Blog

Karan Vasudeva partner Jyoti and son Shivain, 2.5 years old, are planning to leave Melbourne behind and build a new home in regional Victoria. Picture: Jay Town

Regional Victoria is bracing for a home building boom even as Melbourne’s construction industry is scaled back under stage four COVID-19 lockdown.

Builders and developers in regional centres from Geelong to Ballarat, Bendigo and beyond are reporting surging demand — including city-slickers looking to escape to the country.

Since June, the Master Builders Association of Victoria has noticed spikes in demand in Melbourne’s three nearest regional cities, as well as Shepparton and Wodonga.

RELATED: Coronavirus recovery: Melbourne battler suburbs, regions to rebound first

Ballarat’s most expensive sales dominated by Lake Wendouree houses

Melbourne stage four restrictions prompt sight-unseen sales

MBAV chief executive Rebecca Casson said it was possible the new normal of working from home had combined with the $25,000 HomeBuilder grant, and $20,000 in bonus grants for first-home buyers who build a home outside of the city, to rejuvenate the regions.

“The Victorian economy relies on building and construction and, with the industry in Melbourne scaled back, regional builders have stepped up to keep our economy ticking over,” Ms Casson said.

Regional Victorian builders are keeping the state’s economy ticking over.

Oliver Hume national head of research George Bougias said while land sales had strengthened over most of the state since early this year, in the Baw Baw Shire they were six times their February levels by the end of June.

Mr Bougias said estates in Warragul accounted for most of the sales, but that Pakenham-based buyers had shot past locals as driving sales and inquiry.

Villawood Properties boss Rory Costello said while demand in Melbourne had oscillated since March, areas like Bendigo and Ballarat had seen a “surge in sales”.

“The government has been trying to encourage people to live in peri-urban areas for a long time, and now COVID-19 has solved that problem,” Mr Costello said.

“People are seeing they don’t need to go to the office.”

He said the firm was running out of land in Bendigo and “frantically trying to get more stock to keep up with the demand”.

Burbank’s Kelly home design has been popular in Ballarat housing estates.

Burbank Group managing director Jarrod Sanfilippo said one in four of the home building firm’s buyers were now in regional Victoria, where sales had grown faster than in Melbourne since July.

Numbers are double what they saw in Geelong, Ballarat and Bendigo at the same time last year.

“Some of these people may have previously had to commute to the city, but that may have all changed over the last few months,” he said.

“If you’re living in inner suburbs and wondering what the future holds, the lure of the regions is pretty strong at the moment.’’

Karan Vasudeva, his partner Jyoti and son Shivain, 2.5 years old, have bought a more than 600sq m block of land in Ballarat after deciding they needed more space than their 400sq m in a Melbourne estate.

The Vasudeva family are headed to regional Victoria for more space. Picture: Jay Town

While they bought the land in January, COVID-19 had since validated their decision and they were happy knowing building their dream home would help the state’s economic recovery.

Property Council of Australia Victorian executive director Cressida Wall said big ideas and innovation for regional Victoria needed to be a part of the state’s next development cycle with out-of-town commercial projects also positioned to boost the state’s virus recovery.

“Regional precincts, such as the Geelong Civic Precinct, will create opportunities for jobs, drive residential development, and support robust regional development,” Ms Wall said.

MORE: Great Gatsby house, Balwyn North Art Deco design has Rivoli-inspired cinema

The Block 2020 episode 1: Sarah the first 2020 contestant to turn on the waterworks

Oakleigh apartments $10k each in the ‘60s, today it’s $10k a metre

The post Regional Victoria building boom as Melburnians look outside capital appeared first on realestate.com.au.

10 Roches Beach Road, Roches Beach. Picture: SUPPLIED

BUILT in 1979 in a highly sought-after area, this expansive family home features a versatile floorplan, multiple entertaining areas and large outdoor entertaining decks.

It is surrounded by beautiful, established gardens and stretches out across 1.77ha of land.

In a wonderful neighbourhood alongside Lauderdale, this property offers an incredible lifestyle with the space and functionality for family living.

The next owner will be able to host a fabulous party with friends and family, a barbecue around the fire pit or kick back and relax in any of the entertainment areas – this home provides something for everyone.

It’s a lifestyle choice.

Family-sized space.

Feeling relaxed already.

When summertime hits, the beach is walking distance from this property or the
owner could take a dip in their 55,000-litre salt water chlorinated pool with all-year-round heating.

Its pool pump is only three years old and it was repainted two years ago.

There is also a top-quality jacuzzi self-cleaning spa.

