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The traditionally busy spring selling season is likely to be flatter this year, but property experts predict that pent-up demand will prompt a flurry of activity once the second coronavirus wave eases and Melbourne’s stage four lockdown is lifted.

Leading real estate analysts say the market is largely holding firm, despite the pandemic and some challenging economic conditions, and many have been surprised by its strength.

“We are still seeing a lot more activity in the market than we otherwise would have expected, but the outlook for property does remain highly uncertain,” said Nerida Conisbee, chief economist at realestate.com.au.

“We are seeing buyers and sellers being pretty active, although it is quite different across different states. Obviously in Victoria at the moment, sellers aren’t active because you aren’t allowed to do open for inspections, whereas in Western Australia and Queensland things are pretty much normal or more positive than they were six months ago.

“Traditionally, spring is when we see the most listings, the most activity. Compared to last spring it will be very different, but compared to the winter just gone it will be looking like a far better market across most locations, perhaps with the exception of Melbourne.

“I don’t think we are going to see runaway growth in pricing but I think it will remain more stable than we would expect going in to a recession.”

Buyer and seller activity is varied across the states with a slowdown in Melbourne amid the stage four lockdown. Picture: realestate.com.au/buy

Melbourne to ‘bounce back quickly’ post-lockdown

Ms Conisbee said first-home buyers would continue to be active, while some markets, including the apartment sector, could endure some distress and she expected very few transactions in off-the-plan developments.

There was an air of nervousness due to the second wave of COVID-19 and Melbourne’s stage four lockdown, which will remain in place until at least mid-September, she said.

“People are cautious at the moment and when people are cautious they tend to look for better quality investments – and that’s across the board whether you’re looking at shares, metals or property.

“Melbourne is a high-risk market at the moment. Certainly, what we saw in Australia once the first lockdown ended was a big bounce back so I think it’s likely we will see Melbourne bounce back quite quickly, definitely for listings, once the lockdown ends.

Property listings are expected to climb once the stage 4 lockdown is lifted in Melbourne. Picture: Getty.

“If you’ve had no listings for a six-week time period, there will be some pent-up activity that will have to come through regardless, and hopefully if confidence is maintained, we will continue to see Melbourne do quite well.”

East coast markets will do better than others

Buyers agent and host of the Property Couch podcast, Bryce Holdaway, said there was still demand for quality properties, but some sectors faced challenging times this spring.

“I think quality real estate in this country on the east coast, in particular, generally will still have a fair bit of desire,” Mr Holdaway said.

“Medium to high rise and some house and land estates will be challenged but quality established stock will be fine because you have this pent-up demand from owner occupiers who are itching to get in.

“For specific, inner urban, established properties with strong owner occupier appeal, I think this spring selling season will be quite different to anything we’ve experienced before. I really feel this pent-up demand will create even more [demand] and the prices of A and B grade stock will have to take some upwards pressure given the demand.

“It’s going to be like seagulls fighting over a chip.”

Mr Holdaway said most elements of the market were primed, but buyers needed to return.

“I liken the Australian property market to a car at the moment,” he said. “The engine, which is the RBA, is fully tuned. They have got interest rates down to a level that we’ve never seen before and they’re not going up any time soon. So, the engine is ready to go.

“Then we’ve got the federal and state governments at the bowser pumping fuel into the car. They’re throwing cash left, right and centre to stimulate the economy.

“The only problem we’ve got is the driver can’t get into the car. As soon as they can get in the car…they’re going to be doing a burnout on the way to the destination.”

Demand remains for high-quality properties

The predictions come as Melbourne agent Sam Hobbs, from The Agency, this week announced he had sold three high-end St Kilda listings in seven days during stage four restrictions. The sales totalled more than $13 million.

Mr Hobbs sold the prestige home at 5 Crimea Street off market, as well as the Edwardian property at 11 St Leonards Avenue, which had been listed since Australia Day 2020. The mid-tier home at 14a Havelock Street sold within four days on market.

“The transaction of these three well-presented homes, two of which are at the premium end of the market, shows the extremely strong buyer demand for quality properties within inner city Melbourne, despite COVID-19 and its economic implications,” he said.

The prestige home at 5 Crimea St, St Kilda sold during stage four restrictions. Picture: realestate.com.au/sold

“There are smart buyers out there identifying the opportunity to upgrade at this time.”

The Agency Melbourne general manager, Peter Kakos, said the sales signified promise for the upcoming spring selling season.

“This all indicates pent-up buyer demand leading into our spring selling season, which will be compressed down from several months to two months. This is a highly anticipated spring selling season.”

Spring selling will last longer

Real Estate Buyers Agents Association of Australia president, Cate Bakos, said it was likely buyers, particularly in Melbourne, would re-enter into a positive and vibrant market once lockdown restrictions were lifted.

“In Melbourne, in particular, during July, August and early September, we tend to have pretty low stock volumes at that stage anyway, because we’re still in the middle of winter, we usually have our football season running and people tend to wait it out for a spring opportunity,” she said.

