Hesitant Optimism

It’s our third week back and we’re beginning to hit our stride.

Thankfully we are now allowed to do everything necessary to help buyers and sellers transact – from in person appraisals, preparing homes for sale, photography, styling and of course buyer inspections.

It feels a bit like the start of a new year – the first weeks back after the Christmas break and school holidays.

Each new year is a fresh start and no one really knows how the market will react, but there is cautious optimism. Optimism that one can find the right place at the right price. Optimism that one can sell for a fair (or even a very good) price.

The online listings start out a bit slow – only one two properties to see in the first week, then a few more in the second, and so on. Stock is building, but still less than your average spring season in years past.

Buyer energy and enthusiasm is high, but so too is hesitation.

There’s a large crop of brand new buyers starting their first round of inspections. Ready to buy but not quite… still a bit “green” as we would say.

They’d like to see what else hits the market in the coming weeks and what prices are doing before they commit, not realising perhaps that volume is still going to be tight and they probably won’t have that much choice after all.

We had a couple of sales last week and the prices were good. Still well above 2018 / early 2019 prices. But not quite as high as late 2019 / early 2020 prices.

I think this is the new norm for now. Some flyers, some duds. Overall I can’t see prices coming back much, if at all, in the very short term. Not around here.

But we’re certainly not here to make predictions…. We’re here to sell properties.

So please let us know how we can help you.

Starting This Week

3 Eva Street, Malvern ($1,500,000 – 1,650,000): Brick Edwardian on 418sqm in excellent condition but with scope to add value in a premium Malvern location (link in address)

7 Raleigh Street, Malvern ($2,800,000 – 2,980,000): Stunning, fully renovated double fronted Victorian. A real beauty. (online tomorrow)

11 Woodside Crescent, Toorak($3,000,000 – 3,300,000): Grand double-fronted brick Federation home on 630sqm (link in address)

Off Market Opportunities

Aberdeen Road, Prahran – A charming brick Edwardian, recently renovated – 2 bed, 1 bath – north facing and in the highly desirable Hawksburn pocket. (Suitable for buyers $1,300,000+)

Grosvenor Street, South Yarra – A renovated freestanding contemporary town residence – 3 bed, 2 bath, 2 car – with a large basement and roof terrace. ($1,600,000 – 1,700,000)

Rockley Road, South Yarra – An oversized, fully renovated two bed, two bath older style apartment with off street parking. ($850,000 – 900,000)

Please reply if you would like further information.

Kind regards, David.