Inside, the spacious single-level home offers various living options that will be ideal for teenagers, grandparents or a large family.

Across the multiple living areas, there is a lovely self-contained second living space equipped with a lovely modern kitchen.

The custom-made kitchen features a stone benchtop, perfect for the culinary enthusiast, alongside quality kitchen appliances, a double oven and a large corner pantry.

In the lounge area, there is a feature wood combustion heater.

An entertainer’s dream.

Water views.

Lots of outbuildings.

There are many options for sleeping quarters highlighted by a spacious master
suite with an ensuite and a walk-in wardrobe.

The additional bedrooms are a great size, some with built-in wardrobes, while the main family bathroom is equipped with floor heating and direct pool access.

There is commercial-grade underlay and carpet in all the bedrooms.

A separate “muck-room” with access to the outdoors will be perfect for a lifestyle property such as this one that has more than 1.7ha of land and will be great for horses or livestock. There are large garage and carport spaces, perfect for the car enthusiast, plus there is an art studio in this feature-packed property.

The property features a two-year-old solar system, an automatic solar gate and monitor alarm for added security.

There is LED lighting throughout, mains water, an OzziKleen septic system and access to the Tangara Trail and the State Equestrian Centre.

There are multiple paddocks, two powered stables and an additional tack, hay and trailer shed.

No.10 Roches Beach Road, Roches Beach is listed with Petrusma Property and priced at “Offers over $895,000”.

The post A pool, spa, stables, 1.7ha of land and a beachy vibe appeared first on realestate.com.au.

FIRST-HOME buyers are flocking back to the Gold Coast after hitting the lowest level in two years.

And they are targeting the northern suburbs, Surfers Paradise and Southport.

The Queensland State treasury says 57 Gold Coast buyers accessed the $15,000 First Home in July, up from 38 approvals in June. The latter was the lowest figure since the data was first collected in 2018.

The Gold Coast had 72 grants approved in July 2019. The year-on-year decrease was bettered only by Sunshine Coast, which posted a 33 per cent decline.

Analysts believe lending, deposits and job security during COVID-19 were behind the fall. The Government’s HomeBuilder grant had contributed to the rebound.

REA Group data shows first-home buyers searched the streets of Coomera, Pimpama and Pacific Pines for houses in July.

‘WHAT IS THE POINT’: HOW NEW COVID CLUSTER IMPACTS BORDER

Coomera, Pimpama and Pacific Pines were the top search areas for first home buyers on the Gold Coast.

Surfers Paradise, Southport and Robina all topped the list for newbies looking for units.

Net Worth Buyers Agents founder Craig Greer-Smith said while grants numbers had dropped, interest from prospective buyers remained.

“I know of plenty of people in their twenties who are looking but in that bracket it isn’t just prices that drive the market, it is also access to credit,” Mr Greer-Smith said.

“Plenty of people are in a situation where one partner is on JobKeeper or banks feel they are exposed in their particular field or area they buy in.

“Banks have also made it hard to use ‘mum and dad’ banks at the moment as they would have taken a hit to the super and retirement plans, so it is tough.

“Deposits also might not be as big as banks are looking for right now.”

HUNT FOR BODIES UNDER ‘PARANORMAL’ GOLD COAST SITE

Buyers agent Craig Greer-Smith. Picture Glenn Hampson

Mr Greer-Smith said it came as no surprise that the city’s north was still the most popular area for the new home buyers.

“House prices are affordable in that area and there is a new shopping centre and a bit more land, so it suits the buyer.

“While there may not be as many grants, we are seeing indications that people are very interested in real estate on the Coast. A lot of people are rethinking where they live after the lock downs.

“As a buyer’s agent, September will be our biggest month in the four-year history of the company for settlements because of the buyers from Melbourne and Sydney. These, however, aren’t first-home buyers which are usually locals.

Most inquired about suburbs in July from first-home buyers:

Houses:

1 Coomera.

2 Pimpama.

3 Pacific Pines.

4 Nerang.

5 Tugun.

Units:

1 Surfers Paradise.

2 Southport.

3 Robina.

4 Labrador.

5 Palm Beac.h

All properties:

1 Surfers Paradise — unit.

2 Coomera — house.

3 Southport — unit.

4 Pimpama — house.

5 Pacific Pines — house.

Source: REA Group

The post Top suburbs for first home buyers on the Gold Coast appeared first on realestate.com.au.

Just days into this year’s Block and the contestants already have had a window into the stress and pressure of trying to turn a bombsite into a decorator’s dream house.

