Melbourne’s property market is hurtling into the winter season, with the latest auction clearance rates tipping over 90%. There has been a very noticeable change in buyer sentiment, with many more buyers applying for loans, inspecting properties and bidding at auctions – despite snap lockdowns. Bank lending is once again on the rise and cash is the cheapest it has ever been, so investors are also getting back in the market and buying property too.

The recent confidence and positive conditions have awakened buyers to a stronger level of activity – last witnessed in the 2010, 2017 and 2019 boom periods. This fast change has surprised a lot of people, especially real estate agents. A big driver for this ‘panic-buying’ surge is the extremely low level of properties available for buyers to choose from. We are currently experiencing 30% lower stock levels compared to 2018 and 2019, and this is putting enormous pressure on pricing again.

Unfortunately, more and more property buyers are missing out at auction. Buyers are eager, and for those who are actively trying to purchase a property, the current market conditions are tough. It’s rare now to see Saturday open home inspections without a queue of people and auctions without multiple bidders. When five people attempt to buy a property, four of them miss out. These ‘under-bidders’ must continue their search, and assuming their housing requirements remain the same, they risk being quickly priced out of the market.

As a result, they switch from “seller-buyers” to “buyer-sellers”. For those considering moving homes, particularly to upsize after a year of home schooling, working from home and lockdowns, the conundrum they face is where will they actually move to. The idea of selling their current home first is now a daunting task as new options are very limited due to such limited stock on the market.

Many people believe that these market conditions will improve for buyers once stock levels increase during the spring selling season. However, the issue we face is that the selling agent’s pipelines are looking extremely tight for September, October and November. With homeowners switching from seller-buyers to buyer-sellers, it’s causing a hold up of new properties hitting the market.

As we enter a seller’s market, the upward pressure on home prices continues, but we hope this trajectory will entice more sellers into the market.

If you have been navigating through tough buying conditions and are yet to secure your new home, don’t be  discouraged and please don’t give up. Understand that we are at the beginning of a new market cycle and prices could increase very quickly if these current conditions continue. So, keep a calm head and ensure that you select a property that is right for you and your circumstances. Conduct your due diligence and don’t be persuaded by emotions or the ‘fear of missing out’.

Buying a new home requires patience, but you have to persist and make a commitment. The right home will appear, it may just take some time. In a hot market, try not to get swept up with the fast pace, do not rush decisions or make an emotional purchase, ensure you set a responsible budget. The best way to enter into a competitive market is to be prepared; having a finance pre-approval, ensuring you have a conveyancer on standby and engage a building inspector early.

At Beckett Property, we embrace the changes to our city and the varying market conditions. We constantly strive to source new opportunities for our clients which unlocks the potential of each property and creates remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent and creative Property Advisories. Our company is built on the foundation of experience, current industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimum results.

If you are thinking about getting into the market to buy a Melbourne property in 2021, please feel free to contact us at [email protected].

The post The Melbourne property market… so hot right now… appeared first on Beckett Property.

The State Government announced this month that the Victorian budget for 2021/2022 will include new land tax increases and a new ‘premium stamp duty’ for property transactions above $2,000,000.

These measures are designed to raise significant revenue dollars for the state government over the coming years. The increases will commence from 1st July 2021.

So what are the changes, and what does this mean for you when buying a house this year?

As part of the coronavirus relief measures announced in November 2020, Victorians have been enjoying a waiver on stamp duty for residential properties up to $1,000,000. With a 50% stamp duty concession on new residential properties and 25% stamp duty concession for existing residential properties, or vacant residential land up to $1,000,000. However, these measures are due to finish up on 30th June 2021 to make way for the new stamp duty program.

A ‘premium’ stamp duty (land transfer duty) is being introduced for all property transactions above $2,000,000. This is for contracts entered into from 1st July 2021. Such transactions above $2,000,000, will now attract stamp duty at the rate of 6.5%. This is a 1% increase from the 5.5% that is currently applicable. For those concerned with the increase, it’s worth noting that this new rate of 6.5% is only applied to the dollars spent above the $2,000,000 dollar mark.

