NEWS SUMMER 2016
CELEBRATING 25 YEARS OF SERVICE IN THE DIAMOND VALLEY The outlook for buying, selling and investing in 2016
SUMMER
MARKET REPORT
WELCOME TO THE SUMMER EDITION OF THE MORRISON KLEEMAN PROPERTY REPORT.
“Metropolitan Melbourne has experienced significant house price growth, with the September quarter showing the median surpassing the $700,000 barrier for the first time ever.”
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his year Morrison Kleeman is celebrating 25 years of service in the Diamond Valley community. We are extremely grateful for all of the people we have had the pleasure of working with over the years. We are enthusiastic for the future, and after a red-hot year for the Melbourne property market in 2015, the New Year is looking strong with the latest figures showing continuous growth across metropolitan Melbourne, including suburbs of the Diamond Valley. According to analysis by The Real Estate
Institute of Victoria (REIV), metropolitan Melbourne has experienced significant house price growth, with the September quarter showing the median surpassing the $700,000 barrier for the first time ever. In the Diamond Valley, there has been stand out growth in Eltham, where a median price of $778,000 was achieved in the September quarter, a staggering 9.3% increase from the previous quarter. In Greensborough and Doreen, the median price is also continuing to increase with Greensborough achieving a rise in quarterly median price by 2.1%, to $642,500, while Doreen reached a median
of $483,500, a modest quarterly increase of 0.7%. The REIV has made forecasts about the growth in the property market in 2016, and while it may not continue to be quite as strong as what has been experienced in 2015 – with up to 9% increases per quarter, growth rates are expected to ease slightly for a more stable property market in 2016. Buyer demand over the last year has remained strong and consistent, and this trend is expected to continue. REIV CEO Enzo Raimondo expects that considering
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The rental market has also remained strong with the latest figures showing stability for investment properties. As of December 2015, Victoria’s average vacancy rate increased slightly to 2.9%, after being steady at 2.8% since March 2015. At Morrison Kleeman, vacancy for rental properties is at an all-time low with an impressive 0.13% vacancy rate. The median weekly rental return for houses in the Diamond Valley and surrounding areas increased from $390 in October, to $400 in November. With a vacancy rate that is next to none, and an average rental return of $400 per week, it is a strong market for investors. In 2016 we expect the rental market to continue to move forward consistently with an influx of new listings early in the year. After a few slightly quieter weeks in real estate over the festive season, the momentum has definitely picked up again as we now come into February 2016. If you are thinking of selling, or if you’re interested in finding out the current value of your home, please call our experienced team today. We welcome all local real estate enquiries and would love to assist you with your current real estate needs. Regards and Happy New Year, Peter Kleeman.
the current robust economy, buyer interest will encouragingly move forward. “A city-wide population upturn and low interest rates both signal consistent buyer demand in the first quarter, and into the second quarter, of the new year.”
previous record month). According to the REIV the Victoria wide clearance rate for auctions for the year to 20 December 2015 is 74%. At Morrison Kleeman, for all properties that were auctioned in 2015, the clearance rate as of December was 94%.
With a trend of high buyer numbers, auctions have become increasingly popular, with Melbourne now officially taking over Sydney as the auction capital of Australia. November 2015 broke the record for the most auctions in a month with 5,669 auctions held – 259 more auctions than November 2014 (the
Although the number of auctions in Melbourne has significantly grown, private sale is still favourable in many suburbs and proves to consistently be an effective method of sale in the Diamond Valley. Private sales are often the quiet achievers and are actually the means by which most homes across Victoria are sold.
