Roadmap out 1 on 1

by Gina Kantzas, Mal James and Phoebe James

Saturday, September 4th, 2021

How are you? A bit flat at times – yeah us too. A least now we have a way out!

 

Our first marketnews back after a winter/lockdown spell is designed exclusively to give all of Top End Melbourne some clear guidance on the property market, not from us, but from a wide cross section of our industry.

 

To do this we asked 10 questions of 20 Top End expert agents, who we have recently bought and/or sold with. They operate mainly within the southeast and east of Inner Melbourne and the Mornington Peninsula.

Lockdown Gina

Key Findings Summary

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown?

 

2) Do you think the market is moving or has totally stopped?

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please?

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections?

 

5) What is your advice to buyers over $3m who are keen to buy?

 

6) Would you recommend buying or selling a home without a physical inspection?

 

7) Do you think many homes will sell pre September 23?

 

8) What do you think will happen to the market when we are allowed out?

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again?

 

10) Any other comments

Detailed Interviews with 
 
Mornington Peninsula 
  • Clayton Smith
  • Rob Curtain
  • Warwick Anderson
 
Port Phillip
  • Alex Schiavo
  • Simon Gowling
  • Oliver Bruce
 
Bayside
  • Jenny Dwyer
  • Stefan Whiting
  • Barb Gregory
  • Nick Johnstone
 
Boroondara
  • Scott Patterson
  • Geordie Dixon
  • Simon Curtain
 
Stonnington
  • Sarah Case
  • Nathan Waterson
  • Marcus Chiminello
  • Michael Armstrong
  • Andrew McCann
 
 
  • Gina Kantzas
  • Mal James

 

Homes Bought Sight Unseen
0%
Auction Success after 1 on 1 inspections
0%
Auction Success after Virtual inspections only
0%
Market 3 Weeks Ago
0%
Market Now
0%
Market Post Lockdown
0%
Support for stopping 1 on 1 inspections
0%
Agents Following Rules
0%
Agents Recommending 1 on 1
0%
  1. The Inner Melbourne Top End market has stopped, not eased, or fallen.

 

  1. Virtual auctions, any auctions, only work with 1 on 1 private inspections.

 

  1. Excruciating hidden stresses on mid-stream buyers and sellers.

 

  1. Clear solution: everything virtual, except covid safe 1 on 1 private inspections.

 

  1. No support for ban on 1 on 1 inspections, however universal agent compliance.

 

*The above graphs are indicative of expert agent answers given, not scientific.

*Of course inspections covid safe, current compliance shows agents can be trusted.

The Market Cycle

  • The market is flying up until 3 weeks ago – the strongest it has been in many years. It was continuing to rise until the point of lockdown.

 

  • Since then, the market has stopped, paused – not changed. There is no hint from any agents that the market is easing, lowering, going off the boil.

 

  • There is universal agreement among agents that early days post this latest lockdown, will see a fever pitch of activity as buyer inquiry is deep, very deep on almost all levels – certainly, at the lower levels of $2m to $5m AND supply is limited, as very few homes have been able to go through the 2-6 week prep process of valuation, photography, tidy up etc due to no tradesman access.

 

The market feels like it will continue to rise post lockdown, there is no sense of letting up in the immediate weeks after reopening.

Today

  • The market has stopped – talk of virtual sales or the market continuing on virtually – is just that, talk. There is little evidence, just an occasional outlier and exception to this rule.

 

  • Agents are humans and talking with them, this is the first time we got a sense that they too have had enough, they too are feeling the pinch a little. Just an observation, not a request for pity.

 

  • Illegal behaviour. There are many rumours flying around of agents en masse doing illegal (and it is 100% illegal) inspections of homes. That is just simply untrue. No agent spoken to supports the ban on 1 on 1 private inspections, but no agent was doing them or encouraging others to do them.

 

Our industry has stopped, right now there is almost no activity – legal or illegal.

Roadmap Out: 1 on 1

There are many buyers and sellers out there facing difficult financial and mental health situations, who need to transact their largest asset, in a timely and safe manner.

 

As an industry we are united in that we can get them help quickly and safely.

 

If we get one thing back.

 

One on one private inspections in a covid safe manner.

 

If we are allowed these, then our industry can run efficiently and put the much-needed taxes back into the State’s coffers, whilst relieving a lot of unnecessary pain and suffering for our tenants, landlords, buyers and sellers and many of our younger staff AND providing safe employment for the many young and ancillary workers in real estate.

 

Buying a home is not like buying a car. Each home is unique and purchasing decisions are rarely money – they are emotion. And whilst there have been major improvements in virtual auctions – to date virtual inspections have proven to be an abject failure – this is not an agent thing – we would do them if buyers wanted them – they do not.

 

Dear Dan, Martin, Melissa and Brett: We can do 1 on 1 inspections covid safely and please don’t dismiss us as those bloody agents. We are showing you right now that even though we disagree strongly with your current ban on 1 on 1 inspections, as a profession, we are complying.

 

So why would we not follow vaccination checks, 1 on 1 and or any other compliance measures the medical experts deem necessary, to allow our industry to reopen.

 

Footballers, building workers, supermarkets – we are struggling to see the difference in skill, willingness to comply or needs of the community.

 

If you are onboard, then please make the definition of a vacant home, one that the owners cannot be present and must go out for 1 of the 5 reasons they can leave home for please. We accept that homes that are tenanted require greater consultation when selling.

 

Most of the homes are currently occupied and many wanting to transact are in the middle of the buy and sell process – hence the stress. Banks, by the way, are not the gold stars of compassion with regards to bridging finance.

 

In summary, our industry has shown it is willing to adapt and is again proving right now that it is compliant to government regulations, where we are asked to consider the common good.

 

We will follow future directions if we can get back 1 on 1’s, we generally support vaccinations (see our REIV campaigns) and can in a covid safe way bring buyers and sellers together and get this great state of Victoria back roaring again.

Individual Key Agent Answers

Stonnington

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

I haven’t personally sold anything that has been listed or marketed since the commencement of the lockdown and for the majority have encouraged my clients to be patient and wait until physical inspections return.

 

2) Do you think the market is moving or has totally stopped.

