September report.
Our purpose. To create a place where we can facilitate our people’s growth.
Our values.
Family.
Mutuality.
Realising potential.
Our colleagues are our broader family, assist when needed and when in need.
Respect our colleagues and our clients as you would like to be respected.
Unlock your full potential, encourage and support your colleagues.
Embrace change.
Health and energy.
Strive for excellence; be open minded and willing to embrace change.
Work towards being well balanced within yourself.
September report.
From our corporate director. Dean O’Brien
Home values increased by $1990 per week over last 12 months. News for 2021 where real information is on the house.
estate
The annual increase in national dwelling values has equated to approximately $103,400 per dwelling over the last 12 months or $1990 per week. Hence why the big news out this week came from Josh Frydenberg with the federal treasurer confirming that curbs to slow mortgage lending are on the cards. The main culprit for the lending restrictions is the debt-to-income (DTI) of new ratio. Almost a quarter mortgages within Australia now have debt that outweighs their income by more than six times, which is up from 16% a year ago. Josh Frydenberg also came out this week and stated that Covid Disaster Payments are to come to an end when vaccination rates hit 80%. The income support for people who have lost work during lockdown will officially end in Victoria up to 2 weeks post the 80% vaccination rate.
Consumer Confidence rose again this week as measured by Roy Morgan and ANZ to a 9 week high.Recent data suggesting investors are coming back into the real estate market will be buoyed by the biggest dividend payout underway on the ASX. Investors will reap $1.5 billion dollars and its likely they will use some of that money to invest into a rising real estate market. The REIV announced this week it’s award finalists for the Victorian Real Estate Industry and we are proud to say that OBrien Real Estate has been shortlisted for 6 categories across 24 categories for the residential division. All awards winners will be announced in late October via a virtual event and we’ll be crossing our fingers and toes.
We sell more. A snapshot of last months sales.
Average sale price.
$801,701
Sale price. High.
Number of suburbs sold in.
Low.
$1.9M
$340K
26
Address
Suburb
39 Tamar Street
Bayswater
5
2
4
$958,000
40 Innes Court
Berwick
3
2
2
$600,000
80 Earlsfield Drive
Berwick
4
2
2
$865,000
11 Normanton Place
Berwick
5
3
2
$1,100,000
31 Bethany Lane
Berwick
4
3
2
$1,038,000
14 Eglinton Close
Berwick
3
2
2
$745,000
11 Alberta Way
Berwick
4
2
2
$740,000
87A Brisbane Street
Berwick
4
2
2
$1,330,000
46 Mitre Crescent
Berwick
3
2
2
$815,000
8 Ros Way
Berwick
5
2
2
$1,320,000
72 Daffodil Road
Boronia
4
2
2
$941,000
2/54 Pine Crescent
Boronia
2
1
1
$655,000
21 Hillside Avenue
Boronia
3
1
2
$890,000
105/198B Dorset Road
Boronia
1
1
1
$340,000
21-23 Long Street
Botanic Ridge
5
6
6
$1,500,000
4 Carissa Drive
Botanic Ridge
4
2
2
$870,000
Sale Price
We sell more. Address
Sale Price
Suburb
28 Knowland Grove
Botanic Ridge
4
2
2
$902,222
62 Maintop Ridge
Botanic Ridge
4
2
2
$1,000,000
39 Cottle Drive
Clyde
3
2
1
$540,000
3 Roskopp Avenue
Clyde North
3
2
2
$616,328
2 Majorca Drive
Clyde North
4
2
2
$691,000
24 Portrait Place
Clyde North
3
2
1
$540,000
16 Roma Avenue
Cranbourne
4
2
4
$640,000
14 Campbell Parade
Cranbourne
3
1
2
$600,000
11 Dartmoor Drive
Cranbourne East
4
2
2
$655,000
16 Yellow Robin Circuit
Cranbourne East
3
2
1
$600,000
10 Wesson Way
Cranbourne East
5
2
3
$850,000
8 Nelse Street
Cranbourne North
3
2
2
$600,000
5 Woodstock Drive
Cranbourne North
4
2
2
$725,500
70 Rossiter Retreat
Cranbourne North
4
3
2
$905,000
267 Pearcedale Road
Cranbourne South
5
0
0
$1,850,000
7/8 Leonard Street
Dandenong
2
2
1
$530,000
23/96 Botanical Grove
Doveton