While some, like Tash and Jimmy and Jade and Daniel, rose to the challenge with a well-organised plan of attack, others like father and daughter duo, Harry and Tash and husband and wife Sarah and George, had a baptism of fire.

MISSED EPISODE 1? Catch up with our recap

With the judges scores in on the beach box challenge, the contestants were finally able to find out the addresses they’d be calling home (and torturous toil) for the next few months.

RELATED: Block 2019 contestants Mitch and Mark buy northern beaches house

Tess and Luke win The Block 2019

Jimmy and Tam’s slice of the Sunshine Coast won over the judges.

Jimmy and Tam wowed the judges with their styling and workmanship and got the first pick of properties; House 5, a 1950s home which is at the far end of the site.

Daniel and Jade chose next, securing House 3, which was originally built in the 1930s.

With their top pick now occupied by Jimmy and Tam, Jasmin and Luke swooped on House 4 instead, which shattered the dreams of George and Sarah who believed the 1910 property was destined for them.

Poor George and Sarah instead took on House 2, a 1940s period home.

They had thought House 4 had their name all over it — literally. When they spotted an old newspaper article, which mentioned the George Hotel, on the home’s floorboards they believed it was an omen. It seems fate, and some bad decisions on the beach box challenge, had other plans, leaving Sarah in tears… again.

Sarah and George’s glorified cell block cost them the house they thought they were fated to have.

Harry and daughter Tash drew on their Greek heritage with their blue and white beach box, but it didn’t bring them any blue ribbons.

Their dodgy workmanship left them the last pick of the daym but the pair had the last laugh, however, as the 1920s house that nobody else wanted (House 1) was in fact their first choice.

The contestants didn’t get too long to celebrate (or bemoan) their property picks because it was time to get down to the business of clearing out the debris to begin work on the guest bedroom.

Host Scott Cam also advised the shell-shocked contestants that this year they would be given a weekly budget as opposed to a huge lump sum at the start of the project to spend at their whim.

Jimmy and Tam won the 1950s House No. 5.

Clearly the producers are eager to avoid a repeat of last year when the contestants overspent and were left with next to nothing in the kitty to finish the final rooms.

Within minutes of opening the front door on their new home, a flabbergasted Harry and Tash were expected to make major decisions about their bedroom floorplan as the cabinet-makers from Kinsman arrived to take measurements for the built-in wardrobes.

“We had five minutes to decide where our wardrobes will go and the style of them without having had any time to make a plan,” a stunned Tash explained.

“Big decisions, first thing Monday morning having not even had time to stand in the room and get a feel for the room.”

Tash and Harry discover they have a window where they thought they had a wall.

Soon Tash is spiralling into tears because, after a quick Google investigation into 1920s homes, she is overwhelmed and fearful about how to incorporate the period features into a modern aesthetic.

Worst of all, she fears that she may have to resort to using stained glass windows in the renovation. Heaven forbid!

Speaking of windows, the non-stained-glass variety shattered Tash’s guest bedroom lay-out. Realising she hadn’t read her plans properly and not accounted for an extra window in her floorplan, she was forced to rearrange everything she achieved on day one, including those pesky early morning wardrobes.

Unfortunately, despite a barrage of calls to Kinsman accommodating the unseen window would now mean her wardrobe doors would collide with the door to the bedroom itself unless she made them significantly smaller. Tash was devastated and frustrated by her dad with his “she’ll be right” attitude. Harry was worried whether The Block would take a toll on his little girl’s mental health.

Coming last didn’t stop Harry and Tash getting the 1920s House No 1 they wanted.

George and Sarah also fell at the first hurdle, realising they’d put the wrong insulation batts in their ceiling and would need to redo the whole thing, putting them behind on the job yet again.

Next door, a more organised Jade, had already cleared a room to use as her control centre for the project, complete with a desk and inspirational architectural drawings posted on the walls.

More than $1 million in debt after drought and bushfire ravaged their farming property Jade and Daniel are throwing everything they have at this competition.

They tearfully revealed they have another motivation for going on The Block. Their youngest daughter suffers from a rare disorder that has required a lot of costly intervention to help her survive and thrive. They hope The Block will bring them more financial security to support her and enjoy time together as a family.

Second place getters Daniel and Jade chose the 1930s House No 3.

It was full steam ahead at House 5 too.

Fresh from their beach box victory, Tash and Jimmy believed they have come up with another winning move for their Palm Springs-inspired guest bedroom that involves hiding the entrance to the ensuite behind a wardrobe door.

