In exciting news for the real estate industry, public open for inspections are back from 6pm this Friday for fully vaccinated attendees.
It’s been a challenging yet productive five weeks for Team Fetter/Sciola since private inspections resumed, having sold 32 properties in the last 29 days, all via Zoom Auction or private negotiation.
Work life balance went out the window while we toiled 16 hour days, seven days a week to keep up with demand and one-on-one inspections. But we are not complaining. This is a once in a generation market and it will not last forever.
The speed of transaction has been staggeringly quick, with most properties selling in just seven to ten days.
Prices have continued their upward march, and we seem to be well and truly clear of the previous peak prices of 2017, with some properties having appreciated 30 – 40 percent in less than two years.
$4,000,000 seems to be the new $3,000,000 in the family home market, just as $1,400,000 – $1,500,000 seems to be the entry level for unrenovated two bed cottages, which were previously transacting in the low $1,000,000’s for much of 2016 – 2020.
Interestingly, apartments haven’t had much growth, with a few exceptions, such as renovated Art Decos or quality downsizer stock in boutique blocks.
Townhouses are patchy, particularly those that are part of an owners’ corporation, on a small allotment of land or over three levels.
Land is strong, with per square meter rates as high as $7,000 per square meter in Malvern and $10,000 per square meter in South Yarra. We used to go off $4,000 – 5,000psm as a general rule of thumb for Malvern and $7,000psm for South Yarra.
So where to from here?
It will be interesting to see what the numbers are like at our open inspections from Saturday.
I expect numbers will be lower than the historical average, with the majority of those attending being genuine buyers with very few neighbours or browsers.
Moreover, will our newfound freedoms become a distraction from real estate, with the ability to eat, drink and be merry outside the home meaning people will de-prioritise real estate and get on with socialising and travelling instead?
Views per listing hit record highs during the lockdown, with people having nothing better to do than be discontent with their current digs and browse the real estate portals dreaming of bigger and better accommodation or perhaps a sea change (or State change). Stock was very limited so there were more buyers per property than ever before.
We’ve already seen hits per property fall with an increase in stock.
November is shaping up to be the biggest month in terms of listings for Jellis Craig in over 18 months.
This means there is still plenty of time to secure a property before Christmas.
Selling, however, is coming down to the wire, with only a few weeks left to list in 2021.
Either way, we look forward to seeing you at an open inspection or on-street auction soon.
Thanks for reading.