Darren Lewenberg says there are many similarities between real estate and boxing, particularly the impact of hard work and strategy on results. And he’d know – as the son of a Russian immigrant boxer whose hard work saw him carve out an amazing fighting career.

A successful career in corporate sales and marketing helped Darren quickly etch out his own reputation as one of the hardest working and savvy real estate agents in the industry and he recently clocked over 10 years with Kay & Burton. 

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Darren Lewenberg.  Source: Kay & Burton

WILLIAMS MEDIA spoke to Darren about conditions within the Melbourne property market in 2020.

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

Following an extremely positive conclusion to the 2019 real estate market, the industry was looking forward with renewed optimism to 2020, however there has been much commentary in regard to how real estate will be impacted as a consequence of the current pandemic.

With the loosening of restrictions in respect to the manner by which  we conduct real estate business, there is acknowledgement that we will endure a low turnover market, with stock levels predicted to be down compared to this time last year in the range year of 20-30%.

That said, at the coal face, agents are seeing greater synergy between both buyers and sellers in terms of respective motivations, which has resulted in very positive clearance levels of those homes available to buy. 

Whether the current enthusiasm maintains itself into the traditionally busier Spring period, is difficult to say, , however it’s pleasing for the market to experience a measured bounce back sooner than most had been predicted.

Clearly, it’s a wait and see approach for all, but history has shown that the Victorian and NSW real estate markets have been historically resilient to major global events. 

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Darren Lewenberg.  Source: Kay & Burton

Have you noticed a change in the last couple of weeks with the easing of restrictions?

Most certainly. Since restrictions were lifted in recent weeks, numbers of buyers attending open for inspections have been pleasing. We have had examples of 25-30 people attending inspections.

Clearly buyers are very aware of the social distancing parameters and physical limitations of people in the home at any one time, however this certainly has not prevented them attending homes with the same gusto that they had pre-virus.

More interesting though is that we are finding less “browsing” buyers and a greater proportion of people motivated to purchase.

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

Ultimately the advice pre or post Covid-19 is the same:  

1. Present the home to the best of your ability, or seek assistance in doing so. Investment in presentation more often than not reaps great rewards.
2. Don’t compromise on marketing your home to the largest audience…you never know where the buyer will come from. Vendors traditionally have one chance to optimize a result and you therefore should attract all active and passive buyers in the market place. Don’t view advertising as a cost, see it as an investment!
3. It is critical that vendors are cognisant of market conditions and the most recent sales in the area when considering their thoughts of value for their home and how they position the home through the Indicative Selling Range. It’s so important to listen to the advice of your agent - you’ve entrusted them to sell your home, so you might as well consider their recommendations.  

What advice do you give buyers?

The best buyers are the most educated. Immerse yourself in the market for at least one selling season.

It can be a demoralising journey buying a new home, therefore if you view it as a labour of love, commit the time to research, build relationships with agents and attend as many open for inspections on the weekend as possible. Following this simple advice will put you in the best position to make the right decision, when a decision needs to be made.

Remember, finding perfection in residential real estate in a fallacy. Understand your priorities in your search and if you achieve 70-80% of them, you’re on a winner! 

Finally, regret is an emotion easily avoided, so be brave and if you find “the one”, it’s worth pushing yourself a little harder.

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2a Frederick Street Windsor VIC, sold by Darren Lewenberg and Grant Samuel of Kay & Burton. Source: Kay and Burton

Where do you see demand coming from?

Demand for property is coming from all the traditional sectors, albeit not to the same levels as we were experiencing last Spring.

Upsizers, downsizers and lateral movers seem to be well represented across all price points in the market.

Without question, given Kay & Burton’s long and extensive partnerships with the expat and overseas buyer communities, it is no surprise to us that these sectors have been extremely active in purchasing local property in recent times. 

Given the current political challenges in Hong Kong, broader social issues across Asia Europe and the US, favourable exchange rates and the political and social stability of Australia, demand for local real estate in Melbourne been incredibly strong. This is reflected in approximately 30% of Kay & Burton recent transactions being sold to buyers who have recently resided overseas. 

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What is one thing you have learned over your years as a luxury agent?
 
Despite the strong views that many hold about real estate agents, it’s quite amazing that no matter what the professional or social setting, or standing of the individual I’m speaking to in the community, everyone loves talking about their experiences in real estate.

I don’t believe there are many other industries where people hold the same passion, opinions or personal stories than the real estate industry, particularly in Melbourne, where it’s an absolute sub-culture. A fact that continues to increase my passion for the industry day after day.

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