Melbourne real estate: Why you should list your home now

Victorian homeowners are keen to make the most of red hot selling conditions — but many are holding back.

3 Tikalara Place, Templestowe, hit the market last week.

Victorian homeowners are keen to make the most of red hot selling conditions — but many are being held back by fears they won’t be able to find a new place to live.

New Westpac data shared exclusively with the Herald Sun shows almost a quarter of Victorians who own a home are planning to list in the next five years.

Of those, one in ten are already in the process or planning to sell in 12 months.

But a massive 63 per cent of would-be sellers are worried they won’t be able to find a new home before their current one is snapped up — and nearly half are holding off from listing their property as a result.

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Michael and Connie Gleeson listed their home at 3 Tikalara Place in Templestowe last week for $2.7-$2.9m

Real Estate Buyer’s Agents Association president and business owner Cate Bakos

Cate Bakos, owner of buyer’s advocacy agency Cate Bakos Property, said the buyer to seller ratio was “completely in the seller’s favour” at the moment.

“It’s really hard for buyers because of the sheer competition, but it’s actually good for sellers,” Ms Bakos said.

“We’ve got shorter days on market, larger numbers of bidders … we’re also seeing properties that sometimes have fundamental flaws selling.”

But Ms Bakos said those looking to buy shouldn’t be “put off by the pace” and instead ensure they planned ahead by having their finances and pre-approval sorted as well as a realistic picture of how much their new home would cost.

“They don’t want to be homeless and they don’t want to be priced out of the market or lose currency in the market,” she said.

She added there was an average of five bidders competing at auctions, with “crowd-pleasing family homes” sometimes raking in up to ten.

“I don’t think people should shy away from auctions, you can see who your competition is,” Ms Bakos said.

“But in a moving market, you do need to be prepared to spend.”

Michael and Connie Gleeson are now “empty nesters” after their three children, including Ashleigh, 33, and Joel, 25, (pictured) moved out.

The couple are hoping to sell their family home for a good price and purchase a new property on the Mornington Peninsula.

The spacious home is full of natural light.

Michael and Connie Gleeson, from Templestowe, put their family home on the market last week after COVID delayed their plans to move to the Mornington Peninsula.

The pair, who have three grown-up children, said they would take their time to find the right place before buying again — despite the market being hot.

“We’re not in a hurry,” Mr Gleeson said.

“I keep an eye on what’s happening down there and obviously prices are surging in the last six months … but we do have a second property we can reside at (in the meantime).

“For us it’s a case of getting Templestowe sold and then looking for the right property.”

The Gleeson family have lived at the home for eight years.

94 Springthorpe Boulevard in Macleod sold for $2.1m last Saturday, $300,000 above the asking price.

Jellis Craig Doncaster director Andrew Keleher, who is selling the Gleesons’ home at 3 Tikalara Place, said his agency sold more properties in February this year than the same time in 2020.

“There is a bit of a fear from people who sell first that they then need to fight to buy — but the turnover is still there,” he said.

“What would usually sit on the market for 45 days is actually 15 to 20 days now.

“From a vendor’s perspective there should be no fear in buying first. But I think it’s about being ready to act in the same market.”

21 Bangalore Street, Kensington, also flew past its reserve by $555,000, selling for $1.655m last weekend.

He said being organised and having things like maintenance, painting and professional photos completed before buying would help ensure the process was seamless.

Westpac’s managing director of mortgages Anthony Hughes said the pandemic had fuelled interest from buyers and was “motivating more Australians to think about selling their current property so they can purchase a new home to better meet their future needs.”

He added: “The low interest rate environment, upbeat consumer sentiment, and improving economic outlook is also underpinning stronger seller confidence as we head into 2021.”

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TIPS FOR BUYING YOUR NEXT HOME

from buyer’s agent Cate Bakos, owner of Cate Bakos Property

— Be very clear about what you want to buy next and how much it really costs

— Have your finances in check

— Determine whether you have ‘wiggle room’ for the right property

— If you can sell your own property on a flexible, long settlement then do so

— Keep an eye on auction results and stay in touch with local agents to keep abreast of other comparable sales

— See if there is an option, as a last resort, to implement bridging finance.

TIPS FOR PREPARING YOUR HOME FOR SALE

from Westpac

— Increase your kerb appeal

An appealing property can help generate further interest into what your property has to offer. Simple measures like cleaning the front porch, adding some striking pot plants, or giving the front door a fresh coat of paint can help increase your kerb appeal

— Remove any clutter

Removing everyday items can help provide clean and spacious areas that prospective buyers can envision living in. Consider removing personal items like family photos during inspections

to help the buyer mentally move in

— Make your kitchen and bathroom shine

Minor repairs or cosmetic changes can help transform a space into an inviting, modern living area. Painting old cabinets, updating doorknobs or cupboard handles, and adding fresh towels, candles or flowers can help freshen up your kitchen or bathroom

— Let in the light

Natural light can help make the home feel bright and spacious. Make sure to open all your curtains and blinds, wash your windows and prune back any plants that might block out the light ahead of any inspections.

— Don’t forget outside

Outdoor living is popular for many Australians. Sprucing up your outdoor areas by mending fences, weeding the garden, and adding a couple of extra plants can help entice prospective buyers.

Originally published as Melbourne real estate: Why you should list your home now