 

I think the energy of the market is definitely moving albeit I think as lockdown 6.0 has extended the majority of the market has come to a “Pause” with anticipation now building.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

There have been a surprisingly high number of sales made sight unseen across our group with many buyers prepared to make decisions to proceed based on video walk through tours, photos and floorplan. 8 Clovelly Court Portsea sold for over $3.2 million without a buyer stepping foot inside the property…

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Unless there is a genuine “need” to sell quickly my advice and ours broadly as a group at Jellis Craig has been to wait for the market to open for physical inspections. At 3 million plus its been an incredibly competitive market and albeit some people may be prepared to buy a home sight unseen, not all buyers fit in that bucket and we believe the market is going to start with unprecedented demand and therefore the chance of a higher sales price will most certainly be more likely if competition can be generated from the biggest pool of buyers.

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Be decisive and conscious that the supply of quality homes will be tight so do your research and be prepared for competition.

 

6) Would you recommend buying or selling a home without a physical inspection

 

I think buying a property which you have not been able to physically inspect can stack up with you have seen a thorough video walk through, had a chance to drive past and do some research on the street and exterior of the home and if you have had a building inspection. Apartment sales with good photos and floorplans and the same I would advocate for property that is bought for land then by all means.

 

As a seller I would just question whether the best price is being achieved selling in a market which isn’t seeing everyone able to potentially participate with full confidence.

 

7) Do you think many homes will sell pre September 23

 

I think some homes will sell but not many.

 

8) What do you think will happen to the market when we are allowed out?

 

The last period of selling between lockdown 5 and lockdown 6 was frenetic and we expect it to start with an enormous amount of energy. The market will have less homes available as many owners who were planning to sell have been hampered by not being able to see and engage with agents and have photos taken in preparation for a campaign so as supply and demand dictates, we predict prices could rise further over the next few months.

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

We don’t think the market has changed much at all. The fundamentals from the pre lockdown periods remain the same and in an environment of low interest rates and many people looking to upgrade and improve the way they live and spend time at home it is purely a pause for now and return with the same level of activity when we can.

"Unless there is a genuine “need” to sell quickly my advice and ours broadly as a group at Jellis Craig has been to wait for the market to open for physical inspections."

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Yes.  I had 9 Mayfield Avenue, Malvern last week which was bought sight unseen after 36 hours on the market and 16% above the top end of the range.

 

2) Do you thinking the market is moving or has totally stopped.

 

Underlying demand is strong, but sellers are hesitant and disrupted, so the market is only crawling at the moment.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

Yes – as per above (9 Mayfield Avenue, Malvern) as well as others I’ve heard of in the Inner North and Mornington Peninsula

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

If there is scarcity in your price point and sector, I’d look to expose your property now (provided you have quality marketing materials available).  The objective is not necessarily to transact (sales without inspections are a bit of a fluke), but to build enquiry / prospects at a time when your share of voice in the market is greater than it will be in a month’s time.

 

5) What is your advice to buyers over $3m who are keen to buy.

 

There will be more on the market soon.  It will be busy once things re-open, but that could also be in 2022 as we’re fast running out of track this year.

 

6) Would you recommend buying or selling a home without a physical inspection

 

I’m conservative and personally wouldn’t buy without an inspection, but I know some people are desperate.  It is so important to understand a property fully before buying, whether that be with or without physical inspection.

 

7) Do you think many homes will sell pre September 23

 

Not many in the $3m+ market unless they are land value.

 

8) What do you think will happen to the market when we are allowed out?

 

A little bit of “organised chaos” but it will largely depend what happens on the supply side.   There will be and initial grab for the quality stock, followed by buyers working out whether they’ve got choice in their part of the market or whether its slim pickings still.  If the supply doesn’t come on, prices will be rise again.  Advertised stock will take precedence over off market.

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

It could get stronger and behaviour more erratic if supply keeps drying up, but largely the same as before this lockdown (which was strong!)

 

10) Any other comments

 

Don’t get crazy.  Don’t overextend.  The market is running on emotional factors like fear of missing out and the belief prices will continue rising rapidly – the World is in a strange place right now - don’t get fooled into thinking this is how it is going to be forever.

"I’m conservative and personally wouldn’t buy without an inspection, but I know some people are desperate."

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Yes. An off market penthouse in Mathoura Road Toorak for just shy of $9,000,000.

Fortunately the buyer had inspected the property nearly 18 months ago and then again between LD5 & LD6

 

2) Do you thinking the market is moving or has totally stopped.

 

It was moving quite fluidly for the first week or so after lockdown as buyers had the benefit of viewing homes beforehand but now, transactions are only trickling through.

Enquiry levels from buyers is quite high. Like sellers, they want to be at the front of the queue post lockdown

 

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

  • Kooyongkoot Rd Hawthorn over $6.3m
  • Dawson Ave Brighton over $3.4m

 

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Take a deep breath, it will all be ok.  The drought of inspections you are currently experiencing will be followed by a flood. Do except high levels of activity and early engagement from buyers once we are allowed to commence inspections again.

 

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Do as much due diligence as you can online or with the agents you are connected with about current or new opportunities so you are well prepared to make quick decisions once you can inspect because stock will be absorbed very quickly once we open up.

 

 

6) Would you recommend buying or selling a home without a physical inspection

 

In the absence of land or investment purchases, the short answer is no.

 

 

7) Do you think many homes will sell pre September 23

 

Realistically no. Perhaps a handful.

 

 

8) What do you think will happen to the market when we are allowed out?

*Insert footage of the front doors opening at Myer on the Boxing Day sales!!

It is going to be quite chaotic - lots of turnover is expected in a short period to make up for this lost time we’ve experienced.

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

Its just been a “time out” for the market and the industry.

We will pick up where we left off.

" Would you recommend buying or selling a home without a physical inspection?" In the absence of land or investment purchases, the short answer is no."

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Mal and Gina my team have been involved in three sight unseen sales since the beginning of lockdown. One of those was above $5.5M, the other two circa $2M.

 

2) Do you thinking the market is moving or has totally stopped.

 

Prices are continuing to build and there are still active conversations happening around purchasing in this current COVID/Lockdown 6.0 environment. I do however think in the coming weeks, the focus will shift back to waiting until we reopen and welcome back physical inspections.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

Yes, we sold 9 Elmie Street, Hawthorn sight unseen.

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Depends on the circumstance, by-in-large I am advising the majority of my clients to wait. Based on the current level of enquiry and hearing the numbers of buyers signing on with advocates there will be strong demand upon exciting and the best results will come then.

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Register your interest with key local Agency’s/Agents or employ a specialist advocate for advice. You will then become part of the conversation on not only advertised properties, but those being offered off market. Speed of transaction is now such an important part of the process now, buyers who show themselves as “keen” are being serviced liked never before.