It’s not exactly a gateway to Narnia, but their bathroom inside the wardrobe is sure to impress storage loving judge Shaynna Blaze (as long as it doesn’t come at the expense of hanging space).

MISSED AN EPISODE?

Episode 1 recap: The tears started early on The Block 2020

The post The Block 2020 episode 2 recap: How coming last saw Harry and Tash get everything they wanted appeared first on realestate.com.au.

42 Vaucluse Road, Vaucluse, last traded for $11.7m seven years ago.

The beautiful Vaucluse home of the late Akihiko Terada, who was chairman of the Japanese medical and healthcare services company Nichiigakkan, is set for a September 19 auction.

The five-bedroom, six-bathroom home with four-car garage at 42 Vaucluse Road, which has a pool, tennis court and uninterrupted iconic panoramic harbour views, last traded for $11.7m in 2013.

RELATED: Dentist buys Hartzer mansion

The Sotheby’s managing director, Michael Pallier, isn’t quoting a price guide this time round, though the $15.6m sale of the 20 Ray Avenue home of former Westpac banker Brian Hartzer, that sold to dentist Vincent Phung in April, is one reference point.

MORE:
Buyer of $34m Vaucluse mansion revealed

Widow’s emotional tribute as Vaucluse home sells

The heated indoor/outdoor pool is one of the highlights.

Another is the championship tennis court.

And the $13.2m sale of developer Robert Burger’s home with jaw-dropping views at 7 Fernleigh Gardens, Rose Bay, to an Australian-based Chinese family in June, is another.

RELATED:
Burger house sells in low-$13m range

Terada’s architect-designed home was only four years old at the time of the 2013 purchase.

His Bloomberg profile indicates he was a representative trustee of the Australian Labradoodle Association in Japan.

He passed away at the age of 83 last September from pancreatic cancer.

The has a range of living spaces and one of the highlights is the indoor-outdoor heated lap pool.

Ample room to dine indoors …

… or outside.

The extensive use of glass allows most rooms to have views of the harbour or the home’s lush tropical landscaped gardens.

There are separate formal and casual living and dining areas, and walls of glass opening to an alfresco terrace.

Each of the four upper level bedrooms is its own private suite, with the master featuring superb harbour vistas and an opulent Travertine finished open ensuite.

The downstairs area features guest accommodation, a wince cellar and a poolside lounge.

The kitchen is finished in marble and equipped with Miele and Gaggenau appliances.

The post Vaucluse home of late Japanese businessman Akihiko Terada has double-digit price expectations appeared first on realestate.com.au.

Brighton Beach in Melbourne is known for its brightly-coloured beach boxes. So it was only fitting The Block 2020’s first challenge saw contestants build and style their very own! 

As well as being a test of their talents, the first task served two other purposes: to provide somewhere for the teams to sleep on-site and also act to determine who got which house.

In other words – the winner gets to choose which house they would like to renovate.

The stakes were high.

The Beach Box challenge wasn’t an easy one to get right. Picture: Channel Nine

“It’s a huge challenge because it’s a huge reward,” said WA contestant Jasmine, who is competing with husband Luke. “It could actually determine the winner, come auction day.”

Judge Neale Whitaker said he and fellow judges Shaynna Blaze and Darren Palmer knew just how much was at stake in this first challenge – and that the pressure was on.

“What we are always looking for with those challenges right at the beginning is the promise of things to come,” Neale said. “It doesn’t matter whether they’re doing beach boxes or bedrooms, you want to get a sense of what the couple might be capable of in the weeks to come.”

Results of the first challenge will be announced on Monday’s show. In the meantime, let’s take a look at what was produced:

Jimmy and Tam, Queensland

The judges loved Jimmy and Tam’s yellow and white ‘beehive’ beach box – styled to match Tam’s bouffant hair!

“I was not expecting this,” said Shaynna, upon sighting their bright, happy box, complete with timber furniture, white panelled walls, yellow towels, a gorgeous modern rattan pendant light and two strategically-placed blanket boxes astride the front entrance.

“I always think of Hollywood when I see those colours together,” said Neale.

“We are from the Sunshine State,” Tam explained. “Yellow – sunshine!”

Jimmy and Tan’s yellow and white box charmed the judges. Picture: Channel Nine

The couple from Queensland is hoping to secure House 5 from the 1950s. They’re in with a great chance to take pole position thanks to the emotional connection the judges had with their “friendly”, welcoming room.

“We really love House Number Five because it really is our style,” says Jimmy. “We are hoping to be able to bring the 1950s into it, but with more of a modern twist.”

