Insights Report - February 2020

FEBRUARY

Insights

reliancere.com.au

TABLE OF

Contents

3 4

WELCOME A message from the Founder/CEO Sunil Kumar

ARTICLES Featured articles from the month of February

7

MEET THE LOCALS

9

SALES SUMMARY

18

RENTALS ACTIVITY

27

SUMMARY

Featured Sold and on Market listings

Featured Sold and on Market listings

Featured Leased and on Market listings

A quick summary of the month

SUNIL KUMAR

CEO/Founder March is here, and it’s officially the first month of Autumn.

As of the 3rd of March, the RBA Board decided to lower the cash rate by 25 basis points to 0.50 per cent. The Board took this decision to support the economy as it responds to the global coronavirus outbreak. The news of the interest rate cuts is great news for first home buyers.

The 3rd of March was also very special for renters, as the new pet laws came into effect, making it easier for renters to have pets on the rental premises. Renters will be able to fill in a form outlining the kind of pet they want and send it to their landlord, who will have 14 days to take it to the Victorian civil and administrative tribunal if they are opposed On the 20th of February, the 2020 RateMyAgent awards took place with our Agencies winning in the following suburbs: Gisborne-Macedon, Riddells Creek, Hoppers Crossing, Brookfield, Melton West, Melton, Kurunjang and the City of Melton. Our Melton office was also named as the 8th top sales office in Australia. I personally, could be prouder of the team constantly delivering to their key areas - the awards are a testament to their hard work and dedication to the client experience.

On Monday the 24th of February, the Reliance team attended the Annual Australasian Real Estate Awards in Sydney. Hosted by industry coaching and training body Real Estate Results Network (RERN), this year’s ARERAs were more hotly contested than ever, with a large number of nominations received from across Australia and New Zealand. We were thrilled to win in the following categories; Property Management Agency of the Year, our very own Sandy Rana won Agent of the Year, Taney Jain won Sales Performer of the Year for a second time and myself, humbly winning Principal of the Year for a third year. A great achievement by the whole team, and a big congratulations to all other category winners!

As a local business ourselves, we are all about giving back to the community, our team is very excited about participating in the upcoming Relay for Life. Our team with treck for 24hours around the Werribee Athletic Track to raise much needed funds for Cancer Council Australia. Looking to donate? Search the team name; List to Fight and support our walk.

Sincerely,

Sunil Kumar CEO/Founder of Reliance Real Estate

FEATURED IN FEBRUARY

Articles

FEATURED IN FEBRUARY

RELIANCERE.COM.AU

Articles

First Home Loan Deposit The Australian Government has created an initiative designed to support eligible first home buyers get into the property market sooner. It can be a bit confusing to understand so we’ve tried to simplify it and break it down into the important points, focusing on what it is and who is eligible, and tips on things to look for.

What is it?

The First Home Loan Deposit Scheme (FHLDS) works by having part of the home loan from a participating lender guaranteed by NHFIC*. This aims to enable first home buyers to secure a home with a deposit of as little as 5% (lender’s criteria apply).

The FHLDS became available from 1 January 2020 where 10,000 places were released for the remainder of the financial year. Another 10,000 Scheme places will be available from July 2020.

Major banks – CBA and NAB – were given 5,000 places, all of which are now currently reserved. The remaining 5,000 scheme places for the current financial year are being offered through 25 non-major lenders. Most of these spots are still available.

Even though the scheme places with the major banks are reserved, there is a chance they may become available so first home buyers can continue to engage with the major banks. Also, you can apply through more than one lender to access a competitive loan rate; you will only receive one place.

Take away points: Most of the 5,000 scheme places offered to non-major banks are still available Another 10,000 places will be available from July 2020 Participating lenders can be found through this link https://www.nhfic.gov.au/what-we-do/fhlds/how-toapply/ Eligibility Firstly, you need to decide if you’re applying for the FHLDS as a single (only you named as the borrower) or as a couple (both you and your partner named as borrowers).