 

6) Would you recommend buying or selling a home without a physical inspection

 

Yes, if you are well researched on the location, current pricing trends and have had a building inspection conducted. A video or virtual inspection will help you understand if the property suits your needs or not.

 

7) Do you think many homes will sell pre September 23

 

With the inability to have professional photos, floorplans and videos made, I think we will largely be in a pause for new homes selling, with only a small percentage still to be transacted that are currently being advertised.

 

8) What do you think will happen to the market when we are allowed out?

 

Based on strong enquiry, buyers registering their interest now and a shortage of good quality homes available I expect we will see a good uplift in pricing prior to Christmas and potentially post.

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

We saw terrific momentum before this current Lockdown 6.0 and definitely witnessed further price growth. I do however think we are now in a pause until we open back up.

" Would you recommend buying or selling a home without a physical inspection? Yes, if you are well researched on the location, current pricing trends and have had a building inspection conducted. A video or virtual inspection will help you understand if the property suits your needs or not. "

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown –

 

We launched an off the plan project at 341 George St Fitzroy on the Tuesday night before lockdown, I did 12, 1-hour presentations and put 9 on hold. Since then we have sold 13 out of 17 which has been fantastic and keeping me busy and sane in the process.

 

 

2) Do you thinking the market is moving or has totally stopped.

 

I am hoping once we come out of lockdown buyers come fast out of gates like they did in October- November last year, as we have a lot of Vendors that have to sell as they have purchased elsewhere and have had to settle during lockdown with no ability to show buyers through their current homes. Quite frankly Unfair

 

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

We have had some transactions of land with outstanding results, but we have also had sales where buyers had previously inspected a home at least one or twice than rang and said they will make an offer to buy.

 

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Hang in there and once we can open, we will get the job done, as there are willing and keen buyers out there ready to upsize or downsize. Our Melbourne market is resilient, and we will be fine!

 

 

5) What is your advice to buyers over $3m who are keen to buy.

 

There will be not only the existing stock that we haven’t been able to show ( only 1 week of opens before we were locked down) but there will be new stock hitting the spring market. I think there will be a big rush to buy and sell before Christmas. So Stay Tuned!

 

 

6) Would you recommend buying or selling a home without a physical inspection

 

Land Yes, but genuinely in my market at the top end buyers do want to inspect and see with their own eyes especially with the Million dollar price points.

 

 

7) Do you think many homes will sell pre September 23

 

Honestly no, not at the top end of the market, only the ones where buyers had previously been through, Agents that are saying this are telling porky pies.

 

 

8) What do you think will happen to the market when we are allowed out?

 

I think at the start D. Andrews will let us only conduct one on private inspections with no more than 1 group /family at a time.  Which is what we should be doing now, as Sydney has so many more cases and their real estate agents are allowed to continue to work with one on one inspections!

 

The old saying for the most important things people need to live “FOOD, WATER, SHELTER ,”  And that is not the case here in Victoria; Its “FOOD, WATER and DAN MURPHYS”

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

I think we are on pause and I truly believe we will bounce back! Melbourne real-estate is the best in the country and very quick to recover, as who wouldn’t want to live in Melbourne ( when we don’t have Covid or Lockdown)

 

10) Any other comment

 

50-100 people at time can be in a supermarket touching food items chatting etc or in Dan Murphy’s but yet we can’t conduct one on one buyer inspections with masks and or gloves on.  We as agents know more than the QR codes, we know their full name, where they live, there email and phone numbers and usually their kids names and what school they go to !.

 

Whereas anyone can go to a supermarket and not even check in if they chose not too!!

 

We are at breaking point as Vendors financial futures are at stake as well as their well-being.

" The old saying for the most important things people need to live FOOD, WATER, SHELTER And that is not the case here in Victoria; Its FOOD, WATER and DAN MURPHYS"

Boroondara

Hi Mal and Gina,

 

Good to hear from you both and yes staying very positive, very lucky to have my family and work. I hope you are both well also.

 

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown 

 

Sam Goddard and I negotiated the sale of Townhouse 6, 24 Rockley Road, South Yarra ‘off the plan’ which represents a 75% sale rate of the upcoming development in only 4 weeks from launch.

 

2) Do you think the market is moving or has totally stopped. 

 

The market is definitely moving in a positive direction driven by multiple factors including the current interest rate environment, low stock levels, increased personal savings and the fear of missing out. Naturally the current lockdown has slowed things considerably, but the market certainly hasn’t stopped. Buyer demand is building pressure.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

Yes, amongst others, we sold 1/ 65 Lansell Road, Toorak following a brief video tour.

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections 

 

The market will significantly bounce back at the end of the lockdown. Sellers should start preparing now by developing a timeline for maintenance required, gardening, styling and photography as soon as possible (don’t be overwhelmed, good help is available). Get creative with your iphone and prepare a detailed walk through video (landscape format) which can be supplied to buyers on request.

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Enquire about properties both on and off market, and request a video tour. If you like a specific property, register your interest and ask the selling agent to keep you informed if the property looks like selling prior to Auction.  By ‘saving’ properties on Domain.com.au and realestate.com.au you will be automatically updated if key dates change.

 

6) Would you recommend buying or selling a home without a physical inspection 

 

Unprecedented times calls for unprecedented actions. Everyone has a different appetite for risk, but you simply can’t rule out buying remotely depending on the specific property type, its condition and the specific level of information available. Buyers that are willing to think outside the square will be rewarded, and for sellers with the right strategy and timing, it can also be rewarding.

 

7) Do you think many homes will sell pre September 23 

 

For a variety of reasons, there will be a number of properties (both established and ‘off the plan’) that will be sold prior to September 23rd. We are in unprecedented times, and therefore buyers / sellers are making decisions once not though possible. With the right information, good purchase and sale decisions can be made, even if on a conditional basis i.e. subject to a post lockdown inspection.

 

8) What do you think will happen to the market when we are allowed out?

 

There will be a rush of activity post lockdown. Once people have left their barber or hairdresser, the next stop will be property inspections.  It will be a hectic period with private inspections until end of the year. There will be good opportunities for both buyers and sellers.

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

We are simply on a big pause, and my view is that the market will bounce back strongly. Last week I had two ‘zoom’ auctions on Thursday and Sunday, which both achieved 20% over a very realistic reserve price. The market is craving stock and vendors who are prepared and have the right strategy will be rewarded.

