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.”
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