2
2
1
$495,000
3/30 Young Street
Drouin
2
1
1
$361,000
3/3 Clematis Avenue
Ferntree Gully
2
1
1
$569,000
2 Redwood Court
Junction Village
3
1
4
$620,000
We sell more. Address
Suburb
Sale Price
26 Dwyer Court
Koo Wee Rup
4
2
6
$845,000
1/27 Henry Street
Koo Wee Rup
2
1
2
$477,000
46 May Gibbs Crescent
Lynbrook
4
2
2
$750,000
41 Parkside Boulevard
Lysterfield South
5
2
2
$1,900,000
16 Sweet Gum Avenue
Narre Warren
3
1
2
$640,000
23 Montbrae Circuit
Narre Warren North
18 Culcairn Court
Narre Warren South
3
2
1
$605,000
13 Shay Close
Narre Warren South
3
2
2
$820,000
23 Haydn Place
Narre Warren South
4
2
2
$712,700
10 Champagne Grove
Narre Warren South
4
2
2
$885,000
202 Ormond Road
Narre Warren South
3
2
2
$710,000
1 Rush Lily Drive
Officer
4
2
2
$752,000
9 Fairweather Parade
Officer
3
2
2
$550,000
6 Britton Drive
Pakenham
3
2
2
$762,800
9 Lauren Square
Pakenham
3
1
2
$510,000
1 Ingrid Street
Scoresby
3
1
3
$918,000
8 Kenross Court
Wantirna
4
2
2
$1,011,000
20/105 Mountain Highway
Wantirna
2
1
1
$580,000
83 Mowbray Drive
Wantirna South
3
2
2
$1,156,000
1/9 Arthur Street
Wantirna South
3
1
1
$793,700
Land
$520,000
We lease more. A snapshot of last months leases.
Average weekly rent.
$449 Address
Average monthly rent.
$1,951
Rental price p/w. High
Number of suburbs leased in.
Low
$1,200 $350
Suburb
23
Leased price p/w
Leased price p/m
22 Copper Beech Road
Beaconsfield
4
2
2
$450
$1,955
10B Lileura Ave
Beaumaris
4
2
1
$1,200
$5,214
1 Hartville Place
Berwick
4
2
2
$480
$2,086
14 Riviera Drive
Berwick
4
2
2
$480
$2,086
17 Bangalay Place
Berwick
3
2
2
$430
$1,868
20 Warrawong Drive
Berwick
3
2
1
$430
$1,868
27 Jarryd Crescent
Berwick
4
2
2
$490
$2,129
452 Centre Road
Berwick
3
2
1
$360
$1,564
6 Astrid Ct
Berwick
5
3
2
$750
$3,259
6 Chin Ct
Berwick
3
2
2
$400
$1,738
9/6-8 Innes Court
Berwick
4
2
2
$440
$1,912
99 Golf Links Road
Berwick
3
2
2
$450
$1,955
46 Pine Crescent
Boronia
4
1
1
$480
$2,086
We lease more. Address
Leased price Leased price p/w p/m
Suburb
106/1 Oak Avenue
Boronia
1
1
1
430
$1,868
11 Applejack Boulevard
Clyde
4
2
2
$500
$2,173
13 Ippudo Way
Clyde North
4
2
2
$475
$2,064
11 Raeburn Drive
Clyde North
4
2
2
$430
$1,868
23 Moorings Place
Corinella
4
2
2
$450
$1,955
20 Perry Cct
Cranbourne
3
2
2
$450
$1,955
232 Casey Fields Blvd
Cranbourne
4
2
2
$440
$1,912
42 Thomas Cres
Cranbourne
3
1
2
$390
$1,695
18 Tucker St
Cranbourne
2
1
1
$350
$1,520
3 Torney St
Cranbourne East
4
2
2
$420
$1,825
33 Rannoch Street
Cranbourne East
4
2
2
$430
$1,868
116 Courtenay Ave
Cranbourne North
3
2
2
$420
$1,825
6 Phillip Court
Cranbourne North
3
1
1
$365
$1,586
7 Iris Close
Cranbourne North
3
2
2
$450
$1,955
2 Bamboo Court
Cranbourne North
3
2
2
$370
$1,608
29 Statham View
Cranbourne West
4
2
2
$480
$2,086
47 George Frederick Rd
Cranbourne West
4
2
2
$480
$2,086
We lease more. Address
Leased price Leased price p/w p/m
Suburb
3/37 Hammond Road
Dandenong
3
2
1
$350
$1,521
1 Cove Court
Endeavour Hills
4
2
2
$460
$1,999
6 James Cook Drive
Endeavour Hills
4
2
2
$460
$1,999
1 Petter Street
Glen Waverley
3
1
1
$420
$1,825
80 Nettle Drive
Hallam
3
1
1
$370
$1,608
2/23 Bride Avenue
Hampton Park
2
1
2
$355
$1,543
73 Edeys Run
Hampton Park
3
2
2
$380
$1,651
105 Pound Rd
Hampton Park
3
1
2
$390
$1,695
1 Farmillo Court
Lysterfield
4
1
2
$500
$2,173
1 Lucerne Court
Narre Warren
3
1
2
$435
$1,890
11 Edmonds Street
Narre Warren
4
2
2
$500
$2,173
18 Lantana Drive
Narre Warren
3
2
2
$380
$1,651
2/9 Azalea Ct
Narre Warren
2
1
2
$370
$1,608
3 Farmers Way
Narre Warren
3
1
2
$360
$1,564
3 Bolton Grove
Officer
3
2
2
$390
$1,695
6/1 Village Way
Pakenham
3
1
1
$365
$1,586
25 Farview Dr
Rowville
3
2
2
$450
$1,955
4/40 Collins Street
Mentone
2
1
1
$530
$2,303
