The Month in Review: March 2023

John Bongiorno – Sales Director

March saw great opportunities to come into the market, feeding strong buyer appetite and resulting in a steady rise in clearance rates.

Across the market, Marshall White clients are proving less susceptible to a fluctuating climate, with buyers willing to absorb inflated interest rates, allowing vendors to still achieve their desired outcomes.

With our privately owned, ten-office, one-network model, our clients continue to be supported by Marshall White’s unique advantage over competitors. Our single database enables excellent reach with a loyal client base who are served both effectively and efficiently.

Paula Matlock, Director – Property Management

The current rental market is still very tight with multiple attendees at inspections and multiple applications of properties. With low stock propelling high demand, we have seen an increase in rents in some instances of up to 15%.

In March, Marshall White rental provider properties averaged 15 days on the market, with a vacancy average of 10 days. This is significantly lower than the same period last year with homes averaging 26 days on the market, signifying very positive news for rental providers in Victoria.

Last month Marshall White Property Management conducted 517 open for inspections with 1463 viewing attendees and 545 applications. 124 properties were let in the month of March after receiving 2899 enquiries from prospective renters.

Leonard Teplin, Director – Marshall White Projects

March proved to be a highly successful month for Marshall White Projects not only launching but selling out Shustin Developments’ The Grange in Malvern East, while our Argyle SQ in Carlton was the number one searched new apartment and townhouse project in Victoria. In partnership with Sustainability Victoria, we also launched stage 2 of Preston Place, net zero emission homes by Metro Property Development.

We have appointed Tycorp builders for our current project, Mattone Richmond townhouses, where household CO2 emissions will be reduced by up to 30 tonnes per year (the equivalent of planting 1,500 trees a year) and have also appointed builders for Maranoa Gardens in Balwyn. Walmer Apartments on the banks of the Yarra is set to welcome residents after Easter.

Off-plan buyers have never reached better value for money than right now. With fierce competition to capture a buyer’s imagination, buildings are being designed/benchmarked off the best hotels in the world. Fittings and fixtures are more advanced than ever with cold stocker lockers for home deliveries, digital locks for trades access, EV chargers, 100% greenhouse emissions offset solar panels, and new design trends such as waist-level washers and dryers.

Harry Bongiorno, Head of Finance 

After remaining virtually flat in February (-0.1%), CoreLogic’s national Home Value Index (HVI) posted the first month-on-month rise since April 2022, with an increase of 0.6% last month. This is positive news for homeowners and prospective buyers in the current market seeking a level of stability.

Due to heightened media attention surrounding the recent rising rates, homeowners have become significantly more aware of and focused on their increased home loan interest rates and living costs. Subsequently, clients are increasingly seeking guidance from mortgage brokers who can provide clients with a variety of options based on their individual needs. With 69.3% of all new residential home loans between October and December 2022 facilitated by mortgage brokers*, this trend is likely to grow with financially savvy individuals seeking the best short position with their mortgage repayments.

March continued to see a flurry of refinance activity and re-pricing for Marshall White Finance clients as their fixed-rate loans convert to variable rates.

*Comparator research group data/Mortgage and Finance Association of Australia (MFAA).   

Lucy Cashmore – Concierge

The end of the first quarter for 2023 saw over 400 clients happily and successfully served by the Marshall White Concierge team.

We assisted with 320 pre-settlement calls, guiding clients through the property purchasing process with our trademark focus on personalised client service.

Our diverse network of trusted tradespeople and professionals were engaged to meet the varied needs of Marshall White’s Concierge client base, delivering a premium service to ensure the process of moving home was as easy and streamlined as possible.

For assistance with any property needs or an upcoming move, please reach out to the Concierge team.

Together, our department leads continue to deliver clients the Marshall White difference, regardless of their property journey stage or needs, and we look forward to seeing what the remainder of 2023 brings to the entire Marshall White team. Contact one of our specialist team members today to assist with your property journey and experience our unrivalled prestige client service.