THE SPRING EDIT OCTOBER - NOVEMBER 2020
Selling this Spring 5 Reasons Why
Preparing Your Home For a Spring Sale
Life After Covid... and Real Estate
Fletchers Wyndham 114/22-30 Wallace Avenue, Point Cook wyndham@fletchers.net.au | 9131 4000
LIFE AFTER COVID‌AND REAL ESTATE Since the arrival of COVID-19 at the beginning of the year, a lot has changed in almost every aspect of our lives. Most of us are now working from home, juggling life, work and in some cases families. Work life balance has never been more important.
As restrictions slowly ease and we navigate a new-normal post-pandemic, we have definitely seen a sharp jump in buyer activities that is reflective of the demand and supply issue we were facing as a result of an almost complete lockdown.
Along with changes to how we live and function, the property market as well as how sellers and buyers operate, and the role of real estate agents has had to change.
Many of our buyers have been waiting with their pre-approvals ready to grab an opportunity to own their own piece of real estate. They are a lot quicker in making decisions compared to the beginning of this year, predominantly due to the lack of supply and (almost) two months of complete ban on inspections and open homes.
Gone are the days where the majority hours of our days were filled with managing physical inspections and running open homes. COVID forced us to quickly adapt and offer virtual inspections, enabling properties to be purchased without buyers or even renters physically inspecting. The COVID-19 pandemic has had a varied impact on real estate around the world. Cities that had stringent lockdowns experienced a dramatic drop in new property listings, while those that adopted more relaxed policies saw little change in real estate activity.
Buyer enquiries have stayed strong even during the months of August and September, and with the decrease in restrictions, buyers are feeling a huge sigh of relief along with our vendors. Once again, the Spring season is turning out to be the best season to sell and buy. The rental market on the other hand, has taken another hit and according to REIV, the Victorian vacancy rate rose to 2.9% in July 2020. Regional Victoria has fared better than its metropolitan counterpart, with the weekly median rent for houses remaining steady for seven consecutive weeks. Search and enquiries are starting to show an improvement across all major sites, and we hope to see the increase in vacancy rate reverse as we move into the end of the calendar year. The biggest purchase for many of us will be real estate. For some, it is a daunting process and will take time getting accustomed to using technology to help us purchase and sell real estate. This is where your local Fletcher’s team is here to help. If you would like to get a price estimation on your home, rental estimation for your investment or would like to get some help with the marketing strategy for your property, please call us on 9131 4000 or send us an email at wyndham@fletchers.net.au
Harpreet Walia Director harpreet.walia@fletchers.net.au | 0451 226 509
5 REASONS TO SELL YOUR PROPERTY THIS SPRING Spring is traditionally known as the key selling season of the year. Although the real estate landscape looks a lot different in 2020, we do know that the combination of an extended lockdown and extremely low stock levels will create an increase in both activity and competition
1) Improved Weather Conditions It could be easy to disregard the impact of the sun shining and the sight of nice green gardens and flowers in bloom, but this time of year has traditionally proven to be a popular time to sell, in part for this reason. After weeks in Stage 4 lockdown restrictions, the value and appreciation of pleasant weather conditions has never had greater impact. Further, people will be much more energised and positive. It’s also a lot easier to create street appeal!
2) Buyer Activity and Interest Remains Strong Data from realestate.com.au showed us that throughout July, confidence in the market continued to increase. As restrictions began to ease and some semblance of normality returned, overall enquiry in Victoria increased between June and July, indicating that buyer interest also returned. In fact, there was even an 11 per cent uplift in total site visits from Victoria in the first week of July. As Stage 4 restrictions ease, we have confidence that the market will bounce back once again. 3) Record Low Interest Rates This Spring, we are still enjoying the impact of an official cash rate at the record low of 0.25 per cent, after two rate cuts in March 2020. The cost of servicing a mortgage debt has never been lower, which is an enticing opportunity for potential buyers. It also means that the borrowing costs for lenders are lower, which could lead to their willingness and ability to lend more money for longer. 4) Positive Signs in the Victorian Property Market The REIV’s Residential Market Index (RMX) is a residential property price index (RPPI) designed to provide a current, simple insight into real property price trends in Victoria. An RPPI measures the price change of the stock of residential dwellings over time. In its August 2020 Research Bulletin. the REIV reported that the RMX has continued its upward trend since mid-May, demonstrating that whilst Stage 4 restrictions have impacted the number of transactions occuring, they have had little impact on the Victorian property market. In the four weeks to August 16, the RMX for Victoria rose by 1.6 per cent to 130.7. The house price index fell by 1.5 per cent to 130.9 while the unit price index rose by 2.2 per cent to 129.8 over the same period. 5) We Have Had Time to Spring Clean! With a much slower pace of life and more time on our hands due to the pandemic, there is no excuse not to give our homes a decent Spring clean! As the weather continues to improve, there’s never been a better time to get your garden in tip-top shape and decluttering is always a good idea. Contact us today for a complimentary update from your Fletchers local area expert on your own home or to discuss the options available to you.
