A qualified pilot with over 20 years of real estate experience, The Agency’s Adrian Wood has helped countless people to achieve their property goals.

Highly engaged and organised, he is a negotiating guru and off market specialist, with unbeatable auction clearance rates and record sales results throughout his specialised areas of Albert Park, Middle Park, St Kilda West, South Melbourne and Port Melbourne.

WILLIAMS MEDIA spoke to Adrian about the impact of the Covid situation and the outlook for Melbourne’s prestige property market.

What are your predictions for the luxury market in your area for the remainder of 2020?

With a constrained supply of luxury property available, I predict that prices will remain strong. Low supply/strong demand – this is basic year 12 economics. There is definitely a two-tier market; on-market versus the off-market.  Both buyers and sellers are happy to do deals behind closed doors without the traditional campaigns.

What changes have you noticed in the market with the pandemic?

I have noticed that, in general, the buyers that we are dealing with are highly motivated and engaged to buy. With the current open restrictions that we have in place in Melbourne, we are only able to do private buyer appointments.  The volume of attendees is lower, but the quality is very good.  Unless you really want to buy, no one in their right minds just inspects for a sticky beak in the Covid era. Vendors are holding off coming to market, as they have an impression it’s all doom and gloom, well this is not the case, some amazing prices are being achieved due to the low stock levels.

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Image: Adrian and wife,Teneale's latest renovation which sold last weekend.  Source: Adrian Wood

What advice would you give to vendors for the best outcome?

Presentation preparation is always paramount. This, coupled with a reliable and realistic pricing strategy, will ensure you attract the right segment of the market place. Vendors should be commercial with their expectations, and their agents should be constantly providing price feedback via interested parties and with recent market activity. A strong marketing campaign, that encompasses digital marketing will ensure maximum exposure, it often is a false economy to skimp on marketing.

What advice do you give buyers?

My advice to buyers is, if you find 80% of what you are looking for in a property then that is a good score card, you never find everything.  Don't focus on the market rumblings of massive price drops, as when a market starts to retract, so does the stock levels, and the buyers are generally left fighting over the limited stock. Make offers as you will find a lot of vendors are happy to sell prior.

What are vendors saying?

Vendors are saying ‘we are not sure about timing, so it’s a wait and see’.  They are still happy to engage, a lot of the times in the off market.

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Image: Adrian, Jack, Teneale and James.  Source: Adrian Wood

What are buyers saying?

Buyers are saying ‘the world’s falling in and I will just wait’. Prices will come back.  Astute buyers are proactively seeking properties to buy and know this is actually a great time to buy.

Are the buyers changing?

There’s no rule or rhyme with buyers.  The demographics are numerous.  We deal with a strong investor market, young families upsizing, older generations downsizing to single level well done homes, young singles and couples buying homes to renovate or well done existing homes, usually pre -children.

There is still an expat market, definitely from North America, Asia and UK/Europe.  We have seen more expats start to consider a move home, largely influenced by Covid.

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Image: Flying High.  Source: Adrian Wood

What are your interests outside of real estate?

Outside of real estate I love spending time with my two young boys, James nearly 5 and Jack nearly 3, so most of the time is spent with the family on walks and bike rides. My wife and I love renovating/building homes and we have just sold our last home, and now looking for our next project. I also love flying planes when time permits, as a qualified pilot.  

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Image: Sons, Jack and James.  Source: Adrian Wood

What is one thing you have learned over your years as a luxury agent?

Selling locally for 20 years, I have found that if you have an in depth understanding of the product you are selling, with regards to design, features, finishes, appliances and the like, then it is easy to articulate the features and benefits of the property to potential buyers. People are always willing to pay more, when they understand why it is that the product is worth more.  This is the same with most products, i.e cars, watches etc. Human beings generally are aspirational and aspire to the next level.

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