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Stage 4 COVID-19 restrictions are now in full swing in Melbourne, and while the six-week lockdown will certainly have an impact on the city’s property market, it will be short-lived. 

Over the coming weeks, Melbourne’s property market won’t completely stop but will slow significantly. Search activity data from realestate.com.au shows that property seekers are still active in the city, but under stage 4 restrictions there will likely be fewer property transactions and construction activity won’t proceed at its regular pace.

However, what is critical to note at this stage is that the lockdown period is six weeks only, and given what we have seen following earlier lockdowns, it is likely Melbourne will get back to a more normal environment by the end of September.

The four key restrictions for Melbourne’s property market

While certain rules for Melbourne residents are very black and white, stage 4 restrictions for the city’s real estate sector have become clearer over the past week-and-a-half. These include:

1. Private home inspections banned for buyers and renters until at least mid-September (unless it relates to a final settlement or end of lease arranged prior to the lockdown);
2. Live auctions banned;
3. A five-worker limit on new house construction sites and;
4. A 25% workforce cap for larger sites (above three levels)

Stage 4 restrictions will slow, not stop, Melbourne’s property market. Picture: realestate.com.au/buy

Melbourne’s property market will bounce back quickly

Looking at how buyer and seller sentiment is tracking using weekly omnibus surveys and analysis of search activity on realestate.com.au, we can see that property seekers are increasingly worried that it is going to take a lot longer for conditions to get back to normal in Melbourne. But more positively, we haven’t seen a plummeting of search activity in Melbourne like we did in the early stages of the first lockdown in mid-March.

While no-one wants to be in lockdown, it seems that this time around most house hunters realise that it will come to an end at some point.

If we look at what happened after the first lockdown in Melbourne, as well as in countries that have endured similar extreme restrictions, there was a strong bounce back in activity in the property sector once restrictions eased. Even in slow markets, properties are still being bought, sold and rented, and construction activity accelerated in an attempt to catch up with set timelines.

Not everyone will come out unscathed

It would be ignorant to imagine that there won’t be rising levels of financial distress for some Australians post-lockdown, which will force some property owners to sell up. While the Victorian and Federal governments are working to ensure that businesses and individuals can get through the lockdown in one piece, it’s inevitable that some will succumb to financial hardship.

However, if confidence can be maintained and unemployment and business failure is kept to a minimum during the six-week lockdown, it will ensure a much quicker recovery as we come out the other end.

Maintaining consumer confidence and minimising job losses will be key to surviving stage 4 lockdown. and Picture: Getty.

The spring selling season will be different this year

At this stage, the outlook for the spring selling season in Melbourne remains uncertain, but if stage 4 restrictions are lifted as planned in mid-September we will likely to see an extended season. Here are my top four predictions:

1. Buyers will be active

A sharp increase in first-home buyer enquiry on realestate.com.au since the beginning of the year, off the back of government incentives like the 5% deposit scheme, HomeBuilder and record-low interest rates, could be unleashed post-lockdown.

2. Investors will remain subdued

Additionally, investor activity will likely remain quiet with international borders still closed, creating an even more optimal environment for first-home buyers. 

3. Vendors will be keen to take advantage

Vendors will be taking advantage of strong buyer demand. Picture: realestate.com.au/buy

While some vendors will be more cautious about market conditions post-lockdown, many others will be taking advantage of the strong demand. There will be an increase in distressed sales in some markets, however the extension of JobKeeper and JobKeeper payments, as well as mortgage holidays means we probably won’t see a sharp increase in these types of home sales.

4. Prices will remain steady

Prices to remain flat but highly variable within capital cities and across states

The post Melbourne’s property market set to bounce back after stage 4 lockdown appeared first on realestate.com.au.

The two-level residence at 35 Twenty Fifth Ave, Palm Beach will be put to auction.

Selling a house can be a stressful experience at the best of times, even more so when the owner is subject to a COVID-19 bubble.

Gold Coast Titans rugby league player Nathan Peats has been juggling the logistics of putting his Palm Beach property to market while adhering to strict NRL guidelines which prohibit any contact outside of home and training.

“When the agent comes I have to take off in my car until it’s finished,” said Mr Peats, who shares the home with wife Jade and their sons Leyton, 5, and Harlen-Reign, 3.

“I don’t think I’ll even be able to attend the auction.”

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Jade and Nathan Peats with their sons Harlen-Reign, 3, and Leyton, 5 at their wedding on the Gold Coast last year. Photo: Atomicbutterfly Gold Coast

The four-bedroom house at 35 Twenty Fifth Ave has been home for the past three years for the Peats, who married at Gilston Manor last year and are expecting their third child in October.

One block back from the beach and a short walk to Tallebudgera Creek, the property’s location has been ideal for a young family.

“It’s a great place to bring kids up and we definitely want to come back,” Mr Peats said.

“It’s a cracking suburb and we’re at the quieter end so it’s really a top spot.”

The kitchen is modern and spacious.

Modern and open plan inside, the couple has made improvements including a new entertaining deck and atro turf for easy maintenance.