PropTrack Property Market Outlook – September 2021 Despite ongoing lockdowns suppressing market activity in some states, demand to buy property remains at close to record levels. Prices continued to climb in every state and territory over August as buyer demand continued to outpace the supply of new listings. Those properties that are listed are seeing record views, and increased competition which means buyers are moving fast in order to be successful. Investors are responsible for a growing proportion of this demand, whereas first home buyers are continuing to wind back. According to the latest ABS data, the value of new loans to investors rose for the ninth consecutive quarter in July. New investor loans are now 121% higher than their lowest point in June last year. In contrast, new loans to first home buyers fell by almost 8% in both June and July. Many regional markets are continuing to outperform their capital city counterparts for price growth, supported by Anne Flaherty
record levels of migration from metro areas into the regions. Recent demand indicators show that growth in views per listing has been stronger in the regions than the cities, and the fall in time taken to sell has been greater. As we head into spring, market conditions will be heavily influenced by the presence of COVID-19 restrictions. While sales activity is likely to be suppressed in Victoria and New South Wales until restrictions ease, those states unencumbered by lockdowns are likely to see sales volumes rise. While sales volumes remain below the April peak, they are well above the levels typically seen at this time of year. Year-to-date, sales volumes are 50.7% higher compared to the same period a year ago, and 63.6% higher compared to 2019. This is a remarkable result given lockdown measures restricting physical inspections have been in place for over two months in Australia’s two most populous states, Victoria and New South Wales. It’s likely many would-be vendors are delaying bringing their properties to market, particularly in Victoria where physical inspections are banned. However, once vaccine thresholds are met and these restrictions can be eased, we are likely to see sales volumes lift. The Victorian government announced that once 70% of Victorians have had at least one dose of the COVID-19 vaccine, private inspections of unoccupied premises for a new purchase or end of lease will be permitted, but only one household may attend at a time, with the agent staying outdoors during the inspection. Victoria Victoria is another state in which the regional property market has outperformed the capital city. Price growth in regional Victoria have morethan doubled that of Greater Melbourne over the past 12 months. Sales volumes Weekly preliminary sales volumes have been trending down since July in Victoria. Due to the ban on in-person inspections, the number of new ‘for sale’ listings being brought to market has fallen, which is driving down sales volumes. The high level of sales activity seen prior to the latest lockdown, however, means that year-to-date, volumes are 59.9% above last year’s levels, and 62.7% above 2019’s. Sales volumes are likely to remain suppressed over the coming months, with a 27.1% fall in the number of new ‘for sale’ listings coming to market in Greater Melbourne over August. Days on site The median time taken to sell a property in Victoria increased to 38 days in August, up from 33 in July. It is likely that the ban on physical inspections has led some vendors to extending the length of their selling campaigns. The state’s fastest selling regions are the Mornington Peninsula and the Outer East. Views per listing The growing desire for properties in regional areas can be seen in Victoria’s latest viewing figures. Between July and August, views per ‘for sale’ listing increased by 10% in regional Victoria, compared to a decline of 10% in Greater Melbourne. Across the state, views per listing averaged 1,922 in August, up 55% from 12 months ago, though 6.7% lower than July.
