Welcome back! And yes thank you. I thought the Pies were sensational, and for a few hours, the world was an entirely wonderful place.
But enough of our joy, how’s the market, Mal?
Last month, the market was just as we described – turned down slightly and different from what the papers reported. But, as we know, the data the mainstream media uses are generally around 3 months out of date. See our market summary here.
Now, in October, we find ourselves in Melbourne Property’s own version of the Suez Canal.
The only consistent time of the year when so much squeezes into a very short time space, as we exit the September footy and school holiday interruptions and approach the interruptions of the November Melbourne Cup holiday week preluding the run to Santa.
Like the Suez – almost all traffic has to run through this or is affected by the traffic running through this on-market time funnel (eg watching from the sidelines or going off-market).
And mirroring the Suez, once the public online journey begins there is no turning back, no mid-way entries as the rollercoaster of expectations flushes everyone who navigates Melbourne Suez Property Canal.
Indeed, the Suez analogy holds. You can opt for and steer your home around the off-market Cape of Good Hope, but it may well take considerably longer. Why is that Mal? Well, most property actors are focused on opportunities transitioning in the quickest possible time from Europe (on-market buying) to Asia (on-market selling) and don’t spare a moment for the scenic Cape of Good Hope route (off-market).
By this we mean agents often don’t have the bandwidth for “long shot” private appointments on an “off-market maybe” when they’re juggling 6-10 campaigns in the Suez on-market pipeline. Similarly, buyers aren’t as keen on off-market searches for hidden gems when the 24/7 on-market jewelry store appears to offer so much, in such a limited space of time.
So, every year October consistently stands out as the most significant market month every year, a quirk of Melbourne culture and weather; bookended by footy and horse racing holidays (where else in the world hey?) homes at their picturesque best (think the beauty of wisteria blooms, warmth and light into living areas, and the scents of jasmine) are all jammed into a very short selling space.
But hey this year that’s ok, as most of you non-Maggie supporters will be eager for a new passion to fill the void left by your team, and although the allure of Cup champagne and orange juice is within sight, it’s not quite yet in any of our mouths. So enjoy, it’s such a beautiful time in Melbourne, in property and there is a real increase in exciting stock out there (for now).
EOI - Is this Kew's most significant home?
'Round the Grounds Today
Today, as we ventured out, the onset of Spring felt positive. October already seems more promising than September which was weaker than June which outperformed Melbourne’s February market. The 2023 opening was subdued, echoing the decline from late last year, which followed the tumultuous market price surge during the Covid era.
Who said this job is boring – not us.
Toorak
Kew
Brighton
Changing one's lifestyle has not gone away
buying in Sorrento
Last week our clients were successful in buying this ready-to-move-in home, 400 m from Sorrento Beach for circa $4m. Great Canterbury family to work for and a wonderful life change option.
Liar Liar Pants on Fire - no our Camberwell clients have to sell and will meet the market. Yes its a reno.
The quote is real, based on what we can see with homes needing work and we will change if market says something different as our clients have to sell it. You can see what they paid on google. Built in 1886 and it has some provenance – very livable – as clients are doing that now. Big land (882 sqm) in the Prospect Hill Precinct Camberwell – 15 Derby St.
We have bought for other clients in this street who also needed to reno – it’s a good street – and these clients were just about to start, but the off market they bought (see done in 4 hours) changed their plans (which you can ask to see). This could be a good news story for the sellers and the buyers – home is ripe for someone who wants a project.
The most unusual home in Kew this Spring? Wow
We feel the same way now as we sale manage our client’s Kew home ($5.5m to $6.0m), as we did when we bought it. WOW and it has been renovated. For quiet sale appointments through Paul Richards of Bekdon Richards 0414 503 324. We like Paul representing our clients on this home, as he understands good property and has the patience to let you take your time to soak it all in!
“If you’re thinking of selling don’t look past Gina and Mal for exceptional results. It’s their business to know how to stage a house and garden, know the best time of the year to sell in different areas, and they will know the key selling points of your house (and they can arrange for all of this to happen for you). They know how to negotiate and more importantly, how to time negotiations. They know the real estate agents and know who will be the right one for you. You’re in really safe hands and most importantly they’re honest – they will advise to not sell if the offer isn’t right. They’re truly ‘on your side’ and advise you on how to get the best outcome for you. My advice: at the very least meet with them – you won’t be disappointed.”
What JAMES BUY SELL short-term advice looks like
2021 Bought - $19m
2023 Sold - $23m
Normally we say nothing - privacy - but somebody else splashed it all over the papers. In 2021 we bought for our client. This week sold for a $4m gross profit in 2 years. Same home, same agent. In fact same clients we acted for on another $4m+ profit Toorak home previously. That's a +20% uplift as the Toorak median dropped 10%.