“But this time around, the lockdown has really stifled the opportunity for the vendors that are looking at having an early spring campaign and perhaps an auction in September.

“That’s very difficult now because the typical timeframe for open for inspections and campaign activity is usually about four weeks before auction, and of course, if [Melbourne] is in lockdown until close to mid-September, that means that we’ll be pushing a lot of auction activity into October.”

Ms Bakos said now was the time to speak with a lending broker or bank to get “purchase ready” and recommended thoroughly researching your personal requirements, including location and price range to ensure suburbs you are interested in match your budget.

“You’ll have compromises to consider, because you need to make sure when you hit the ground running, you’re looking at properties that are in your budget that will appeal to you.”

The post Pent-up demand set to bolster spring selling season in the wake of lockdowns appeared first on realestate.com.au.

The North Plympton house at 13 Shelley Avenue attracted 33 registered bidders at auction on the weekend. Pic: realestate.com.au

Fierce competition for a North Plympton home resulted in more than 30 househunters registering to bid for the hot property at auction on the weekend.

The three-bedroom 1959-built house at 13 Shelley Avenue, which is on an 836sqm block, attracted prospective buyers in droves before it sold under the hammer for $618,000.

Ray White Glenelg-Plympton agent Samuel Paton said up to 70 groups inspected the property and 15 offers were made throughout its three-and-a-half-week campaign, while 33 keen buyers registered to bid for it on auction day.

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It sold for $618,000 under the hammer. Pic: realestate.com.au

“That just shows the level of supply and demand at the moment,” he said.

“It was mostly developers looking at that one but there were some home buyers looking at it too.

“It sold above reserve as well.”

Mr Paton said the buyer had plans to redevelop the site in future.

He said demand for limited properties across Adelaide was strong at the moment, with another home in Marion he took to auction at the weekend also attracting good interest.

“We had nine registered bidders, about seven of them placed a bid as well,” he said.

“A first home buyers bought it to live in – the house is perfect for someone like that.”

The three-bedroom house at 3 Fetlar Avenue fetched $590,500 under the hammer.

Mr Paton said another property his agency had scheduled to go under the hammer in Marion sold prior to auction.

A first home buyer snapped up the Marion house at 3 Fetlar Avenue. Pic: realestate.com.au

There were nine registered bidders vying for the keys to the property. Pic: realestate.com.au

“The Marion area is currently attracting quite a bit of interest at the moment, but the market in general – there’s very little available to buy,” he said.

Latest CoreLogic figures reveal the number of auctions held across Adelaide last week was on par with the same time last year.

There were 61 auctions across the city with a 57.9 per cent clearance rate – up slightly on the 56 auctions held at the same time last year with a 56.9 per cent clearance rate.

For months the number of auctions held across the city was well below last year’s because of a lack of confidence in the wake of the coronavirus pandemic.

Meanwhile, the data also shows the number of listings are down 20 per cent on last year, with 5822 properties on the market.

The post North Plympton home’s highly anticipated auction attracts househunters in droves appeared first on realestate.com.au.

315 Gardner Road, Rochedale, had 3.36ha of land and sold in a multi-sale for $18.15m last year.

A desperate search by developers for land in areas where there are growth-friendly councils means some Queenslanders are now sitting on a gold mine.

It’s seeing Queenslanders make millions off land tracts banked by families for generations across South East Queensland, with developers converging on properties to insure against dwindling land supply for new estates. Depending on location, properties could fetch as much as $18.15m for 3.36ha of land, as 315 Gardner Road, Rochedale, did in a multi-sale.

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Property industry analyst Michael Matusik said new land supply was very tight across South East Queensland.

“There is under two years of actual potential new land supply across SEQ and the supply is tightest on the Gold Coast, Brisbane and in Redland. This supply is way too short.”

His analysis of uncertified lots with operational works approval in major SEQ municipalities found just 1.8 years of supply across the south east, a factor that could trigger big dollars for families with large tracts of land in tight council zones.

Of the council areas, the Gold Coast had the tightest supply at just half a year’s worth, followed by Brisbane (0.7 years), Redland (0.9 years), Moreton Bay 1.5 years), Sunshine Coast (2.2 years), Ipswich (3.1 years) and Logan (3.5 years).

Land supply status across SEQ:

Sunshine Coast 2.2 years

Moreton Bay 1.5 years

Brisbane 0.7 years

Redland 0.9 years

Logan 3.5 years

Ipswich 3.1 years

Gold Coast 0.6 years

South East Qld 1.8 years

(Source: Matusik Missive: Data: Matusik + Queensland Government)

New land development approvals have fallen substantially across SEQ over the last five years,” Mr Matusik said. “The fall in new future land supply is most marked in several municipalities including the Gold Coast, Sunshine Coast, Moreton Bay and Ipswich. There has been a fall in the number of new approved projects in Logan.”

One of the country’s largest residential developers, Stockland – which currently has eight new residential estates on the outskirts of Brisbane through to the Gold Coast – looks for land that would allow future residents to have “ready access” to jobs, recreation, public transport, schools and amenities.

