It felt more like early summer than late autumn on Saturday as I stood, uncomfortably warm in my suit and tie, in the middle of Gladstone Avenue, Armadale counting the bids as the flew rapidly at me. After a spirited battle covering a couple of hundred thousand dollars in 10’s and 5’s and eventually 1’s, […]Read more "Investors Are Back"
There’s a saying in real estate, ‘buy a bargain, sell a bargain’. It’s true. (Sales) history tends to repeat itself. With a few exceptions, a great property will be in demand each successive time it sells, and a compromised property will struggle each time it sells – independent of the current selling conditions. A property […]Read more "Not Everything is Flying…"
In Victoria a ‘cooling off’ period applies to the purchase of residential property by private treaty. This means that if you purchase a property you can effectively walk away from the sale for whatever reason even after you’ve signed an executed contract and paid a deposit, within three ‘clear business days’. It sounds fairly straight […]Read more "Cooling Off Explained"
Short answer… Whenever you’re ready. Long answer… That depends. At the risk of stating the obvious the best time to sell is when demand for your type of property is high and supply of competing properties is low. On the demand side, the conditions couldn’t be stronger than we are seeing right now: A low […]Read more "When is the best time to sell?"
It happens every time the market takes off. When prices are increasing rapidly agents quotes always lag behind. When you’re using comparable sales from six months ago, these could be 10 – 15% below current values. And so everything starts selling 5 – 10% above the range. This attracts potential sellers to market. Maybe I […]Read more "Are Vendors Getting Ahead of Themselves?"
I wonder if Jagger and Richards were thinking about real estate when they wrote this song… I doubt it. But it’s very applicable. It’s nigh on impossible to get what you want when looking for a house. At 79a Rowena Parade, Richmond (which has been converted to a private auction tonight) we have met buyers […]Read more "You Can’t Always Get What You Want"
The long weekend was a quiet reprieve after a crazy few weeks of sales activity. Numbers at opens were mixed, with anywhere from three to 35 groups inspecting our homes. Stock levels seem to be quite healthy right now scrolling through REA. Last week in particular saw quite an influx of properties going online to […]Read more "Volume Up, Rates Down"
Another weekend of over 90% clearance across the Jellis Craig network, slightly above the Victorian rate of 86% for a very healthy volume of 903 scheduled auctions. After Labour Day we have three clear weekends to auction until Easter, hence why we’re seeing a healthy amount of stock hitting the market last week, this week […]Read more "A Momentum Game…"
Last week was eye opening. I’ve seen strong auction weekends before. February 2020 was strong. In 2016 and 2017 we saw a strong run with reserves being smashed week after week. But I’ve never seen anything like this. I couldn’t believe it as the following sales unfolded before my eyes in within 24 hours over […]Read more "$600k Above Reserve… X 4"
There’s a lot of momentum in the market right now and a five day lockdown isn’t about to stop that. If the lockdown is extended though it’s going to become a scheduling issue, first and foremost, with auctions and opens being delayed until we have the all clear. Interestingly, the clearance rate for last weekend, […]Read more "What Was The Impact of This Latest Lockdown?"