What you need to know about buying a property at online auction Online auctions are now the new normal in the Australian property market. The shift to virtual selling, video inspections and online buying started back in March when Prime Minister, Scott Morrison axed all real estate auctions and open for inspections in an attempt to curb the spread of the coronavirus. Online auctions today are streamlined, user-friendly, and highly interactive. In many cases, online auction platforms can perform all the transactions involved in the buying and selling process, including signing the contract and paying the deposit. Auctions are highly competitive environments, whether in-person or online. But they can be extremely rewarding and are one of the most exciting ways to purchase a property. If you are a first home buyer planning to buy through an online auction, here are some tips that’ll help you secure your dream home. 1. Do your research. Do your research first before you participate in an online auction. Ask your real estate agent to provide you with a list of recent comparable sales in the area and look at sold data. In your research look at the auction clearance rate (the proportion of successful auctions in that area). Knowing the clearance rate and how much similar properties in the area have sold for at auction gives you a useful guide on the amount you should offer for the property. That way, you reduce the risk of overbidding on auction day. 2. Prepare your money. Just like an in-person auction, as soon as the hammer goes down, you are legally required to fulfil the purchase if you have the highest bid in an online auction. Consider applying for a loan pre-approval. A pre-approval is an indication from the lender to honour your loan application subject to terms and conditions. 3. Understand the online auction process. Online auctions today are sophisticated, user-friendly, and highly immersive platforms. You can browse property listings, follow your favourites, and send reminders to yourself about auction dates. Online auctions give you the freedom and convenience to watch or participate in an auction in the comfort of your home via a digital device. If your bid is successful, you can sign the contract digitally and pay the deposit directly to the Trust Account of the listing agent. Registration All participants of an online auction must complete a simple registration process. The listing agent approves the registration. During the registration process, you will have to provide proof of identity and your contact details. Once you have registered, you will be sent a link to the live stream. You can access the auction via any digital device whether it’s a smartphone, a tablet, laptop or desktop PC. Transaction Some platforms have fully online contracts you can digitally complete and sign at the end of the sale. If this function is not available, the listing agent will contact you directly. Security Online auction platforms today are transparent and legally compliant. Bidders have to complete a rigorous but straightforward registration process that includes identity verification and a fraud check. The platforms are encrypted and firewall-protected. Trial run To gain some experience in auctions, consider registering yourself as a spectator. The registration process is similar to registering as a bidder. This will ensure you’re comfortable with the technology before you want to place a bid and you know what to expect. 4. Inspect the property. Don’t just bid on a property you have seen online. Make an appointment with the real estate agent to view the property privately or virtually before you commit. When viewing a property, consider having a checklist of things to inspect. Our guide ‘The seven most important things every first home buyer must pay attention to’ lists the things that even seasoned buyers can miss out when inspecting a property. Melbourne home buyers please note: Currently, one-toone inspections are not permitted under strict stage four restrictions in metropolitan Melbourne. However, private inspections will resume as soon as these restrictions are eased. 5. Do your due diligence. Make sure you know what you are buying before you bid on a property. Building and pest inspections can protect your interests and prevent you from making a costly mistake. Also, request a copy of the sale contract and section 32, and it is advisable to have your conveyancer read through the document thoroughly before you commit to any purchase. 6. Seek professional help. Buying a property can be overwhelming. Finding the right property to buy may require the help of a professional real estate agent. The agent can do the initial groundwork of narrowing down the suitable properties for you. They can also help you plan a strategy as well as provide valuable advice and guidance on the online auction process. 7. Formulate a strategy. To succeed in an online auction, you will need a bidding strategy. Here are some winning tips from the experts:Do not become emotional during an auction. Put your bid in as soon as you are notified that another bfd id has been placed but stay focused and do not exceed your price limit – no matter what happens – to avoid overextending yourself. Acquiring your dream home today through online auctions is becoming more and more prevalent. For the most part, the Australian property market has remained stable despite the economic disruptions caused by COVID-19. There are plenty of good properties on the market, and one of these could be the dream home you are looking for.
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Northern Victoria
Far North Queensland
Wangaratta
Cairns & Beaches
Sydenham Preston / Reservoir
Croydon Blackburn Vermont Wantirna
Corporate Oakleigh
Brighton
Werribee
Tecoma / Belgrave / Olinda
Endeavour Hills
Mentone
Narre Warren Keysborough
Berwick
Chelsea
Pakenham
Carrum Downs Cranbourne Frankston
Drouin Warragul
Langwarrin
Mornington Somerville
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Rye
Cowes
Wonthaggi
Results in this brochure achieved by highlighted offices.
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