Stockland general manager, David Laner, said there were many considerations that came into the decision to create a new community including “location, scale, planning and infrastructure, aspect and orientation, topography, the list goes on”.

But, he said, “in addition to these more technical considerations, it is critical to evaluate local amenity, demographics, housing supply and demand.”

“This means reviewing the lifestyle attributes, existing and future housing choice, customer preferences, and projected population growth.”

Among two of the newer Stockland estates are Newport and Promenade Rothwell, both located close to Redcliffe, in greater Brisbane’s northern edges where a new train line was opened four years ago.

“We understand that purchasing a home is a big commitment and that the location of the property must suit our customers’ long-term needs, so we encourage all potential buyers to remember that they’re not just making a purchasing decision for themselves now, but for their future selves as well,” Mr Laner said.

For those with big land holdings in SEQ close to good amenities, or where new infrastructure has been targeted, this could mean a major windfall at sale time.

Mr Matusik’s analysis found “just under 70 per cent of the new urban allotment registrations across SEQ are held in just 30 suburbs”.

“These suburbs also dominate land development within their respective municipal areas. That market share ranges from 43 per cent in Brisbane to 83 per cent in Ipswich. New land subdivision activity across SEQ is now limited to a few development corridors.”

The fall in supply coupled with boosts for home builders was expected to put greater pressure on prices, with Dr Diaswati Mardiasmo, chief economist of PRD Nationwide, finding that Greater Brisbane was already inching towards higher prices, despite COVID-19 – with the biggest dollars going to properties with large land holdings.

“There is a possibility of southern investors in the market, however the local Greater Brisbane market is stimulated as well with many choosing to build or entering estates in higher priced suburbs that are well served by shops, infrastructure, great schools.”

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The post Landbankers set to make millions as supply tightens across SEQ appeared first on realestate.com.au.

No. 79 Lavender Park Road, Eltham sold for $2.33m.

A beloved family home the kids kept coming back to has sold in Eltham.

The architect-designed mid-century modern home at 79 Lavender Park Road sold for $2.33m, well above the price guide of $1.9-$2.09m.

Built in the early ‘60s and featuring original timber ceilings, floorboards and cabinetry, the property was designed to maintain privacy while still offering views from every room.

And it was those features at the seven-bedroom house that the children of the sellers couldn’t get enough of, continually returning to the family home.

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The house has no blinds but still retains complete privacy.

It was designed and built by architect John Adams

“They would always come back home, it took (the owners) years to get the kids out of the property,” joked Buckingham and Company director Stuart Buckingham.

“In between buying homes and relationships, they’d come back to mum and dad’s place — it was a beautiful thing.”

Five groups had a “red hot go at bidding” during the online auction, Mr Buckingham said.

Mid-century modern style in the 1960s-built Eltham house.

Original floorboards and ceiling timber panels in the updated kitchen.

The house was popular with inner-city buyers.

Every room in the mid-century modern house has green views.

Buyers from the inner city were drawn in by the home’s architectural style, privacy and views.

An updated five-bedroom weatherboard house at 8 Meyer Rd, Burwood attracted a downsizer that watched the virtual tour 20 times after passing in at auction two weeks ago.

The buyer paid the $1.785m asking price after telling Fletchers Waverley partner Steven Zervas that she “didn’t like negotiating”.

A Malvern downsizer secured 8 Meyer Road, Burwood.

The buyer watched the virtual tour 20 times.

Outdoor entertaining in the single-level home.

Receiving the acceptable offer prompted the vendor to “burst into tears”, after watching the property pass in for $1.73m a fortnight earlier, Mr Zervas said.

“It felt like it was too good to be true, but it wasn’t, it all worked out really well,” he said.

The Malvern downsizer spoke to a building inspector that had been through the property ahead of the recent auction for another bidder, as the agency worked to ensure transparency during the stage four lockdown.

In Ringwood, a two-bedroom townhouse at 9/3 Gordon Court sold for a $125,800 premium to a buyer that hadn’t viewed the property in person.

A two-bedroom townhouse at 9/3 Gordon Court, Ringwood sold for $725,800.

Inside the Ringwood townhouse.

Despite their reliance on vendor photography and virtual inspections, the buyers happily paid $725,800 for the site.

“The purchasers haven’t seen it but they have already sold their place so they needed to buy,” Ray White Ringwood director Chris Watson said.

The buyers’ son Jackson said his parents were not put off by being unable to attend the property live.

“They knew the location very well and the virtual tour sent through by Chris gave them the confidence to bid at auction without seeing the house,” Jackson said.

“They thought the pandemic would give them the opportunity to purchase a property at a good price and are really relieved they don’t have to continue looking for a home during restrictions.”

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jack.boronovskis@news.com.au

@jackboronovskis

The post Eltham house kids refused to leave sells, as virtual tours satisfy buyers appeared first on realestate.com.au.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

Everyday life has a feeling of turmoil at the moment, so it’s no wonder we’re placing greater emphasis on the feel and safety of our homes and properties.

