Archive for May 2025

Sales results for the second term have been hit and miss. For as many that have sold strongly with multiple bidders, there have been as many (or more) that haven’t.

With such an interrupted quarter, many vendors have made the decision to wait until August (after the winter holidays are over) to sell. The general sentiment from agents across Melbourne is that stock levels will be strong in Spring. That said, there will be plenty of buyers too. We think this could lead to a more ’balanced’ or normal market, but buying the better homes in the better areas could be as difficult as ever.

The current market is very price-sensitive, and the initial agent price quote is an important element. It is an integral part in determining early interest and how a campaign may travel. Even if the home ticks all the boxes and is selling in isolation (with no other similar homes competing for buyers), if the quote is wrong, the buyers may miss considering the property all together.

As is quite normal for this time of the year, when weather conditions are sub optimal and gardens do not present in their best light, most homes currently on the market are ‘B’ graders.  Some of them could become ‘A’ graders again, with some love and attention, and a good renovation plan. But high building costs remain a big obstacle for many to do this work. This is not impossible , but being patient (i.e.save for a few years to do the required works) and/or open minded – i.e. do you really need a home with abundant storage or can you simply live in a different way (ie more streamlined/organised, with less furniture clothes, toys etc).

Other properties, at their asking prices, just don’t make sense. They remain on the market until such time as the price range is lowered and the market then re-engages. Oddly enough the property will ultimately sell at a price lower than what it possibly could have.

A number of homes on the market currently have found their way to the market as ex-rental stock. This is often because compliance costs and taxes have become too burdensome for owners, and/or a lot of the homes have been long-term family properties where vendors have either passed away or become too old to remain in their property any longer.

Walking through a number of these homes, it can be quite confronting to see how some people have lived in their final years. Many homes need repairing or maintenance, they can be draughty, cold, damp and often have original features (even bathrooms and kitchens). It seems to us that many ‘newer’ homeowners don’t understand that homes require ongoing basic maintenance. This includes simple things such as cleaning gutters, maintaining gardens, painting timberwork every seven years … the list goes on. As a homeowner, if you don’t do these tasks (or pay for them to be done), you will likely pay a heavier price down the track.

So when is it the right time to downsize?

Often by the time someone needs to downsize, it is already too late. Selling and moving can be one of the most stressful times in a person’s life.  Trying to do it when your health is also failing is usually too overwhelming for vendors. Big decisions need to be made, and you mental fitness is key to handling it all.

Preparing a home for sale, particularly if it has been lived in for 20 years or more, requires enthusiasm and stamina to work through life’s collections. This is not easy.

Many downsizers also assume that if they are downsizing their house, they will also be downsizing the price of their next purchase. It is, after all, most likely to be a smaller property!

Good planning is the key to good outcomes. Getting an accurate understanding of what your house may be worth, as well as looking at how much is required to buy back in, will help for a smooth transition.

The process also takes time; lack of time can put pressure on price and presentation if it becomes the determining factor when downsizing.

Of course, everyone’s timing is different and what may make sense for someone in their 60s may still be a decade or more away for another. What we have seen, more often than not, is that once in your 80s, the process seems almost insurmountable and can overwhelm even the most healthy downsizers.

Moving isn’t always the answer either.  The family home could still be the best choice, depending on its size and condition. Stamp duty costs (for a move) could pay for a lot of gardeners, cleaners and food if your current home is suitable. Being comfortable in your house, knowing that it can provide the modern comforts for easy living and a safe environment, is key.

Some of the better properties currently on the market; an architect’s view

40 Claremont Avenue Malvern – John Morrisby, Jellis Craig

45 Mary Street Hawthorn – Désirée Wakim, Marshall White

33 Margarita Street Hampton – Jenny Dwyer, Belle Property

‘Off-market’ or ‘Pre-market’ Properties:

• Updated double fronted Victorian, 4 bed, pool, Kew – circa $3.4m
• Renovated 2-storey, Edwardian single fronter, 3-1-1, Malvern – circa $1.8m
• Brick Edwardian, 4-2-2, ~650sqm, Malvern East – circa $2.5m
• Modern TH, 3-2-2, internal lift, Malvern – circa $1.7m
• Renovated family home, Grace Park Hawthorn circa $10m
• Single level 4-2-2, ~650sqm, updated in parts, Malvern – circa $3.7m
• Brick attached single fronter, 2-1-1(small), Prahran – circa $1.4m
• Brick freestanding double fronter, 3-2-2, Windsor – circa $1.5m
• Freestanding single fronter, 2-1-2, looking for reno, Prahran – circa $1.5m
• Victorian Terrace (end of row), NW rear, 4-1-1, Albert Park – circa $3.5m
• 1940s clinker, fully renovated, 2-1-1, Port Melbourne – circa $1.55m
• Contemporary TH, 4-2-2, ~374sqm, Caulfield – circa $1.9m
• Warehouse conversion Hawthorn – circa $3m
• 2-storey period home with good garaging, renovated Mont Albert – circa $3m
• Solid brick, 2-1-2, or ~690sqm new home site (stca), Bentleigh – circa $2.3m
• Beach Road new home site, ~560sqm, Hampton – circa $3.3m
• Modern townhouse Malvern circa $1.7m
• Renovated single level, 4-4-2, ~481sqm, Brighton – circa $2.8m
• New home site, approx. 590sqm, south rear, near beach, Brighton – circa $2.8m
• Period TH, prime location b/w Church St & Beach, 3-2-2, Brighton – circa $1.6m
• Contemporary 3-2-2 TH, north rear, near beach, Hampton – circa $2.1m
• Dated home in a quiet court location, 650m2Kew, circa $2.6-2.8m
• Boutique apartment, architect designed Kew circa $4.5m
• 2-storey mid century architectural home, 4-2-3, ~690sqm, Beaumaris – circa $2.1m
• Single level mid-century home, large land, Deepdene, large land circa $6m

Auction Spotlight:

This offering was always going to appeal to a large group of buyers.  Those looking for a sold functional home (original 80s style) that could accommodate a growing family and be worked with over time.  Others likely saw the north rear, flat block in prime position to some of Bayside’s nicest beaches as the ideal opportunity for their dream new build (stca).  The home had been quoted $2.05-2.15m during the campaign and was well attended at opens.

Rod Richardson headed up the Belle Property team. An opening bid of $2.15m brought on swift bidding to bring the home on the market at $2.25m. A 4^th, 5^th and 6^th bidder joined in at various points, with three parties still in the game at $2.4m. The eventual successful party at $2.405m should feel comfortable in the social proof of the commitment at this level.