PREPARING YOUR HOME FOR A SPRING SALE As chilly mornings make way for warmer afternoons, Spring is traditionally the time of year when the property market heats up. Gardens are in full bloom, buyer activity remains strong and despite restrictions, clients are now asking how to best prepare their homes for a Spring sale.
Traditionally, the seasonal buzz in Melbourne at this time of year sees home owners flock to the market just as the weather starts to heat up. With footy finals migrating North and the Spring Racing Carnival potentially without spectators, the Spring landscape is looking very different for Melbourne in 2020. During this time, the re-opening of Victoria’s property market will remain a priority for our state’s economic recovery as we move into the new year. Recent data released by REA and Domain has revealed a definite spike in buyer activity. All signs are pointing to a competitive market where buyers are increasingly likely to make a decision based on a property’s online presence. Therefore, once restrictions lift, it’s going to be more important than ever to make your home stand out online. Gone are the days when we drive the streets looking for a ‘For Sale’ or ‘Open for Inspection’ board. Ultimately, it really comes down to how well your property is marketed. More eyes means more buyers, greater competition and a better outcome. So, how can we help make your home stand out in the crowd? We asked resident Property Stylist, Ali Waight, for her tips on how our community can best be preparing their home for market. First and Foremost, Engage With An Agent Enlisting the help of an experienced professional is critical to the success of your property campaign, especially in these uncertain times. Here, your agent can guide you through the preparation, timeframe and strategy to ensure you enter the market in the best possible position.
Engage a Property Stylist Staging your property for sale is a proven tool to help you achieve an optimal sales result in the market. Not only will your stylist help you to declutter, prepare your gardens and provide either partial or full styling options, but will maximise the space and flow in your house to give buyers a great first impression. Do You Need to Move all of Your Furniture Out? No. We can work with a partial style, which means working with some pieces of furniture that you already have. We can bring in rugs, artwork and ambient lighting to complement and help lift your room. Are You Allowed to Keep Your Beds and Linen? Our clients generally use their own mattresses and we will often bring in linen, cushions, bedsides, lamps and potentially a bed head to help tie the room together. The best way to showcase a bedroom is to dress it to its maximum capacity. Most people can’t judge the size of a room online, so a great tip is to always incorporate the largest bed option so they can visualise the rooms full potential. Should You Turn a Bedroom into a Study? Bedrooms are always going to achieve a greater result. We want to show the spaces at their maximum capacity. How Do You Maximise the Space in Your Dining Room? Most people judge the size of a room online by counting the amount of chairs around a dining table. So it’s best to opt for the larger option putting as many chairs as possible. A great tip is to take away the end chairs and squeeze four along each side. This will also create better flow with traffic. If You Remove Your Personal Items and Photographs, Will You Lose the Emotion of the House? Remember, we are selling a home which we want someone else to imagine as their own. So, to ensure buyers notice the special features of your home
(ie. ceiling detail, cabinetry, storage, natural lighting) you don’t want them to be distracted by personal photographs. For this reason, it’s best to pop these away. Think layered lighting, soft throws, non-polarizing artwork to help create the desired atmosphere.
A Case Study in Property Styling
What are the Best Quick Fixes Sellers Can Start Doing Now?
Selling Agent: Tim Heavyside
• Pressure wash decks, weather boards and driveways. Everything comes up fresh and bright!
“On Friday the 3rd of July 2020, I had contact via the phone from a retired man named Peter, who wanted to sell his home at 12 Hopetoun Avenue, Canterbury, as he now spends all of his time and energy on his farm in country Victoria. Our stylist and I provided a list of the areas inside and outside the home which we all agreed needed some attention and commenced a plan which would make their home saleable with elevating the eventual sale price top of mind. I then explained the importance of marketing...‘you can’t sell a secret’. Why go all this way with the presentation if only a select part of the market may see your beautiful home?