There is, however, some relief in sight for those on smaller budgets, and within central Melbourne. For new contracts entered into from 1st July 2021, temporary stamp duty concessions are available for new residential properties within the City of Melbourne, with a value up to $1,000,000. A 50% concession will be available for these properties. Also, a full exemption will be available for new residential properties that have remained unsold for 12 months or more since their completion of construction. These new concessions will be available to home buyers until 30th June 2022.

To support those buying off-the-plan, there will also be a temporary increase in the eligibility threshold for the off-the-plan stamp duty concession – from $750,000 up to $1,000,000. These concessions will be applied until 30th June 2023.

The existing First Home Owner Grant will continue. Those purchasing their first home under $600,000 are fully exempt from paying stamp duty, and those purchasing homes up to $750,000 are still able to claim a partial concession.

To build a new home in Victoria, the First Home Owner Grant also remains in place, however there is one crucial change. At the moment, those in metro areas are eligible to receive $10,000 and those in regional areas are eligible for a $20,000 boost. However, from 1st July 2021, the regional grant has been reduced to only $10,000.

Other taxes impacted by the 2021/2022 Victorian budget include a new Windfall Gains Tax. This will apply to properties where the value is increased through rezoning with a 50% tax on windfalls above $500,000 (with the tax phasing in from a $100,000 uplift). This will come into effect next year – from 1st July 2022.

Land Tax is also being raised to 1.55% next year for properties worth between $1,800,000 and $3,000,000 – this is an increase of 0.25%. If the property is worth over $3,000,000, the increase will be 0.30% which increases the rate to 2.55%. These Land Tax increases are effective in the 2022 calendar year. However, it is worth noting that Land Tax doesn’t generally apply if the property is your primary place of residence. The vacant residential land tax exemption for new developments will also be extended to apply for up to two tax years commencing in 2022.

More information about the recent changes to Stamp Duty and Land Tax in Victoria can be found by visiting the State Revenue Office website… https://www.sro.vic.gov.au/

If you are thinking about getting into the market to buy a Melbourne property in 2021, please feel free to contact us at [email protected].

The post 2021/2022 Victorian Budget; changes to stamp duty & land tax appeared first on Beckett Property.

The latest data released by the REIV for the March 2021 Quarter really demonstrated the strong performance of the Victorian property market in the first quarter of the year, and since the hard lockdown ceased on 28th September 2020. It’s no surprise that the real estate sector is firing at the moment with all-time low interest rates. Buyers have also been accumulating savings throughout the 2020 lockdowns and they are eager to change-up their living space after a year of being house bound as a result of the Covid-19 pandemic.

The Metropolitan Melbourne region saw median house prices reach a record high of $1,004,500, up 8.8% since December 2020 and up 8.8% since March 2020. Unit and apartment prices recorded a median price of $672,500, up 4.8% since December 2020 and up 3.4% since March 2020.

Regional Victoria saw median house prices reach $510,500, up 4.1% since December 2020 and up 12.3% since March 2020. Unit and apartment prices recorded a median price of $383,500 up 5.9% since December 2020 and up 19.1% since March 2020.

The Inner Melbourne region saw median house prices reach $1,619,000 up 4.5% since December 2020 and up 7.2% since March 2020. Unit and apartment prices recorded a median price of $645,500, up 2.9% since December 2020 and up 1.6% since March 2020.

The Middle Melbourne region saw median house prices reach $1,148,500, up 6.9% since December 2020 and up 8.1% since March 2020. Unit and apartment prices recorded a median price of $752,500, up 5.6% since December 2020 and up 3.3% since March 2020.

The Outer Melbourne region saw median house prices reach $761,000, up 6.6% since December 2020 and up 7.5% since March 2020. Unit and apartment prices recorded a median price of $590,000, up 2.0% since December 2020 and up 8.2% since March 2020.

Auctions saw median house prices reach $1,186,500, up 3.0% since December 2020 and up 14.4% since March 2020. Unit and apartment prices recorded a median price of $741,500, up 4.2% since December 2020 and up 3.2% since March 2020.

Private Sales saw median house prices reach $848,500 which was up 1.6% since December 2020 and up 12.8% since March 2020. Unit and apartment prices recorded a median price of $611,000, down -1.1% since December 2020 and up 7.4% since March 2020.

These results are a far cry from what most property experts and analysts predicted earlier last year. Some major organisations even predicted property prices to plunge by 40%. Once again, the Melbourne property market has remained very strong, and desirable by many.