THE MARKET REPORT

Eligibility criteria include these areas: • An income test Singles: your taxable income for the financial year 2018-19 must not be more than $125,000 Couples: your combined taxable income for the financial year 2018-19 must not be more than $200,000 • A prior property ownership test It is required to have no previous property ownership including house or land, residential or commercial If you are applying as a couple, neither of you can have previously owned any property • Citizenship test You (or both of you) must be an Australian citizen at the time you enter into a home loan • A minimum age test Minimum age is 18 years old • A deposit requirement Must have at least a 5% deposit, but no more than 20% inclusive • An owner-occupier requirement The Scheme does not cover Investment properties You must move into the property within 6 months from the date of settlement, or, if later, the date an occupancy certificate is issued You must continue to live in that property for so long as your home loan has a guarantee under the Scheme.

Your participating lender will be able to explain the terms and conditions and repercussions should you move out.

Tips to remember • The property being purchased must be residential The purchase price must be under the price cap for its location https://www.nhfic.gov.au/what-we-do/fhlds/ property-price-thresholds/ • The loan term will be of 30 years or less There are certain conditions surrounding house and land packages, off-the-plan, etc. Please check with your participating lender A mortgage broker can also help reduce the stress and confusion of the FHLDS. Enquire with a broker such as from the Funding Force team to find out more. http://fundingforce.com.au/ Read the full article at reliancere.com.au/blog/

PAGE 5

FEATURED IN FEBRUARY

RELIANCERE.COM.AU

Articles

Selling Your Home in 2020 2019 saw the housing market tell two stories; the first half of the year was slow with lower numbers of properties on the market, yet the second half demonstrated some outstanding results.

Market forecast Coming off the back of a significant turnaround, we are likely to see a gradual influx of new listings in 2020 as vendor confidence increases.

Thanks to a few interest rate cuts and the introduction of the First Home Loan Deposit Scheme on January 1, buyers will be entering the property market sooner than otherwise thought, especially first home buyers.

What are buyers looking for?

We’ve noticed there are a few things that home buyers look for. Locality near public transport and good schools is often a priority for many people. When it comes to the house itself, home security features like security doors and good locks, add appeal to any home. Additionally, houses that have any extra room for a home office or a multipurpose ‘wellness’ type room, have come up more popular. Lastly, single stories on a smaller block are starting to be less dreaded and more sought after, as people are looking to save time on home and garden maintenance.

With this in mind, renovated properties are usually preferred to those needing work done.

Tips for the seller • Presentation In an era where the internet is usually where we see things first, the impression an online listing leaves is invaluable. It has been found that properties that don’t need work done are preferred so make sure your home is in tip top condition.

THE MARKET REPORT

A listing that doesn’t present a sharp looking property tends to lose interest and falls further down buyers’ lists. It is also likely to lose buyer interest if the property isn’t nicely presented during open for inspections.

• Declutter and depersonalise The easiest sales are those that have a wide target audience. You can do this by making the property easy for buyers to connect with. Simple ways to do this is to make your home more neutral; remove excessive family pictures on walls, neutralise bright paint colours and think about what might be around suggesting it is still very much the vendor’s home.

Consider bringing in a third party to provide advice on what should stay and what should go. You could ask a property stylist or a friend happy to critique the house.

• Clean and prep Similar to our first tip, presentation is key so we suggest taking care to ensure detail is put in to cleaning and preparing the property for sale. That means doing more than just your usual cleaning checklist; think more spring clean. Additionally, you might be an idea to get a building inspector look at your home. That way you can be prepared for anything that needs fixing in advance.

• Talk to an agent Finding the right agent for you can be tricky. You want to ensure the person running your property campaign has the same values as you and understands your circumstances. They also need to have the right passion and abilities to get you the best price. One of our agents can provide a free, no obligation market appraisal to tell you the value of your home, and how they can best help you sell. Don’t hesitate to find out more by getting in touch with your local office.