 

10) Any other comment

 

Buyers should remain focussed, sort out your finances, and keep up the research so you are ready to buy when the right opportunity emerges. If you need assistance or don’t have time, definitely speak with a buyers agent. Sellers should engage the services of an experienced agent, as it is a great time to sell.

"The market is definitely moving in a positive direction"

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown?

 

Not personally no.

 

2) Do you thinking the market is moving or has totally stopped.

 

The market is surprisingly still moving although very much at a reduced rate due to the obvious lockdown and when you are buying your biggest investment – typically buyers will want a physical walk through before making offers so many are just waiting.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please?

 

We have sold a number of homes under $3m and over $3m was 24 Wharton Street Surrey Hills with superstar Mark Lawson

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

To be patient – firstly as its illegal for one on ones until the lockdown restrictions are lifted and also the buyers are not going anywhere!!  Compared to the previous 5 lockdowns, we have seen buyers coming out more aggressive and determined so get ready as the market will move quickly and strongly.  I would always suggest competition is a good thing so we need to give buyers the chance to engage as you never know what price you could achieve.  Its going to be a strong and competitive market once the doors open.

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Keep doing your research, keep talking to agents as we have properties waiting to launch once we are able to so I believe the market will be back and strong.

 

6) Would you recommend buying or selling a home without a physical inspection

 

This is completely up to the buyer and seller.  Each buyer and/or seller has their own set of deadlines so each case is different -  you may have a pending settlement on your own home and have no other option but to move that quickly and hope the video is good enough!

 

I believe the supply/properties coming onto the market will definitely satisfy the wait!

 

7) Do you think many homes will sell pre September 23

 

There will definitely be sales given there are many clients who have to sell or have to buy for their own circumstances but it will be a very reduced rate.

 

8) What do you think will happen to the market when we are allowed out?

 

I think it will game on.  Given the last 5 lockdowns have taught us, buyers will come out strong, aggressive and quick for decisions so our traditional selling calendar/timeframes will be too long. We will see auctions set throughout the week, and sales pretty much from the get go within a strong, vibrant and competitive market.

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

We are simply on pause.

 

10) Any other comments

 

There is no sign of this market slowing down and with the lockdowns, buyers are even more determined than ever so I think the market could continue to operate through to Christmas and throughout January to keep up with the demand.  Its going to be fun.

"There is no sign of this market slowing down and with the lockdowns, buyers are even more determined than ever. Its going to be fun"

1)Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

No, nothing that started after lockdown

 

 

2) Do you thinking the market is moving or has totally stopped. 

 

The market has frozen whilst we deal with the spread of the virus in Victoria.  If the previous lockdowns are anything to go by we will rebound strongly however nobody knows for sure how long this one is going to last.

 

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? 

 

No

 

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Hold and wait for the market to restart.  The challenge will be that the Government hasn’t defined what is an “unoccupied” property and the vast majority of $3m+ homes are occupied.  Therefore, planning a new timeline is difficult

 

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Be patient and there will be quite a bit to choose from when we restart

 

 

6) Would you recommend buying or selling a home without a physical inspection 

 

No, it is fraught with danger

 

 

7) Do you think many homes will sell pre September 23 

 

Very few homes will sell prior to September 23 unless they have already been inspected or the Vendor is desperate to sell.

 

 

8) What do you think will happen to the market when we are allowed out?

 

I have no doubt that there will be a rush from buyers to inspect properties.  Agents will cram in as many appointments as possible in case there are further interruptions.  Quality properties will attract strong competition and prices will surge.

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

We are frozen in time.  Sellers are holding their properties back and buyers are frustrated but have no choice but to wait.  The market has not lost any value.

 

 

10) Any other comments

 

Fingers crossed that the State Government decides to show some flexibility around inspections for both unoccupied and occupied properties once the restart happens.  NSW has proven that inspections can occur safely.  Not one case of Coronavirus has occurred as a result of having an inspection of a property.

"We are frozen in time. Sellers are holding their properties back and buyers are frustrated but have no choice but to wait. The market has not lost any value."

Bayside

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Yes, we have sold several properties, the stand out was 3 Collis st Brighton East that we sold last Saturday as an online Auction. It was bought by an American couple who had never inspected it. The vendors did a video tour with our Russ Enticott also on the video and they bought it for $4,362,000.00 with 4 underbidders

 

2) Do you think the market is moving or has totally stopped.

 

I firmly believe when we can do private inspections it will run again. Currently, it is very difficult to sell property as buyers want to inspect – and they should be allowed to. We need to be able to influence the government to understand that private inspections done in a covid safe manner is really important for the industry and our sellers, buyers, renters and landlords.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month?

 

If yes – 3 Collis st Brighton East sold for $4,362,000 sight unseen reserve 3,950,000.00

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Hold tight, get everything organised with your agent and when we open be one of the first ready to go – the appetite from buyers is huge. After all, nobody is spending money, there is only so much take away you can consume !

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Contact an agent you trust, who is hardworking and connected and give them your details , there are so many opportunities to secure off market properties and any good agent will find you something.

 

6) Would you recommend buying or selling a home without a physical inspection

 

If you know the area, have had a video tour, photos etc and you have done your due diligence with pricing etc  go for it with your ears pinned back , history may tell us this a great time to secure your dream home, I reckon we may be referring in years to come as “Covid sales” being bargains

 

7) Do you think many homes will sell pre September 23

 

I would be lying if I said there will be a massive amount of transactions , but there will be a sprinkling. Good agents make things happen. I am still hoping sanity prevails with our government and we open before September 23 with private appointments – maybe I am too optimistic !

 

8) What do you think will happen to the market when we are allowed out?

 

I know I sound like a typical agent but in two words – go nuts!! We have plenty of stock ready to go on day 1 , good properties, well priced and many empty – let us out!!!!!!!!

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

I think the market is poised and ready to bounce. I may be bias but despite recent  feelings about Victoria and the poor way we have handled the pandemic it is a wonderful place to live and again without being bias  there is nowhere to live in the world better than in our beautiful Bayside suburbs – so why wouldn’t our property market continue to thrive

 

10) Any other comments 

 

Get vaccinated so we can go back to doing what we love doing!

 

"We need to be able to influence the government to understand that private inspections done in a covid safe manner is really important for the industry and our sellers, buyers, renters and landlords."

1)      Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Yes, I sold a lovely home at 19 Victoria St. Brighton last week for in excess of $4.5m. through a virtual process which involved a collaboration with my Vendor to provide everything required for the purchaser to complete a due diligence. Please note the buyer had seen it years ago though.

