Morrison Kleeman Spring Quarterly by remagazines

SPRING 2024

CELEBRATING OVER 32 YEARS OF SERVICE IN THE NORTH EASTERN SUBURBS The outlook for buying, selling and investing in 2024

WELCOME TO THE SPRING EDITION OF THE MORRISON KLEEMAN PROPERTY REPORT

Market Report – Spring 2024

Much like Melbourne’s temperatures, the auction cooldown was certainly evident this winter as volumes and the preliminary clearance rates fell across all the combined capitals. More specifically, the number of auctions held were recorded at 2,001, down from 2,150 the week prior but still 458 auctions more than this time last year at 1,548.

The lower auction count was accompanied by a 2.4 percentage point drop in the preliminary clearance rate, from 72.4% in comparison to 70.0% with only a week between.

What doesn’t appear to be slowing down, is the value of Australian homes which is trending higher with CoreLogic’s national Home Value Index (HVI) rising 0.6% over the winter period. This was on par with the pace of gains record in both February and March, with the month-on-month rise adding approximately $4,720 to the national median dwelling value.

CoreLogic’s research director, Mr Tim Lawless, has stated that “almost every capital city is recording stronger growth

conditions across the lower value range of the market noting the shift towards stronger conditions across lower value markets can also be seen between the housing types, with growth in unit values outpacing house values over the past three months”.

Estimated sales over the past three months are tracking 8.6% higher than at the same time last year, and about 5.1% above the previous five-year average. However, Mr Lawless notes that this is “likely a combination of worsening affordability and low sentiment will keep a lid on the volume of sales until interest rates start to track lower”.

On the other hand, there are stronger growth trends in larger dwellings, potentially reflecting the formation of sharehouses or multiple family households, with an 8.7% rise in rent for houses with five bedrooms or more.

In other rental news, there has been a substantial slowdown in the rent growth of smaller dwellings, with annual growth in one-bedroom units and studios slowing from 16.8% in the year April

2023 to 7.1% in the past 12 months. The average rent for a bedroom appears to become cheaper the higher the number of bedrooms a dwelling has with the national median weekly rent values hitting a fresh record high of $634 per week in June, up to $48 relative to a year ago.

Subsequently, rental affordability continues to deteriorate in Australia, however new data from CoreLogic shows a slight slowdown in the net overseas migration which might be a driving factor in slowing the demand for smaller, inner-city units.

At Morrison Kleeman, our team recognises the heights of interest rates, costs of living, coupled with the value of homes and auction rates can be daunting. This is why we want to encourage the members of our community to seek our advice, whether you’re interested in finding out what the current market means for your property, or you require tailored advice about the areas you wish to buy or rent in, our team is here for you!

Copyright Morrison Kleeman – Views expressed by contributors in this publication are not necessarily endorsed by Morrison Kleeman.

Notable Local Writer: Skye Martin

Marketing Manager: Laura Priddle

NOTABLE LOCALS

PEOPLE AND PLACES OF NOTE IN THE DIAMOND VALLEY

Five Vineyard

At the peak of a rolling green hill lined with grape vines, Mernda is enjoying its own slice of luxury in a winery called ‘FIVE Vineyard’ which celebrated its first birthday in June this year. You might consider the infamous Yarra Valley as the ‘place-to-go’ to experience wine country in our region, but the Vella family have realised their lifelong dream and brought wine country to you with their beautiful establishment, FIVE Vineyard.

As time has passed, this ‘five’ has grown alongside the vines of their winery, with the introduction of partners, children and grandchildren, all of which feel undoubtedly privileged to have a place to share with their family. And as the standalone winery of the northern suburbs, Five Vineyard is now a place for other families and their loved ones to enjoy also.

On Thursdays and Fridays, Five Vineyard hosts a ‘winemakers lunch’ which has been their claim to fame since their opening last year. Every couple of weeks, their kitchen led by Chef Andre Daoust, designs a new dish and dessert to feature at this lunch. So, there’s plenty of reasons to return and try something new!

Based on a cool climate site, Five Vineyard offers a range of in-house wines including Chardonnay, Pinot Noir, Shiraz and Sangiovese, all of which are created through their hand-harvesting and, depending on variety and vintage, are matured in aged or new French barrels (sometimes both) to produce a range of bespoke wines for their customers to enjoy.

Whether you are sharing a bottle over a catch up with friends, celebrating a life event or commiserating, Five Vineyard wines will be there for you with their exceptional quality wines well into the future.

With structural design by F2 Architecture and the interior by Ewert & Leaf, both of which have been

shortlisted for a number of Australian design awards, Five Vineyard truly is a stunning piece of art in and of itself for the local community in which it sits. It is a place ideal for corporate events, weddings, celebrations, romantic evenings and family get togethers, right on your doorstep.

To book a wine tasting at the cellar door, a delicious dining experience, or if you’re looking for a luxury setting for your next big event, you can visit Five Vineyard at 280 Bridge Inn Rd, Mernda, Victoria 3754.