NOTABLE LOCALS PEOPLE AND PLACES OF NOTE IN THE DIAMOND VALLEY
NILLUMBIK ESTATE
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et amongst the hills overlooking the beautiful King Lake Ranges, the Nillumbik Estate Winery offers a range of award winning locally produced wines in a setting that’s hard to beat. Head winemaker and director of Nillumbik Estate, John Tregambe, practices traditional hand-crafted winemaking techniques to create the most delicious flavours, which guests can enjoy on the elevated cellar door decking, where the views are picturesque. To accompany your glass of premium hand crafted wine, Nillumbik Estate offers a selection of gourmet pizzas and tantalising antipasto platters. Having lived in the Diamond Valley area for many years, John tries to source locally as much as he possibly can, creating menu items with only the finest and freshest produce. The Cellar Door is open every Saturday and Sunday from 11am5pm, where you can taste or buy any of the 12 signature wines Nillumbik Estate offers. According to John, “the Domenic’s Paddock Pinot Noir is what we sell out of the most, however we have somewhat of a cult following for our Northern Hill Chardonnay, which has a beautiful creamy texture with hints of butterscotch and honey, complemented by a sweet fruit background.” John recommends the food and wine ‘combo’ of the delicious salami pizza matched with a glass of the Nebbiolo – a medium bodied red with beautiful floral notes, and layers of liquored cherries dominating the palate. So, for a beautiful day out with gourmet food, handcrafted wines, spectacular views and a personal touch, visit Nillumbik Estate in Smiths Gully.
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ONLY JUST
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ltham’s shopping has just become more cultured with the opening of the first not for profit store in Eltham Village. ‘Only Just’ is a fair trade retail outlet for handmade products from 25 developing countries. Fair trade is not charity, but an alternative trading system that pays workers and producers a fair wage for their work. Founder Donna Parker says, “it’s not rocket science; no sweat shop labour, no child labour and no slave labour.” The store opened its doors in October 2015 as the second ‘Only Just’ location in the local community. The first store is located on Were Street, Montmorency, and has been trading there for six years. Donna thinks the new ‘Only Just’ store in Eltham will “add to a community that is already compassionate, and socially and environmentally aware.” The stores are community driven and run almost entirely by volunteers. “As the founder I am certainly blessed to be supported by a strong team of volunteers who understand the tangible difference that they make to communities and families in over 25 different developing countries from Bangladesh and Nepal to Ghana and Peru.” The range of products in store is diverse and always changing, according to Donna, “that is the way with handmade products.” You can often find a range of beautiful bags, jewellery and scarves, as well as toys and puzzles, and goodies that make great gifts for friends and family. There is something in everyone’s price range, making sure fair trade is easily accessible to all. In store and online prices start as low as $4.50 with items that are priced right up to $235.00. Donna has seen the “life changing” effects the profits from ‘Only Just’ have made to developing countries across the world. “In six years we have donated over $55,000 into aid and development projects. I have met quite a few of the groups that we partner with and heard first hand how working for a fair trade group has changed their lives, and the ripple effect that it has had on families and communities.”
ELTHAM TOWN SQUARE
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ight under your nose the Eltham Town Square has been redeveloped into an inviting new community hub filled with social gathering spaces, eateries and artwork. Morrison Kleeman opened its new flagship office in the centre of the Town Square in June 2015 in the midst of the development. Ornamenting the space are unique works of art by Paul Kalemba, Aviva Reed & Felicity Gordon, while the centrepiece of the project is a new European inspired tapas bar. The Eltham Town Square has been injected with new life and is a fantastic community zone which is now more people-friendly than ever.
WHAT’S ON IN
THE DIAMOND VALLEY
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A SELECTION OF THE MANY WONDERFUL EVENTS RUNNING IN THE LOCAL AREA OVER THE COMING WEEKS.
ELTHAM JAZZ, FOOD & WINE FESTIVAL
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un for the whole family, the Eltham Jazz, Food & Wine Festival celebrates its 20th anniversary on the weekend of February 27th and 28th 2016. The annual festival hosts more than 8000 people, and this year promises an exciting line up of jazz, swing, blues and rock ‘n’ roll artists playing on three stages across Eltham’s newly redeveloped Town Square. As well as fantastic musical entertainment, the festival offers an array of sumptuous food and award winning local wines. What better combination than jazz music and wine! Saturday’s festivities kick off at midday and festival-goers can dance the night away until 11:30pm. Sunday begins with the famous marching band and stilt walker around town at 11:00am, followed by another day of great music, food, wine and activities. For the kids, there will be a designated area on Pryor Street, filled with fun games, craft activities, face painting and more – there truly is something for everyone! So grab your dancing shoes and enjoy the free community event with the family this February.
