August Property Update

Latest Property News

By Scott Banks

21-09-2021

What has changed in real estate as we endure our 6th lockdown in Melbourne?

We are still experiencing a very strong demand for family homes & townhouses throughout Melbourne from cashed-up buyers. The restrictions on travel are resulting in buyers deciding to upgrade their living environment as they currently can't spend money travelling.

One segment of the market that is very active currently is re-development sites both small and large, as generally speaking buyers don't need to inspect the property. Understandably owner-occupiers are less active as we navigate this lockdown. 

We are very well connected throughout Victoria as we have now sold in over 80 suburbs in recent years, a list of those suburbs is here: https://scottbanks.com.au/suburb-profiles and we are finding this theme is consistent across the state. 

One of the major differences we are experiencing as we work out way through lockdown 6.0 is there are still plenty of sellers, however, they are choosing off-market options to sell their property as it is difficult to commit to a full campaign currently given the uncertainty of when the next lockdown may be announced, and for that matter when inspections can re-commence.

For this reason, we have developed an off-market option on our website - Sneak Preview. You can see these properties exclusively on our website, these properties are currently not on any of the main property portals. We send these listings only to our exclusive contact list before going on the market, many times these properties are sold and never make it officially on the market!  

We are currently developing specific contact lists for this purpose with our developers and buyers looking for redevelopment properties. The last thing you want to do is send you information that is not relevant to you. We are categorising our buyers so we can forward relevant properties to potential buyers when something becomes available. For example, we have segmented our developer's list into developers purchasing development sites up to $2 million, from $2 to $5 million and then $5 million-plus. If you'd like to be added to the list respond to this newsletter and we will add you.

As I said last month, it is an interesting fact that buyers who need to buy still need to buy, lockdowns don't change that. 

We currently have a number of properties available off-market if you're looking to purchase something please reach out and we'll see what we can do to help. Conversely, if you looking to sell would be happy to be of assistance and may be able to secure a sale for you through our off-market process.

Until next month, I trust all your news will be good news. Yours in real estate, Scott Banks

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