You can also contact Five Vineyard via their website at www.fivevineyard.com.au, on 03 9217 1207 or by email on hello@fivevineyard.com.au

PEOPLE AND PLACES OF NOTE IN THE DIAMOND VALLEY

Bar Conexão

Amidst the rustic and homely atmosphere of the Eltham community a splash of colour and excitement is on its way with the upcoming opening of Bar Conexão. The word ‘Conexão’, meaning “connection” in Portugese, perfectly describes what this new establishment means to its owners, Deb and Geo, who are connected in both business and in life.

It is the combined dream to expand upon the success of their other Eltham bar, ‘Little Drop of Poison’, and Deb’s gallery, ‘Still&All’, that breathes life into this new venue which is set to open its doors for customers to enjoy in Spring 2024.

With this in mind, Bar Conexão is set to be unlike anything its patrons have experienced before, taking design inspiration from the maximalist style of the Chelsea Hotel in New York, with mid-century furniture, sophisticated and fun décor, and a restored 70s disco ball tying the whole place together. Personally, this writer believes Bar Conexão will not only offer great food and a fun atmosphere, but also a fabulous photo opportunity!

Speaking of food, Bar Conexão will offer private dining, covered outdoor seating and a selection of music by night, and by day the space will serve as a showroom and workroom for Still&All art consultations.

All displayed artwork is sourced from the public domain and is available for purchase. Customers are also able to commission pieces based on public domain images, their personal artworks, or photographs, which can be upscaled, printed and framed.

So, customers can leave Bar Conexão with a full belly, a taste for the carefully curated wines selected from a unique, hard-to-find list, and a new piece of art to enhance their living space at home.

As Bar Conexão prepares to open its doors in the coming months, there is no doubt there will be a long line stretching from the entrance on opening night. To be one of the first to experience this exciting new establishment, keep an eye on their website www.barconexao.com.au and Instagram page @barconexao.eltham for an opening date!

Alternatively, you can contact Bar Conexão via email at barconexao.eltham@gmail.com

Spring into Success with Morrison Kleeman

Spring is the season of growth and renewal—a perfect time to refresh your property management needs. With the support of four offices and 18 dedicated property management professionals continuously enhancing their skills and knowledge, Morrison Kleeman is your go-to partner for navigating your rental needs.

Why settle for anything less? With our deep understanding of the rental market and commitment to excellence, we ensure your investment is managed with the utmost care and efficiency.

This Spring, let Morrison Kleeman guide you through the complexities of property management and your specific needs, whether you’re looking for a new letting partner or considering changing agents. Trust us to provide the peace of mind you deserve.

Luke Betheras Business Development Manager

lbetheras@morrisonkleeman.com.au 0437 644 052

Baloo Court, St Helena - $1,560,000

Roaming Road, Doreen - $850,000

Wattletree Road, Hurstbridge - $1,255,000

Crest Street, Greensborough - $1,400,000

Diosma Road, Eltham - $1,925,000

Ungara Close, Eltham North - $1,260,000

Timbertop Drive, Doreen - $1,223,000

Buying or Selling in Spring

Now that spring has sprung, here are some frequently asked questions our team receives about buying or selling property during this season.

Q: Should I do any renovations before listing in spring?

A: The presentation of your home is crucial when bringing it to market. We strongly recommend ensuring your home is showcased in the best possible light. While large-scale renovations are often unnecessary, making strategic updates such as refreshing certain areas, touching up paint, addressing minor repairs, and enhancing garden appeal can significantly boost your home’s attractiveness. These efforts are well worth the investment.

Q: How can I ensure a smooth transaction when buying in a competitive spring market

A: To successfully secure your ideal home, it’s essential to be prepared to make an unconditional offer. Ensure your finances are in order and thoroughly research the area you’re interested in. Being well-prepared and informed will allow you to confidently proceed with an offer when you find the right property.

Q: Which method of sale should I choose?

A: Discuss with your agent whether an Auction or an Expression of Interest (EOI) is the most suitable sales method for your property. Both approaches have their advantages, but the optimal choice will depend on your unique circumstances, the property’s characteristics and current market conditions in your area.

Q: How can I make my property stand out in a competitive spring market?

A: Presentation and Marketing! Investing time in preparing your home for sale is essential and enlisting a stylist’s advice can be invaluable in optimising its presentation. Once your home is ready, high-quality marketing is crucial to highlight its best features. Morrison Kleeman is well-known in the area for helping homeowners make their properties stand out in the market.

Q: What are the benefits of selling in spring compared to other seasons?

A: As the sun begins to shine and gardens burst into bloom, the end of the rainy season creates more favourable conditions for buyers to freely inspect homes. While these seasonal changes can be advantageous, the best time to sell is ultimately when it aligns with your personal circumstances and readiness. The timing of your sale should be based on what works best for you, rather than strictly adhering to the seasons.

Q: What are some common mistakes buyers make in spring?

A: To make an informed decision, it’s crucial to inspect as many homes as possible in your desired areas. Sometimes, the right home may be the one you least expect. When you do find the perfect property, be prepared to act swiftly—have your finances organised and ensure any pre-purchase inspections can be completed promptly. Being well-prepared can make all the difference in securing your ideal home.