This month we’re happy to be reporting that we can conduct physical inspections of properties again on behalf of our clients! Read below to find out how the market is responding to this change in restrictions.
Despite on and off lockdowns this year in Melbourne, and a reduction in activity during the latest lockdown with physical inspections unable to occur, our city’s property market remains resilient, and is expected to lead house price growth over the next 12 months. Prices in Melbourne are predicted to rise by 9%, according to Finder’s latest RBA Cash Rate Survey. It will be followed by Sydney, at 8%.
In other news, I’m thrilled to be named as a finalist for Buyers Agent of the Year in the REIV Awards for Excellence 2021, for the fourth time. The REIV Awards is the benchmark for excellence, recognising the outstanding people influencing the Australian real estate profession.
As an added bonus this month we’re giving you a free gift – the ATO’s Tax Time Toolkit. You can upload it 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 sellers’ advocate, contact us today.
What impact has the easing of restrictions had on the market?
On Saturday, September 18 the Victorian Government eased lockdown restrictions to allow one-on-one physical inspections of real estate, which is good news for sellers, buyers, renters and landlords. Previously inspections had been banned during the current lockdown, with inspections and auctions online only. The move to ease restrictions has been met with relief from the real estate industry, including the Real Estate Institute of Victoria, which has strongly lobbied for the changes.
As soon as private inspections were allowed again in Victoria, the floodgates opened in terms of activity, with agents booking one-on-one inspections. In fact, the day physical inspections started again, realestate.com.au was reporting a huge surge in buyer demand of 382%, nearly all of which was in the 24 hours after the announcement was made. A-grade properties are proving to be the most sought after, which is no surprise, as well as entry point properties – in terms of price - that allow access to otherwise unaffordable suburbs.
Buyers are clearly active, but sellers are also getting in on the action, with more bringing their properties to market and going ahead with auctions, with withdrawals down. Recent CoreLogic data found new listings around Australia are starting to lift, with the largest rise being in Melbourne. New listings have surged 48.5% since a low at the start of September. The recent easing of restrictions on inspections has no doubt had a significant impact on this figure, but the upward trend was already occurring before that.
Looking forward, on site outdoor auctions are expected to be allowed again when 70% of the eligible population in Victoria is double jabbed, with up to 50 attendees.
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 property. 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?
Stephanie and Hamish were seeking their first property to call home, but they also wanted strong capital growth potential, so they engaged our Melbourne buyers agent services to help, via our new franchisee Michael Kimbel.
After searching in the fast moving market, with limited opportunities and inspection restrictions in place, for some time themselves, they became confused and annoyed, watching prices on properties shoot well past their advertised price and seeing properties sold that never made it to the market. Within 10 days of engaging Property Mavens, however, we were able to secure for them a unique property off-market, a 2-bedroom, 1bathroom renovated villa in Brunswick, for $10,000 under the vendors asking price.
What’s more is that we were able to purchase this property on Stephanie and Hamish’s behalf under budget, as there was no competition.
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?
Sasi was time-poor and wanted a stress-free experience selling her investment property, a 1-bedroom, 1xx-bathroom apartment in Kensington. She came to Property Mavens for help, and as a vendor advocate, we determined which three real estate agents best suited Sasi’s needs for her to choose from.
Given the high number of apartments for sale, Sasi’s appointed agent achieved a great outcome for her! Sasi’s apartment sold for full asking price via a private sale.
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.
Jeremy and Carmela (a CPA) engaged the help of our Ballarat buyers’ agent services for the third time (out of four) in 2019 when they wanted to add a third investment-grade property to their portfolio.
They wanted to purchase a low-maintenance property with the ability to add value in time, while delivering a strong yield.
We were able to successfully purchase this gorgeous property, a 3-bedroom, 2-bathroom house in Ballarat, at market value at the time, delivering a strong 4.5% yield in what is a highly competitive market.
Here’s the really exciting part: in just two years the property has grown in value from $425,000 in 2019 to $600,000 in 2021! That’s a very significant rise of 31%, or just over 15% per annum. This type of growth, our client says, has paid for the cost of our valuable advice many times over. Combined with the equity growth of the other 2 properties we have purchased for them, we have since purchased a 4th property for them.
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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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.