• Sugar Soap all of your walls. You may find you might not need to paint them by doing so. • A little trick is to only paint trims, architraves and skirting boards. • Mulch garden, avoid black and red mulch as it tends to not photograph as well, instead selecting a more natural wood.
12 Hopetoun Avenue, Canterbury Sold: $3,050,000
It is vital now to advertise and promote your home correctly, given how far our industry has moved to a digital platform in 2020. Given the current set of circumstances in Melbourne, it is imperative that your home be presented in the best possible light. With that, the vendor accepted our further advice around advertising and given feedback I received from the buyers, this only confirmed the investment paid huge dividends with the amount of buyers who engaged the home and the eventual sale price.” So what happened? • Marketing was finalised on Friday 31st July and the home went online that day. • The next day, we arranged 2 x hours of back-to-back individual inspections. • We then went further and conducted follow-up inspections the following week. • That Wednesday night, 5th August, we went into Stage 4 lockdown. So in 4 days, we showed 25 different buyers the home and worked extremely hard. • Exactly 1 week later (still under Stage 4 restrictions), 12 Hopetoun Avenue was successfully negotiated and sold for $3,050,000. Well above the vendors dream price.
FOR SALE
WYNDHAM VALE 34 HOUNSLOW DRIVE
SOUTHBANK 1408/135 CITY ROAD
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Built on a generous block of 448m sq approx. land, this is the house you have been waiting for! Surrounded by an abundance of parks, gardens with exercise stations and open green space, this beautiful house has a lot to offer its new family.
This perfectly located one-bedroom apartment at “The Wrap” is positioned in the heart of Southbank. It is an excellent opportunity for a first home buyer who likes the CBD lifestyle, or an investor who is looking for a great investment potential.
POINT COOK 27 HANOVER STREET
TARNEIT 3 TIMBERSIDE DRIVE
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This restful retreat is set within the Upper Point Cook Estate, centrally located to both Hoppers Crossing Train Station and Williams Landing Train Station with easy Freeway access both to Melbourne and Geelong.
This East facing opulent double storey home with a sophisticated design sits on a 663m sq (approx.) block. This family home is a must-see property if you are looking for life’s creature comforts, elegance and style.
TARNEIT 58 YANGA AVENUE
TRUGANINA 6 GLADESVILLE STREET
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A young and beautiful Metricon Built House in the “Heartland Estate” of Tarneit. Just off Leakes Road, this property is conveniently located close to all amenities.
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Fletchers Wyndham proudly presents you this beautiful property in “Arndell Park Estate” of Truganina. Close to schools, parks, public transport & shopping centres this is the house where your search ends.
PROPERTY MANAGEMENT Are You a Property Investor? Are you receiving the level of service you expect and deserve? If not, contact us today for a free no obligation chat about how we can assist you with your investment property. Experience what’s behind our 100 year reputation when you Buy, Sell, Invest or Lease property with Fletchers Real Estate. Our experienced team of professionals are ready and waiting to help you.
Fletchers Wyndham wyndham@fletchers.net.au | 9131 4000 114/22-30 Wallace Avenue, Point Cook
FOR LEASE
TARNEIT 8 VESTIGE CIRCUIT
TRUGANINA 5 WERONA TERRACE
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Bright and spacious throughout with generous living zones this brand new home you will not want to miss! Comprising of 4 bedrooms, Master with ensuite, double twin vanity, and built robes to remaining rooms.
This beautifully finished three bedroom, two bathroom home is the perfect place to call home. A short drive from Williams Landing train station and Williams Landing shopping centre.
POINT COOK 184 WATERHAVEN BLVD
TARNEIT 44 BLAIRMONT CRESCENT
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This brand new 4 bedroom, 2 bathroom home is located just minutes from the train station with easy access to the freeway and so much more. Located close to the Freeway, public transport and shopping centre.
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This beautifully designed 4-bedroom East facing home located in the sought-after New Gate Estate in Tarneit. Brand new home with all the features, quality, and comfort you would expect for your family.
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Contact us to book a market appraisal today.
Are you looking for an up-to-date market assessment for your property? Last month, Fletchers recorded a 20% increase in buyer activity on our award-winning website. With restrictions easing and buyer demand now at record levels, now is the time for vendors to act. To book a complimentary appraisal, visit fletchers.net.au/request-property-appraisal
9131 4000
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