At Beckett Property, we embrace the changes to our city and the varying market conditions. We constantly strive to source new opportunities for our clients which unlocks the potential of each property and creates remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent and creative Property Advisories. Our company is built on the foundation of experience, current industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimum results.

If you are thinking about getting into the market to buy a Melbourne property in 2021, please feel free to contact us at [email protected].

The post REIV Residential Property Sales Update – March Quarter 2021 appeared first on Beckett Property.

On 28 March 2021, the Rental Moratorium ended in Victoria. This was a safeguard for renters, implemented by the State Government, during the Covid-19 pandemic, which banned the eviction of tenants and rental price increases. These measures were introduced to prevent renters from being evicted for the non-payment of rent due to rising unemployment and reduced incomes amid the coronavirus pandemic.

There are fears a “wave of evictions” will come when the JobKeeper subsidy and Victorian eviction moratorium end on March 28th. With states going in and out of COVID-restrictions, many people still find themselves in a precarious financial position. Tenants Victoria have been on the record stating “urgent action” was needed to keep people in homes, and they are bracing for a surge of notices to vacate from March 29th.

In addition to this precarious situation, there have been some significant changes announced in relation to the Residential Tenancy Act. These changes will come into effect on 29th March 2021 and will have an impact on owners of investment properties and how their tenants are managed.

The overhaul of the Residential Tenancies Act (originally scheduled to commence in July 2020 but delayed by the pandemic) has been comprehensive and a full outline of the 132 changes can be found on the Consumer Affairs Victoria website here:

https://www.consumer.vic.gov.au/housing/renting/changes-to-renting-laws/all-changes-in-place-from-july-2020

Property Rental Managers are busily working with their landlords to ensure properties are compliant with the amended Act. Some of the new requirements include providing a working toilet, door locks, 3-star shower heads and working stoves at a minimum. Some tenants groups and real estate industry groups welcome the changes to legislation, while others say it will add to costs for both tenants and landlords.

In addition to the minimum standards, for rental agreements starting on or after 29th March 2021, a licensed or registered electrician and gas fitter must have conducted an electrical or gas safety check within the past two years — and every two years — while the property is rented.

Tenants will also be able to make small changes to a property without needing to ask their landlord, including installing picture hooks, shelves and child-safety devices on surfaces that are not exposed brick or concrete.

There is a lot to navigate with all the changes to the Rental Moratorium and new Residential Tenancies Act, however Beckett is here to help and we have great Property Management partners who are on point to provide excellent advice for you and your investments.

The post Changes to the Victorian Rental Market appeared first on Beckett Property.

With the new school year well underway this month, we have noticed a prevalence of articles and industry discussion about school zones and the impact they may have on property values.

Every child has a right to enrol in their designated neighbourhood school, however a small number of schools have restricted zones to respond to local population growth. If you live in metropolitan Melbourne, Ballarat, Bendigo or Geelong, this school is measured by a straight line from your permanent address. If you live in another area, it’s measured by the shortest practical route by road. A great on-line tool from the Victorian State Government to help you determine which school zone your home is in can be found here:  https://www.findmyschool.vic.gov.au/

An interesting analysis was carried out by the Real Estate Institute of Victoria (REIV) to determine the impact of School Zones on Median House prices in Melbourne. Here they show a snapshot of Median house prices “in-zone” versus “in 1km border” across a selection of Melbourne High Schools. This REIV data, for the year to December 2020, only includes houses with two or more bedrooms…

• Albert Park College: $1.75m median house price in zone vs. $1.255m in 1km border = $495,000 difference
• Beaumaris Secondary College: $1.68m vs. $1.25m = $430,000 difference
• Glen Waverley Secondary College: $1.615m vs. $1.235m = $380,000 difference
• Balwyn High School: $2.005m vs. $1.807m = $198,000 difference
• Box Hill High School: $1.410m vs. $1.217m = $193,000 difference
• McKinnon Secondary College: $1.582m vs. $1.415m = $167,500 difference
• Prahran High School: $1.72m vs. $1.573m = $147,000 difference
• Camberwell High School: $2.168m vs. $2.075m = $93,000 difference
• East Doncaster Secondary College: $1.303m vs. $1.22m = $83,000 difference
• Mount Waverley Secondary College: $1.275m vs. $1.2m = $75,000 difference
• Frankston High School: $0.785m vs. $0.720m = $65,000 difference
• Mill Park Secondary College: $0.690 vs. $0.652 = $38,000 difference
• Melbourne Girls’ College (Richmond): $1.85m vs. $1.82m = $30,000 difference
• Mordialloc College: $1.0m vs. $0.988 = $12,000 difference

