03.05.22

Market Update

The short weeks and public holidays which surround Easter as well as the upcoming election have once again seen reduced stock levels as property takes a backseat. Whilst there hasn't been any major property initiatives from either party, the talk of imminent rate rises and negative press around the market means there is uncertainty in the air.

Uncertain markets provide great opportunity provided you focus on quality stock. It's important to know what the right call is and not to rush in just because something is achievable.

Over the past few months, we have secured properties well within our client's budgets and have seen countless properties selling within or below the advertised range. History shows us that in a moving market the gap between vendor and buyer expectations widens but they eventually find their level.

The sub $1.5mil market is more volatile and faster to react. The premium market is holding firm, however, it seems more people are waiting until spring to "see what happens". As clearance rates and median house prices drop, off market transactions are on the up with agents and vendors working with the leftover buyers who couldn't get in last year. As we await the next few months the uncertainty will settle, as it always does, but the pendulum feels like it is swinging back in the buyer's favour.

H.A

03.05.22

06.09.21

Beware of Buying Virtually

A couple can deliberate longer over what to watch on Netflix or what to order on Uber Eats than they do on purchasing their biggest asset. In the past week, 295 properties have been sold virtually across Victoria. Many of the larger agencies have been promoting sales volumes well into the hundreds each week since the beginning of lockdown 6.0. The majority of these sold sight unseen or via a digital inspection.

I commend agents for working creatively under the current restrictions and supporting clients in genuine need of a sale but as buyers, it is impossible to get a 'feel' for a property via video and a biased representation of the property is inevitable with the vendor operating the camera lens.

This market is being fuelled by lack of supply, low interest rates and increased household savings. Whilst buyers may feel they are getting an edge in a competitive market, fortune does not always favour the brave. A house requires much more than a sweep through the premises, the risk of buying in this fashion far outweighs the upside.

The Victorian government has slated September 23rd for a reopening of private inspections for unoccupied homes. Once this lockdown ends the market will be flooded with property. Resist the temptation, take a break and resume your search when you can properly inspect a home.

H.A

06.09.21

15.06.21

Team News

We are thrilled to welcome Jacinta Phare to the G&G team. Jacinta has more than 10 years’ experience across Melbourne real estate. Empathetic by nature, Jacinta is particularly gifted at understanding the individual needs of clients, working in close collaboration with them through the process of buying and selling. As a mother of two, Jacinta recognises the significance of the family home and her personal, informed insights have led many people to make the right decisions for their property. A Richmond local, Jacinta’s intimate knowledge of the inner eastern suburbs and beyond will ensure her clients are in exceptional hands.

H.A

15.06.21