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43 Ballarat St, Collingwoodis going digital for a sale with video inspections and an online auction scheduled for April 6.
The threat of COVID-19 might have shut down public auctions and open for inspections, but there are still opportunities for savvy buyers and sellers.
With a surprising amount of information and facilities available at the click of a mouse or the touch of a smartphone, home shopping can be quite literal these days.
So, if you’re planning to list your home or are in the market for new digs, here’s how to push on without leaving your lounge room.
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SCREEN TIME
Melbourne had 24,137 homes for sale as of March 30, according to realestate.com.au.
That’s more than at the same time last year, with buyer demand also up on 2019 levels.
“Right now, people seem to be more confident than when we were in the middle of the royal commission and people were uncertain who would win the election,” said realestate.com.au chief economist Nerida Conisbee.
Ms Conisbee said finance, contracts and the legal requirements for sales had already been in the digital arena for years, and agencies not already offering these services online would be “fast-forwarding” their plans.
The owners of 4/121 Gillies St, Fairfield were rewarded when they fast-forwarded their apartment to auction online on March 27. It sold for $415,000 with seven bidders registered.
The main challenge ahead of buyers and sellers was finding a way to be comfortable transacting with minimum contact with others.
FIVE TIPS FOR BUYERS
1. In online auctions, try fast bids at the same increment to convey you have a big budget
2. Don’t draw out slow bids; your connection
might lag
3. If buying privately, make the first offer and ask for a right of refusal
4. Most sellers now have bought; use settlement dates to negotiate
5. Use building or pest inspections and floorplans to determine if you really need to inspect a home.
Source: Advantage Property Consulting director Frank Valentic
Advantage Property Consulting buyers’ advocate Frank Valentic said thorough online research could put a buyer ahead of the competition — and cut down contact with people.
“Start with the floorplan. It will tell you how the property will function once you are living in it,” he said.
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If you haven’t been to see a home in person, it’s worth checking what’s next door.
Google Earth and Streetview will allow you to explore the area, including important details such as gardens and nature strips, which could tell you if an area is more owner occupier or rental focused.
You could also tap into walkability statistics for an area online, Ms Conisbee said.
“And virtual tours are something we will see more of, primarily because of the health crisis,” she said.
About 4200 video tours were added to Victorian listings on realestate.com.au from March 20 to 30, with 12 per cent of all listings now showcasing video. Composed by homeowners or real estate agents, these walk-throughs can now be added to listings for free.
38 The Ave, Hampton will have a navigable walk through added to its online marketing.
REA Group emerging products general manager Kul Singh said about 11 per cent of realestate.com.au rental listings also had a video, and tenants could view these instead of a physical inspection.
Barry Plant chief executive Mike McCarthy said the group expected “north of 50 per cent” of homes to feature 3D listings over the next two to three months.
And after purchasing a townhouse in Los Angeles without setting foot in it himself, Mr McCarthy said he believed the market could adapt to buying and selling from their lounge room.
GETTING PERSONAL
Despite the hi-tech solutions, experts still recommend buyers visit their new neighbourhood and attend a private home inspection — if that is allowed.
An online auction attracted four bidders for 16 Sherwood Drive, Thomastown.
If you aren’t able to leave your home — or are comfortable buying without inspecting — a building or pest inspection (still allowed at the time of publishing) can be invaluable.
“Ask someone who will take a lot of photos, as they will show you the not-so-pretty parts — the corners and under the sink,” Mr Valentic said.
Ray White Victoria chief executive Stephen Dullens said they were recommending sellers still block out time for inspections and have private visits staggered across an hour or two so owners could disinfect their home once instead of after multiple appointments.
FIVE TIPS FOR SELLERS
1. Make sure you have really good photos and video
2. Ask if your agent is following up with recent underbidders
3. More eyeballs on your home is key; consider using social and traditional media, as well as online
4. Give buyers as much information as possible to minimise the need for private inspections
5. Be ready to adapt and take advice as things change.
Source: Ray White Victoria chief executive Stephen Dullens
He said sellers should use great photos, a video and advertising across social media, online portals and traditional media, such as newspapers, for a good result.
“People have more time at the moment … so the same things you were doing a month ago will probably get more eyeballs now,” Mr Dullens said.
He projected listings would fall in the coming weeks, meaning sellers might be competing with six other homes instead of 10.
2/47 Paxton St, South Kingsville was sold via an email auction late last month.
“People listing now are potentially setting themselves up for a really good opportunity,” Mr Dullens said.
MAKING A BID
In addition to video tours, real estate agencies across Melbourne are also accelerating plans for digital auctions.
Buyers are advised to register ahead of auction day with the relevant auction service, but otherwise can bid as normal from home.
Even before public auctions were banned many auctioneers had them live streamed to bidding platforms or social media. Picture: Tim Carrafa
Online auction firm Gavl’s chief executive, Joel Smith, said about half the auctions slated to run online with the firm last weekend, March 28 and 29, were cancelled after a tumultuous week but those that went ahead performed well.
“Our average attendance was a 500 per cent increase, and the average audience size was 70 people, which shows people have embraced the technology quickly,” he said. “What we need now is to get the economy back and firing to allow auctions to flourish.”
Mr McCarthy said along with online auctions, Barry Plant planned to implement real-time negotiation services for private sales.
He said real estate agents were helping buyers and sellers navigate all the new technology being used.
Last weekend, Ray White tested its own online auction platform that allows bidders to see each other as well as the auctioneer.
74 Fisher St, Malvern East sold well above reserve in an online auction with Ray White.
A three-bedroom townhouse at 74 Fisher St, Malvern East was among those to succeed under the digital hammer last weekend — selling for $1.071 million, $71,000 above reserve, with three bidders active.
While wider figures are unclear, it’s expected Ray White will have about 150 online auctions across Victoria this weekend, April 4 and 5.
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EMBRACING THE NEW NORMAL
The Hancock family has rapidly embraced the digital real estate world.
Alasdair and Lucinda Hancock are among a growing number of Victorian homesellers turning to virtual tours to help sell their home. With kids Olive, 8, Scarlett, 3, and Fynn, 8, they were on hand as Jellis Craig agent Simon Shrimpton gave their home the Hollywood treatment.
Lucinda and Alasdair, along with children Fynn, 8, Olive, 6, and Scarlett, 3, had their Collingwood home filmed for a video tour instead of hosting an open for inspection last weekend.
“Initially, we thought we wouldn’t be able to sell our house, so this is now really novel and exciting,” Ms Hancock said.
She advised those with houses on the market to try to go with the flow to avoid unnecessary stress.
Jellis Craig director Simon Shrimpton said scarce homes, such as the Hancocks’ renovated double-fronted house with a car park, were always in demand, prompting them to pursue an online auction.
But all home sellers could benefit from being open to new technology now.
And if you’re having to buy from your living room, you couldn’t get much better than the one at 43 Ballarat St, Collingwood.
“Times like these are when the next great idea is born,” Mr Shrimpton said.
He said while COVID-19 had deterred some buyers, others, such as those who had already sold and investors burned by the sharemarket, were still keen.
The Hancocks’ home at 43 Ballarat St goes to auction online at 6pm, April 6, via auctionnow.
com.au