These are some of the best agents going around, they make the auctioneers look good and they are the single most important choice a seller makes. Although the media constantly bags them, and there are some shockers, the good ones actually do make a big difference to the result. Furthermore if you take the time to have a coffee with a good agent you can learn a lot.
The two questions we asked the Agents were
1. What will happen next year and why?
2. What has been the hottest and the coolest market this year and why?
Barbara Gregory – Hocking Stuart
Our Words: The perfumed steamroller is still our favourite way to describe Barb. Didn’t see as much of Barb in 2008 but in 2009 when she has a head of steam up on a good home she seems to be able to barrel one or two buyers along to a very strong price.
Barbara’s Thoughts: Should see steady growth due to 2 basic economic principals: CONFIDENCE and: DEMAND is greater than SUPPLY with population growth coming from many sectors.
Hottest market at my local level has been the demand for brand new family homes b/t $2-$3mill from local and international buyers. Consequently East Brighton has enjoyed significant growth. The next release of quality homes in this suburb should break through $3mill during 2010 if the current economic conditions continue.
The more difficult section of the market has been large period homes on significant land. Purchase, renovation and maintenance costs challenge the next generation with their preference for Eco friendly easy care design and emphasis on lifestyle features such as sustainable landscaping and the outdoor room. HOWEVER for those who can afford these significant homes and maintain and care for them we thank you.
David Lack – Biggin and Scott
Our Words: On apartments I think David is as good as it gets. Gets you in, tells you the price, sells the property to you or somebody who will pay the price. Maybe I am missing something but to me that seems like good agent work.
David’s Thoughts: Buyer confidence returned to the inner Bayside area, with the medium to top end of the market performing a lot stronger than expected. Whilst bidders were scarce in 2008, this year it was uncommon not to see up to 6 bidders fiercely competing at auction. Investors have returned in greater numbers, and if demand continues to outstrip supply, this market should continue to show capital growth in 2010. Interestingly, 4 of the 5 most expensive homes to be sold in Port Melbourne (all in AAA locations) were snapped by savvy investors rather than owner occupiers. The sub-$700,000 apartment market has proven as popular as ever, with the better 1 bedroom apartments (in terms of aspect and location) now achieving from mid $400,000s to early $500,000s.
Best performing sectors in Port Melbourne have been the small period homes in the $700,000 to $950,000 range and the larger modern homes in the $1,500,000 to $1,800,000 range. Many of the penthouse apartments and beachfront townhouses in the $2,000,000 plus bracket have struggled to meet vendor expectations, with time on market pushing out to as much as 12 months.
Geoff Hall – Noel Jones
Our Words: Geoff is a decent and quiet sort of guy. Has really made some very solid inroads into Camberwell with his company Noel Jones while up against some of the best on show from Jellis Craig and Marshall White. Seems to have a focus on family homes and relates well to buyers sick of the full on/in your face agents.
Geoff’s Thoughts: 2010 will be similar to what we have experienced over the last 8 months. The inner east will see values rise by 15% despite rates hitting 7% plus. Demand will continue to be fuelled by more Asian money and in the sub million dollar market mum and dad investors will lead the way. Confidence is high – jump on and enjoy the ride.
Hottest market has been Balwyn/Balwyn North. The rollercoaster continues with a massive rise in ’07, big drop in ’08 and another massive rise in the second half of ’09. Coolest market is more difficult to identify but any suburb developed in the last 3 years 30 plus kms from the City such as Lyndhurst.
Heather Elder – Marshall White
Our Words: We thought along with Rae Tomlinson our agent of the year despite the stick Adam and I seem to get from them on a regular basis.
Heather’s Thoughts: After a very “hot” end to 2009, 2010 will begin on a high note. There are already a number of auctions booked for February and March and as holiday makers contemplate their lives on the beaches, I expect many more will look to make the change – sell to upgrade or sell to downsize. Interest rates are tipped to increase again in February, however the market in Stonnington and Boroondara is strong and there are no signs of a “down-turn” in the market. Prices may “level” a little but with a return to the market of investors, I look forward to 2010 as a year of growth.
Hottest and coolest market this year (2009). March and April of this year saw a period of “unease” and there were several sales where the vendors saw their opportunity to sell, rent and return to the market when the market was “really down”. This has not happened and the later months of 2009 have seen a near return to the heady heights of 2007. My business partner Rae Tomlinson, returned from 6 weeks overseas in July and could not believe the change in the market during her absence.
Coolest time – March April 2009
Hottest time – November, December 2009
Jenny Dwyer – Hocking Stuart
Our Words: Our agent of the year last year and has continued the good work in a tough market.
Jenny’s Thoughts: We anticipate the market in the early part of 2010 (and beyond) will continue in the same manner as that of recent months. Despite several increases in interest rates, the market is continuing to absorb these increases with relative ease and we see no reason for a tempering of prices at this stage. Melbourne continues to see low stock levels versus high demand and an ever growing population looking to invest in real estate in the metropolitan areas.
The hottest market of this year has been in the area of quality family homes in the Bayside suburbs where supply levels have been at a minimum over the last six months. Multiple numbers of bidders have become the norm for properties in excess of $1,400,000 and up to the $2 million range in particular. The demand for these homes shows no signs of waning with many families wanting to upgrade to the next property coupled with a constant flow of expats returning to Melbourne. The coolest market of the year has been in ‘off the plan sales’ due to lack of supply from developers and a growing desire by first home buyers to acquire properties ready to move into. We anticipate this market gathering momentum as stock levels increase and investors return to the market in greater numbers in 2010.
