With the end of Melbourne’s summer and the turn of Autumn, the Beckett team continued to see strong buyer demand and competition on quality properties, especially turnkey family homes priced up to $6,000,000. This demand is still mainly fuelled by the desire for families to upsize their home and secure great schooling options for their children in 2023. Enormous Covid-19 case numbers in Melbourne are still deterring vendors to list their properties for sale, as they do not want large quantities of people attending their homes during OFI’s. These low property stock levels are putting pressure on pricing as buyers compete for the limited options available.

Auction clearance rates averaged 75% in April, down slightly from 80% in March. This was to be expected with the interruptions of school holidays, Easter and Anzac Day public holiday weekends.

Transitioning from the hottest market Melbourne has arguably ever seen in 2021, Median House prices for the March 2022 quarter were released by the REIV and demonstrated a slight fall of – 0.3% to $1,121,500. This was marginally lower than $1,125,000 in December 2021. This was due to the constant media hype surrounding future interest rises and concerning inflation levels which are encouraging buyers to proceed with a little more caution.

The post Beckett Market Snapshot April 2022 appeared first on Beckett Property.

Accommodation vs. Area – what does it mean? We have all heard the phrase ‘location, location, location’ but is this statement the be all and end all? Melbourne has hundreds of different suburbs to choose from and on top of that, there is a diverse range of property types to choose from; apartments, villa units, townhouses, terraces and free-standing homes for example.

With so many options, it can be hard to figure out exactly what to prioritise. Should you focus on a dwelling type and then research the best suburb that suits you? Or do you research the best location first and then decide on the best property type?

Location is often seen as the most important factor to consider when buying a new home. It’s easy to be fixated on finding the “perfect place” when buying a property. Location generally trumps the dwelling in the initial decision-making process. The location of your home is where you will start your next chapter and facilitate your new lifestyle. You will make friends with your new neighbours, get involved in local community events and source your favourite barista for your daily coffee hit.

Choosing a sought-after location includes suburbs and houses that are within close proximity to amenities, public transport, schools, hospitals, freeway access and open spaces. Easy access to family, friends, child care and work place are also items that are very high on the agenda.

Selecting your ideal location will then heavily influence the size or style of dwelling you finally purchase. In Melbourne, suburb prices generally increase the closer you are situated to the CBD and the beach. Superior pockets and streetscapes will also demand higher price points. Being situated closer to these major attractions usually means you will have to compromise on your accommodation. This could result in having a renovated property as opposed to un-renovated, one less bedroom, off-street parking or a townhouse instead of a free-standing house.

Choosing the right home needs to be the perfect blend of both area and accommodation. Both aspects require serious planning as it is an extremely expensive procedure for you to get wrong. You need to ask yourself whether the suburb you choose will facilitate your lifestyle goals without paying a heavy social tax. The dwelling you choose will also need to accommodate the requirements of a growing or shrinking family over the short, medium and long term.

Although buying a home is predominantly a lifestyle choice, wealth creation should also be high on your priority list. 54% of Australians wealth is invested in their principle place of residence therefore choosing a quality property with strong capital growth is of paramount importance.

People fall in love with the notion of a ‘dream house’ but there still needs to be a commercial element involved to safeguard your future wealth creation. Capital growth provides equity and equity equals opportunity.

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 2022, please feel free to contact us at [email protected]

The post Accommodation vs. Area appeared first on Beckett Property.

The latest data released by the REIV for the December 2021 Quarter, reveals the continuing strong performance of the Victorian property market throughout and recovering from the coronavirus pandemic.

The Metropolitan Melbourne region saw median house prices reach $1,125,000, an increase of 18.9% since December 2020 and 4.2% since September 2021. Unit and apartment prices recorded a median price of $692,000, an increase of 7.1% since December 2020 and 2.4% since September 2021.

Regional Victoria saw median house prices reach $600,500, an increase of 27% since December 2020, and 3.7% since September 2021. Unit and apartment prices recorded a median price of $410,000, an increase of 19.6% since December 2020 and 3.1% since September 2021.