 

 

2)      Do you thinking the market is moving or has totally stopped

 

The market continues to move as there is continued demand. Vendors and buyers are becoming more comfortable with virtual valuations & the listing process, and buyers are utilising the virtual tools offered to provide video and photos of the homes. 

 

 

3)      Have you heard of any homes over $3m selling sight unseen in the last month?

 

 

My understanding is there has been a number of virtual sales throughout Bayside in recent weeks facilitated by the more experienced Agents. 14 Dawson Ave Brighton was sold for in excess of $3m to the underbidder of Simone Howell’s (Marshall White) Auction of No.12 Dawson Ave. The virtual inspection was conducted by the Vendor and supported by an independent valuation.

 

It is important to note that some of these sales were negotiated through lockdown with buyers having inspected the homes prior to the industry restrictions.  Whether by private negotiation or zoom auction, buyers have been eager to elevate their interest … many needing to because of personal needs and circumstances.

 

 

4)      What is your advice to sellers over $3m who have not yet had one on one inspections

 

As we have experienced over previous months the first stage post lockdown will be one on one viewings. Sellers should not be concerned. This is in fact “old fashioned” real estate at its best. The agent connection and communication with the buyers is stronger and faster resulting in a sound foundation to support an excellent result.

 

 

5)      What is your advice to buyers over $3m who are keen to buy.

 

If you are a keen buyer with a budget in excess of $3m heed the advice of experienced agents and advocates. Take advantage of all the virtual tools on offer… The vendors are happy to provide as many photos and as much detail as they can. Building inspections and valuations are still allowed. The decision to purchase under any market conditions is very personal and every buyer will have a different view. 

 

6)      Would you recommend buying or selling a home without a physical inspection

 

I would only recommend a buyer purchase without a physical inspection if they conduct the appropriate due diligence and take advice from experienced professionals. 

 

7)      Do you think many homes will sell pre September 23

 

For all the above reasons the market will continue to list and transact prior to September 23rd, but not that many.

 

8)      What do you think will happen to the market when we are allowed out?

 

As with the previous 5 Lockdowns the market will experience frenetic activity when Lockdown 6 comes to an end. We know for a fact we have hundreds of buyers and sellers in the wings. As we have found previously once the most active layer of buyers are absorbed, the market will start to settle so we continually advise anyone thinking of selling to use this time to do as much preparation as you can to prepare your home for sale. Give your garden some TLC, declutter, make a maintenance list and contact trades so they are booked in ready to go. Even Stylists can do a virtual walk through and help you plan. 

 

9)      Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

Has the market changed or paused? Of course it’s changed. it’s quickly teaching us to adapt and pivot but it certainly hasn’t paused.

 

10)  Any other comments

 

The market has become more cautious and considered. Detail is more important than ever. Expert advice from all property related industry leaders is more important than ever… not such a bad outcome!

"Has the market changed or paused? Of course it’s changed. It’s quickly teaching us to adapt and pivot."

1)      Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Yes 31 Gordon Street Hampton, this property is the highest price ever achieved for a residential home in Hampton, SOLD in lockdown

 

2)      Do you thinking the market is moving or has totally stopped

 

The market is still very strong despite restrictions having stopped face to face inspections. Demand and buyer enquiry is at an all-time high.  Our listed properties on line during lockdown are getting record enquiry numbers. I was staggered by the sale of 91 William Street Brighton a architecturally designed modern home situated on 500sqm of land selling for $9,700,000 

 

 

3)      Have you heard of any homes over $3m selling sight unseen in the last month?

 

 yes – Charles Street Hampton, Victoria Street Sandringham ,Collis St Brighton East

 

 

4)      What is your advice to sellers over $3m who have not yet had one on one inspections

 

Immediately do a live or prerecorded Zoom virtual open for inspection with agent voiceover highlighting the features of the home. This allows prospective purchasers not only to see a more detailed viewing but provides a format where they can ask questions and get immediate answers via the chat function. The recording can then be emailed to all buyer enquiries and watched multiple times. There has never been a better opportunity to take advantage of reduced property supply. Less supply equals less competition for your property. Don’t wait until lockdown ends as we anticipate the large backlog of properties will surge onto the market. There are prospective purchasers around right now who are keenly house hunting.

 

5)      What is your advice to buyers over $3m who are keen to buy.

 

Get as much information from the agent as possible, attend virtual inspections, ask as many questions as you can, get a building inspection. Greater knowledge equals a more informed decision. Make offer subject to a satisfactory building inspection

 

 

6)      Would you recommend buying or selling a home without a physical inspection

 

Yes particularly when purchasing land or an investment property. Each prospective purchaser should consider their individual needs and circumstance. Making decisions  to purchase a principal place of residence , even under “normal” conditions is a considerable decision. From a selling perspective we are having phenomenal success with online auctions.

 

 

7)      Do you think many homes will sell pre September 23

 

Sales will and are happening right now, however the number of sales compared to this time last year will be unusually low. The lockdown has impacted both sellers and prospective purchasers with many deciding to hold off doing anything until they have greater clarity on the future.

 

 

8)      What do you think will happen to the market when we are allowed out?

 

Supply will dramatically increase from current levels and many will look to secure a sale before Christmas.

Pent up buyer demand will ensure prices remain high. I can see myself and our team working every day to keep up with the backlog of new listings.

 

 

9)      Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

Yes supply constraints has limited choice for buyers, many buyers I’ve been dealing with that resisted purchasing certain properties, have contacted me to see if these properties are still available only to find they have been sold.

 

 

10)  Any other comments

 

As a result of the COVID 19 and the impact it has had on all of us many people have seriously considered what is really important to them. For some this has meant a complete shift of mindset and I know many that have made decisions to re locate within and even outside of Australia. Moves to rural areas or even coastal areas have been particularly pre dominant. Improvements in technology like 5G , Microsoft teams and Zoom has allowed people to work together even though they live far apart. History has taught us one thing and that is change is inevitable, sometimes for the good and sometimes bad. Either way to survive and prosper we all need at adapt and embrace these changes.

"Either way to survive and prosper we all need to adapt and embrace these changes."

1)Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Yes. I had a property scheduled for an online auction (originally scheduled for an onsite auction) in Hampton which was sold through negotiations between three parties on the eve of the auction.  Sold over $300,00 in excess of the top of the range.

 

 

2) Do you thinking the market is moving or has totally stopped.  

