Insights

It is with mixed emotions that I write this as my very last column as CEO of Hodges Real Estate. While I am excited for the challenges and opportunities that lie ahead, it has truly been the most wonderful five and a half years, and I am grateful for the support of the Board, the wider Hodges network, our brilliant partners and suppliers, and of course, our customers. I am proud of everything we have achieved as a team, and confident that the plans we have put in place for next year and beyond put us in an excellent position for continued growth.

Twelve months ago, I don’t think any of us could have predicted what 2020 would throw at us. Bushfires, a global pandemic, wide-spread job losses and economic challenges – it has been a year that has tested our grit in many ways. But now we find ourselves at the beginning of December, and the promise of summer, time spent with family and friends, and far more positive outlook for 2021.

Last week’s state budget announcement was great news for the property sector, with $6 billion committed to a range of initiatives aimed at housing supply and accelerating Victorians into home ownership. Tax relief will be provided on stamp duty for residential properties up to $1m, including a waiver of 50 per cent for new properties and 25 per cent for existing properties that are entered into contract between 25 November 2020 and 30 June 2021. This will no doubt be welcome news for those looking to buy.

When restrictions began to ease in November, we saw a flurry of activity across the sector from keen buyers looking to capitalise on their pent-up demand. As a result, we are now seeing house prices quickly rebound across the city – a testament to the resilience of the Melbourne property market. If you are thinking about selling, it’s the perfect time to reach out to your local Hodges property professional for a free valuation and take advantage of the positive market sentiment.

After what has been a tough year for many, the Christmas period offers us all a wonderful opportunity to slow down and spend time with family and friends. From all of us at Hodges, we hope you stay safe, well and happy throughout the holiday season, and wish you a bright and prosperous 2021.