Married with three children, Kay & Burton Partner Grant Samuel knows the importance of community and the joy inherent in a close family life, bonds which are more important than ever during the 2020 pandemic.

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Grant is known for qualities such as integrity and belief in providing service. These traits were valuable when he ran his own company, and also recognised by Kay & Burton once he made the transition to real estate, where he won the company’s Rising Star Award followed by the 2017-2018 Top Salesperson of the Year.

WILLIAMS MEDIA spoke to Grant about what he has learned working in the real estate market during unprecedented times.

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

Stock levels have been low, particularly through April and May. However, as vendors decided to put their properties to market post this period, we have seen some really strong demand from buyers due to the lack of stock and low interest rates. We've had auctions with up to 10 registered bidders. We weren't seeing that when the market was at its absolute peak. As more positive selling stories occur, more vendors will opt to take their property to market. It will be interesting to see how the market copes if we see an increase in supply towards the end of the year.

What changes have you noticed with the easing of restrictions in most of Melbourne?

Sale campaigns that started as Expression of Interest or Private Sales are now going back to more traditional auctions. This is often the more preferred method for buyers due to its transparency. Buyers also feel a social validation to bid harder for a property when others are interested in the same property. Given that Victoria is back in lockdown, agents will need to be agile with how existing campaigns are conducted as well as strategising around new listings that are coming to market.

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

Vendors should choose an agent they can not only trust, but who is professional, can deliver buyers from an extensive database, and has adequate time to commit resources to selling their home.

Provided vendors get the above right as well as present their home well and market it correctly, they are a long way towards achieving the best possible outcome. Visiting homes in the area, becoming immersed in the market and developing relationships with agents will be extremely beneficial to making the right decisions.

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What advice do you give buyers?

If you have found something you like and it ticks most of the boxes, go for it. Whether you are a $1m buyer or $10m buyer, very few properties tick every box.

What are vendors saying?

We are in unprecedented times. Vendors are leaning on agents more than ever to understand what is happening at the coal face. They are also doing much more research, like attending auctions, than they may have done previously. Whilst there is broad media coverage about what the market is doing, each sector of the market is behaving very differently at the moment.

What are buyers saying?

In the current market, there will always be the buyer that thinks they can buy a property 30% below market value. That said, once they have spent some time looking, they have found that bargains are not there. We aren't seeing as many neighbours attend our opens, just well qualified buyers who frequently comment that stock is low. If you cut through all the noise, the market doesn't feel that different to pre-COVID-19. 

Are the buyers changing?

Due to the lack of supply, we are probably seeing downsizers and younger people compete on similar properties more often, particularly in the sub $3m market which is holding up very well. Enquiry from the overseas market, both foreign buyers and expatriates has been extraordinary. They are doing a lot of research at the moment and I think when the borders open, we will see a lot of activity from this market given the safe haven Australia provides. A weak Australian Dollar and low interest rates is also making it attractive financially.

Where are the buyers from?

Currently, the local market is extremely strong sub $3m. Given the recent banking Royal Commission and now COVID-19, there has been a back-log of buyers just wanting to get on with their lives. Above $3m, the overseas market, consisting of both expatriates and International buyers, continues to drive this segment along with the local market who are both upsizing and downsizing.  Buying and selling real estate isn’t just a financial decision, lifestyle motivations often play a big part as well.

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Are they typically looking to buy holiday/lifestyle homes or permanent residential?

The market I work in has primarily been principal places of residence. That said, I am seeing a number of transactions taking place through our peninsula offices.

What are your personal hobbies/interests outside of real estate?

Most competitive sports are of interest. Unfortunately, I am a mad Melbourne supporter in the AFL. It has been tough supporting my club for a long time now. 

Outside of this and work, my world revolves around my wife and our 3 kids. COVID-19 has provided us with an opportunity to spend much more time together as a family. I think it's a positive memory the kids will always have. 

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

We know what is occurring now, but we have very little idea of what is around the corner. The past 24 months has certainly taught us that.

Related reading:

Buyers out in force in a post-Coronavirus real estate market

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