You can read more from the REIV here:

https://www.realestate.com.au/news/melbourne-school-zones-where-youll-pay-a-premium-to-break-in/?page=rea:news:post&element=traffic_driver_1|slot_1

But before you decide to increase your budget to buy your dream home in the perfect school zone, it may pay to see how well the school is performing. In December of last year, The Age published a review of the Top schools for VCE results in 2020. Here are their results…

The Age also provided a view of how these Top 2020 Schools ranked over the past 5 years…

The full article from The Age can be found here:

https://www.theage.com.au/national/victoria/bialik-college-tops-vce-rankings-for-third-time-in-five-years-20201230-p56quv.html

Obviously, the success of a school should not solely be based on Median study scores but a variety of factors. There are many theories around what constitutes a successful school – including the quality of teaching and curriculum, family and community engagement, leadership, educational support and student development. However, if you’re simply keen to know how your local school ranked in 2020, you can find a list of the Top 100 Secondary Schools with median 2020 VCE scores on the Better Educations website here:

https://bettereducation.com.au/results/vce.aspx

As always, there is much to consider when buying your next home, not only schooling, but also amenities, public transport, floorplan, land size, budget etc. If you need help navigating the property market and developing a great purchasing strategy, the Team at Beckett are always happy to help!

The post The impact of School Zones on Median House prices in Melbourne appeared first on Beckett Property.

The latest data released by the REIV for the December 2020 Quarter, reveals the strong performance of the Victorian property market despite the global coronavirus pandemic. Like most of the economy, the real estate sector saw a significant change in conditions throughout 2020, following the Government’s announcement of a series of restrictions, lockdowns and halt to trade. However, our industry is back and looks to be stronger than ever.

The Metropolitan Melbourne region saw median house prices reach a record high of $941,000, up 9.5% since September 2020 and up 8.4% since December 2019. Unit and apartment prices recorded a median price of $639,500, up 2.5% since September 2020 and up 3.8% since December 2019. 

Regional Victoria saw median house prices reach $485,500, up 9.2% since September 2020 and up 7.5% since December 2019. Unit and apartment prices recorded a median price of $342,500, up 3.5% since September 2020 and up 10.3% since December 2019.

The Inner Melbourne region saw median house prices reach $1,533,500, up 1.4% since September 2020 and up 6.3% since December 2019. Unit and apartment prices recorded a median price of $629,500, up 0.8% since September 2020 and up 2.7% since December 2019.

The Middle Melbourne region saw median house prices reach $1,066,500, up 8.0% since September 2020 and up 7.3% since December 2019. Unit and apartment prices recorded a median price of $715,000, up 3.6% since September 2020 and up 3.5% since December 2019.

The Outer Melbourne region saw median house prices reach $723,500, up 5.2% since September 2020 and up 6.9% since December 2019. Unit and apartment prices recorded a median price of $570,500, up 5.8% since September 2020 and up 6.9% since December 2019.

Auctions saw median house prices reach $1,138,500, up 13.9% since September 2020 and up 8.8% since December 2019. Unit and apartment prices recorded a median price of $705,000, up 2.2% since September 2020 and up 2.2% since December 2019.

Private Sales saw median house prices reach $859,000 which was up 4.5% since September 2020 and up 12.2% since December 2019. Unit and apartment prices recorded a median price of $618,500, up 2.7% since September 2020 and up 8.1% since December 2019.

The team at Beckett are continuously monitoring the latest developments so that we are best informed to help our clients make the best decisions to ensure both personal and financial health. We are still trading and assisting our clients under the Government’s health guidelines and we welcome any future enquiries.

The post REIV Residential Property Sales Update – December Quarter 2020 appeared first on Beckett Property.

