Newsletter - Inner Circle October 2020
Inner Circle
The property market is on track to reopen
THE GOOD news this month is that – due to low COVID-19 numbers - private property inspections in regional Victoria are now allowed to take place, while outdoor auctions can be held with up to 10 people.
In Melbourne auctions to buy or sell property, are still online, however in person private inspections resumed September 28th, however subject to attendance limits. The real estate market in Melbourne should then fully open with safety measures in place by November 23.
Home construction will be allowed to continue with just give people on site at any given time.
In preparation for the post-COVID recovery in Victoria, the Victorian Government has announced funding packages, including $3 billion to support businesses and $100 million to assist sole traders. In the past month, the State Government has also announced a $100 million Melbourne City Recovery Fund jointly funded by the Victorian Government and the City of Melbourne to reactivate the city, kickstart the economy and bring workers and visitors back to the city.
More development projects have also been fast-tracked, including a $250 million commercial hub at Toorak Village, a three-tower development in Fishermans Bend and a $110 million 75-megawatt solar farm in the Latrobe Valley. This should also help get the economy moving again, and create employment.
If you need expert advice or help – whether you’re buying or selling - Property Mavens is here to guide you through the property market during the COVID-19 crisis and beyond. To talk to a qualified and highly regarded buyers’ agent or seller’s advocate during this challenging time, contact us today.
At Property Mavens we are continuing to operate during Melbourne’s lockdown. We are working from home, as required, but it is still business as usual. Our availability to clients remains the same and we are continuing to work with our clients to buy and sell during this period. Our extensive experience means we are equipped to guide buyers and sellers through the property market during this challenging time.
Stay safe and take care!
Expert Insight
Don’t buy a property sight unseen without expert advice
During this Stage 4 lockdown period of COVID-19 in particular we have seen people buying properties completely sight unseen in Victoria, with physical inspections having been impossible.
In my opinion, it is extraordinary that buyers would rely solely on an uploaded video and photos of a home from a real estate agent to make a huge financial commitment in purchasing a property worth hundreds of thousands of dollars. It is something I would warn anyone against doing at any time – whether during a COVID-19 lockdown or a normal market – particularly if you are not a seasoned professional trained to know what to look for.
If you can’t view the property in person yourself, and the only option is online, you should have a property expert do the inspection on your behalf – such as a buyers’ agent, who is trained to know what to look for, identify potential issues and provide an accurate assessment of a property’s investment potential and fundamentals. We have access to off market properties from trusted real estate agents, so we know we won’t be buying a lemon.[VDG1]
Even if you can view a property yourself it is still advisable to seek expert advice – at the bare minimum a building and pest inspection, but ideally a buyers’ agent working to protect your interests – to protect yourself financially. Buying a property is something most people only make a few purchases in their lifetime, but buyers’ advocates purchase property every day, and are experts in knowing what to look for.
An experienced and expert buyers’ agent 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.
Bridget and Chris engaged Property Mavens services as a Bendigo buyers agent to find, assess and negotiate to buy them a family home near the regional city, for a tree change.
Bridget and Chris wanted to purchase a low-maintenance home with some acreage. Despite a tight budget and a competitive and fast rising market due to COVID-19 relocations – with regional areas becoming even more appealing in the wake of the pandemic - we were able to successfully purchase this fantastic property, an 3- bedroom, 1-bathroom house near Bendigo, for them pre Stage 4 lockdown. We negotiated a private sale, avoiding competition, with the price coming in under budget.
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.
Chris was time poor and wanted a stress-free professional experience selling his five SMSF investment properties.
For the first property, a 2-bedroom, 1-bathroom apartment in Brunswick and four others since - he engaged our vendors’ advocacy service. We then identified which three real estate agents best suited his needs, and Chris picked just one to sell his properties, with the marketing process then kickstarting in earnest.
The result was that Chris achieved a price in excess of the vendors reserve, with the property selling via a private sale.
Rather than going through the painful, guesswork experience (as Chris calls it) of finding a local selling agent, Chris was able to hand over responsibility to Property Mavens. In his words, he barely had to lift a finger, and we expedited a fantastic sales process that achieved a record price for his property, much higher than he ever expected to achieve
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.
Pascoe Vale
Anand and Anusha were looking to buy their first family home in the Melbourne’s northern suburbs. They 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.
Working within a specific budget and in a unique market due to COVID-19 restrictions, our brief was to purchase a large family home in the Strathmore Secondary College Zone. We negotiated on Anand and Anusha’s behalf to purchase a 5-bedroom, 2-bathroom house in Pascoe Vale for $50,000 less than where we appraised the property, buying before it hit the market, with no buyer competition.
Our clients undertook a renovation after purchasing the property, but before doing so had it revalued at settlement and were elated to learn they had made instant equity of a huge six figure plus return! Adding some smart renovations afterwards cemented their returns.
Love to talk real estate?
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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