Hi ,

Masks were off over the weekend and bidding was fierce at some auctions.  The REIV clearance rate was 84% on 937 auctions.  592 sold at auction, 195 sold before auction and there were an additional 194 private sales.

There is a huge interest in property at the moment, not only in Melbourne but across the state.  The after effects of multiple lockdowns have seen many people rethink their way of living.  The number of vendors selling due to a seachange or treechange has increased dramatically.  On the flipside though, we have also experienced high level of enquiries of expats wanting to buy a base in Melbourne with a view of coming home over the next couple of years.  There has also been an influx of Sydney buyers wanting real estate in Melbourne or Regional Victoria (mainly Geelong and Ballarat).

The demand in the upsizer market is putting strong pressure on the housing market, this has been caused by a large number of people rethinking about the type of property and space they need due to spending so much time at home over the past twelve months.  Extra bedrooms, study’s and reasonable sized backyards are on the wish list to allow more flexibility to work from home and space for children to run around.

Over the weekend, there have been many reports of properties selling well above the advertised price range and the vendors reserve.   While some of this has been caused by the increase in buyer demand, I do believe that some advertised price ranges are low and not in line with current market value. This is mostly not due to the agent under quoting the property, rather than vendors having extremely realistic reserves and at levels where prices were last year.  Over the next few months that gap should decrease as vendor’s expectations start to rise due to the rising market.

The auction of 20 Cowper Street, Sandringham was of interest to many buyers.  The property was a three bedroom, two bathroom original mid-century home on approximately 390 sqm of land.  The appeal of the property was the location and the architectural uniqueness of the home.  The property was quoted for $1,300,000 to $1,400,000 in the first week of the campaign but due to high interest levels was raised to $1,500,000 to $1,600,000.  The property was announced on the market at $1,650,000 but what was interesting was the level of interest above this.  There were still five bidders above $1,900,000 and three bidders above $2,000,000.  The property sold for $2,105,000 to what appeared to be an owner occupier.

Another rare property to sell well above reserve was 15 Waltham Street, Flemington.  The Victorian home on 500 square metres was hugely popular with the opening bid of $2,000,000 exceeding the reserve and putting the property on the market.  The property sold for $2,560,000 which was $610,000 above the vendors reserve.

Interestingly, properties that were on the market last year and could not sell have been relisted and being snapped up quickly.

Have a wonderful week.

Kim Easterbrook

What is a Buyer’s Advocate – a Buyer’s Advocate are property experts whose role is to help you make buying property simple and easy. Many buyers go directly to selling agents for advice in purchasing a property, forgetting that selling agents are paid by the vendor to sell their home and may not act in the buyer’s best interest.

Buyer Advocates are licensed professionals with a wide ranging background in real estate who represent and assist either the potential home buyer or property investor to acquire property. Buyer Advocates are solely committed to the interests of the buyer and do not represent the seller in any way. A Buyer’s Advocate levels the playing field and helps eliminate stress and saves time when purchasing property.

Real Estate Agents are often struggling with lack of supply, demand is usually high and competition is always tough. Buyers are regularly being priced out of the market, particularly first home buyers, young families looking to upgrade and the Mum and Dad investors as well.

As a buyer’s advocate in Victoria, we are seeing purchasers being out bid and out played and either losing or overpaying… not only at auction in other situations such as a sale by set date or an expression of interest campaign. This is a game best played by those who are experienced and who know the pitfalls of the industry, not to mention the rights of the purchaser and the obligations of the selling agent.

Increasingly Buyer’s Advocate are being engaged by educated buyers to navigate the minefields of the real estate industry on their behalf and to show them the real value of property, this of course in turn will save them money, time and stress. The difference between buying an average property and a good property can be a difference of tens or even hundreds of thousands of dollars in Australia – this is the great benefit of having a buyer’s advocate.

What is a Buyer’s Advocate?


A Buyer’s Advocate role.

The role of a Buyer’s Advocate is to:

If you want to learn more about what a buyer’s advocate service then contact Elite today – Contact Us

 

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What is a Buyers Agent?

A Buyers Agent are property experts whose role is to help you make buying property simple and easy.  Many buyers go directly to selling agents for advice in purchasing a property, forgetting that selling agents are paid by the vendor to sell their home and may not act in the buyer’s best interest.

Buyer Agent’s are licensed professionals with a wide ranging background in real estate who represent and assist either the potential home buyer or property investor to acquire property. Buyer Advocates are solely committed to the interests of the buyer and do not represent the seller in any way.   A Buyer’s Agentse levels the playing field and helps eliminate stress and saves time when purchasing property.

what is a buyers agent


A Buyers Agent role.

The role of a Buyers Agent is to:

If you want to learn more about what a buyer’s agent service then contact Elite today – Contact Us

 

Buyer’s Agents

Real Estate Agents are often struggling with lack of supply, demand is usually high and competition is always tough. Buyers are regularly being priced out of the market, particularly first home buyers, young families looking to upgrade and the Mum and Dad investors as well.

Buyer’s Agents in Victoria are seeing purchasers being out bid and out played and either losing or overpaying… not only at auction in other situations such as a sale by set date or an expression of interest campaign. This is a game best played by those who are experienced and who know the pitfalls of the industry, not to mention the rights of the purchaser and the obligations of the selling agent.

Increasingly Buyer’s Agents or “Buyer’s Advocates” are being engaged by educated buyers to navigate the minefields of the real estate industry on their behalf and to show them the real value of property, this of course in turn will save them money, time and stress. The difference between buying an average property and a good property can be a difference of tens or even hundreds of thousands of dollars.

With over 220,000 new dwellings constructed in 2015 throughout Australia (70,000 of those within Victoria) one would think that there would be plenty of choice for purchase and that supply is stable.  That certainly is the case if you are willing to live, invest or migrate to a rural town touted as Melbourne’s new suburban city. For the rest of us, residing in an established urban and thriving metropolis is still the dream.

Back to the minefield.  Where to buy? How much to spend? What is it worth? These are all fair questions and require educated responses.  A Buyer’s Agent is trained in locating, evaluating, assessing and negotiating, and it is the negotiating where they will save you far more than the fees that they charge.  A Buyer’s Agent must be licenced to work in the industry (with the Business Licence Authority).  The industry is heavily regulated and bound by a code of ethics.  Your Buyer’s Agent should know the processes of purchasing and the legalities associated with any purchase.  If unsure check to see if your Buyer’s Agent is a member of REBAA (Real Estate Buyers Agents Association of Australia) and/or a member of the REIV (Real Estate Institute of Victoria).

So when looking to make that next big purchase a Buyer’s Agent can be your best friend. Choose the right Buyer’s Agent and you could find yourself with your Saturdays back, sitting in your new home in one of Melbourne’s healthiest growth corridors (with change in your pocket) or with an investment portfolio that will make your friends green with envy.

 

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