The Inner Melbourne region saw median house prices reach $1,778,500, an increase of 12.9% since December 2020 and 2.3% since September 2021. Unit and apartment prices recorded a median price of $670,500, an increase of 4.8% since December 2020 and 3.7% since September 2021.

The Middle Melbourne region saw median house prices reach $1,254,000, an increase of 18.3% since December 2020, but a decrease of -1.5% since September 2021. Unit and apartment prices recorded a median price of $768,500, an increase of 8.5% since December 2020, and 0.7% since September 2021.

The Outer Melbourne region saw median house prices reach $854,000, an increase of 16.4% since December 2020, and 3.6% since September 2021. Unit and apartment prices recorded a median price of $632,500, an increase of 11.3% since December 2020 and 3.9% since September 2021.

Auctions saw median house prices reach $1,270,000 which is an increase of 14.6% since December 2020 and 3.1% since September 2021. Unit and apartment prices recorded a median price of $801,000, an increase of 9.6% since December 2020 and 2.3% since September 2021.

Private Sales saw median house prices reach $959,000 which was an increase of 9.1% since December 2020 and 5% since September 2021. Unit and apartment prices recorded a median price of $603,500, an increase of 1% since December 2020 and 0.2% since September 2021.

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

Buying and selling your home is a very emotional process and can have an enormous impact on your finances too, especially when you are conducting both transactions at the same time. The big question that a lot of home owners and vendors face is whether to buy before they sell, or sell before they buy.

Both options have their advantages and disadvantages associated and it is imperative that you consider all options before you walk the line.

Buying before selling

Positives:

• Firstly, you have the benefit and comfort of time without any sales or settlement deadlines looming in the background. This luxury will enable you to make the right choice and not a rushed decision.
• There is the stability of securing the home you really want and budgeting easier by knowing the exact price you paid for it.
• If the market is stable or rising, you could benefit financially by purchasing at today’s lower price and then letting the value of your current home appreciate further before you sell it.
• You reduce the risk of being forced into costly interim accommodation or storage because you haven’t found the right property.
• It is easier to negotiate your preferred settlement terms as a buyer rather than a seller.

Negatives:

• You will have to estimate the sale price of your current home and hope that this price is achieved.
• You could be at risk of financial hardship if your home sells for less than expected or is taking a long time to sell.
• You could feel pressured to accept a sale price far below your expectations as you are financially obligated to complete your purchase transaction.
• If the sale of your current home is far greater than you originally estimated, you could have had a higher budget for your next home.
• You might not have the capital for the required deposit of your next purchase.
• You could be required to manage two mortgages for an unknown period of time, or you might need to take out bridging finance on the new property while paying off your current loan.
• If property prices fall, you could be selling your current home for far less than anticipated which could cause financial hardship.

Selling before buying

Positives:

• You have the benefit and comfort of time without any purchase or settlement deadlines on the horizon.
• You can hold out for the sale price you really want which can set you up for a better purchase budget and option.
• It is far easier to budget as you already know your exact sale price.
• If the market is stable or falling, you could benefit financially by selling at today’s higher price and then buying at tomorrow’s lower price.
• You will have the deposit available for your next purchase.
• You will know the exact date required to marry up both your settlement dates.
• If you’re looking at moving to another area, there is always the option of renting first to test it out. This gives you the chance to “try before you buy” while searching for your dream home.

Negatives:

• Finding the right home can take longer than you expected, and you could feel pressured into purchasing a home that doesn’t tick all of the boxes because of time constraints.
• You will be required to source temporary accommodation if you can’t coordinate the same settlement dates.
• It is harder to negotiate your preferred settlement terms as you want to engage as many potential buyers as possible to achieve the highest price for your current home.
• If property prices rise, you could end up paying a lot more than you originally projected to secure the home you really want.

What we have learned over the years is that there is no wrong or right method – you need to choose whichever process you feel most comfortable with or matches your circumstances.