Sarah and George, NSW

Sarah and George chose not to play it safe with their Greek-coloured blue and white bathing box, opting to add an extra truss to their frame, creating more room. They also chose to include built-in storage in the roof.

The judges were not convinced. And while they liked the muted greys and whites used in the interior furnishings, the photographic print and the inclusion of the clear-panelled laser light “skylights” above the bed, they thought by lowering the roof made the room feel small and cramped.

“It just feels really really claustrophobic,” Neale remarked.

“Why wouldn’t you work to the fact you’ve got trusses to show off?” Darren queried.

Sarah and George, who are hoping to score the house from the 1910s, were disappointed.

“What we thought was going to be a punt, they didn’t like,” Sarah conceded. “It is what it is.”

The judges weren’t convinced on Sarah and George’s box. Picture: Channel Nine

Luke and Jasmine, WA

It was back to simpler times for WA contestants Luke and Jasmine, who gave their beach box a retro feel, paying homage to the beach boxes of yesteryear.

“I went for a 1970s beach shack [feel],” said Jasmine, who styled their space in bright colours outside, while filling it with rattan furniture, a gorgeous shell light and the muted colours of peach, blue and white within. They also included a bespoke breakfast hatch and a deck out the front – both a hit with the judges.

Luke and Jasmine’s retro box. Picture: Channel Nine

“It’s actually a really cute idea to have a bar here, functionally, to entertain on either side – you can serve drinks,” said Darren.

“I love it,” said Neale. “It’s the little touches, like, you’re greeted with the sand outside. And then you come in here and you have these beautiful touches, like the shell pendant, the rattan bedhead and the VJ panelling.”

The couple from WA was pleased that the judges thought their box was “romantic”, and are eager to find out whether they will be first to secure their choice of House 5.

Daniel and Jade, SA

Daniel and Jade made an instant impact with their sweet gelato-coloured bathing box.

“The plan from the start was to make an impact with the rainbow colourful outside, because we get excited about rain, being farmers,” said Jade, who lives on a rural property with husband Daniel.

The judges were instantly smitten, especially Darren, who remarked, “I love ice cream on the beach!”

Daniel and Jade’s box was a hit. Picture: Channel Nine

They all particularly liked the double doors, the hooks for beach towels, the bright, white interior and the use of the port-hole-sized skylight. “It’s a really wise, and also a really nautical, little touch,” said Darren.

“[It feels like] we are by the beach,” said Shaynna.

And while they didn’t particularly like the ultra-modern pendant the couple used, overall they were impressed with their styling and execution.

“They are going to be an interesting couple to watch,” Shaynna remarked.

Harry and Tash, Victoria

Father/Daughter duo Harry and Tash gave a nod to their Greek heritage, choosing to decorate their beach box in a solid Mediterranean blue, with white trim. While their paint job left a lot to be desired, the judges were more complementary of their interior, which included a rattan pendant light, abstract artwork, wall-mounted bedside tables and a simple white and pale-pink colour palette.

“It’s very relaxed. I really like this colour-scheme,” said Darren upon stepping inside. “The bedhead is really nice and calming and the linen definitely says ‘beach’ to me.”

The Block’s first father-daughter duo embraced their Greek heritage. Picture: Channel Nine

Neale agreed though he questioned the couple’s decision to mount their bedsides on brackets.

Harry and Tash, keen to secure House 1 from the 1920s, were keen to maximise the light within their box, something the judges also appreciated.

“We are the only team to include two windows,” said Harry.

The post The Block’s Beach Box styling challenge appeared first on realestate.com.au.

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.

MORE NEWS

Block 2020 tears start flowing early

No price guide? No problem! How to navigate properties that aren’t priced

Gene Simmons kisses home goodbye

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.

MORE:
Anna Spiro sells her island home

Bizarre bubble house gaining global attention

Ex-Wallaby’s extraordinary move to help COVID-19 lockdown residents

Revealed: Stunning next phase for Darius and Kayla

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.”

FOLLOW COURIER MAIL REAL ESTATE ON FACEBOOK

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.

RELATED: Melbourne stage four restrictions prompt sight-unseen sales

Coronavirus recovery: Melbourne battler ‘burbs, regional cities tipped to rebound fastest

5km radius: The important nearby amenities key to your house price

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.”

READ MORE: Ballarat’s most expensive sales dominated by Lake Wendouree houses

Great Gatsby house, Balwyn North Art Deco design has Rivoli-inspired cinema

The Block 2020 episode 1 recap

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.