PAGE 6

FEATURED IN FEBRUARY

Meet The Locals

Eight part web-series exclusive to Reliance Our connection with the local communities we serve runs deep within our company’s culture and we are active and passionate about celebrating and promoting the communities we live and work in.

Episode 1 Gracie’s Boutquie 05/02/2020

Episode 2 Blue Marlin 17/02/2020

Episode 3 Funding Force 04/03/2020

Episode 4 Hair of the dog 16/03/2020

Episode 5 Sprinkles 30/03/2020

Episode 6 Bridge Hotel Coming Soon - TBA

THE MARKET REPORT

PAGE 7

FEATURED IN FEBRUARY

Sales

RELIANCERE.COM.AU

IN FEBRUARY

Sold Properties CAROLINE SPRINGS

POINT COOK

OTHER AGENCIES

OTHER AGENCIES 5 10 15 20 25 30 35

5 10 15 20 25 30 35

MELTON

TARNEIT

OTHER AGENCIES

OTHER AGENCIES 5 10 15 20 25 30 35

5 10 15 20 25 30 35

WERRIBEE

SUNBURY

OTHER AGENCYS

OTHER AGENCIES 5 10 15 20 25 30 35

THE MARKET REPORT

5 10 15 20 25 30 35

PAGE 9

RELIANCERE.COM.AU

IN FEBRUARY

Median Sale Price CAROLINE SPRINGS

POINT COOK

OTHER AGENCIES

OTHER AGENCIES 300K 500K 800K 1M

300K 500K 800K 1M

MELTON

TARNEIT

OTHER AGENCIES

OTHER AGENCIES 300K 500K 800K 1M

300K 500K 800K 1M

WERRIBEE

SUNBURY

OTHER AGENCIES

OTHER AGENCIES 300K 500K 800K 1M

THE MARKET REPORT

300K 500K 800K 1M

PAGE 10

RELIANCERE.COM.AU

IN FEBRUARY

Recently Sold No.

Address

Bed Bath Car

Date

Price

1

30 Finlay Avenue, Melton West

3

2

2

1/2/2020

$380,000

2

9 Alberfeldie Drive, Truganina

4

2

2

3/2/2020

$578,000

3

51 Coltan Avenue, Melton South

5

2

2

3/2/2020

$685,000

4

5 Faircroft Drive, Brookfield

3

2

1

3/2/2020

$371,000

5

11 Sunny Lane, Point Cook

4

2

2

3/2/2020

$565,000

6

38 Daintree Boulevard, Tarneit

4

2

2

3/2/2020

$775,000

7

1/10 Vanderbilt Avenue, Truganina

3

2

1

4/2/2020

$435,000

8

1 Saffron Place, Point Cook

4

2

4

5/2/2020

$704,000

9

11 Brooksby Circuit, Harkness

4

2

2

5/2/2020

$487,000

10

10A Holly Green Circuit, Truganina

3

1

1

6/2/2020

$388,000

11

8 Broken Court, Werribee

4

1

4

6/2/2020

$480,000

12

4 Manor Place, Melton

3

2

1

6/2/2020

$420,000

13

4/35 Jackson Street, Sunbury

3

2

2

7/2/2020

$458,000

14

26 Derwent Road, Werribee

3

1

4

7/2/2020

$520,000

15

25 Karong Drive, Wyndham Vale

4

2

2

8/2/2020

$520,000

16

616/528 Swanston Street, Carlton

1

1

0

10/2/2020

$230,000

17

8 Lentara Crescent, Wyndham Vale

3

2

1

10/2/2020

$413,000

18

27/35 Tullidge Street, Melton

3

2

2

11/2/2020

$325,000

19

35 Croxton Drive, Kurunjang

4

2

4

12/2/2020

$1,100,000

20

25 Hollington Crescent, Point Cook

3

1

1

13/2/2020

$570,000

THE MARKET REPORT

PAGE 11

RELIANCERE.COM.AU

IN FEBRUARY

Recently Sold No.