 

The market is still strong with an insatiable appetite for well-located properties particularly for clients looking to build a luxury new home.  There is an exhaustive list of buyers just ‘waiting’ for the market to reopen across all sectors of the market.

 

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please. 

 

No I haven’t.  There are ‘real estate rumours’ of sales being achieved however – rumours are just that!

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections. 

 

Unless you are selling purely a land based property, be patient and allow the market the opportunity to view your property once we reopen.  The likelihood of an optimum result being achieved without ‘physical inspections’  is a high risk strategy in an environment where there is strong buyer depth in excess of $3m.  Let your agent create as much competitive tension between buyers to ensure negotiations are maximised on your behalf.

 

 

5) What is your advice to buyers over $3m who are keen to buy.  

 

Don’t panic if there is little stock to choose from at this point in time.  This will change as the market reopens.  As you start to invest in real estate at this level and beyond, buying location based properties is key – you can’t replicate location and it will stand you in great stead for future capital growth in Melbourne as we continue on a strong growth trajectory (post Covid).

 

 

6) Would you recommend buying or selling a home without a physical inspection. 

 

Yes  if the property is a land based property and you are looking to build a luxury home.  Alternatively, you may also be looking to  acquire  a property in a highly sought after apartment building where you already know the building and feel comfortable with your level of knowledge.  Virtual inspections go a long way to assisting buyers with providing an in-depth look at a property but if in doubt, listen to your own instincts.   Know your own level of risk !

 

 

7) Do you think many homes will sell pre September 23?  

 

I feel confident that  there will continue to be a steady flow of transactions as people want to get on with their lives and some buyers (though not all) are comfortable  doing  a drive by on certain properties or on the basis of a virtual inspection.

 

 

8) What do you think will happen to the market when we are allowed out? 

 

I believe the market will roar back into life with pent up demand across all sectors of property.  The psychology of the end of year will loom large with sellers and buyers wanting to finalise major decisions and start 2022 either having sold or bought. 

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again.

 

We are quite simply in a holding pattern with everyone playing the ‘waiting game’.  We continue to see more and more people keen to  take advantage of the continuing low interest rate environment coupled with the emotional reality of ‘the home’ being key to peoples sense of wellbeing (more so than ever).

 

 

10) Any other comments.   

 

Look forward to selling or buying in 2021/2022 with a sense of excitement as we start to live a little more normally.

"Look forward to selling or buying in 2021/2022 with a sense of excitement as we start to live a little more normally."

Port Phillip

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

NO

 

 

2) Do you thinking the market is moving or has totally stopped.

 

Vendors are preparing homes for sale. Buyers are making decisions and making offers. Properties are selling. The market is still moving.

 

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

I sold 13 Dundas Place on the 21st of August for a little over $3m. This was a zoom auction. The under bidder was bidding site unseen. Our firm has sold a number of other properties in this lock down site unseen.

 

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Prepare your home for buyers to come through very soon. Get the marketing ready. There will be a wave of activity as there is pent up demand. Let’s be ready to transact in this time.

 

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Let’s do the research now. Review previous sales. Walk the street. Walk around the back. Review the contract. Book in inspections with the agents of these properties for the most likely available date.

 

 

6) Would you recommend buying or selling a home without a physical inspection

 

My general response is ‘no’. But, there are exceptions. It depends on the property type, the purpose for the purchase and also the persons knowledge of the market. These might be reasons some one could successfully purchase site unseen.

 

 

7) Do you think many homes will sell pre September 23

 

There will be a few more sales. It will slow up a lot in the coming weeks.

 

 

8) What do you think will happen to the market when we are allowed out?

What is listed online will sell well and quickly. New listings of vacant homes will also sell well. I think buyers are actually seeing a strong chance the market will rise 10% over the next year and therefore they want to get in.

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

I don’t think pricing has changed in the last month.  

"I don’t think pricing has changed in the last month."

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown -

 

No

 

2) Do you thinking the market is moving or has totally stopped.

 

I think the market is still incredibly strong. The campaigns where we were able to have one or two opens before lockdown and were then moved to zoom auctions all sold well above expectations.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please-

 

No

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

Just be patient and wait until we can open up again. It seems crazy to limit your market to buyers who have only seen your home virtually. I could not possibly recommend that strategy to a vendor or be confident that we would achieve the highest price for them.

 

 

5) What is your advice to buyers over $3m who are keen to buy.

 

Again, just be patient. There will be a lot of property at that level coming onto the market as soon as we are out of lockdown, so there will be lots of choice for buyers. We have lots of exceptional top end properties coming up for sale.

 

 

6) Would you recommend buying or selling a home without a physical inspection

 

I think there could be upside to buying - decreased competition. If you are comfortable enough to buy a property having only inspected virtually then I guess it’s up to you. I certainly would not recommend selling in a market where people cannot inspect your home.

 

 

7) Do you think many homes will sell pre September 23

 

There may be one or two where a buyer wants to put forward a very strong offer to take the property off the market. I don’t think there will be many though..

 

 

8) What do you think will happen to the market when we are allowed out?

 

I think it will be similar to last year and early this year when there was a flood of properties and buyers all circulating the market. It will be a real estate frenzy! I expect the market to remain strong right up until early next year.

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

I can only go off the few sales that we have had where we were able to get buyers through before lockdown and resulted in very strong zoom options. They have all gone crazy so I think a lack of stock and huge demand has kept the market strong, but there’s probably not enough data to ascertain where the market really is right now.

 

 

10) Any other comments

 

In my opinion the top end of the market will continue to be in high demand   while interest rates stay at record low levels and money is relatively easy to borrow. We (Albert Park Greg Hocking Jellis Craig) have several campaigns between $5-10 million coming up and I think we will have some very competitive auctions. 

"It seems crazy to limit your market to buyers who have only seen your home virtually. I could not possibly recommend that strategy to a vendor or be confident that we would achieve the highest price for them."

1)Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Over the last couple of weeks I have sold a couple of homes in excess of $4m that were due to be launched just prior to Lockdown #6. We had rescheduled the styling and photos on at least 3 occasions and as soon as a looming lockdown was due to be announced I was able to get the buyers through privately. 

 

2) Do you thinking the market is moving or has totally stopped.

 

I feel the market is simply on hold at the moment and as soon as we are out of lockdown the market will pick up where it left off. There is incredibly strong buyer demand and simply a shortage of property, especially at the top end. Once we have the opportunity to have an uninterrupted selling period we will see a stabilisation in the market where supply will meet demand, but until then we will continue to see strong results.