ADDRESS ELTHAM TOWN SQUARE COST FREE TIME SATURDAY FEBRUARY 27TH 12:00PM-11:30PM SUNDAY FEBRUARY 28TH 11:00AM-6:00PM
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MOVIES ON THE MOVE ADDRESS MULTIPLE LOCATIONS ACROSS BANYULE ON SELECT NIGHTS FEBRUARY 27TH - MARCH 5TH COST FREE TIME VARYING TIMES FROM 4:00PM-10:30PM
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nwind under the stars with the annual Banyule ‘Movies on the Move.’ Presented in locations across Banyule, ‘Movies on the Move’ is a series of family friendly outdoor films that run from November through to March. What better way to enjoy Melbourne’s warm nights, than with the family at the local park enjoying the atmospheric experience of an outdoor cinema. And the best part is – it’s free! BYO blanket and deck chair, pack up a picnic basket, and get set for an entertaining night out. Don’t miss the upcoming flicks, ‘Shaun the Sheep’ on Saturday 27th February at Petrie Park, Montmorency and ‘Guardians of the Galaxy’ at the Anthony Beale Reserve, St Helena on Saturday 5th March. Arrive early to enjoy the last bit of daylight, with a range of children’s activities as the sun goes down.
LAURIMAR PRIMARY SCHOOL FAIR
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oin the excitement in the centre of Laurimar at the 2016 Laurimar Primary School Fair. With loads of things to do, this fair is a fun day out for the whole family – even the dog (on a leash)! If you love a thrill, there are rides and games to enjoy all day, and if you love to shop, take a walk through the stalls and check out the amazing selection of clothing, jewellery, crafts and more! Of course there will be our favourites – snow cones and show bags, so come for a fun filled day out in the community centre on Saturday 20th February.
ADDRESS ARMIDALE ROAD DOREEN COST FREE TIME SATURDAY FEBRUARY 20TH 12:00PM-8:00PM
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RECENT SALES A SELECTION OF SOLD PROPERTIES
29 Piper Crescent, Eltham - $1,160,000
2-4 Kent Hughes Road, Eltham
2-4 Roseburn Court, Lower Plenty - $3,999,999
33 Parsons Road, Eltham - $1,180,000
24 Sugar Gum Boulevard, Greensborough
8 Panorama Avenue, Lower Plenty
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68 Napier Crescent, Montmorency
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18 Midland Road, Doreen - $610,000
43 Warrawong Circuit, Doreen - $735,000
19 Greenmeyer Court, Greensborough - $712,000
15 Warren Avenue, Yarrambat
1/191 Rattray Road, Montmorency - $625,000
5 Park Avenue, Plenty - $2,480,000
25 Diamond Street, Eltham
17 Glendalough Court, Watsonia North - $790,000
MEET
THE TEAM When did the first Morrison Kleeman office open? The first Morrison Kleeman office that Peter and I opened was in February 1991. Since then we have expanded and opened a branch in Greensborough in 2006 and in Doreen in 2011. Are you thinking of retiring soon? The rumours in the industry would say that I plan to retire or that I have already retired – but it is the complete opposite. I have been in real estate since 1974 when I commenced the Valuers Course at RMIT. I still enjoy the interactions with my many past clients in the Diamond Valley and have the pleasure of continuing to work with so many new clients as well. So no, there are no plans of retirement for me anytime soon. How do you see Eltham in the future? I see Eltham remaining similar to what has existed in my 35 years working here. It is very strongly family and community focused. I have commented many times recently to clients that a younger generation is moving in, based on the number of empty nesters/downsizers we sell for now and the noticeable amount of young families you see in the shopping centre and at community events.
GRAHAM MORRISON
DIRECTOR 0417 101 997 gmorrison@morrisonkleeman.com.au
What is your advice for anyone starting their career in real estate? A person starting in real estate needs to be customer service focused, diligent, enthusiastic and prepared to work hard on the targets/goals that they should set. The first two years in sales is the hardest, but if you can make ends meet I feel it is a rewarding and enjoyable career path. A smile on your face and good manners are two simple things that will take you a long way as well.