In the early months of 2020, the property market was hot, red hot. This was of course due to the continuation of strong activity in the second half of 2019, which was driven by a favourable Government election for the industry, lower interest rates plus an influx of new buyers entering the market in January. The property market was booming, buyer demand was high, and vendors were capitalising.

With the onset of the Covid-19 global pandemic and national lockdown laws initiated in March 2020, our industry, like most others, grew nervous about this unpreceded global health event and what that would mean for us all.

As the media took hold of the situation, the negative forecasts from property analysts set in and panic spread fast. We will never forget how quickly events turned in the middle of March 2020 as the global pandemic took shape. Within one week, we saw a very hot property market become very uncertain.

Many home buyers and investors immediately exited the Melbourne property market. These were mainly buyers who were either renting or hadn’t already sold their existing home. Vendors also followed a similar pattern during March. Anyone who was about to launch their property for sale or had just commenced marketing their property online, decided to postpone until there was more certainty in the market. This mass exodus led to an 80% reduction of property stock almost overnight. Melbourne had never seen anything like this before.

During March and April, the property market was only left with ‘circumstantial’ or ‘forced’ buyers and sellers. Buyers who had already sold their home first and desperately needed to secure something new stayed the course and made do with the little stock offerings that were left at the time. Great deals were available during this time as buyer competition dramatically dropped. The vendors that had already committed to buying a new home first were then forced to continue with their sales campaigns. They needed to take whatever price they could get as they weren’t able to hold both properties. They were also fearful that property prices would fall further.

Most experts (including ourselves) believe that the Melbourne property market experienced a 5% – 10% drop in prices during March and April 2020.

Trading conditions for the Melbourne real estate sector also changed during March and April. Public Open for Inspections (OFI’s) were forced to stop and replaced by private one-on-one inspections. Public auctions were also banned and replaced by online auctions and private sale treaties.

It made sense for buyers to exit the market during March and April as there was a lot of uncertainty around property prices, the economy, job security and health. It also made a lot of sense for property stock levels to plummet during this time as vendors needed their homes more than ever. Vendors were keeping safe, isolating, working from home, home schooling and home exercising. How could they possibly put their house up for sale during all of this?

It felt like this was going to be the fate of the Melbourne property market for the rest of 2020. An event that only happens once every 100 years. Buyers would be scarcer, prices would fall and there would be a lot of distressed sales hitting the market.

We were certainly wrong……

Once lockdown restrictions started easing in mid-May, we witnessed an instant and enormous spike in buyer demand. The heat from the 2019 property market came back in a hurry with all these buyers merely taking a quick break for 6 or 7 weeks during March and April. Homebuyers were back in force, but investors were still a bit shy at this stage.

OFIs were allowed again in May and so were public auctions (albeit with more restricted numbers).

Everything was very active, and we found ourselves lining up to inspect properties again. It was quite incredible how quickly everything returned ‘back to normal’.

Buyer enthusiasm increased even further during May and June and this seemed mainly driven by the new demand to upsize their current accommodation. The main issue we now faced was that vendors did not share the same aspirations. Stock levels were still considerably low, which meant that buyers were now heavily competing and fighting for properties like seagulls to a chip. This started putting pressure on prices and once again, prices were heading north. This now made the 5% – 10% property price correction in March and April look like a very small blip on the radar.

Melbourne started seeing a resurgence of Covid-19 in early July as our new daily infection rates started soaring. Even with the introduction of Stage 3 restrictions to control the second wave, the real estate market was not phased, and buyer activity was still very buoyant. Private property inspections were still allowed, and buyers weren’t waiting.

On Sunday 2^nd August, the entire state of Victoria was shocked as Daniel Andrews announced that we were going into Stage 4 restrictions to try control the Covid-19 second wave. The real estate industry and market was equally stunned as private property inspections were banned from Wednesday 5^th August. This ruling completely froze the entire real estate market, and everyone involved in it. This was a very difficult time for our industry and colleagues.

As Victoria started to contain the second wave and things were looking brighter, Monday 28^th September became a great day for our entire industry as private property inspections were allowed again. Our industry was officially back open for business. With so much pent-up demand from the 8 weeks of halted operations, the market reopened with a bang! It seems the ultra-low interest rates, stimulus packages, tax cuts and a build-up of additional savings through lockdown really boosted activity. Confidence was high yet again, home buyers were surging, and investors were now back in the market too.