Address

Bed Bath Car

Date

Price

21

16 Goulburn Court, Werribee

3

2

4

13/2/2020

$475,000

22

15 Shearwater Way, Harkness

4

2

2

13/2/2020

$460,000

23

6A Harness Court, Truganina

3

2

2

18/2/2020

$430,000

24

32b Priestley Ave, Hoppers Crossing

3

2

2

18/2/2020

$420,000

25

24 Granholm Grove, Harkness

4

2

2

18/2/2020

$480,000

26

22 Flagstaff Crescent, Point Cook

4

2

2

19/2/2020

$690,000

27

65 Centenary Avenue, Melton

3

2

2

20/2/2020

$390,000

28

16 Colosseum Drive, Melton South

4

2

2

20/2/2020

$493,000

29

1 Oldershaw Road, Melton

3

1

1

21/2/2020

$370,000

30

2 Baratta Road, Tarneit

4

2

2

21/2/2020

$678,000

31

1 Christen Court, Hoppers Crossing

4

2

2

22/2/2020

$669,000

32

8 Aries Chase, Kurunjang

3

2

2

25/2/2020

$765,000

33

12 Sapphire Road, Melton South

4

2

2

25/2/2020

$505,000

34

37 Tandara Circuit, Melton West

3

2

2

26/2/2020

$438,000

35

99 Chirnside Street, Kingsville

3

1

0

26/2/2020

$815,000

36

30 Lachlan Road, Melton South

3

2

4

26/2/2020

$392,000

37

4 Cassia Road, Melton

3

1

2

28/2/2020

$365,000

38

24 Meadow Way, Tarneit

5

2

2

28/2/2020

$611,000

39

2 Hereford Street, Sunbury

4

2

2

28/2/2020

$650,000

THE MARKET REPORT

PAGE 12

RELIANCERE.COM.AU

IN FEBRUARY

Recently Sold No.