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When did you start working with Morrison Kleeman? I am new to the Morrison Kleeman sales team and the newest Branch Manager at the Greensborough office. I am not, however, new to real estate. I started working in real estate straight out of school when I was 18 and I have now been in the industry for 15 years! I’ve been with Morrison Kleeman for about 6 months now and I am thrilled to have the opportunity to work with the fantastic team.
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What do you love about the Greensborough area? The Greensborough area is fantastic for all ages of people to live. I was born in Greensborough and have lived in the local area most of my life, so I definitely have a strong attachment to this suburb. It is very safe and family friendly with a lot of great parks and sporting clubs. It’s also within very close proximity to the CBD, Melbourne Airport and Yarra Valley.
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How do you see Greensborough in the future? Greensborough is going through some real change. In the next few years we will see more high density living in central Greensborough with an increase in new apartments and townhouses.
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What is your passion outside of work? My main focus outside of work is family, catching up with my friends, reading, swimming, running and travel.
What is your favourite local restaurant/café? Da Vinci Pizza and Pasta in Watsonia and Diamond Creek have the best local take away pizza and pasta in Melbourne. Urban Grooves in Greensborough has a great atmosphere for a sit down meal and the food is always fantastic!
CRAIG PARKER
BRANCH MANAGER 0404 354 686 cparker@morrisonkleeman.com.au
What do you specialise in? I’ve been with Morrison Kleeman for the past 6 years specialising in leasing and managing rental properties within the Diamond Valley region – and at times beyond. What are your top tips for leasing in 2016? For investment owners presentation is key. How you present the home can ultimately affect the quality of the applications received by prospective tenants. Ensuring the gardens are tidy and the house is in good, clean condition will help to ensure a positive outcome. For tenants, showing us a bit about who you are at the inspections gives us some insight to your personality. It’s good to feel you will engage with your clients and have a positive working relationship together. What do tenants love about the Diamond Valley area? When I ask prospective tenants what they love about the Diamond Valley area, most say the schools and community vibe. Many have moved from other areas, some quite far, having heard of the great schooling in the area for both primary and secondary education. Not to mention the treed environment and friendly, close knit community that always welcomes newcomers to the area. Those who rent here often end up buying here – they never want to leave!
MELISSA DI BIASE
PROPERTY MANAGER 9431 2444 mdibiase@morrisonkleeman.com.au
What do you enjoy doing in your spare time? Spare time for me usually consists of family time. We love to get away to the river and take the boat out. When we can’t get away for the weekend, my husband and I are keen coffee lovers so we spend time testing the best cafes in the area.
What do you love about real estate? I enjoy assisting people to buy and sell one of the biggest assets they’ll ever own. I enjoy the relationship that is developed over a short period of time, and the successful outcomes that more often than not are achieved from that relationship. What do you like about working at Morrison Kleeman? The staff at Morrison Kleeman are fantastic; we have 4 brilliant and well established directors, another 2 branch managers who not only list and sell but guide and teach additionally, a sales team (inclusive of PA’s) who have a wide range of experience, then the property management team who are fantastic at what they do, as well as the administration staff who are brilliant support. The training and support we get as sales agents is second to none, consistently going to PPG training, and having guest speakers and trainers come through our sales meetings. How do you see Doreen in the future? As a thriving community which already boasts nation leading growth in the last 5 – 10 years, the facilities and infrastructure will only get better. The area is home to many first home buyers, downsizers, up sizers, tree changers and investors, and I don’t see this changing any time soon. What is your favourite type of house? If I could describe it, probably a white weatherboard house with a dark colour bond roof, enough bedrooms and a decent sized ensuite. There would be solid timber flooring and a few separate living areas. Ideally a 5-10 acre block with maybe a pool, and a tennis court would be a must have. A few years off for me!
NICHOLAS MATKIN
SALES CONSULTANT 0401 243 059 nmatkin@morrisonkleeman.com.au
Town Square, 20 Commercial Place ELTHAM VIC 3095 Phone 9431 2444 Fax 9431 2650
2/86 Grimshaw Street GREENSBOROUGH VIC 3088 Phone 9435 7666 Fax 9435 7677
3/101 Hazel Glen Drive DOREEN VIC 3754 Phone 9717 8780 Fax 9717 8816
morrisonkleeman.com.au