What a month it’s been! We had a snap lockdown and then it was back to business as usual after five days. And we hope it stays that way.
The market continues to be busy, with plenty of buyers. Agents are reporting huge line ups at open homes and we are seeing the same. Stock is still limited but it is starting to increase as confidence improves. Recent data from Archistar found total new listings were up nationally over 2021, being 7% higher than in 2020. Melbourne led the rise, with listings up by 28.8% over the period until the week ending February 7, with Sydney second at 15%.
In other news, new rental tenancy standards come into effect on March 29 in Victoria. This could be a tricky time for some landlords, especially after nearly a year-long moratorium on rent increases and evictions due to COVID-19. Landlords will have 60 days to prepare for the new standards. To find out more about the 130+ reforms click here.
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 during this challenging time, contact us today.
How do you get into the market with so much buyer competition?
The property market has defied any COVID doomsayers and is on the way back up. CoreLogic data shows the national home value index was up by 0.9% over January, taking prices to a record high. While prices rose by only 0.4% officially in Melbourne across the board over the first month of the year, we know that there are variances across suburbs and even pockets, as there is no one housing market in either the state or Australia. And with these variances we are seeing some strong growth, particularly in certain parts of Victoria, as buyer competition heats up for limited quality stock – and A-grade stock is what everyone should be aiming to buy.
As prices escalate faster than homebuyers can save, reality is beginning to bite hard. But don’t despair. All hope is not lost, but it will require some quick adaptation around a buyers ‘wish list’ versus market reality. If you can’t increase your budget, then try a cheaper neighbouring suburb, a smaller block of land, a smaller property or seek the help of an experienced buyers’ agent to help you to navigate what is often a highly emotional journey. In my 24 years of industry experience, emotional buyers often don’t make good decisions. Remember, whatever you do, don’t get FOMO and rush in to buy at any cost or buy anything you can find – you will regret it later.
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?
New South Wales-based John and Jennifer were seeking a strong capital growth and cashflow investment property in Ballarat, so they engaged our Ballarat buyers agent services to help, taking advantage of our market knowledge and experience.
With a good budget and in a hot and very fast rising market, John and Jennifer 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 2bedroom, 1-bathroom house in Ballarat
We secured this property under competition at market value, delivering over a 4% yield. And we did it all on John and Jennifer’s behalf while they were located in NSW and unable to visit Victoria due to COVID restrictions.
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?
Daniel and Jacqui were selling their treasured family home, a 3-bedroom, 2-bathroom family home in Ferntree Gully only two years after purchasing it and needed expert advice to guide them throughout the agent selection and sales journey.
Given they had only recently bought, and overpaid for it by $50,000 at the time, we helped to guide them through price expectations and market reality, to eventually secure a price over and above what they wanted.
The property was sold after auction, using a creative strategy and via a subject to sale scenario.
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.
Nakul and Tanu were seeking to buy a an A-grade family home as first home buyers, so they engaged our Melbourne buyers’ agent services to help.
With a tight budget and in a fast rising market, Nakul and Tanu wanted to purchase a low-maintenance property in sought-after school zones as their dream family home . We were able to successfully purchase this fantastic property, a 3-bedroom, 2-bathroom townhouse in Bentleigh, in what is a highly competitive market .
We bought this two days post auction – where it passed in - for $30,000 under market value.
Nakul and Tanu were very happy with the outcome! As first homebuyers they needed guidance on suburbs and properties and were happy to have help to get the house they wanted in a short time span.
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 !
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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.