As we bring you news this month we are fresh out of yet another lockdown, and happy to be out and about again!
Despite interruptions Melbourne’s market continues to be tick along, with REIV June quarter data finding metropolitan Melbourne’s median house price is holding steady above $1 million, sitting at $1.01m. The ending of stamp duty concessions contributed to the flurry of activity over the quarter, and it offset the usual winter drop off, in addition to the pent up demand we’re still seeing flow on from COVID lockdowns. Regional Victoria also remains strong too – scroll down to see my thoughts on what is happening in the regions.
In other news this month, there has been some confusion over the 130-plus rental standard reforms recently implemented, which took effect on March 29. Investors need clarification on what many of the reforms mean, and how they should be interpreted. These issues should be worked out in time, and with education of industry professionals, but we will bring you further updates as they come to hand.
Introducing Michael Kimbel
We have some exciting news to share - we have welcomed the arrival of the newest property advocate in our FutureWave network, Michael Kimbel. Michael is a former finance specialist and a licensed estate agent with 10 years’ experience in Melbourne real estate. He was awarded Sales Agent of the Year before transitioning to a Buyers’ Agent role within a national firm, and will now be an independent owner under Property Mavens’ leading-edge FutureWave model, which puts owners and clients in the driver’s seat.
As a Buyer’s Agent, Michael will be advising investors on how to build their portfolios and helping first time and upgrading buyers find the perfect home for their family. As a Vendor Advocate, he will be helping clients get the best possible result when selling.
If you need expert advice or help – whether you’re buying or selling - Property Mavens is here to guide you through the property market. To talk to a qualified and highly regarded buyers’ agent or seller’s advocate, contact us today.
Regional areas are hot right now
Since COVID hit, we’ve heard a lot about the increasing appeal of regional areas, with a growing number of people choosing to relocate to the regions to escape the virus and lockdowns. This is particularly the case since working from home has become a more permanent feature of our working life. And there is no sign of this abating, particularly since lockdowns are continuing.
As well as sometimes providing an escape from COVID, regional areas also offer a great lifestyle and affordability, while still having all the necessary amenities and services.
This month the REIV released data showing Victoria’s regional housing market was strong, recording the shortest days on market in a decade. The May figures found the average days on market in regional Victoria was 40 days, with the median falling to 35 days. In June, days on market for regional Victoria was even lower, at 29 days; five less than the metropolitan number of 34.
This indicates the strength of demand – there is significant buyer competition reducing the amount of time properties are taking to sell. And inevitably that will also push prices up. Indeed, REIV data shows the median house price in regional Victoria has reached $559,500, with 10.5% quarterly growth to the end of June 2020 and nearly 20% annual growth, which is the highest on record. The Mornington Peninsula ranked highly, with three of the top 20 suburbs for quarterly growth, and five in the top 20 for annual growth.
Buy in Haste, Repent at Leisure
The growing interest in regional areas is something investors should consider when deciding where to buy, as it will lead to price growth – and hence profits – but it will also see more tenants, which means a strong yield. Check out a webinar I recently did with Terry Ryder of Hotspotting.com.au Buy in Haste, Repent at Leisure about why buyers need to choose location carefully. Webinar - How To Buy In An Insane market (propertymavens.com.au)
An experienced and expert buyers’ agent such as Property Mavens can provide advice and help buyers and sellers to navigate any market and choose the right properties. 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 agent?
Our interstate buyers Jesper and Melissa wanted to buy a lifestyle family home in Frankston – their first property in Victoria – but they needed help, so they engaged our Melbourne buyers' agent services.
Adhering to their strong budget and very specific and quirky brief, we were able to successfully purchase this fantastic and unique property, a 3-bedroom, 2 bathroom house in a leafy pocket of Frankston
Despite the hotly contested, competitive market, with multiple bidders vying for the property, we purchased this home on Jesper and Melissa’s behalf under budget, due to our expert negotiations.
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?
Wendy decided to sell her home, a 3-bedroom, 1-bathroom house in Heatcote, but as a novice seller she wasn’t sure where to start. Having used our Buyer Advocacy services to great effect, Wendy sought out our expert Vendor Advocacy advice to support and guide her throughout her sales journey.
After we determined which 3 real estate agents best suited her needs, Wendy selected her preferred one and the sales and marketing process began. By being across the entire process, we ensured it ran as smoothly as possible.
The result was a negotiated price a huge $60,000 over Wendy’s ideal price and favourable contract terms, to her delight. The property was sold via a private sale, with competition from multiple buyers.
In Wendy’s words, the “best parts of engaging with Property Mavens was Miriam's clearly explaining her contract, her spelled out step process, her invitation to be in her meetings with potential agents, constantly prodding the selling agent to take action and to do better, and her wonderful willingness to explain things at any time.”
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.
Referred by their financial advisor, Stephen and Louise engaged Property Mavens as a buyers’ agent to assist them in buying a capital growth-driven investment property. Their goal was to have the property generate equity over the longer term with renovation potential, while also having the ability for them to live in it for 12 months upon settlement.
With this brief in hand, Property Mavens was able to search and purchase the ideal property at auction - a 3-bedroom, 1-bathroom, single garage house in the sought after inner Melbourne suburb of Coburg.
We purchased the property on Stephen and Louise’s behalf under budget in 2018 and in just three years since then it has grown in value by a whopping 35% - that’s more than 11% growth per year!
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.
Go Forth and Prosper !
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.