Newsletter - Inner Circle June 2020
Inner Circle
Victoria’s market is moving as restrictions start to ease
Since we last brought you news a month ago there has been some lifting of COVID-19 restrictions in Victoria, with more to come, and the property market is picking up again.
Things are starting to return to some – or a new - kind of normality, but safety is still top priority. Earlier this month onsite real estate auctions were allowed to be held once more, with the ban imposed since March lifted, with a limit of 10 people, plus the staff required to facilitate the sale and those selling the house. Open for inspections were also allowed, with real estate agents in both cases required to record the details of each visitor to the property to enable contact tracing if required. But there has since been more good news, with the Premier announcing that from today – June 1- 20 people will be allowed at auctions and inspections. All of this is leading to greater confidence and makes it easier for homes to transact.
We look forward to seeing the impact of these further reductions in restrictions over this coming month. The market is already starting to pick up, and we expect to see more buyers become active. While stock levels are the biggest challenge, those with money still want to buy. If you are in a position to purchase you should set the wheels in motion soon, as the discounts we have seen in the market will likely reduce in the short to medium term as confidence improves and more sellers look to put their homes up for sale.
In other news Daniel Andrews has also announced a $2.7 billion construction package for Victoria this month. It includes $1.18 billion in education infrastructure projects to provide space for more than 21,000 extra students across the state, with 10 new schools planned. The funding also provides for a $500 million boost in public and community housing and $382 million to boost Victoria’s tourism destinations. A further $328 million will go towards transport projects including road repairs and rail track improvements. This will provide a much-needed boost to the economy, including through jobs, and will improve amenity in our state, both of which can boost the real estate industry.
No matter what happens over the months to come, Property Mavens is open and here to guide you through the property market during the COVID-19 crisis and beyond. If you need advice or help – whether you’re buying or selling - from a qualified and highly regarded buyers’ agent and vendor’s advocate, contact us today.
Are you waiting to sell your home?
During the COVID-19 restrictions many would-be sellers have withdrawn their properties from the market or have simply waited until the recovery comes to put their properties on the market.
If this sounds like you, my advice to you would be to start thinking about what you can do to prepare your home for sale and add value, especially if you have extra time on your hands right now. Here are some quick ideas to get you thinking:
- Create the mood – Look through magazines or online to get some ideas about the latest trends and what might suit your home. You will find ideas ranging from colour palettes to home improvement projects and how to do them. Check out websites or apps such as Pinterest, Houzz and Instagram and save some images to get your thinking. You can keep the projects small if your budget is limited or bigger if you have the means.
- Clean and declutter – You would be amazed how much difference a simple clean can make to your home -both on the inside and outside, including tidying up the garden by pruning or new planting. Dust bunnies in the corners or mould in the shower will detract from your home when buyers come through, so make sure it is spick and span. Getting rid of clutter will also make your home look bigger to potential buyers, which can add value. Utilise smart storage options if you need.
- Painting – This is one thing that can be a do-it-yourself project to keep costs down but can add plenty of value by freshening up your home. Don’t go crazy with colours – keep the palette neutral.
- Interior design – Having the right furnishings to suit your home is key to getting a sale. You can buy online if you don’t fancy heading to the shops, and you can also get advice online from designers or design apps such as Room Planner by Ikea. If you do not want to buy new furniture you can do property styling – that is, hiring furniture to make your home as attractive as possible when you actually put your home on the market.
An experienced and expert property advocacy firm such as Property Mavens can provide advice and help buyers and sellers to navigate any market. If you are a buyer or seller that needs assistance, contact us today for an obligation-free discussion.
Fresh Start
It’s one of the most distressing times you can experience - separating from your partner.
Not only does it involve a lot of personal pain, a separation also has big implications for your finances, particularly your property holdings.
That’s why we introduced our Fresh Start service. Property Mavens takes charge of selling your family home or investment with.
- An independent assessment of what the property is worth
- Selection and management of real estate agents and intermediaries
- Advice on maintenance, styling and landscaping to secure a better price
- Best tactics to secure a successful sale
If you want a confidential discussion about making the right property decisions to secure your life after separation, feel free to call us on 03 9988 2266 (or have your legal counsel get in touch).
Anand and Anusha were looking to buy their first family home in Melbourne’s northern suburbs. The had a specific requirement of wanting a large home with plenty of outdoor space and a north facing backyard, but didn't know how to navigate the advertised prices on properties, so they engaged our Metro buyers agent services to help.
With a specific budget and in a unique market due to Covid-19 restrictions, the brief our clients provided us was to purchase a large family home in the Strathmore Secondary College Zone. We successfully found and negotiated to buy a 5 bedroom, 2-bathroom house on a 950q m block in Pascoe Vale.
Given our extensive network of contacts in Melbourne’s real estate industry we secured the property before it hit the market, and with zero competition we purchased it for $50,000 under our appraisal.
John needed to downsize and sell his family home of many years, a 3 bedroom, 2-bathroom house in Mulgrave, and needed our expert advice to guide him though the sales journey.
We determined which three agents best suited John’s needs, and from there he selected his preferred one. The marketing process then kicked off with gusto, including strong media coverage!
The result was the property successfully being sold at the vendor’s reserve after auction.
As professional property buyers and vendors advocates, we know the difference between a bad selling agent and a great one! If you would like help to secure a fantastic outcome like this one, whether it’s selling a family home or an investment property, and you’re ready to get started, click here to book a time to discuss your requirements. It’s 100% obligation free.
Thornbury
Rebekah engaged Property Mavens’ service as a Melbourne buyers advocate to buy her first home, as she wanted a "good quality property", as well as access to off-market properties.
As a first homebuyer, Rebekah had a First Home Loan Deposit Scheme loan, which came with many restrictions and strict requirements that we were able to meet with the property we found, including minimum apartment size. Rebekah needed our expertise to buy, assess and negotiate purchasing her first home, while also providing her with certainty regarding the property specifications and protecting her interests in the buying process. And our carefully researched and considered strategy and advice worked!
We successfully - and swiftly - purchased a 1bedroom, 1bathroom unit in Thornbury in a private sale with no competition, just prior to the COVID-19 crisis.
As professional property buyers we know the difference between a bad property and a good one, where to buy to generate the strongest returns, and what properties are really worth, to ensure our clients don’t pay too much.
If you want similar results, click here to book a time with us to discuss your requirements. It’s 100% obligation free.
If you want to invest or buy the right home for your budget, or sell your property click here to book a time, or call us for a chat about securing your financial independence.
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At Property Mavens we choose to give back to help create social change within our business model. If you use our buyers or vendor advocacy services, you will be helping to make a positive impact within the local and wider community.
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