 

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

Across the company there have been several confidential sales sold sight unseen in the last couple of weeks, one of which was in Bayside and two over in Stonnington.

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

The advice I would give to vendors is simply to understand that we will most likely experience further lockdowns and therefore it is crucial that we understand the traditional way of selling homes is no longer a viable option. We need to ensure we move quickly, have a plan A, B and C and most importantly utilise technology such as interactive floorplans and films. We have sold several homes across the group with virtual tours conducted by the vendor. This has been extremely successful and with direction from us and our marketing team and under the circumstances has proven effective.

 

 

5) What is your advice to buyers over $3m who are keen to buy.

 

I would suggest any buyers who are keen and ready to buy now should reach out to both agents and buyers advocates to see what stock they have in the pipeline due to launch. We all have properties ready to go that have not been photographed and if a buyer does not have a relationship with an agent they may miss out.

 

6) Would you recommend buying or selling a home without a physical inspection

 

This is a very interesting question which buyers and sellers ask me almost every day! Selling a home without a physical inspection is great for the vendor if they achieve a price they are happy with and is in line with the market. The only concern here is, much like off market sales in a non-COVID period, is that there is always the possibility that further competition could have been created should the property had greater exposure. As far as buyers are concerned, I would definitely suggest a buyer move forward if they are looking to buy land, know or have previously missed out or been through a property that is back on the market, or a trophy property such as waterfront Golden Mile homes which are usually generational and rarely become available.

 

 

7) Do you think many homes will sell pre September 23

 

I believe there will still be homes trading between now and September 23, in particular some vendors who launched between lockdown 5 and 6 and need to sell to settle a purchase. Many vendors are extremely frustrated with their homes literally being on the market for 90 days and will definitely consider a pre-23 September sale.

 

 

8) What do you think will happen to the market when we are allowed out?

 

There will be a flurry of activity straight through to the 24th of December and most likely beyond. Logistically it will be a nightmare as many of the homes listed are waiting to be styled and photographed so there will be a further time lag. I believe clearance rates will continue to be strong and simply FOMO will creep in again which will further fuel our market.

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

As mentioned above, the market is simply on hold at the moment and will pick up from where it left off. If anything, I believe we will see a lot of pre-auction offers and many homes at the top end with Expressions of Interest campaigns selling before their deadlines as both vendors and buyers don’t want to prolong the sale period with fear of further lockdowns.

 

 

10) Any other comments

 

Final comments are really around communication with vendors on strategy and proper planning which is essential in achieving a great result. Automated real estate which I have never been a fan of is simply a thing of the past. Agents need to become trusted advisors and ensure they are advising their clients to help them achieve their goals.

"We need to ensure we move quickly, have a plan A, B and C and most importantly utilise technology such as interactive floorplans and films."

Mornington Peninsula

Hi Mal, good to catch up this morning!

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

I haven’t sold any properties personally over 3mill since the latest lockdown, however have been very busy adapting to the market & selling off the plan units at MtBuller. We sold 17 units in a new project in a couple of weeks. Indicative of a healthy regional market in the snow season, even though the ski lifts have been turned off!

 

2) Do you think the market is moving or has totally stopped.

 

I think the Melbourne market has merely hit the pause button

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

I believe there have been some over 3 mill sales with just video internals & kerbside inspections.

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

With our forthcoming vendors who have not been able to photograph prior to lockdown we have been putting on hold till we reopen. Same with buyers unless we have photography.

I know some vendors are doing their own “walk thru” phone videos and whilst these can be professionally enhanced, they are not as good.

 

5) What is your advice to buyers over $3m who are keen to buy.

 

If the properties largely represent land value only there is no real reason for an internal inspection.

 

6) Would you recommend buying or selling a home without a physical inspection

 

We have been quite active down at Portsea/Sorrento selling smaller (up to say 2.5mill) properties sight unseen on zoom auctions but these are ones that already had photos done.

 

7) Do you think many homes will sell pre September 23

 

I think the number of sales between now and 23/9/21 will still be limited for the reasons above

 

8) What do you think will happen to the market when we are allowed out?

 

I predict a new “feeding frenzy” as soon as we are set free again due to huge pent up demand and little supply.

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

I think the prices will remain strong and could even go further depending on the product. I see a potentially very busy spring & early summer.

 

10) Any other comments

 

Just had my second vax yesterday so hoping the government will get around to a “passport” system like some European countries are now instituting. We need a ticket to freedom!

" I predict a new “feeding frenzy” as soon as we are set free again due to huge pent up demand and little supply."

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown.

 

Yes We should 12 Dana (see link) from a video walk through that our clients had prepared. The property was on the market for only two weeks with a number of interested parties over $3m which is wonderful for the Blairgowrie market.

 

12 Dana Avenue, Blairgowrie, Vic 3942
https://www.realestate.com.au/property-house-vic-blairgowrie-136950294

 

2) Do you thinking the market is moving or has totally stopped.

 

The market is still definitely moving albeit tempered thanks to the governments ongoing restrictions. 

 

 

3) Have you heard of any homes over $3m selling sight unseen in the last month?

 

See above 

 

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections.

 

Send Dan Andrew’s an email! This is absolutely ridiculous one on one inspections can’t be carried out with some common sense rules for sellers, agents & buyers. Don’t sell your home short, so be patient and wait for one on one inspections to recommence. 

 

5) What is your advice to buyers over $3m who are keen to buy.

 

If you’re familiar with an area and agents can provide you with a detailed floor plan, images and video and you think the price is right then its a good time to buy. Many people won’t buy sight unseen so competition will be reduced during these lockdowns. 

 

 

6) Would you recommend buying or selling a home without a physical inspection.

 

Yes, if the stars align for both parties then why not. Buyers should specify their final inspection must take place within the three-day cooling off period and ensure they use this legally allowable entitlement to ensure they’re happy with their purchase. 

 

 

7) Do you think many homes will sell pre September 23.

 

It will be limited. 

 

 

8) What do you think will happen to the market when we are allowed out?

 

As we head into our busy Spring / Pre Christmas selling period the joys of freedom (if it happens) will ensure a strong market into Summer. 

 

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again.

 

No, I think the market is the same as a month ago but further restrictions I feel will start to have a negative effect.

 

 

10) Any other comments.

 

I feel low stock levels will continue for some time on the Mornington Peninsula keeping prices strong with more buyers than sellers.