Speaking from experience, I can say I’ve never spent more time in my backyard and garden as I have this year.

It seems I’m not alone, with many homeowners looking to integrate their indoor spaces with the outdoors to create calming havens away from the stress of day-to-day living.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

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When it comes to building a new home on a courtyard allotment that incorporates these features, one design that does it extremely well is Gallery Living’s Picasso 250.

Measuring 14.2m wide and 24.3m deep, this three-bedroom, two-bathroom, double garage design offers a peaceful retreat for families looking to upgrade their lifestyle.

From the moment you walk into the home, which is on display at Miravale at Angle Vale, a feeling of calm sweeps over your body and mind.

Gallery Living’s marketing manager Jaye Smith says this relaxing effect is largely due to the amount of natural light that floods the design, created by the mono pitch roofline, angled to take advantage of the northern aspect.

“The Picasso 250 is designed to capture and distribute natural light throughout the home, particularly in the open-plan living area,” she says.

“With its soaring raked ceiling, highlight windows and wide opening sliding doors seamlessly connecting with the side yard, this home gives its owners all the benefits and mood brightening that sunlight brings into a home, all year round.”

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

It’s not often I find myself struggling to leave a room when visiting a display, however the Picasso 250’s master suite has a certain charm, and again it’s all to do with the light.

“The master bedroom is located at the front of the home, with a spacious ensuite, featuring a Velux skylight to allow light to flow into the room but retain privacy,” Jaye says.

The addition of a wall-to-wall built-in robe provides a discreetly functional element to a room that feels nothing short of tranquil, which is just what you should hope for in a bedroom.

Move back towards the main living space, you’ll find there’s also a private lounge and a home office – a space which will make working from home something to look forward to.

However, the main attraction in this design is undoubtedly the long open-plan kitchen, dining and living area, which features a high, angled ceiling.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

This part of the home has a skillion roof, measuring 3.6m at its highest point, taking the spacious feel to a whole new level. That together with the abundance of high windows and sliding doors creates a light-flooded haven. The structural elements in this space also lend to the comforting ambience, as does the colour palette and furnishings.

“The interior has a crisp white internal paint palette which highlights the architectural elements within the home,” Jaye says.

“The soft furnishings pick up on the earthy tones of the external colour scheme, with natural elements like leather and wood, complemented by the statement pops of dark olive green.”

An interesting feature in this space is the use of a carpeted segment in the living area, a cosy contrast to the stylish Quickstep compact flooring in cliff grey oak, extra matt, which covers the rest of the space.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

“Installing a carpeted section to the lounge area makes the area cosy underfoot and helps to define the space and make it feel larger,” Jaye says.

Keen entertainers will love the amount of space and storage on offer in the sleek galley kitchen, complete with a handy double sided breakfast bar at one end for mealtime. Overlooking the alfresco (optional), this part of the home will completely open to the yard – perfect for making the most of the warmer months ahead.

The remaining two bedrooms are down another hallway beside the kitchen, both with built-in robes and proximity to the laundry and main bathroom.

For home builders looking for inspiration, visiting the Miravale display is a must. Jaye says this display offers an inspirational delivery of the design, showcasing how non-standard items can transform the home.

“The display at Miravale includes some architectural upgrades, like additional dropped ceilings, bulkheads and window upgrades, as well as smaller fixture and fittings upgrades like tapware, kitchen appliances and benchtops,” she says.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

Picasso 250 by Gallery Living on display at Angle Vale. Photo: Nick Clayton.

On face value, the Picasso 250 is a beautiful family home that offers a relaxed retreat from the outside world. However, it’s important to not look past the array of energy efficient features.

“All Gallery Living homes come with integrated solar power included in the price,” Jaye says. “We make sure your new home takes advantage of the natural environment, for better energy efficiency and a lower carbon footprint.

“The orientation of your block is integral to the long-term performance of your home, so we will work closely with you to make the most of your asset and create the most comfortable environment possible.”

The post Gallery Living’s Picasso 250 offers a sense of calm like no other appeared first on realestate.com.au.

Melburnians geared up to buy or rent a new home in spring are no doubt feeling disappointed about the state of the city’s real estate market amid stage four lockdown. 

Under the strict rules put in place to control a surge in COVID-19 cases, in-person open for inspections and live auctions are banned until at least mid-September and may only be carried out online.

Melbourne residents must remain within a five-kilometre radius of their home and are only allowed to leave their homes for four reasons, one being to do an hour of exercise a day.

While it seems impossible to start planning your next move given the current limitations, recent Australia Post data suggests otherwise, showing that most Australians simply hop, skip or jump to the next suburb when they move out. Therefore, a one-hour walk within your five-kilometre radius is the perfect opportunity to scout out your next home.

• Use the interactive below to discover the Melbourne suburbs that fall within your 5km radius

Melbourne buyer’s advocate and president of The Real Estate Buyers Agents Association of Australia (REBAA), Cate Bakos, said discovering a potential new neighbourhood on foot is extremely important. 

