This guest article is written by Lauren Staley, the Managing Director of Infolio Property Advisors in Melbourne.

Melbourne is emerging from lockdown to find the property market alive and well – in fact, it’s hot out there.

Inevitably, the Coronavirus has meant changes to how the general real estate market is operating. But, if you understand the changes you can be better prepared and more strategic if you’re heading in. Here are my top tips for anyone looking to buy at this time:

1.    Expressions of Interest (EOI): Express your interest, and, if possible, early. Right now properties are selling to buyers who are acting decisively. You don’t need to wait until the close date. In fact, if you find the ‘right’ property, then put in an offer to trigger something sooner. Do the numbers and work out a price that will take it off the market. Don’t assume that you won’t have to compete – if the agent has interest she will likely convert it to a Zoom or boardroom auction within 24 to 48 hours of your offer being submitted.

2.    Without a contract – nothing. So, until there is one doesn’t put in an offer. Even after a contract has arrived, hold on an offer until you’ve asked the right questions of the agent: How will they handle offers if someone submits an acceptable one early?

3.    Be prepared for Auction and having the Auction happen online. If the number of registered buyers exceeds 10 then you’re in for a ride, and a virtual one. But don’t be deterred – there are some genuine benefits of virtual auctions. You won’t find yourself as caught up in the bluster and emotion of the event. Virtual auctions tend to be slower giving you more time to process. If you’re uncomfortable with the format or nervous with tech then work with a Buyers Advocate who can act on your behalf. Know your value; and know your competition. In an online environment, you can’t eyeball them across the footpath. Instead, use the lead up to develop a good relationship with the selling agent. They can help you understand who you’re up against.

If there’s a single hallmark phrase to depict this particular time in the market then I would say it’s “anything goes”. Vendors are keen to sell quickly, which means auctions are running to two-week campaigns and EOIs are selling after a single week. It’s fast and furious out there. But, when you understand how the market’s working right now, you can play a smarter hand – hopefully, these tips will see you win. 

About the Author
Lauren Staley and Infolio Property Advisors specialise in buying properties in Melbourne’s south-east and bayside, including inner-city suburbs and the Mornington Peninsula. To learn more about Infolio’s advocacy services, visit their website: infolio.com.au