions and rental price increases has been extended by the Victorian Government until the end of the year.
We’ve provided you with a free resource – ATO Guide: Rental Properties 2020 to help you with your rental property from a taxation perspective, to help you manage your property in the most effective and profitable way. This guide explains how to treat rental income and expenses, including more than 230 residential rental property items.
Why do you need a buyer's advocate ?
Being based in Hong Kong, Yvonne need our help to buy a property in Australia. She engaged Property Mavens services as a Melbourne buyers’ agent to find, assess and negotiate to buy her an investment property in Melbourne.
With a solid budget and in a jittery market, Yvonne wanted to purchase a low-maintenance property with potential for strong capital growth while delivering a solid yield in the interim. We successfully purchased this fantastic property, a 3 bedroom, 2 bathroom house in Seddon, delivering a 2.7% yield in what is a strong performing Covid-19 A-grade property market.
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 ?
Clara and Jason wanted a stress free experience selling their home, so they engaged Property Mavens to guide them on the journey.
After we determined which 3 selling agents best suited their needs, they selected one and the sales and marketing process began with gusto! This resulted in 4 bidders competing for their wonderful home – a 3 bedroom, 2 -bathroom house in Point Cook - at auction, and a sale price in excess of their dream price.
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.
Leigh and Tanya were seeking a strong capital growth and cashflow property, so they engaged our Ballarat buyers agent services to help.
With a tight budget and in a fast rising market, Leigh and Tanya wanted to purchase a low-maintenance property with potential for capital growth while delivering a strong yield in the interim. We were able to successfully purchase this fantastic property, a 3-bedroom, 1 bathroom house, delivering a 4.8% yield in what is a highly competitive market.
As professional property buyers we know the difference between a bad property and a good one, where to buy to generate the strongest returns, 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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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.