The Melbourne property market has not only bounced back, but it has surged since stage four restrictions lifted across Melbourne earlier this month. In the last two weeks, lead agent Sam Hobbs has achieved another extraordinary sales benchmark on the back of his $13 million St Kilda sales run, over a seven-day period, back in August.
Sam Hobbs’ $20 million plus worth of property sales over the last two weeks comprised of five St Kilda homes ranging from $3 million to $5 million in price.
“The hard COVID-19 lockdown within Melbourne allowed people to re-assess their accommodation, work and lifestyle requirements. Suddenly the large homes in St Kilda became incredibly desirable due to their capacity to combine living and work from home arrangements and proximity to the beach, Albert Park Lake and the flourishing food and bar scene,” Sam Hobbs explains.
“There is no question people are considering lifestyle changes, like regional migration or trying to consolidate their living and work environments into one. These factors have meant larger St Kilda homes, which experienced less demand previously, are now in high demand due to their size, value for money and location.”
Sam Hobbs
Four out of the five homes were on-market sales, three of which were sold to buyers moving into St Kilda from other areas. The off-market sale of 29 Crimea Street was sold to a family living a couple of suburbs away. Sam Hobbs focused this campaign on his database and introduced a buyer to the home who he knew loved the street, the sale took a matter of days.
Both 40 Dalgety Street and 15 Clyde Street came on the market at the beginning of October and sold within just a couple of weeks. Clyde Street was purchased by a buyer upsizing from Elwood and Dalgety Street by a professional couple moving from Richmond.
15 Clyde Street
In contrast, 65-67 Spenser Street and 24 Mitford Street had longer periods on market. Mitford Street initially launched in January but the campaign paused due to COVID-19. It re-launched October 1st and there was immediate interest, selling by October 17th to a buyer from Toorak looking to use the space as both a home and art studio. Going live in July, Spenser Street was under contract by the 26th of October. The new owner, already a St Kilda resident, was interested in the home but their purchase was held up by COVID-19 restrictions and not being able to gain access in order to view the property.
These five sales in quick succession illustrate a strong demand for the St Kilda property market in this price category.
“St Kilda is an exciting place and now that people are so restricted in their travel, they want to be living in an exciting area,” Sam Hobbs says. ”It is also worth considering the impact of record low interest rates and the uncertainty in the stock market as to why people are investing in property. People are seeing value, particularly in larger homes or blocks, and view them as a safer option.”
65-67 Spenser Street
Along with the pent-up demand we have seen in the Melbourne property market in response to the lockdown measures, this extraordinary sales run by Sam Hobbs, totalling $20,275,000, is testament to his expertise, knowledge and service.
“A market like this requires sophisticated real estate agents who possess a tremendous amount of experience and patience in order to achieve these results,” Peter Kakos, The Agency’s Victorian General Manager, explains. “Clients constantly reference Sam Hobbs as the agent who they love dealing with. He understands the market, he is down to earth and very real and relatable.”