“I still do it myself as a buyer’s advocate when I’m exploring a new suburb to get intimate with,” Ms Bakos said. “Walking the streets not only enables the prospective buyer to get a feel for the character of the housing, but also the character of the neighbourhood.

Discovering a neighbourhood on foot helps prospective buyers get a feel for its character. Picture: Getty

“Slowing down to five kilometres per hour allows a visitor to take in the types of residents – kids’ bikes on the porch, dogs barking, pretty gardens. This character is easily missed when driving past at 50 kilometres per hour.

“It’s also more natural to walk around the streets zig-zagging than to drive in this manner. Also, walking around the local shops and cafe strips gives a better snapshot of the character of the area and the personalities that bring it to life.”

What house hunters need to consider

One of the best things about walking is that you can meander and “get off the beaten track”, said chief economist at realestate.com.au, Nerida Conisbee.

“Exploring different paths is worthwhile because you might not have had the time previously to really get to know your neighbourhood,” Ms Conisbee said.

Ms Conisbee suggested four things house hunters should take into consideration when re-discovering their five-kilometre radius:

1. Walkability

Buying a home that’s easily navigable by foot can add significant value to the property in the long term. Meantime, it’s important for potential tenants to have easy access to simple amenities such as public transport, shops, parks, cafes, restaurants and schools. This is particularly important in neighbourhoods in and around the CBD where car spaces are limited. 

“Walkable neighbourhoods are far more desirable so I think that’s a great thing to test on foot because there’s no better way to find out,” said Ms Conisbee.

The best way to determine the walkability of an area is on foot. Picture: Getty

2. Public amenities

Ms Conisbee said having good public amenities nearby such as schools, public transport options and retail outlets will always add value to a property in the long term.

Meanwhile, prospective tenants should assess what amenities they need when considering their next move, and walking around a potential neighbourhood can help with this, she said.

3. Attractiveness

Looks aren’t everything but the general attractiveness of a neighbourhood’s landscaping and architecture can add value to a property in the long term.

“Tree-lined streets, garden beds, aesthetically pleasing properties as well as clean and well-lit footpaths are all things to look out for,” Ms Conisbee said. 

4. Noise

Ms Conisbee said it’s a very good idea to get a sense of what is going on at different times of the day in a neighbourhood so you can determine how noisy it would be if you lived there.

“Sometimes neighbourhoods can be very quiet during the day but very noisy at night, so it can be quite a good idea to walk around at different times of the day, within curfew hours, of course,” she said.

Keep an eye out for unique features

Even if you’ve lived in a neighbourhood for decades there are bound to be hidden gems that have slipped under your radar, all of which add to the desirability of an area in terms on investment outcomes.

The inner west suburb of Yarraville is a haven for street art. Picture: Getty

Ms Bakos said many suburbs have walking paths that don’t allow access for cars such as dead-end streets that lead to lovely parks and gardens.

“There is a beautiful part of my own suburb that is a great case in point – Maryston Street in Yarraville is one of the streets that leads to Cruikshank Park. The walking trails are glorious and the locals love taking their kids and dogs to the park. You can easily meander around the park and back onto a connecting street, something you’d never be able to do in a car.

“Another beautiful highlight for pedestrians are skinny rear laneways. My daughter and I have discovered so many of the old bluestone night cart runs [in Yarraville].

“My favourite element is the street art. We have some great pockets around the inner west with amazing street art.”

Keep in touch with local agents

Matthew Pillios, director at Marshall White – Bayside, said walking the streets in your five-kilometre radius is the best way to get a gauge of what is coming up in the area post-lockdown.

“Construction has not stopped, it might have slowed down but it has not stopped. So I say to everybody, if you see something being constructed, give me a call because more than likely if we haven’t got the listing we may be getting it,” Mr Pillios said.

“Also if you see someone doing a hard rubbish collection or doing some sprucing up, like painting the outside of their houses, they could be coming up for sale,” he added.

Mr Pillios said it’s imperative that prospective buyers make contact with local agents because circumstances, particularly in the current climate, can change and you might find your dream home, in your dream neighbourhood pops up for sale.

“This is the time to contact us more than ever to let us know what streets or pockets that you want because ultimately there will be people that never planned to sell, who need to sell,” he explained.

Buyers should get ready for spring

Robert Enes, of Nelson Alexander – Northcote, said prospective Melbourne home buyers should use the downtime during lockdown to get ready for what is sure to be an “enormous” spring selling season.

“There’s a lot to look forward to because we haven’t had stock for a while and there’s a lot of stock coming on [to the market]. So we’ve actually been very busy during this lockdown getting new properties ready to go to the market come early to mid-September once we are able to operate again,” Mr Enes said.

Melbourne’s property market is expected to bounce back to life post-lockdown. Picture: realestate.com.au/buy

“What’s been really telling with other markets overseas in recent times has been that post-severe lockdown, such as the one we’re experiencing right now, the markets have actually rebounded really strongly once they have re-opened, and what we mean by that is pricing and competitive scenarios with the buying of homes.