Address

Land size

Date

Price

40

83 Stanmore Crescent, Wyndham Vale

350m2

1/2/2020

$265,000

41

12 Andross Circuit, Tarneit

462m2

3/2/2020

$315,000

42

31 Orchid Avenue, Harkness

512m2

12/2/2020

$267,000

43

29 Antonio Drive, Melton South

448m2

12/2/2020

$246,000

44

42 Antonio Drive, Melton South

400m2

13/2/2020

$210,000

45

221-223 Station Road, Melton

1,966m2

13/2/2020

$930,000

46

20 Avonmore Way, Melton South

480m2

14/2/2020

$480,000

47

2 Aphrodite Drive, Truganina

400m2

20/2/2020

$322,000

48

16 Yellowfin Drive, Tarneit

448m2

20/2/2020

$320,000

49

16 Taggerty Street, Werribee

400m2

29/2/2020

$300,000

50

11 Kookaburra Way, Melton South

294m2

29/2/2020

$175,000

THE MARKET REPORT

PAGE 13

LISTED IN FEBRUARY

RELIANCERE.COM.AU

Now Selling

NOW SELLING

16 Cornubia Road, Manor Lakes

4

2

2

NOW SELLING

5

2

5

7 Scarborough Court, Tarneit

NOW SELLING

12 Stoneford Chase, Melton South

4

2

2

NOW SELLING

3

1

4

NOW SELLING

4

2

2

NOW SELLING

5

5

2

NOW SELLING

4

2

2

NOW SELLING

6

4

6

NOW SELLING

4

2

2

NOW SELLING

4

2

2

NOW SELLING

4

2

2

NOW SELLING

4

2

2

NOW SELLING

4

3

2

NOW SELLING

3

1

4

NOW SELLING

5

3

2

1 Pratt Court, Werribee

2 Foyle Crescent, Melton South

21 Balcombe Drive, Manor Lakes

15 Grandview Avenue, Point Cook

THE MARKET REPORT

3A Fifeshire Drive, Hoppers Crossing

10 Broomie Street, Aintree

30 Willowgreen Way, Point Cook

33 Claremont Crescent, Hoppers Crossing

209 Featherbrook Drive, Point Cook

6 Golden Wattle Way, Harkness

19 Ludo Circuit, Truganina

4 Isdell Street, Tarneit

PAGE 14

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SALES TEAM

Meet Our AJ

Aarti Puri

Abhi Elawadhi

Abishek Parashar

Ajay Nain

Akash Choudhary

Akhil Kansal

Anmol Singh

Donna Carson

Glenda Del Pilar

Dhruv Chaudhary

Gurmit Singh Aiden

Jessica Leng THE MARKET REPORT

Divyesh Waghela

Harry Patel

Inder Vasu

Jd Patel

Jimmy Gill

Kamlesh Kamani

Kanan Patel PAGE 15

RELIANCERE.COM.AU

SALES TEAM

Meet Our

Karan Kapoor

Karan Vejrani

Kaydee Singh

Lucy Walsh

Lynette Kepu

Mavi Singh

Meenu Mehndiratta

Mick Vashisht

Milan Neotane

Nirav Parikh

THE MARKET REPORT

Moonah Ahmed

Nitesh Rana

Nam Duy Tran (danny)

Pratik Shah

Nik Behl

Prince Dhir

PAGE 16

RELIANCERE.COM.AU

SALES TEAM

Meet Our

Priya Chowdary

Ruban Kaur

Rachael Ragusa

Raj Pratap

Ravi Khepar

Sagar Singh

Shubham Rana

Socorro Gomez

Sushant Peshin

Taney Jain

Varun Vagdhan

Vikas Rana

Vishal Malik

Yash Sethi

THE MARKET REPORT

Vik Monga

PAGE 17

FEATURED IN FEBRUARY

Rentals

RELIANCERE.COM.AU

IN FEBRUARY

Median Rent CAROLINE SPRINGS

POINT COOK

OTHER AGENCIES

OTHER AGENCIES $300 $350 $400 $450

$300 $350 $400 $450

MELTON

TARNEIT

OTHER AGENCIES

OTHER AGENCIES $300 $350 $400 $450

$300 $350 $400 $450

WERRIBEE

SUNBURY

OTHER AGENCIES

OTHER AGENCIES $300 $350 $400 $450

THE MARKET REPORT

$300 $350 $400 $450

PAGE 19

RELIANCERE.COM.AU

IN FEBRUARY

Leased Properties CAROLINE SPRINGS

POINT COOK

OTHER AGENCIES

OTHER AGENCIES 5 10 15 20 25 30 35

5 10 15 20 25 30 35

MELTON

TARNEIT

OTHER AGENCIES

OTHER AGENCIES 5 10 15 20 25 30 35

5 10 15 20 25 30 35

WERRIBEE

SUNBURY

OTHER AGENCIES

OTHER AGENCIES 5 10 15 20 25 30 35

THE MARKET REPORT

5 10 15 20 25 30 35

PAGE 20

RELIANCERE.COM.AU

IN FEBRUARY

Recently Leased No.

