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After Inman set out to see if coaching works, numerous agents said they saw their incomes, team sizes and general happiness improve thanks to the practice.
In this column, real estate agents across the nation share stories of the lessons they’ve learned during their time in the industry. This week: Find out how Atlas Real Estate’s Ryan Boykin turned his entrepreneurial talents toward a career in real estate and a belief in the power of investing.
First-home buyers contested the $492,000 sale of 88A Kitchener Street, Broadmeadows.
Victorians travelled further and took on more debt on average than any other state to take up the government’s First Home Loan Deposit Scheme.
And Broadmeadows was their main destination in Victoria, with half of the nation’s 10 most popular postcodes for the scheme in Melbourne, according to figures released by the National Housing Finance and Investment Corporation (NHFIC).
The data covers the scheme from the start of 2020 to June 30 and shows the average Australian first-home buyer travelled 7.6km to get a foot on the property ladder.
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First-home buyers are buying years earlier using First Home Loan Deposit Scheme
But Victorians trekked 10.4km. They also took on more debt than any other state, owing a median $456,000 compared to $427,500 in NSW.
Demand was concentrated in Melbourne’s outer suburbs except for postcode 3064, home to Broadmeadows and Tullamarine, which was the most popular in the state and fourth highest nationwide.
YPA Glenroy’s David Taylor said Broadmeadows’ popularity hinged on its affordability and proximity to the CBD.
1/284 Camp Road, Broadmeadows attracted first-home buyers chasing the First Home Owner Grant and the deposit scheme.
“Most of the buyers were coming from other parts of Melbourne, just because of the price point and proximity to the city, particularly from the eastern suburbs,” Mr Taylor said.
“And some were waiting for the second wave (of the scheme) so they will come back soon, hopefully.”
An affordable unit or townhouse in the area might set a buyer back $370,000-$420,000, while houses could be had for $500,000-$570,000, he said.
New builds in affordable suburbs present a particularly tempting target for first timers.
Most who came to the area looked at new townhouses, however, as this allowed them to claim the $10,000 First Home Owner Grant from the state government as well.
Under the First Home Loan Deposit Scheme, first-time buyers are able to purchase a home — up to a maximum value $600,000 in Melbourne — with as little as a 5 per cent deposit through one of 25 approved lenders.
The government then guarantees the loan for the difference between the deposit (5 per cent) and 20 per cent of the total value of a qualifying property.
MELBOURNE DEPOSIT SCHEME HOT SPOTS
Tullamarine and Broadmeadows – 52
Cardinia – 49
Casey – 49
Wyndham – 46
Werribee – 45
Source: National Housing Finance and Investment Corporation
NHFIC chief executive Nathan Dal Bon said demand for the scheme had continued despite the COVID-19 pandemic and noted more than half the homes purchased as part of the scheme had been within 30km of Melbourne’s CBD.
“First-time Melbourne buyers pursing their dream of home ownership appear to have been able to buy closer to the CBD than their Sydney counterparts under the scheme,” Mr Dal Bon said.
One in six of the scheme’s applicants around the nation were key workers, with teachers accounting for just over a third of that number and nurses a quarter.
Villawood Properties has sold discounted lots to key workers for a number of years and executive director Rory Costelloe said while there had always been demand from such buyers, they had come to the fore during the COVID-19 pandemic.
“They are more confident about their job security and maybe the banks are of the same opinion,” Mr Costelloe said.
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It’s never been easy to buy when you have to sell. Two-thirds of sellers need the equity in their house to purchase a new home, which makes timing critical. In addition, there’s the added complexity of having to live through repairs and showings.
After a January-February start that made 2020 seem so promising, our industry was rocked by a tsunami of uncertainty, unlike anything we’ve ever seen. When COVID burst into the national consciousness in March, the world turned upside down for a time. In many places, real estate activity paused completely.
Recently launched, Inman Insider Webinars bring you all new content that will put you front and center with real estate’s leading-edge tech tools, marketing insights and social trends — all designed to keep you on your game. Here is a recap of our informative recent sessions.
On the face of it, the humble hot dog may not seem like the best indicator of economic health. I mean, it’s a hot dog; it’s either made from pork or beef and you eat it. How complicated can it be? But as I watched my beloved Yankees play to an empty stadium, it got me thinking about how many hot dogs weren’t being eaten in Yankee stadium that day.
Luxury real estate buyers lead increasingly complex lives, so it’s no surprise that many are opting for turnkey homes. Move-in-ready and furnished listings are of rising interest to buyers who are short on time and uninterested in taking on a project.
Andy Buttfield and his wife Jo Buttfield with dog Alf at their Lavender Bay Home.
BridgeClimb Sydney chief engineer and grandson of Sir Edward Holden, Andy Buttfield, has sold his long-held harbourside home at private auction, in a hush-hush deal worth more than $10m.
The home he shares with wife Jo has a point-blank view of the Harbour Bridge and city across the water.
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Gone in 72 hours for more than $20m
It’s a fitting outlook for Mr Buttfield, who was chief project engineer who developed BridgeClimb Sydney, which opened in 1998.
The Buttfields have owned their home at 35 Bay View St, Lavender Bay, for 55 years.
It went to private auction on Saturday with Mark Jackson, of Belle Property Neutral Bay.
Eight bidders registered, although only half of them took part in the on-site auction.
Mr Jackson said the property sold under the hammer for a confidential price. However he did confirm it sold “considerably over our guide”, which was $10 million.
“Properties of this calibre in Lavender Bay are rarely offered for sale,” he said.
“Our client has owned it for 55 years. What made it really special was the position on the preferred low side of Bay View Street. This made the harbour views more expansive and intimate. You feel a real connection to the water.
“Its entry was also unique because you walk straight into the living zone with those amazing views from the street, whereas other homes typically have entry via the lower levels.”
What a view!
There are views from just about every room.
Mr Jackson said 140 groups inspected the property in the lead-up to the auction – a high number considering the price point.
“People love Lavender Bay – it’s very sought-after,” he said.
“The home’s views and location on Bay View Street were the main attractions for buyers. We had many buyers from the lower north shore, as well as the eastern suburbs and upper north shore.
“A few people weren’t actually intending to purchase a new home in the near future but were so inspired by the property, they couldn’t resist coming for a look. They recognised that it was a special opportunity.”
Open plan living.
Dine with a view.
There were also inquiries from overseas, both expats and international buyers with Australian residency. These were from Hong Kong, London and the US, Mr Jackson said.
Mr Buttfield said he had never tired of seeing people climb up and down the bridge.
BridgeClimb and his legendary grandfather are not Mr Buttfield’s only claims to fame, he is also the son of late Federal Liberal senator Dame Nancy Buttfield.
Selling up in Lavender Bay is the end of an era for the couple, who have decided to move permanently to their property in Bowral, previously a weekender.
“We stayed in Bowral for four months and enjoyed it so much, my wife said, ‘why don’t we move here?’ We love Bowral, it’s a delightful environment and I just love being outdoors in the bush,” Mr Buttfield said.
Formal living.
There are multiple terraces.
“This (35 Bay View St) was a run down dump when I bought it,” he said. “I’ve spent 40 years taking a wreck of a house into something we’re proud to be in, and now the job’s finished.”
He believes he has at “at least one more project left in” him and the couple are planning to build a new home in Bowral now the Lavender Bay house is sold.
“We were very happy with the campaign and very pleased with the outcome,” he said.
“Jo and I have turned the page on this chapter of 55 years and we’re looking forward to beginning a new one in the Southern Highlands. We’ve already begun planning to build our new home.”
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