Our Words: John is a deadset nice guy who is hard to beat in the $1m to $2m stakes. Works smart, always pleasant, prices homes to sell not to sit there and at this level is one of the better auctioneers going round.
John’s Thoughts: Interest rates and employment hold the key to activity in the market place in 2010 . The contrasting year we have had this year with doom and gloom in the first quarter and the whirlwind finish that has seen an increase and activity is sure to continue if the Reserve bank don’t spoil the party . One of the fortunate aspects about selling real estate in the Bayside area is that buyers are attracted to the lifestyle, schools and amenities in the area . This desire will still be prevalent but buyers may be more cautious with over committing . However history has shown if you are prepared to take a long term view the good areas will always be in demand . While there may be a levelling of prices we should be operating within normal market conditions next year. A balance and choice of stock for buyers and a healthy return for vendors .The market has seen a huge increase in stock level over spring and it has still continued to flourish . Stock levels look likely to be far more healthy than at the beginning of 09 where we were in a holding pattern . Everyone sat on their hands and guess what the world didn’t end !
The hottest and healthiest market has been the stylish family home in a good location . This has continued to attract the most buyer enquiry if it has been sensibly priced . The coolest market has related specifically to our busy lifestyles . The renovators delight has seen a lower level of enquiry due to people wanting to buy back their weekends . The thought of the expense ,time ,money and waiting on availability of tradespeople has seen a noticeable swing back to the appeal of renovated homes. Buyers and their families who are time poor have been willing to reward the home that has been tastefully updated .
Nick Johnstone – JP Dixon
Our Words: Bulldog. Had a few dealings with Nick and I like his style. Of course don’t always agree with him but if he thinks the seller is right or maybe just maybe the buyer has a point then he goes in hard. My simple mind likes that.
Nick’s Thoughts: Next year will still see 10 % percent growth in Brighton and Toorak. Whilst the market will be patchy in some parts I think the demand for good family homes and good blocks of land will remain very strong. It is simply supply and demand and the demand to be in our top suburbs remains very strong as well as the surge in buyers from overseas – we are expecting this market to become even stronger in the coming 2 years and are building our brand around increased enquiry from both interstate and international buyers – in summary , we are very bullish about the next 12 months.
Hottest – good size blocks of land in middle Brighton- huge demand for land to build a family home Coldest- nothing has been cold in 09, however , main road homes have struggled a bit as prudent and discerning buyers are really looking for quieter streets in middle Brighton.
Peter Smith – Jellis Craig
Our Words: Peter is the Andy Williams of selling agents – the crooner from Boroondara. We think Peter is a great agent because he treats all people he runs into with respect.
Peter’s Thoughts: After a slow start in the early year, the market has finished on a high in 2009. Boroondara is in a fortunate position due to an abundance of quality schools in the area. Together with a steady supply of property, a lot depends on demand. There has been a huge influx of overseas buyers in 2009 that forced prices up, however, the demand seems to be slowing somewhat, where we’ve started to see that overseas investors are not as readily buying property as previously. I believe the market will start to level out in the first quarter of 2010, while sellers and buyers will be watching how the economy fares. As the year progresses, the market will pick up similar to that of 2009, but not to the same extent. The year 2010 will be steady one.
The hottest market segment in the first half of 2009 was the ‘lower-end’ properties, due to the government grants assisting first home buyers and small investors. In the second half of the year, Boroondara witnessed the ‘higher-end’ market taking off to unheard of levels, with a record price in excess of $20,000,000. The coolest area of the market appears to be the $2 - $2.5 million new speck homes, these properties need a lot going for them to sell (ie. in school zone areas etc) - otherwise buyers are getting very selective...
Rae Tomlinson – Marshall White
Our Words: In another life Rae would have been a boxer. She’s a tough cookie and the times we’ve upset her well let’s say I’m glad she isn’t a sailor. Having said all that she really cares about her clients and how she is representing them. Along with Heather Elder we thought she was our agent of the year.
Rae’s Thoughts: The strong demand that has underpinned the property market in 2009 will continue into next year. Consumer and business sentiment is steadily improving which will translate into more investors and upgraders entering the market. Although we have had some interest rate rises, interest rates are still relatively low and unlikely to dampen demand. Housing supply is not keeping up with our population growth which will maintain pressure on house prices for the foreseeable future.
First home buyers received the bulk of media attention through the year with the bonus first home buyers grant and they were certainly a force in holding up the market while the effects of the GFC were still being felt. However the second half of the year was dominated by the upper end of the market in Stonnington, Boroondara and Brighton. The number of multi million dollar sales in these areas reflected a surge in confidence in the economy as Australia emerged relatively unscathed from the turmoil in world financial markets. Investors were largely absent from the market during most of the year as uncertainty reigned. However now that demand is so robust and with rents rapidly increasing, they have already started purchasing, taking over from the first home buyers who are once again starting to complain about just how “difficult it is to get into the market”.
Our Comment: Richard is one of Boroondara’s and Jellis Craig’s top listing and selling agents and he is that because of his efficiencies with time management and his databasing. Seems to specialize in the one to two million dollar bracket although has sold a number above and below this level. Most of his auctions have large numbers of bidders because he does price most of his homes correctly.
Richard’s Thoughts: Market to rise approx 10%-no reason/proof tells me that anything will change-Melb population will only grow.
What has been the hottest and the coolest market this year and why? Hottest $1m-$2m (people scaling & down looking to spend in this range). Coolest-$2m-$3m(many new homes fall in this category-not enough demand & poor quality)