Newsletter - Inner Circle January 2023

Inner Circle

Market News 

It’s a relaxing time of year but some of us are still keeping an eye on what’s happening in the property market.

If that’s you, you might have been a little worried by some of December’s stats.

In Melbourne, auction volumes fell by 16.8% in the last week and clearances were off for December, down to 58%.

A couple of notes about this. Firstly, month to month numbers always move around so hold fire on any predictions of imminent busts and look instead to the medium term trend.

That shows a marked shift away from auctions to private treaty sales as we moved through the year.

I expect the Melbourne market to look a little healthier in February and March but many of the signs we see point towards a sluggish 2023.

That’s actually good news for investors and homeowners aiming to upgrade. While there’s a lot of poor stock on the market at the moment, we have snapped up some great buys for clients over the last two months. 

Expert Insight

Buying a beach home that makes money.

It can be a bit of ritual in January. You’re enjoying an ice-cream after a day on the beach and decide to take a peek in the local real estate agent’s window.

That can lead you down a winding path which sees you buying a beachside property - so beware the holiday halo!

Many properties in coastal towns look like a fantastic buy in the balmy summer months but prove to be something entirely different later on.

If you have your mind set on buying a seaside property which you hope to make money on, here are my golden rules to keep in mind:

1. Stick to smallish family homes with 3 bedrooms
2. The best locations are in quiet residential streets within 15 minutes’ walk of  the town centre or ‘village’
3. Look for the Wow Factor - views, unique setting, great piece of land etc.
4. Ensure the floorplan delivers modern, open space living
5. Only buy in major centres - like on the Mornington Peninsula and Surf Coast
6. Ensure these major centres have a buoyant winter economy and are within 2.5 hours drive of a capital city.

Recently another factor has come into play and that is how well a property is suited to the short term accommodation market. Typically, that can be estimated by following the rules above, but not always.

Take a detailed look at how like properties are booked throughout the year to ensure you’re on a winner.

If you need expert advice or help – whether you’re buying or selling - Property Mavens is here to guide you through the property market.  To talk to a qualified and highly-regarded buyers’ agent or sellers’ advocate, contact us today.

WELCOME TO OUR NEW FRANCHISEE – YING GOH 

Ying will now be an independent owner under Property Mavens’ leading-edge FutureWave model, which puts owners and clients in the driver’s seat. As a buyers’ agent, Ying will be advising investors on how to build their portfolios and helping first time and upgrading buyers find the perfect home for their family. As a vendors’ advocate, she will be helping clients get the best possible result when selling. 

Karen and Chris wanted to buy an investment grade property which they could rent to their daughter over the next few years.

It’s not an uncommon scenario, but one which can lead investors to confuse their objectives or not find the right synthesis between them.

Karen and Chris decided to engage Property Mavens and we found a property which met both criteria and we were able to buy it a full $57,000 under reserve.

“10/10. I had questioned whether a buyer's agent was worth the 'spend' but as the search continued, Michael's insights and market awareness alerted us to things we wouldn't have known.”

If you want help to identify an investment-grade property like this one, whether it’s a family home or an investment property, click here to book a time with us to discuss your requirements. It’s 100% obligation-free. 

Soula had determined it was time to sell her home, but felt she could use the guidance and support of an expert Vendor Advocate.

Property Mavens helped Soula select the right agent and ensured the marketing process got up and going as soon as she was ready.

In the end, we helped the agent and Soula realise a sales price $75,000 above the appraised range.

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.

We say this a lot don’t we, but our case files prove that the best property investment outcomes always happen over the long term.

Take Narelle, a recent immigrant and a first home buyer referred by her broker, who wanted to ensure her first home was also a strong performing asset. 

After accepting our advice to buy a house in Ripponlea, instead of an apartment in St Kilda for a little extra money, she has secured a fantastic outcome over the last nine years. 

We found the perfect house, successfully purchasing this property at auction under strong competition.

Now let’s have a look at where she is nine years later:

Purchased 2013                   $ 715,000

Valued       2022                  $ 1,700,000

Capital growth                      138%

As professional property buyers we know the difference between a bad property and a good one, where to buy to generate the strongest returns, how to buy to secure the best result, 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.

Go Forth and Prosper !

Miriam Sandkuhler

CEO

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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