“Just the way [the market] was before lockdown suggests that there’s a lot of new buyers entering the market and getting loans. We’re very, very optimistic that spring is going to be enormous.”

The post How rediscovering your 5km radius could help you find your next home appeared first on realestate.com.au.

Melburnians geared up to buy or rent a new home in spring are no doubt feeling disappointed about the state of the city’s real estate market amid stage four lockdown. 

Under the strict rules put in place to control a surge in COVID-19 cases, in-person open for inspections and live auctions are banned until at least mid-September and may only be carried out online.

Melbourne residents must remain within a five-kilometre radius of their home and are only allowed to leave their homes for four reasons, one being to enjoy an hour of exercise a day.

While it seems impossible to start planning your next move given the current limitations, recent Australia Post data suggests otherwise, showing that most Australians simply hop, skip or jump to the next suburb when they move out. Therefore, a one-hour stroll within your five-kilometre radius is the perfect opportunity to scout out your next home.

• Use the interactive below to discover the Melbourne suburbs that fall within your 5km radius

Melbourne buyer’s advocate and president of The Real Estate Buyers Agents Association of Australia (REBAA), Cate Bakos, said discovering a potential new neighbourhood on foot is extremely important. 

“I still do it myself as a buyer’s advocate when I’m exploring a new suburb to get intimate with,” Ms Bakos said. “Walking the streets not only enables the prospective buyer to get a feel for the character of the housing, but also the character of the neighbourhood.

Discovering a neighbourhood on foot helps prospective buyers get a feel for its character. Picture: Getty

“Slowing down to five kilometres per hour allows a visitor to take in the types of residents – kids’ bikes on the porch, dogs barking, pretty gardens. This character is easily missed when driving past at 50 kilometres per hour.

“It’s also more natural to walk around the streets zig-zagging than to drive in this manner. Also, walking around the local shops and cafe strips gives a better snapshot of the character of the area and the personalities that bring it to life.”

What house hunters need to consider

One of the best things about walking is that you can meander and “get off the beaten track”, said chief economist at realestate.com.au, Nerida Conisbee.

“Exploring different paths is worthwhile because you might not have had the time previously to really get to know your neighbourhood,” Ms Conisbee said.

Ms Conisbee suggested four things house hunters should take into consideration when re-discovering their five-kilometre radius:

1. Walkability

Buying a home that’s easily navigable by foot can add significant value to the property in the long term. Meantime, it’s important for potential tenants to have easy access to simple amenities such as public transport, shops, parks, cafes, restaurants and schools. This is particularly important in neighbourhoods in and around the CBD where car spaces are limited. 

“Walkable neighbourhoods are far more desirable so I think that’s a great thing to test on foot because there’s no better way to find out,” said Ms Conisbee.

The best way to determine the walkability of an area is on foot. Picture: Getty

2. Public amenities

Ms Conisbee said having good public amenities nearby such as schools, public transport options and retail outlets will always add value to a property in the long term.

Meanwhile, prospective tenants should assess what amenities they need when considering their next move, and walking around a potential neighbourhood can help with this, she said.

3. Attractiveness

Looks aren’t everything but the general attractiveness of a neighbourhood’s landscaping and architecture can add value to a property in the long term.

“Tree-lined streets, garden beds, aesthetically pleasing properties as well as clean and well-lit footpaths are all things to look out for,” Ms Conisbee said. 

4. Noise

Ms Conisbee said it’s a very good idea to get a sense of what is going on at different times of the day in a neighbourhood so you can determine how noisy it would be if you lived there.

“Sometimes neighbourhoods can be very quiet during the day but very noisy at night, so it can be quite a good idea to walk around at different times of the day, within curfew hours, of course,” she said.

Keep an eye out for unique features

Even if you’ve lived in a neighbourhood for decades there are bound to be hidden gems that have slipped under your radar, all of which add to the desirability of an area in terms on investment outcomes.

The inner west suburb of Yarraville is a haven for street art. Picture: Getty

Ms Bakos said many suburbs have walking paths that don’t allow access for cars such as dead-end streets that lead to lovely parks and gardens.

“There is a beautiful part of my own suburb that is a great case in point – Maryston Street in Yarraville is one of the streets that leads to Cruikshank Park. The walking trails are glorious and the locals love taking their kids and dogs to the park. You can easily meander around the park and back onto a connecting street, something you’d never be able to do in a car.

“Another beautiful highlight for pedestrians are skinny rear laneways. My daughter and I have discovered so many of the old bluestone night cart runs [in Yarraville].

“My favourite element is the street art. We have some great pockets around the inner west with amazing street art.”

Keep in touch with local agents

Matthew Pillios, director at Marshall White – Bayside, said walking the streets in your five-kilometre radius is the best way to get a gauge of what is coming up in the area post-lockdown.