Address

Date

Price

1

235 Morris Road, Hoppers Crossing

4

2

5

3/2/2020

$425

2

8 Lancaster Way, Melton West

3

1

2

4/2/2020

$320

3

34 Machair Drive, Point Cook

3

2

2

4/2/2020

$480

4

11 Wonnangatta Crescent, Weir Views

4

2

3

4/2/2020

$390

5

44 Childs Street, Melton South

3

1

3

5/2/2020

$320

6

703 High Street, Melton West

3

2

2

5/2/2020

$365

7

42 Jetty Road, Werribee South

3

2

1

6/2/2020

$380

8

5 Bottlebrush Drive, Hoppers Crossing

3

2

2

7/2/2020

$360

9

9 Mingay Close, Truganina

4

2

2

10/2/2020

$380

10

17 Tamarind Crescent, Werribee

3

1

2

11/2/2020

$320

11

689 Tarneit Road, Hoppers Crossing

5

2

11

12/2/2020

$630

12

35 Cooloongup Crescent, Harkness

3

2

2

12/2/2020

$360

13

1 Ovens Court, Sunbury

3

2

2

13/2/2020

$340

14

11 Highbury Road, Werribee

4

2

2

14/2/2020

$390

15

67 Manuka Grove, Wyndham Vale

4

2

2

14/2/2020

$410

16

5 Wattle Place, Melton South

3

1

14/2/2020

$330

17

8 Barnato Street, Weir Views

4

2

2

17/2/2020

$360

18

2/17 Richardson Street, Riddells Creek

3

2

1

18/2/2020

$430

19

15 Kambah Street, Tarneit

4

2

2

19/2/2020

$400

20

15 Arrowhead Street, Manor Lakes

4

2

2

20/2/2020

$420

THE MARKET REPORT

Bed Bath Car

2

PAGE 21

RELIANCERE.COM.AU

IN FEBRUARY

Recently Leased No.

Address

Bed Bath Car

Date

Price

21

16 Muswell Walk, Wyndham Vale

3

2

2

20/2/2020

$340

22

16 Muskwood Drive, Mickleham

3

2

1

20/2/2020

$350

23

59 Corbet Street, Weir Views

4

2

2

21/2/2020

$320

24

9 Everwin Drive, Werribee

3

1

1

21/2/2020

$330

25

789 Sayers Road, Hoppers Crossing

4

2

4

21/2/2020

$650

26

85 Astoria Drive, Point Cook

5

3

2

21/2/2020

$460

27

12 Boswell Place, Truganina

3

2

1

26/2/2020

$390

28

4 Amble Way, Melton South

3

2

1

26/2/2020

$340

29

87 Homebush Drive, Tarneit

4

2

2

26/2/2020

$410

30

77 Manuka Grove, Wyndham Vale

4

2

2

27/2/2020

$380

31

31 Corbet Street, Melton South

4

2

2

27/2/2020

$330

32

4 Austin Court, Sunbury

3

2

3

27/2/2020

$380

33

22 Broughton Avenue, Cobblebank

3

2

2

28/2/2020

$360

34

Unit 1/4 Granholm Grove, Harkness

3

2

2

28/2/2020

$350

35

14 Harper Street, Melton South

3

2

1

THE MARKET REPORT

28/2/2020

$300

PAGE 22

RELIANCERE.COM.AU

PROPERTY MANAGEMENT TEAM

Meet Our

Alexandra Belson

Ashlee Sciberras

Bansari Raval

Isha Monga

Kayla Joyce

Pawan Braich

Rahul Mandhan

Rajan Kaur

Tyra Suemai

Sanchit Walia

Vita Wibianty

THE MARKET REPORT

Melanie Cressey

Deepthi Yedla

Nikki Kaur

Samantha Grima

PAGE 23

RELIANCERE.COM.AU

SALES

Summary 65

TOTAL PROPERTIES SOLD IN JANUARY

90%

AVERAGE AUCTION CLEARANCE RATE

$528,213 26 80

AVERAGE SALE PRICE

AVERAGE DAYS ON MARKET

EXPERIENCED TEAM MEMBERS

127

NEW LISTINGS HITTING THE MARKET

THE MARKET REPORT

PAGE 24

PROPERTY MANAGEMENT

RELIANCERE.COM.AU

Summary 43 75

TOTAL PROPERTIES LEASED IN JANUARY

APPLICATIONS PROCESSED

$400 16 14 68

AVERAGE LEASE PRICE PER WEEK

AVERAGE DAYS ON MARKET

EXPERIENCED TEAM MEMBERS

NEW LISTINGS HITTING THE MARKET

THE MARKET REPORT

PAGE 26

RELIANCE HQ 10/22-30 Wallace Avenue Point Cook VIC 3030 (03) 8372 2018 hq@reliancere.com.au