New trends were also emerging. Buyers were looking at upsizing their homes as they realised that a lot more time will be spent there in the future. Sea changes increased as regional and coastal towns became a more popular destination. October also saw the highest stock levels available since February 2020 (pre Covid-19) as vendors seemed ready to move again. The average sale days on market decreased as buyers were moving very swiftly on private sales and auction campaigns.

November saw even more restrictions ease in Victoria and our property sector. Property inspections now allow up to 20 people from multiple homes at a time, and public auctions allow up to 50 attendees. The new stamp duty discounts announced on 24^th November sparked even more demand from buyers. Up to 50% discounts are available on newly built properties priced up to $1,000,000. Up to 25% discounts are available on established properties priced up to $1,000,000.

We can now only hope that the supply can meet the demand as we head into December and early 2021.

2020 has been full of surprises and it feels like this year was made up of multiple ‘mini-markets’ due to all the changes and impact of Covid-19. Yet, despite these difficulties, changes and halts to operations, the Melbourne property market remained in very good stead. Our prices remained resilient with the REIV quarterly figures showing Metropolitan Melbourne median house prices reach a record high of $846,000, up 7.4% since September 2019 and only drop -1.7% since June 2020. Unit and apartment prices recorded a median price of $622,500, up 5.4% since September 2019 and no change at all since June 2020.

This is a far cry from what most property experts and analysts predicted earlier in the year. Some major organisations even predicted property prices to plunge by 40%. Once again, the Melbourne property market has remained very strong, and desirable by many.

At Beckett Property, we embrace the changes to our city and the varying market conditions. We constantly strive to source new opportunities for our clients which unlocks the potential of each property and creates remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent and creative Property Advisories. Our company is built on the foundation of experience, current industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimum results.

If you are thinking about getting into the market to buy a Melbourne property in 2021, please feel free to contact us at [email protected].

The post 2020 – the Property Market that wasn’t… appeared first on Beckett Property.

The latest data released by the REIV for the September 2020 Quarter, reveals the strong performance of the Victorian property market over the past 12 months. However, like most of the economy, the real estate sector saw a significant change in conditions from the middle of March due to coronavirus which did have a small impact on the September Quarter results.

The Metropolitan Melbourne region saw median house prices reach a record high of $846,000, up 7.4% since September 2019 and down -1.7% since June 2020. Unit and apartment prices recorded a median price of $622,500, up 5.4% since September 2019 and no change at 0% since June 2020.

Regional Victoria saw median house prices reach $442,500, up 4.9% since September 2019 and up 5.1% since June 2020. Unit and apartment prices recorded a median price of $327,500, up 8.0% since September 2019, but down -3.1% June 2020.

The Inner Melbourne region saw median house prices reach $1,486,000, up 7.5% since September 2019 and no change at 0% since June 2020. Unit and apartment prices recorded a median price of $619,500, up 5.2% since September 2019 and up 1.8% since June 2020.

The Middle Melbourne region saw median house prices reach $975,500, up 9.7% since September 2019 but down -2.8% since June 2020. Unit and apartment prices recorded a median price of $687,000, up 6.5% since September 2019 and no change at 0% since June 2020.

The Outer Melbourne region saw median house prices reach $679,500, up 5.4% since September 2019 and up 0.9% since June 2020. Unit and apartment prices recorded a median price of $539,500, up 7.9% since September 2019 and no change at 0% since June 2020.

Auctions saw median house prices reach $979,000, up 6.8% since September 2019 but down -2.5% since June 2020. Unit and apartment prices recorded a median price of $688,500, up 5.8% since September 2019 but down -1.2% since June 2020.

Private Sales saw median house prices reach $813,500 which was up 6.6% since September 2019 and no change at 0% since June 2020. Unit and apartment prices recorded a median price of $601,000, up 7.5% since September 2019 and up 0.8% since June 2020.

Will there be a Spring Blitz this year?

With the flattening of our COVID-19 second wave and the easing of lockdown restrictions for the Real Estate Industry in October, we have noticed a large rise in sentiment and “pent-up demand” from buyers and sellers who had put their property goals on hold during the 8 week lockdown in August and September.