Whatever you do, you must first engage an A-Team of professionals to assist with every component of your planning;

• Financier: to understand your mortgage serviceability and discuss the possibility of bridging finance.
• Buyers Advocate: to guide you through your best options of your next home purchase.
• Selling Agent: to provide an accurate appraisal / estimate of your existing home.

Beckett Property are fully licensed Buyer Advocates and highly acclaimed Property Advisors who specialise in property acquisition services across Melbourne. We encompass over 40 years combined industry experience in acquiring real estate and truly understand every aspect involved in the complete property purchase process.

If you are looking for assistance to source and acquire your next home, please contact one of our experts today for a free consultation.

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The post Should I sell or buy my home first? appeared first on Beckett Property.

On Thursday 5^th August, Victoria’s Lockdown 6.0 saw the property market virtually placed on hold for 6 weeks as physical property inspections and auctions were banned once again. Many campaigns were placed on hold, whilst others continued to sell during lockdown (some properties were even sight unseen).

Physical property inspections were permitted to commence again from Saturday 18^th September, half-way through the quarter, and came as a very welcome announcement. Forecasters are still predicting rising house prices during the next quarter as vendors and buyers work to make up lost time.

Table: September Quarter 2021 Median Prices, seasonally adjusted.

The Metropolitan Melbourne region saw median house prices reach a record high of $1,072,500, up 6% this quarter since June 2021, and up 13.8% since this time last year in September 2020. Unit and apartment prices recorded a median price of $680,500, up 0.4% this quarter since June 2021, and up 5.6% since this time last year in September 2020.

Regional Victoria saw median house prices reach $570,000, up 2.4% since June 2021, and up a staggering 22.8% on this time last year in September 2020. Unit and apartment prices saw similar success with a recorded median price of $394,500, up 1.9% since June 2021, and up 18.8% since September 2020.

The Inner Melbourne region saw median house prices hit $1,704,500, down -3.5% since June 2021, but up 9.4% since this time last year in September 2020. Unit and apartment prices recorded a median price of $650,500, also down -0.1% since March 2021, but up 2.6% since September 2020.

The Middle Melbourne region saw median house prices reach $1,264,000, up 4.7% since June 2021, and up substantially by 14.4% since this time last year in September 2020. Unit and apartment prices recorded a median price of $764,000, just down -0.4% since June 2021, but up 6.8% since September 2020.

The Outer Melbourne region saw median house prices reach $818,000, up 1.8% since June 2021, and up 12.6% since September 2020. Unit and apartment prices recorded a median price of $605,500, down -1.8% since June 2021, but up 10.1% since September 2020.

Auctions saw median house prices reach $1,223,500, up 2.6% since June 2021, and up 17.2% since this time last year in September 2020. Unit and apartment prices recorded a median price of $782,500, up 3.0% since June 2021, and up 6.2% since September 2020.

Private Sales saw median house prices reach $903,000, up 4.2% since June 2021, and up 9.2% since September 2020. Unit and apartment prices recorded a median price of $603,000, down -0.9% since June 2021, but up 3.4% since October 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 SEPTEMBER QUARTER 2021- MEDIAN PRICES appeared first on Beckett Property.

Lockdown 6.0 came as a knock-out blow to Melburnians as we endure another long road before restrictions ease again. It has proven to be both mentally, physically, and financially tough for many, but one small victory that we can gain from this horrendous experience is the return of physical property inspections.

Due to some great lobbying from our industry’s heavy hitters, the Andrews Government deemed physical property inspections necessary and allowed them to commence again from Saturday 18^th September. New rules need to be followed where these inspections must be private, and only one household at a time can attend. We believe these rules provide buyers an even bigger advantage than the previous rules of public Open for Inspections (OFI’s).

There is no doubt that one of the biggest emotional, financial, and social decisions that people make in their lives is buying a new home. What amazes us is the fact that the majority of these people only spend an average of 30 – 40 minutes in the house before making this momentous and life changing decision. People spend more time deciding on a new pair of jeans which are a fraction of the cost!