“Construction has not stopped, it might have slowed down but it has not stopped. So I say to everybody, if you see something being constructed, give me a call because more than likely if we haven’t got the listing we may be getting it,” Mr Pillios said.

“Also if you see someone doing a hard rubbish collection or doing some sprucing up, like painting the outside of their houses, they could be coming up for sale,” he added.

Mr Pillios said it’s imperative that prospective buyers make contact with local agents because circumstances, particularly in the current climate, can change and you might find your dream home, in your dream neighbourhood pops up for sale.

“This is the time to contact us more than ever to let us know what streets or pockets that you want because ultimately there will be people that never planned to sell, who need to sell,” he explained.

Buyers should get ready for spring

Robert Enes, of Nelson Alexander – Northcote, said prospective Melbourne home buyers should use the downtime during lockdown to get ready for what is sure to be an “enormous” spring selling season.

“There’s a lot to look forward to because we haven’t had stock for a while and there’s a lot of stock coming on [to the market]. So we’ve actually been very busy during this lockdown getting new properties ready to go to the market come early to mid-September once we are able to operate again,” Mr Enes said.

Melbourne’s property market is expected to bounce back to life post-lockdown. Picture: realestate.com.au/buy

“What’s been really telling with other markets overseas in recent times has been that post-severe lockdown, such as the one we’re experiencing right now, the markets have actually rebounded really strongly once they have re-opened, and what we mean by that is pricing and competitive scenarios with the buying of homes.

“Just the way [the market] was before lockdown suggests that there’s a lot of new buyers entering the market and getting loans. We’re very, very optimistic that spring is going to be enormous.”

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37 The Boulevard, Balwyn North sold to buyers who hadn’t physically inspected it.

Melburnians are buying homes they’ve never set foot in amid the stage four lockdown.

With physical inspections banned under the city’s tough COVID-19 restrictions, a family spent more than $1.825m on a Balwyn North house after viewing it only via the marketing photos and a video filmed by the vendors.

Jellis Craig Hawthorn agent Nick O’Halloran said he finalised the off-market sale of 37 The Boulevard for an undisclosed price while at the Epworth Freemasons hospital, where his wife had just had a baby.

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Selling agent Nick O’Halloran finalised the Balwyn North sale from a maternity ward.

The Balwyn North home sold to a local family.

“It was a big 24 hours,” Mr O’Halloran said.

“We listed the property earlier in the year, and had photos and a floorplan done. But the vendors were reluctant to actually put it on the market.

“We were going to load it on the internet coming out of the restrictions.”

Instead, a buyer who had sold their home and was “looking for this type of property” emerged and the deal was done a few days later, Mr O’Halloran said.

“They got a good enough feel of the house from the photos, the video and the floorplan,” he said.

“Vendors who have been coming to market (during the pandemic) are normally rewarded, if they meet the market. It’s not the sort of market where you want to search for an inflated price.”

A first-home buyer was so taken by 1/33 Grice Crescent, Essendon she bought it sight-unseen.

The villa unit featured a charming courtyard.

In Essendon, a first-home buyer snapped up a two-bedroom villa unit at 1/33 Grice Crescent sight-unseen for $670,000.

Brad Teal Essendon agent Lara Harris said the home had been on the market for three weeks before the stage four lockdown with “no traction”. Then the Greenvale-based buyer called, having been drawn in by the public transport-rich location.

“I took a video prior to lockdown, just on my iPhone, so the buyer could get more of a feel for it,” Ms Harris said.

“She put in an offer … without seeing it — she’d driven past it but never set foot in the property. The contracts were signed electronically.

“One week into lockdown, I had the deal done within a couple of hours as I was sitting on the couch.”

Inside 1/33 Grice Crescent.

Ms Harris said the vendor agreed to a “realistic” sale price, and the buyer planned to move in once restrictions eased.

The agent said she “couldn’t wait” for spring, with so many listings “waiting to drop” once stage four was over.

Melbourne buyers also secured a 4.86ha rural retreat in Eganstown, west of Daylesford, for an undisclosed figure close to the $1.395m asking price this week.

Belle Daylesford director Will Walton said the purchasers had a friend who lived in the region who advised them on the local market and contacted his office on their behalf.

Melbourne buyers have snapped up 51 Corinella Creek Lane, Eganstown.

The Eganstown retreat sprawled across 4.86ha.

They later bought the picturesque property at 51 Corinella Creek Lane, featuring a four-bedroom house and a separate cottage, without a physical inspection, feeling “confident from knowing the quality of the location and seeing the photos on the internet”.

Mr Walton said his agency sold a “personal best” 30 properties in July as the pandemic prompted Melbourne buyers to up their already significant presence in the Daylesford region.

But the stage four restrictions had killed this momentum by preventing Melburnians from travelling to regional Victoria to inspect homes.

“We’re expecting an enormous surge after the lockdown is lifted,” he said.

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The picturesque property near Daylesford featured a separate cottage.

samantha.landy@news.com.au

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White collar nomads are driving up the price of regional real estate, with suburbs between Tweed Heads and East Ballina now home to the most expensive property outside of the city.