The traditional Spring Blitz in Real Estate is definitely happening, albeit a little later this year! This will provide a stimulus to the housing sector which could result in a strong recovery in the final quarter of 2020.

The team at Beckett are continuously monitoring the latest developments so that we are best informed to help our clients make the best decisions to ensure both personal and financial health. We are still trading and assisting our clients under the Government’s new health guidelines and we welcome any future enquiries.

The post REIV Residential Property Sales Update – September Quarter 2020 appeared first on Beckett Property.

In the midst of Melbourne’s Stage 4 Lockdown, so many of us have been working from home, home schooling the kids, setting up home gyms and dining in, 3 meals a day! With so much time being spent at home this year, many folks are starting to re-evaluate the space in which they live. The functionality of our floorplans, the size and scope of our homes. Also reimagining what the future of our workplace may look like. In the new world, will we need to commute to an office every day? Or will we see more flexibility to work from home more often?

As we consider our living arrangements, the thought of buying something new during a pandemic is daunting. So many of Beckett’s clients are asking us… “Is now a good time to buy? Or is it better to hold off?”. Obviously, everyone’s situation is different and there are many factors to be considered, however the team at Beckett have pulled together some thought starters to help you ponder this important question…

Firstly, ask yourself – is my need to move genuine? Do you have a real motivation to upsize, downsize or change location? Is your home too large for you now and proving difficult and expensive to maintain? Have you and your family outgrown the family home and are desperate for more space? Has a change of circumstance prompted the need to relocate to a new location?

If this is the case, make a list of what you need in your new home… an additional bedroom or study? More outdoor space for kids and pets? An open plan layout for a more inclusive living experience? Single level property for improved mobility? Better proximity to shops and public transport? And of course, you must consider which part of Melbourne you would ideally like to live. This is your “Property Scope”. The clearer you are, the easier it is to narrow down your options.

Next, consider what your long-term plan is for the property. Will it be an investment opportunity for long term return? Or perhaps your principal place of residence that will suit your needs over the next 10 plus years? Where do you see yourself and your property in the future? These answers will further define your Property Scope.

Lastly, ask yourself, “am I really motivated to buy and move right now?”. If you were to find the ideal property, would you jump at the chance to make an offer? Or is the dream of a new home more appealing than the actual reality of buying? If you are really motivated to buy, try not to lose your momentum… keep active with your online searches, stay in touch with your Buyers Advocate or Financial Advisor and work with them to create an action plan.

So, to answer the question “Is now a good time to buy?” … If your purchasing need is genuine, you have a clear idea of scope with a long-term vision of your property goals, and you are feeling motivated to buy, then it makes complete sense to consider buying now.

However, are you still wondering about buying in the current climate? In our experience, buyers with a clear motivation are generally not fazed by speculative market conditions. We are seeing demand for property continuing to increase as people embrace the new normal. A-Grade real estate remains resilient and in high demand with limited or no discounting.

We always recommend that our clients seek out an independent Financial Advisor to assess their personal financial circumstances and ensure they are aware of the best options available. Having your finances in order, prior to a property search is a huge advantage as you never know when the perfect opportunity will present itself.

The team at Beckett are continuously monitoring the latest developments, so we are well informed to help our clients make the best decisions for both their personal and financial health. We are still trading and assisting our clients within the current Government guidelines and we welcome any of your enquiries.

Speak to one of Beckett Property’s trusted Buyers Advocates today.

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For Melbournians, the journey into Spring promises an end to the antarctic chill of winter, which will soon be replaced with sunshine, blossoms and the Spring Racing Carnival. It is normally the peak time for the real estate sector too. However, August 2020 marked the first period in almost 100 years where Victorian real estate activities were placed on hold. This was of course due to the second wave of Covid-19 which hit our marvellous state and forced a six week lockdown commencing Wednesday 5th August. This lockdown included the temporary pause of physical property inspections for sales and rentals and public auctions too, making it a challenge for anyone to conduct any sort of real estate transaction. Therefore, in the new world we live in, this year’s Spring season will have a very different focus as Victoria hopefully eases out of Stage 4 lockdown restrictions and starts to move towards our new normal. Yet, we are excited at the opportunity to have our clients viewing properties again.