Another disadvantage of OFI’s is that buyers must share their home shopping experience with large groups of strangers. How on earth can you make a qualified decision when 30 other people are trying to make the same decision as you? Do you really want this property? Or do you just want it because the other buyers want it? This process is known in the industry as ‘compression-selling’ and can easily lead you down the path to a rushed, incorrect and very costly decision.

Private and exclusive property inspections are the most crucial element when selecting your next home, and Melburnians must exploit this luxury under the new Lockdown 6.0 rules. Private inspections are your best friend and only chance to truly connect and build rapport with the property. You create the opportunity to walk throughout the entirety of the home, really understand it’s personality and envisage yourself living there with your loved ones. You are allowed the space and time to thoroughly assess all the property’s features, and decide whether they will suit your short, medium and long term requirements.

We strongly advise that all decision makers are present at your private inspection and make the decision together – not apart. Joint decisions are far more powerful than individual decisions. By assessing the property together, we guarantee that you will notice far more about the property as two heads are better than one.

This personal time can also be used to measure the size of the rooms and ensure that your furniture will not only fit, but also match the aesthetics and style of the dwelling. Fitting cars into garages or basements are crucial and people must ensure that they can easily manoeuvre in and out of them.

Private inspections also eliminate the awkwardness of your competition. It is extremely hard to truly connect with a property when you are wondering whether the other person in the room is serious about buying, or whether they have a higher budget than you. This feeling can be quite unsettling, and that voice inside your head may even sabotage the decision of your dream home.

Another distraction which you normally need to be wary of in private inspections is the real estate agent themselves. They have a knack for following you around the property to hear all your comments, and they possess highly trained dialogue to overcome any objections you may have. The current Lockdown 6.0 rules don’t allow the real estate agent to be inside the property with you at the same time so you can currently exploit this advantage.

Private inspections allow you to focus more on the smaller details and identify imperfections with the property. Vendors and agents are notorious for hiding faults (particularly with furniture) so ensure that you check for any secrets that are being covered up. Take a closer look at items like natural light, noise, windows, and doors opening easily, taps are working, any signs of dampness or mould on walls and ceilings. Examine the structural integrity of the property like sagging ceilings, buckling walls and re-stumping issues. Don’t forget to try all the light switches and check the fuse box to determine the age of the circuitry.

We advise that you only proceed with a property purchase once you have conducted a minimum of two inspections of the property. The second inspection will generally make or break your final decision. We then advise engaging a professional Building & Pest Inspector to check the structural integrity of the dwelling.

Of course, you can also engage a qualified Buyers Advocate from our team at Beckett. We are highly trained in the home buying process and possess a wealth of experience with assisting prospective purchasers. We will provide you with a professional opinion and voice to ensure you make the right decision for you and your family.

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 property in 2021, please feel free to contact us at [email protected].

The post Private Inspections allowed in Melbourne again appeared first on Beckett Property.

Due to the ongoing and uncertain saga of Covid-19, Melburnians have been forced to adjust to new buying and selling trends in our property market this year. Multiple snap lockdowns in February, May, June, July, and August 2021 have forced physical property inspections to be banned, which naturally places a holding pattern on the market. The subsequent easing of restrictions then allows the market to reopen again as vendors can prepare and launch their properties for sale to prospective buyers to inspect.

This new stop-start lockdown cycle has been incredible to witness, and certainly challenging for people to navigate through. Here are some of the key observations which our team of Buyers Advocates have witnessed in this new climate;

Current Market temperament

It’s obvious that Melbourne’s property market is currently running at an incredible pace, and we are indeed in a seller’s market. This is of course mainly due to all time low interest rates and an enormous demand to upsize the family home to accommodate working from home and home schooling.

People spending so much time at home and not travelling has also amplified the need to change their home environment or suburb in which they reside. Demand for properties to accommodate lifestyle requirements like home gyms, bigger kitchens for cooking, offices and larger yards for children are also in high demand. Many expats have also returned to Melbourne which adds fuel to the fire of buyer competition.

Melburnians are always very quick to act when the sniff of a hot market is on the horizon. As soon as confidence or trends change, the media promotes it, sales prices start to surge, OFI inspections are like nightclubs and street auctions are widely attended. Right now, Melbourne is in a very hot market and the fear of missing out has really taken hold. Buyers don’t want to miss out as they know it will cost them more money in the future.

