News


Property Report - May 2019


The new normal I caught up with a bank valuer the other day. If you want to get a pulse on how the market is going, it is these kinds of professionals who will give you the best insight. They are on the factory floor every day and are more attuned to trends, certainly more than reporters or the media.   This valuer had a new catch phrase: “the new normal”. By this he was referring to current pricing, claiming that it has returned to some regularity and expectation. This checks out because last month the Integrity team noticed that there are more buyers in the marketplace and that sales are picking up, compared to the slower months of March and April. And all this with winter on the way. You see, the seasons are not as important as the economic conditions. Perhaps now that buyers are less spooked by sensationalist reporting and unknowns surrounding the election, they are more comfortable making the next financial move. After all, people can only wait so long be...

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Property Report - April 2019


PRESENTING YOUR PROPERTY FOR THE BEST RESULT   Whatever the market conditions, one of the first questions vendors will ask is: do I need to do anything to the place? Sometimes this question is asked with eagerness, for those who love to roll up their sleeves, but often it is asked with trepidation. It may be that a vendor has already done a considerable amount of work and is nervous about having to do more, or they feel it may be an inconvenience to have to rearrange their lifestyle for the visits of prospective buyers. It is a very important question to ask, because the way we style our homes has tremendous impact on the outcome of a sale campaign. Notable real estate agent John McGrath once claimed that professionally styling one’s home could result in an additional 5-10% on top of the price. Although this percentage is vague, the principle is true. McGrath also (allegedly) said that vendors should spend 1% of the value of their home on marketing their property for sal...

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Property Report - March 2019


BUSINESS BACK TO NORMAL  It is a relief that the market has returned to normal. Campaign lengths have settled to 45-90 days, with some properties still selling in less time. The best way to gain perspective on a new and somewhat uncertain year is to look back and compare to previous years. Currently we have more buyers and more stock than this time last year. January has seen 3 times more properties sold than January of last year. Currently the median sale price is $559,000 in Kinglake and $663,000 in Kinglake West. These are above the Regional Victoria median of $411,000 and not far off the Metropolitan Melbourne median of $826,000. Kinglake West, for example, has seen an annual price growth of 14.2%. This trounces Melbourne’s growth rate of a mere 1.4%. All of this data has been gathered from the Real Estate Institute of Victoria’s market insights. The REIV also acknowledged that while the December quarter “saw a drop in Metropolitan Melbourne’s media...

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Property Report - January/February 2019


A LOOK TO THE YEAR AHEAD   In 2018 Integrity Real Estate sold 75 properties – that’s 1 property every 4 days. We were extraordinarily proud to be able to serve our clients to this extent in such a volatile market. The question now turns to 2019 and what the new year will bring.  According to the Reserve Bank, Australia is courting a strong employment market which may boost wages growth in 2019. According to CoreLogic, economic growth nationwide is above expectations, unemployment is at its lowest level since 2012, and population growth is strong. Again, home loan interest rates are at their lowest since the 1960s, and financial advisors do not expect that this will change dramatically. A fear that the RBA will fiddle with the cash rate is the cause for fear among a lot of buyers, however with experts saying this is unlikely to happen, now is the best time to be buying. I was speaking with a financial advisor the other day who, with rolling eyes, remarked on ...

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Property Report - December 2018


One of the key characteristics of the property market, especially in an economy such as ours, is its unpredictability. But if the last few months have taught us anything, it is that people are equally as unpredictable. That is to say, their opinions tend to give way to impulse rather than reason. This year we have seen a Royal Commission into lending practice, a decline in the influence of the auction process, and a well-coordinated media campaign to destabilise public faith in Melbourne’s real estate market. Amidst all of these factors, the public have been cut adrift and left floating in an ocean of misunderstanding. In my job, when I pay attention to the trends, statistics, and the results that I see everyday, I find I am much better informed than if I give way to the half-truth of headlines and the scuttlebutt on the street. With that in mind, let me give you some advice: the property market in our regional north-east is stable. The months of September and October felt slo...

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Property Report - November 2018


  I was speaking to someone the other day who made the off-the-cuff comment that they “should have bought in Kangaroo Ground 5 years ago.” A novel idea, when the median price there hovers around $1.62 mil. It got me thinking, I wonder how many people will regret not buying in the Kinglake Ranges in 5 years? Or rather, how many people will look back on their investment and think, that was a great move. We are conditioned to look to the immediate future, the present, the now, so much so that our political opinions, property choices, and personal decisions often don’t take into account the “known unknowns” of 2, 4, and 6 years in advance. It is a consumer-oriented world in which live, and the consequence of this is that we struggle to think about the big picture. The recent bad press about the property market is a perfect example. The media, by and large, must have a lot of fun with influencing public opinion. These days it is easy to do. We seem to s...

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