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Joey Eckstein: the market is HOT, HOT, HOT!

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Editor Belle Kwan gets a market update from Glen Eira property specialist Joey Eckstein, who predicts that we can expect an end to 2020 and a start to 2021 like no other!

 

Belle Kwan: Melbourne is finally easing out of stage 4 restrictions, which means real estate agents are allowed to conduct one-on-one inspections and resume transactions. What does this mean for the real estate market?

Joey Eckstein: Buyers are flooding the market and the past couple of weeks have been so busy; I could not be happier! Buyers have been very patiently waiting through stage 4 restrictions for their opportunities to purchase a new home, and that has created a sense of urgency and excitement in the market that I believe we will continue to see for the next four to five months.

From St Kilda East through to Caulfield and Carnegie, the demand for family homes continues to soar, and while we did quite a number of off-market private sales this year, there are some fantastic homes being prepared to come onto the market, with vendors simply waiting for new announcements before giving the final green light. As long as restrictions continue to ease, we will have November, December and January that’s like nothing we’ve seen before!

Belle Kwan: Do you think the pandemic and lockdown restrictions have influenced what buyers are looking for?

Joey Eckstein: Buyers in the Glen Eira market have always loved a property that they can renovate, but that demand is greater than ever now! I think people have spent the last few months at home thinking about what spaces they'd like to live in, they've been inspired by The Block being back on TV, they’ve picked up new skills and hobbies along the way, and I think they’re all eager to renovate and create their own dream homes. Land continues to be a highly sought-after commodity in this area, as are single-level homes that have wide appeal to people across various life stages.

Belle Kwan: With open for inspections and on-site auctions still on hold, how has your job changed?

Joey Eckstein: We all love an exciting weekend auction – the buzz and excitement of it all, as well as busy open for inspection sessions where we get to welcome dozens of groups of family into our vendors’ homes and strike up great conversations with interested buyers; – you simply cannot replicate the energy of that. However, I believe what defines a good real estate agent and agency is their database of interested buyers and underbidders who are ready and waiting, possessing the crucial people skills in listening and understanding what the buyers want, and connecting these pre-qualified buyers to the right properties.

I’ve been servicing the Glen Eira market for 18 years, and I do think I understand the sellers and buyers in this area very well. Even though we haven’t been able to have auctions, technology has enabled us to create that similar sense of competition and desire, where we had groups of interested buyers ‘bidding’ for their dream property through WhatsApp chats and Zoom meetings.

Off-market and private sales have also taught me some interesting insights – I’ve been able to help my vendors achieve prices that surpass their expectations through private viewings and off-market discussions, because I believe this low-key method of selling comes with a sense of privilege, where buyers feel like they've been given a rare opportunity to get their hands on a property before anyone else knows about it.

 

Joey Eckstein of Wilson Agents has been recognised and awarded as the leading real estate agent in St Kilda East (Rate My Agent Awards) for three years.

Joey can be contacted on 0419 419 199 or [email protected]

 

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