Property stock levels are a very big problem right now, and definitely another major reason for Melbourne’s hot market temperament. Many vendors are not listing their properties for sale due to health reasons and not wanting herds of people walking through their home and potentially spreading the Covid-19 virus.

Downsizers rarely require smaller accommodation in the current climate, and this means big family homes (currently most in demand) are not hitting the market. Buyers have also become buyer-sellers – a very common trend for a hot market, and means they want to buy on today’s price and sell on tomorrow’s price. This is also holding up stock levels as these properties are not hitting the market for sale as it’s taking buyers a very long time to buy their next home.

Physical property inspections banned during lockdown

The most challenging part of a snap lockdown is the banning of physical property inspections. Unfortunately, The Victorian Government doesn’t deem this as an essential enough service and believes this is too unsafe. Lobbying from other Governing bodies and real estate industry leaders haven’t been able to get this decision overruled. Unfortunately, this does not allow Melburnians to operate like most other Australian states which allows private one-on-one property inspections during lockdown.

Snap lockdowns

When a snap lockdown is announced, they are virtually instant and gives very minimal time for vendors and buyers to prepare – let alone the selling agents and Buyers Advocates who are representing their clientele.

During the initial phase of a snap lockdown, many quick decisions must be made by all parties to safeguard their property journeys as best as possible. As the uncertainty of the lockdown timeframe looms, the market is sent into a scramble and forces many uncomfortable decisions.

 Market freeze

All six lockdowns to date have ranged from 5 days up to 8 weeks. With property inspections banned during this time, the market gets placed on hold until further notice. Very minimal transactions happen during this time, except for sales for properties or land that don’t require physical inspections as their intention is to be eventually knocked down for development purposes.

Sales campaign changes during lockdown

Vendors and selling agents need to collectively decide whether to proceed with their sales campaign or to postpone it. We have noticed that most auction campaigns in their third or fourth week, or ones that have strong buyer traction generally proceed to an onsite auction on the night lockdown is announced, or else hold an online auction on the following Saturday.

Other sales campaigns that have just launched and don’t have enough buyer interest will generally postpone their campaign until lockdown ends and physical property inspections can commence again. This is an attempt to drum up more enquiry and buyer interest before completing the sale.

Private Sale transactions in the current climate seem to be selling at record speed. Most Private Sale transactions are sold instantly or within 7 days of launching. These types of campaigns are rarely affected in lockdown.

Buying sprint until the next lockdown

The biggest emotional and financial decision of people’s lives are being sent into a spin during snap lockdowns. Many buyers are now forced to make a very quick buying decision due to strong competition and sales campaigns being cut short.

It is now common for sales campaigns to only conduct one or two OFI’s before a snap lockdown is announced. To our surprise, this now seems to be enough time to drum up strong buyer interest and run an earlier auction or Private Sale / EOI closing date.

This is forcing buyers to rush as they try beat the next snap lockdown announcement.

This could be coming at a huge future cost for buyers as they are not spending enough time at the property and making the wrong decision under these pressurised environments. Home buyers should be inspecting a home at least twice, and in an exclusive environment where they have one-on-one time with the property to ensure they build the right connection.

Unfortunately, we are also seeing many buyers proceeding with an acquisition without conducting the proper due diligence like contract reviews, building and pest inspections and council checks.

 The birth of virtual campaigns and inspections

With many vendors hesitant to launch their sales campaigns due to another looming lockdown, virtual campaigns and inspections have started gaining momentum in 2021. This comes in the form of professional photography and floor plans conducted prior to lockdown, or in other cases, home videos produced by the vendors themselves (if during lockdown).

Selling agents are launching these properties online through the usual platforms realestate.com.au and domain.com.au in the hope to gain some enquiry for when the market reopens. What has come by shock to us all is the fact that many buyers are actually buying these properties based on a video!!