The COVID-19 pandemic has triggered a surge in demand for a sea or tree change among city workers, with unprecedented focus on the Tweed-Richmond area.

New data from realestate.com.au shows that real estate in the Byron Shire village of Bangalow, 50 minutes south of Coolangatta, is the second most-viewed suburb in NSW since the COVID-19 crisis struck.

40 Blackwood Crescent, Bangalow sold for $1.05 million.

Between April and July, the top 10 most-viewed NSW hit list also included Byron Bay, East Ballina, Casuarina, Kingscliff, Lennox Head, Tweed Heads, Bogangar and Terranora.

“Since COVID-19 lockdowns began, there has been an interesting shift in search activity to regional NSW,” said REA Chief Economist Nerida Conisbee.

“The Richmond-Tweed appeal appears to be driven by white collar nomads, released from the shackles of their CBD offices.

“The laid-back lifestyle that can now be more permanently obtained, given hardly anyone is going into the office, is likely to be driving demand and prices.”

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8 Eclipse Lane, Casuarina sold for $2.57 million.

Anyone hoping to get a bargain by the beach or up in the hills in all out of luck.

Prices for houses and units in Richmond-Tweed have increased since mid-March, with half of the most-viewed suburbs recording a median house price of $1 million plus.

The median house price in Bangalow reached $1.05 million last month, keeping good company with nearby Byron Bay where the median is $1.43 million and the beachside pocket of Suffolk Park where houses will set you back around $1.2 million.

On the Tweed Coast, houses in the exclusive beachside enclave of Casuarina have a median of $1.152 million while houses in Kingscliff have hit a median sale price of $1.175 million.

“This is expensive for regional Australia and is being driven by Sydney money,” Ms Conisbee said.

“Affordability is a problem for existing regional residents and COVID isn’t improving things.”

295 Coopers Shoot Road, Coopers Shoot sold for $3.6 million.

Braden Walters, principal of Belle Property Byron Bay-Lennox Head, said interest in the region had soared in the wake of COVID-19, led by motivated buyers from Brisbane, Sydney and Melbourne.

“With the border closures, we’re mainly dealing with Sydney buyers at the moment because they’re the only ones who can physically inspect,” he said.

“Our Brisbane and Melbourne people are still looking via virtual inspection.”

Mr Walters said agents in regional pockets all along the East Coast had reported a similar surge in demand.

“We’re competing with other regional coastal towns for those buyers,” he said.

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The house boasts 270-degree hinterland views.

A magical estate offering lifetime access to Byron Bay’s home of healing energy, Crystal Castle, is expected to attract widespread interest when it hits the market today.

A portion of the original holding known as Crystal Estate is being sold by Crystal Castle founders and owners Naren and Sono King.

The magical Crystal Estate in the Byron Hinterland is scheduled for auction on September 13 through Belle Property – Byron Bay / Lennox Head.

Crystal Castle is one of Byron Shire’s best-known tourist attractions, famous for its extensive collection of natural crystals from around the world, gardens, rainforest walks and cafe.

“They’ve adjusted the boundary so that this property still shares a backyard and its own private entrance into Crystal Castle,” said Braden Walters, principal of Belle Property – Byron Bay and Lennox Head who is running the auction campaign with Brad Rogan.

“The new owner will have lifetime access to Crystal Castle.

“Whenever you need your crystal fix you can wander into the gardens or head to the cafe for coffee, breakfast or lunch.”

Crystal Castle is home to some of the world’s largest crystals.

The Shambhala Gardens at Crystal Castle. Picture: Mish Shakti

It’s the first time any part of the property has been put to market in 34 years by the Kings, who have moved nearby and continue to run Crystal Castle.

Perched on an elevated section of the 17.06ha parcel, the modern four-bedroom house boasts one of the best views in the hinterland as well as 630 metres of Wilson’s Creek frontage, including a natural waterfall and swimming hole.

“There is something very special about driving up the private driveway to the top of the hill which puts you in such an elevated position,” Mr Walters said.

“Normally when you’re in a house the birds are above you, but in this house they fly by at eye level. It’s really amazing to watch.”

Wilsons Creek runs through the acreage on Goonengerry Road, Montecollum.

The prime parcel at 461 Goonengerry Rd, Montecollum is 20 minutes from Byron Bay and seven minutes from the colourful village of Mullumbimby.

Mr Walters said the location and land size lends itself to a wide range of potential opportunities, including a farm stay, a retreat or additional dwellings by the creek.

“Because it’s in the tourist/accommodation zoning, you’re allowed up to 11 dwellings on the property, subject to council approval,” he said.

The house was designed by architect David Miskell.

Living an off grid, self-sustainable lifestyle also adds to the appeal, with the house completely powered by three 8.5kw solar systems with batteries.

“With the solar and the creek, you could completely isolate yourself and live off grid here,” he said.

The property is listed for auction on September 13 with a price guide of $3.5 million.

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