“You can open the doors up, turn on the surround sound and enjoy a beer on the deck while the kids are in the pool,” said Mr Peats.

Having two main living areas has been a bonus, but it’s the man cave that the hooker will miss the most.

“I’ve got a big lounge in there with Foxtel, a pool table and a fridge for the drinks,” he said.

The new deck is ideal for entertaining family and friends.

The auction campaign, being handled by LJ Hooker’s Jo Elwin, comes after five seasons with the Titans for 30-year-old Peats who is keeping all options open come September.

“I’m not too sure what the future holds,” he said.

“We just thought selling the house would make it easier to transition, be that to another club here [in Australia] or overseas I just don’t know yet.”

The family entertainer is close to the beach and Tallebudgera Creek.

The Sydney-born hooker made his NRL debut with South Sydney and went on to play three seasons with Paramatta before signing with the Titans in 2016.

Career highlights include five appearances with the Indigenous All Stars and donning the NSW jersey in the 2017 State of Origin series.

The onsite auction is scheduled for noon on Saturday, 29 August.

The post Titans hooker plays it safe as Palm Beach pad goes to auction appeared first on realestate.com.au.

Shelley Craft used her years of experience hosting The Block to turn around her own nine-week challenge renovating her dream beach shack.

TV star Shelley Craft of The Block has pulled off the ultimate renovation transforming a 70-year-old fibro beach shack on a tight budget in just nine weeks.

The much loved Aussie TV personality and her husband Christian Sergiacomi took a fibro surf shack and turned it into a chic coastal pad that they’ve affectionately nicknamed ‘The Little Blue House’.

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BEFORE: How the fibro home looked pre-renovation.

With a nine-week deadline, Ms Craft set about her own challenge to pull off a quirky, stylish renovation on time and under budget.

”We have replaced every wall and ceiling, as well as the entire external cladding. This 70-year-old home that once had a very tired look to it, has had a total refresh while maintaining the character and charm of the original,” she said.

Her biggest challenge was how to tackle the ageing fibro without compromising the 1950s look and feel they wanted to maintain.

DURING: The exterior was stripped.

“Although I am a huge fan of ‘retro’, there is always a level of comfort and modern living that you need to consider when renovating. So our choice of colour and styling is a nod to mid century in 2020,” Ms Craft said.

“We were determined to keep the cottage looking as original as possible, so we chose to reclad the exterior frame in Cemintel and add the battens to recreate the 1950s style,” she said.

DURING: The exterior frame was reclad with Cemintel.

“We had a really limited budget and I was incredibly surprised at the cost effectiveness of the Cemintel cladding. So much so, that we could afford to do the exterior of the adjacent garage as well, all within budget.”

“Removing old fibro can certainly have the ability to scare people off a renovation project, but knowing that you can reclad your home with a superior product within a tight budget is amazing.”

AFTER: A softer feel to the exterior with walls set to stand the test of time.

Having lived weatherboard homes with paper thin walls most of her life, soundproofing the walls inside was also essential.

“One of the key challenges for Pacifico Cottage was due to it being a small home,” she said of the Byron Bay property.

“With one open plan living area and shared common walls for all bedrooms, we needed to ensure that sound travelling and unwanted noise was reduced as much as possible.”

“Therefore, finding the right plasterboard product that provided the solution to this was imperative, and helped us deliver a sense of privacy for everyone residing in the different rooms.”

BEFORE: One of the bedrooms pre-renovation.

AFTER: White adds brightness and pastels add comfort inside the home.

She used Gyprock options for walls, ceilings and wet rooms like the bathroom and laundry.

“From Superceil for our ceilings to Superchek for the walls and Aquachek in the wet areas, Gyprock had our project covered. And it’s Australian-made.”

The change was worth it, with the soundproofing helping provide privacy and helping the acoustics of the home.

AFTER: Gyprock products helped boost the acoustics of the home.

“You cannot hear a peep through the walls,” she said. “The density of the sheeting really gives an extra sense of strength to the build and a very solid feel to the property, handling bumps and dings much better than the standard.”

With the structure covered, Ms Craft’s plan was to add lightness and brightness with colour.

Pastels rule the roost outside, adding to the beachside chic of the home now.

“The home was a striking blue colour when we bought it and we wanted to have some fun this time around, so we’ve chosen to stick with that colour palette but opt for a more subdued blue.”

AFTER: New seating was added, with wood elements providing warmth.

AFTER: The home has beachside chic.

Inside the restructured home was kept clean and white, to boost natural light and add to the seaside feel.

She also used natural timber throughout the home to add warmth to rooms such as the dining and living area via the floors, tables, seating and cabinetry.

AFTER: Styling focused on plants, natural wood and pastels.

Indoor plants, textured throws and multi-level seating in the lounge lifted the areas softness and comfort level and made the space functional.

“When you build or renovate you have to think about the long term wearability, liveability and longevity of your hard work,” Mr Craft said.

“We love this little home and know that we have created a very special place that will stand the test of time.”

The next season of The Block begins August 23.

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The post How The Block’s Shelley Craft turned fibro to fabulous appeared first on realestate.com.au.