These actions reiterate just how hot the Melbourne property market is when buyers are paying millions of dollars and not even walking through their future home. Once again, this comes with a huge future risk for buyers as they could be buying a property of poor structural quality or one that doesn’t ‘feel’ right when they actually walk through the front door.

Buyer beware…… as you can see by these new unorthodox market trends, it is very easy to get caught up in all the current hype of buying a property just because the market is hot, or if you are trying to beat the next lockdown. Getting this process wrong can come at an enormous emotional and financial loss for you.

Please contact to one of our qualified Buyers Advocates for an obligation-free consultation to discuss your property requirements.

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 Melbourne’s new Stop-Start Lockdown Property Market in 2021 appeared first on Beckett Property.

The latest data released by the Real Estate Industry of Victoria (REIV) shows strong and sustained results for the June 2021 Quarter. Building on historic highs in the first quarter of this year, trends are continuing historic upwards trajectories. Buyers are making the most of low interest rates, and forecasters are warming up predicting rising house prices right through 2021, compared to this time last year where Melbourne’s property market was uncertain due to Covid-19.

Table: June Quarter 2021 Median Prices, seasonally adjusted.

The Metropolitan Melbourne region saw median house prices reach a record high of $1,010,000, up 0.2% this quarter since March 2021, and up 11.7% since this time last year in June 2020. Unit and apartment prices recorded a median price of $679,500, up 2.1% this quarter since March 2021, and up 4.8% since this time last year in June 2020.

Regional Victoria saw median house prices reach $559,500, up 10.5% since March 2021, and up a staggering 19% on this time last year in June 2020. Unit and apartment prices saw similar success with a recorded median price of $394,000, up 3.3% since March 2021, and up 17.7% since June 2020.

The Inner Melbourne region saw median house prices reach $1,750,000, up 6.0% since March 2021, and up 9.0% since June 2020. Unit and apartment prices recorded a median price of $655,000, up 1.9% since March 2021, and up 2.4% since June 2020.

The Middle Melbourne region saw median house prices reach $1,191,000, up 2.4% since March 2021, and up 9.9% since June 2020. Unit and apartment prices recorded a median price of $760,000, up 1.1% since March 2021, and up 5.4% since June 2020.

The Outer Melbourne region saw median house prices reach $806,500, up 5.2% since March 2021, and up 10.6% since June 2020. Unit and apartment prices recorded a median price of $621,500, up 5.2% since March 2021, and up 9.7% since June 2020.

Auctions saw median house prices reach $1,181,000, notably the only median result down this quarter with -1% since March 2021, but still up 15.5% since this time last year in June 2020. Unit and apartment prices recorded a median price of $755,000, up 1.8% since March 2021, and up 4.4% since June 2020.

Private Sales saw median house prices reach $856,000, up 0.9% since March 2021, and up 10.5% since June 2020. Unit and apartment prices recorded a median price of $610,500, up 0.3% since March 2021, and up 5.2% since June 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 – JUNE 2021 QUARTER appeared first on Beckett Property.

The latest data released by the REIV for the March 2020 Quarter, reveals the strong performance of the Victorian property market in the lead up to the coronavirus pandemic. Like most of the economy, the real estate sector saw a significant change in conditions from the middle of March, following the Government’s announcement of a series of restrictions on social gatherings.

The Metropolitan Melbourne region saw median house prices reach a record high of $893,000, up 3.7% since December 2019 and up 2.3% since March 2019. Unit and apartment prices recorded a median price of $641,000, up 0.6% since December 2019 and up 4.6% since March 2019.

Regional Victoria saw median house prices reach $419,000, down -0.5% since December 2019 and up 2.5% since March 2019. Unit and apartment prices recorded a median price of $297,500, down -3.3% since December 2019 and no change at 0% since March 2019.

The Inner Melbourne region saw median house prices reach $1,485,000, down -1.9% since December 2019 and down -1% since March 2019. Unit and apartment prices recorded a median price of $635,500, up 0.3% since December 2019 and up 4.2% since March 2019.