In the final few weeks of lockdown, we can make the most of the state restrictions, by using the time at home to prepare for the upcoming Spring season and the market reopening post lockdown. There are a number of activities we recommend doing and lockdown is the perfect opportunity to get the grunt work done – so here are Beckett’s top recommendations to help;

1. Season

Springtime enhances the look, feel and appeal of your property as sunnier weather conditions, longer daylight hours and blossoming gardens make properties look more attractive. Buyers are also more motivated to attend open-home inspections when the weather is sunny and mild, rather than overcast and rainy (and especially after a six-week lockdown!).

People wanting to move in before the Christmas holiday period and the new school year are also driving factors. In turn, sellers recognise that there are more buyers which leads to increased competition, higher prices, and possibly a quicker sale for their property.

There are of course, some challenges to selling in Spring. In particular, an array of properties to inspect and choose from means it may not be easy to stand out in a competitive, larger pool of properties. Spring can also be considered a buyers’ market which means you will need to work smarter to maximise your sale.

2. Strategy

If you are upsizing, downsizing or simply just relocating, you should identify whether you are more comfortable selling first or buying first. Both strategies have their benefits. We recommend workshopping all possible scenarios with an expert like a Buyers Advocate, Selling Agent or Financial Adviser, and of course we are more than happy to assist.

3. Finances

Sometimes your Mortgage Broker or Bank will decide your selling and buying strategy for you based on your serviceability and equity position. Be sure to liaise with your Financier to ensure your finances are in check, your pre-approval is granted, both your sale and purchase budgets are aligned, and your deposit is ready.

4. Research the market

Prior to launching your sales campaign, you’ll need to research your local housing market. Get an understanding of market trends and assess the comparable sales in your area so you can accurately gauge your market value. Make sure you factor in the number of the properties you are competing with and compare their features to yours.

5. Spring clean

In spring, like any other time of year when selling a property, the focus should be on presentation. A spring clean is definitely in order. Making sure your home is immaculate is paramount. This means decluttering and depersonalising your items.

Take the opportunity to declutter your house by throwing away or donating anything you are not using anymore, remove family photos, souvenirs, and accolades. This process makes your interiors and storage spaces look bigger, and depersonalising your home provides potential buyers with a blank canvas to imagine the house as their own.

6. Repairs and maintenance

Although lockdown restrictions might hamper your ability to get a tradesman in to help with repairs and maintenance, you can use this time to identify necessary works and seek quotes via facetime or zoom. Urgent repairs may be approved under lockdown conditions.

7. First Impressions

Ensure your curb appeal is on point with tidy gardens and manicured lawns, bright flowers, trimmed shrubs and hedges. Position pots of flowers and greenery around the property and at the entrance. Attention to detail outside is very important as it really does make the first impression last. Pull weeds and fix dead or bald patches in the grass with fertiliser. Lastly, mow your lawn diagonally as it gives the appearance of a bigger yard.

8. Natural light

Welcome the sunshine by drawing all curtains and blinds open. Polish all surfaces to perfection so the light bounces off them and your home sparkles. By polishing your chrome fittings, floors, mirrors, glass and door-knobs, the light will really make these surfaces dazzle as it streams in through the windows during inspections.

9. Scent

Air out your home to rid the staleness of winter and use fresh flowers to brighten up the space and add a fragrant touch. Candles and natural scents are also very effective and less likely to trigger allergies compared to air fresheners.

10. Professional home styling and real estate photography

If you really want your home to stand out amongst the fierce Spring competition, it’s a great idea to have your home staged and photographed by professional real estate stylists and photographers. Not only will they help you present your home in its best possible light and stand out to a broader market, but they will also be able to drive up the sale price of your home.

11. Find an expert

Finally, it is imperative that you source the best possible real estate agent for your property and personal situation. They can advise you on how your property compares to other properties in the area, what you can do to help your property stand out from the crowd and ensure you get the best sale price possible. A real estate agent will know which buyers are currently looking in your area and what they are looking for.

Our team at Beckett have superior knowledge and experience throughout Victoria and can recommend the most qualified selling agent if you require.

We are continuously monitoring the latest developments, so we are well informed to help our clients make the best decisions and ensure both personal and financial health. We are still trading and assisting our clients under the Government’s new health guidelines and we welcome any future enquiries.

Speak to one of Beckett Property’s trusted Buyers Advocates today.

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