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Property Market update:  
The property market continues on!

There's no denying that the last few weeks have given us all time to pause and reflect on the changing landscape of our country in response to the COVID 19 epidemic.

For many of us, this pandemic has reshaped our society and transformed the very nature of our daily lives in ways we never saw coming.

This is no different in the Property Market. While the market is still operating, the way properties are sold, inspections are held, property management is conducted, has all changed considerably. In our tip of the month, we explain in a bit more detail what these changes mean and what you can do if you are still in the market to buy property.

For those who own property and are wondering how this will impact them, it is important to reflect on the long term attraction of property, and how this investment class has performed historically to ride out many disasters and emerge even stronger. I expect this will be no different and while there are many unknowns with the economic impacts of the virus, everyone needs a roof over their head, which will always underpin the market.

In the short term, we are yet to experience any significant downturn and we have come off a strong base, with strong growth over the last 12 months with Melbourne house prices rising 12.5% (corelogic). In fact, March 2020 has also shown an increase in values for the key markets of Melbourne and Sydney. I would expect this to slow down over April; however, there is still enough demand to absorb the current stock levels. This is expected to thin dramatically as will the supply, as the only people likely to sell at this time will be forced sellers. This group may only be small as the unprecedented stimulus packages and leniency from lenders for distressed borrowers are designed to keep business and people afloat, which is likely to significantly slow down the market and could even grind it to a halt. At the moment, we are still see listings that were likely underway before a number of the current restrictions came into play.

Having said that, there will be some short-term opportunities over the coming months particularly for those that have secure employment, cash, access to credit, and are ready to buy as we expect there will be some distressed sales.

If you are in the market and trying to navigate this new playing field give us a call.

While our office is closed, all of our staff are operating effectively from home and are available to assist you.
Keep safe at this time.
Leigh McConnon

Property Management update

The last few weeks has been challenging for the Property Management industry as most Property Managers have found themselves as mediators between tenants and landlords who are trying to assist one another get through this crisis. Buyers Advocate Property Management is no different, however we are confident we have the best possible processes and procedures in place to protect the interests of our landlords. This will ensure they have a good quality tenant at the end of this who continues to look after the property and pays rent.

We remain committed to all our landlords at this time and will be providing the best possible service.

For those readers who have investment properties that are not being managed by Buyers Advocate and would like additional support, we would welcome any new tenancies at this time.

If you are a landlord, tenant, or prospective landlord and you have any questions at all, please contact Rachel on 0477 663 325.

Tip of the month:

How to navigate the new world of buying Real Estate

The way Australians buy and sell their homes has changed dramatically with group onsite auctions and open homes now banned by the Prime Minister as part of measures to flatten the COVID19 curve.

It is still possible to conduct private inspections but these now need to observe the limit of 2 people coupled with the appropriate safeguards as recommended by health authorities.

Most agencies have been quick to respond to the changes with agencies hosting virtual property tours, private inspections and online/digital auctions.

But this introduces a new set of challenges for buyers and it has never been more important than ever to have professional representation.

Firstly, it is important not to rely upon a virtual tour as it is unlikely the selling agent will include anything that is likely to have a negative impact on the sale. It is always important to have a physical inspection so that you can check everything about the property yourself as well as areas such as orientation and the impact on light, surrounding properties, streetscape, development in the area etc… All of these factors can influence the enjoyment of the property as a home or an investment property.

Gaining access to the property may be more difficult than in the past as agents start to qualify potential buyers and only show genuine buyers through. It is critical when talking with an agent that you do not give too much away as you still need to leave yourself in a good negotiating position if you decide to proceed. Having a third party act on your behalf in this instance can help.

A good Buyers Advocate should be able to conduct a lot of the due diligence before deciding whether the property is right for you. There are a number of tools available that can make this process fairly seemless to ensure you are only inspecting properties that are likely to be suitable.

Other areas a Buyers Advocate can help with is to decipher agent speak, ask the right questions, obtain proof of competition, deal with the listing agent, know the right prices to pay in this market, navigate through the bidding process or private sale negotiation, position offers at the right level.

If you are also self-isolating a Buyers Advocate can take the video/photos required for you to make an informed decision. We have a firm grip on client briefs, great relationships with agents and know how to get appointments sorted quickly.

So if you are in the market call Paul on 0422258940, or Sam on 0404148700, or Leigh on 0448 394 151.

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