The Middle Melbourne region saw median house prices reach $1,024,500, down -0.8% since December 2019 and up 3.1% since March 2019. Unit and apartment prices recorded a median price of $724,500, up 1.9% since December 2019 and up 6.6% since March 2019.

The Outer Melbourne region saw median house prices reach $695,500, up 2.7% since December 2019 and up 0.3% since March 2019. Unit and apartment prices recorded a median price of $550,000, up 1.3% since December 2019 and up 2.1% since March 2019.

Auctions saw median house prices reach $1,012,500 which has no change at 0% since December 2019 and up 4.3% since March 2019. Unit and apartment prices recorded a median price of $713,500, up 0.2% since December 2019 and up 6.1% since March 2019.

Private Sales saw median house prices reach $753,000 which was up 2.1% since December 2019 and down -1.5% since March 2019. Unit and apartment prices recorded a median price of $573,000, down -0.5% since December 2019 and up 3.7% since March 2019.

Is now a good time to buy a property?

With the flattening of our COVID-19 infection curve, there is the possibility that we might see an early exit from containment after a one-to-two-month lockdown. This coincided with the JobKeeper incentive and other business stimulus packages in an assertive effort from our Government to get workers back into their jobs and help minimise the number of mortgage arrears and losses.

As soon as we see improving economic conditions, we believe there will be a rise in sentiment and “pent-up demand” from buyers and sellers who had put their property goals on hold during the pandemic. This will provide a stimulus to the housing sector which could result in a strong recovery in the later part of the year, making now an opportune time to buy a property.

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 – March Quarter 2020 appeared first on Beckett Property.

Over the past month, both State and Federal Governments have introduced new measures to address the ongoing threat posed by the Coronavirus (COVID-19) outbreak.
In an effort to curb the spread of the virus, social distancing measures have significantly altered business practices across all sectors of the economy. Among the Government led directives, are bans on open real estate auctions and open home inspections. These have now been replaced by online auctions and private property inspections.

Social distancing will also likely delay property transactions as policies may intensify. It is hard to forecast the exact impact this is going to have, but it will certainly adjust how the real estate industry operates. Although it is difficult to be definitive in these rapidly changing conditions, we currently foresee a downturn in the property sector to be relatively short lived.

For the second time in March 2020, the Reserve bank of Australia cut the official cash rate to a new record low of 0.25 per cent in an emergency move to support the economy facing challenges due to the Coronavirus. Government and RBA measures to help struggling businesses and households through the Coronavirus shutdown should help in preventing a really big rise in unemployment. Some economists have stipulated that if there was a rise in unemployment to around 7.5%, it would likely drive a 5% dip in property prices. However, once COVID-19 is under control, a market recovery is anticipated as the Australian economy bounces back and consumer confidence rises.

What do I need to know if I’m looking to buy a home?
For those that have the capacity to buy in the current market, money is cheap and there could be some great opportunities over the next few months. In this environment, buyers who have very secure jobs are actually in an improved position because the overall market is weaker. There will be buyers who are simply unable to buy now due to reduced incomes and job uncertainty. Then there are others who are adopting the wait-and-see approach.

What do I need to know if I’m a property investor?
Property is deemed a safer investment option compared with the share market and those who take a long-term perspective will always outsmart short term reactive thinkers. It has never been cheaper for investors to obtain finance and if prices come down, rental yields will increase, and investors will be in a far greater position to capitalise. A major point to factor is that it could take longer to find a tenant, or a rent reduction may be required during these unprecedented times.

What is ahead
Unfortunately, no one has the crystal ball to accurately predict the future. We can’t be sure how the Coronavirus health crisis will pan out globally. We also can’t be exactly sure how it will affect the Australian economy or our property market until we see an end to this crisis. There will be some business casualties along the way, but eventually, things will improve and we will get through this.

Once COVID-19 is under control, the housing market is likely to bounce back with a combination of record-low mortgage rates and the likelihood that they will remain at these levels for quite some time. In addition to this, a slowdown in property transactions in the coming months combined with continuing population growth will likely create pent-up demand for housing. This pressure on supply and demand will once again drive high property prices.

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.

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