"This is absolutely ridiculous one on one inspections can’t be carried out with some common sense rules for sellers, agents & buyers. "

1) Have you sold any homes personally over $3m in the last fortnight that started after lockdown

 

Nothing over $3M - just under $2M yes

 

2) Do you thinking the market is moving or has totally stopped.

 

The market is moving at a glacial pace, in so far as there is serious buyer demand, we are selling some homes over lockdown, some unseen and some after one inspection just prior to lockdown. It will come to a grinding halt very soon given we can’t appraise, photograph or style a home right now.

 

3) Have you heard of any homes over $3m selling sight unseen in the last month? If yes - address please

 

I have heard its happening over $3M in the Flinders area - I don’t have an address for you sorry.

 

4) What is your advice to sellers over $3m who have not yet had one on one inspections

 

If you have photos, floor plan and a video, load your property on the internet, the buyers are eager to consider quality offerings. If you are in residence in your property, offer qualified buyers a live video walk through of your home.

 

5) What is your advice to buyers over $3m who are keen to buy.

 

If you have seen a property you like the look of that delivers on your objectives whether it be a family home or holiday home, that is in the right location, arrange a building and pest inspection (they can happen now) ask the inspector to conduct a video walk through for you and if it passes the inspection, make an offer now.

 

6) Would you recommend buying or selling a home without a physical inspection

 

Provided I had seen photos, knew the area I was buying in and satisfied myself with a building inspection I would buy sight unseen if the property met my criteria.

 

 

7) Do you think many homes will sell pre September 23

 

There will be only a handful of homes that will sell prior to September 23, given the depth of buyer demand presently, yes.

 

8) What do you think will happen to the market when we are allowed out?

 

Working on the Southern Mornington Peninsula., I am looking to last year for clues, the dynamics are similar: strong pent - up demand, lack of interstate and overseas travel options for cashed up buyers keen to secure a getaway for the family for Summer holidays and beyond, it will be a very dynamic market with very low days on market. We are talking with many owners now who are readying themselves to sell as soon as lock down ceases. Buyers should be readying themselves with finances now, so they can pounce on suitable offerings on an unconditional basis.

 

9) Do you think the market has changed since a month ago or are we simply on a pause until we can restart again

 

My feeling is that the market will step up a notch again once we are out of lockdown. Demand is strong and considerably outstripping supply, money is cheap and travel options are limited to within the State.

 

10) Any other comments

 

These current restrictions on house inspections are creating an enormous amount of stress on people, particularly those who are mid - transaction. For example, consider a family who have sold their principal place of residence, settlement is looming and there are very limited options to lease or buy their next property and the clock is ticking. Consider a worse scenario, you have bought a new family home, and are now trying to get your home on the market to sell, the financial and emotional pressure is very real. Stylists are not allowed in your home, photographers are not allowed in your home; you are literally stuck treading water. When we can line up or share a space with hundreds of other people at the supermarket or to get a vaccination, but we can’t have estate agents or buyers one on one in our home, as we have managed very successfully in the past; something is way out of balance here.

"These current restrictions on house inspections are creating an enormous amount of stress on people, particularly those who are mid - transaction. "

Virtual Virgins

Nobody we have spoken to is saying that virtual is better than a personal visit to a home – but in these changing times nobody is saying virtual is something that should be ignored.

Current lockdowns: we bought virtually - client sight unseen (rare)

It is possible to buy virtually (if you have to). Last marketnews we featured a disappointed Sydney couple who missed out at an incredibly hot auction in Rae St Hawthorn – $1.5m over reserve – they are clients of ours.

 

We are pleased to report they have now bought another – off market – 3 weeks after that disappointment. We were acting for the buyers and Chris Barrett/James Tostevin acting for the sellers.

 

It was a phone call from us, a doorknock from Chris, and not one but two videos to seal this off-market virtual deal circa $5m in 3 weeks. The clients were in the Sydney lockdown and couldn’t view. We were yet to go into ours.

 

Learnings:

  • Virtual is fickle: My walk-thru phone video was horizontally taken and I thought my words were balanced – no deal. Gina came with her own phone video, vertically held and a different slant on the words – deal done.

  • And a pointer of why you hire an advocate: we didn’t give up after a lost auction – thought laterally, used our contacts and acted again. We also didn’t give up when the first video, first voice and first take wasn’t successful – we thought this was a good buy and so we pushed on again with a different video, different voice and different result.

Current lockdowns: sold with a virtual but still 1 on 1 before.

Our client’s home is on the busiest street in Melbourne, on top of an industrial laundry and near a drug injecting room. We’d guess you say location, location, location.

 

No buyers through with the previous selling agent and so we got a call. Our advice and subsequent video resulted in 70 inquiries, 5 multiple visits, 2 offers, sold at full ask with some great help from Nathan Waterson and some brave clients.

Current lockdowns: here's a home better for 1 on 1's than virtually

Ok so you have seen a million of these videos. This is a home we are sale managing with marketing agents Chris Barrett and Jason Brinkworth, on behalf of our clients whom we bought it for in 2010.

 

It’s time to sell and even though this video is professional, hand on heart, it does not in any way capture the emotion of this truly wonderful home.

 

You need to get past the virtual, past the façade, and come visit something special!

Current lockdowns: we bought virtually but client 1 on 1 before.

Buying virtually may well be the way of the future and we have now bought a number this way. Personally, we find the generic zoom far superior as it’s familiar and visual.

 

However, buying virtually is very different from inspecting a home virtually. Whilst we bought this virtually, our clients had been through in person several times, as had we.

Thank you to our pollies!

It’s so easy to bag our pollies and leaders and whilst we don’t agree with everything you are doing; you shouldn’t have to put up with the cheap shots The Age through their editorial delivered mid last week. To The Age editorial team if you are so concerned with Victorian’s mental health then why do 9 of your first 10 headlines, almost every day, read in such a way, that you could argue it makes people feel anxious and depressed. We are all in this together, it is up to all of us.

 

Keep going Gladys & Dan (but please with some industry and not just ours, modifications).

 

Let’s get vaccinated, make sure we don’t overrun our clients and friends in the health system, get through this and get back to what we now know is a great life.

Vale Poppy

Many of you would know David James – my, Ian’s and Karen’s father and Phoebe’s, Maddie’s, Janet’s, Hughie’s, Ethan’s, El’s, Sam’s, Steve’s, Courtney and Danny’s Poppy – from his auction reporting days. He passed away at peace at 93 last week. He was much loved by many and will now be happy again, having the usual political argument with Mum.  

Happy Fathers Day to all Dads!

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