The Report 2021 - SURROUNDS - Jellis Craig

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The Report 2021 - SURROUNDS - Jellis Craig
The Report
        2021

RICHMOND
& SURROUNDS
The Report 2021 - SURROUNDS - Jellis Craig
Welcome
Welcome to our 2021 edition of The Report – your
exclusive insight into the factors shaping the residential
property market in Richmond and its surrounds, and
the wider metropolitan Melbourne region.

There’s no doubt that the COVID-19 pandemic continues
to have a significant impact on the property market in
Melbourne. While border closures, job losses and harsh
stage four restrictions presented challenges none of us
could have imagined, our real estate market has defied
expectations and proven to be very resilient.

Since we emerged from the extended lockdown in
October 2020, the property market has experienced
tremendous capital growth in Richmond and its
surrounding suburbs. With Melburnians spending more
time in their homes, there has been a sharp increase in
buyers looking to upsize to larger properties offering more
lifestyle amenity and accommodation.

As a result, we have experienced our strongest market in 30
years, with exceptional price growth and multiple bidders
at auction. Latest REIV statistics for the June ’21 quarter
show house prices across the Richmond region increased an
average of 3.1% on the March ’21 quarter.

Low interest rates and stronger than expected economic
conditions have resulted in increased demand from first
and second homebuyers. Coupled with a low volume of
stock, looking for that next property has been a challenge
for some, creating a bottleneck in certain sectors.

Despite the strong growth in house values, we have seen
rental values dip, then stabilise over this time. Investors
have been cautious, leaving owner-occupiers to take up
the slack. As we work our way through the second half of
2021, with people returning to their workplaces and
Melbourne opening up again, the rental market is
The Report 2021 - SURROUNDS - Jellis Craig
improving and vacancy rates are decreasing across
Richmond and surrounding suburbs. Developers are starting                           E L L I OT G I L L
to re-engage with shelved planning permits and there is a                           Di r e c t o r
strong pipeline of new projects featuring updated designs to
accommodate larger spaces and home offices for a more agile
living environment.

We expect the property market in the Richmond area to
continue in the same trend, with two very distinct gears
– growth in value in the owner-occupier market and a
stabilisation of the investor and smaller apartment market.

In this year’s Report, we examine the market in your area
and investigate the infrastructure improvements that will
add to liveability in Richmond and its surrounds. Macquarie
Group economist Martin Lakos looks into the factors driving
price growth, and Jellis Craig CEO Nick Dowling makes his
predictions about what is next for the property market.

We hope you enjoy our 2021 edition of The Report and we
look forward to guiding you through the sale or purchase of
your next home.

CONTENTS

2    What is really happening in Melbourne's property market        |   4   An update on the economy

6    Melbourne's big shift |     8   How we live in our homes is changing       |   10     Infrastructure and local insights

11    The Jellis Craig Foundation    |   12    In numbers      |   13   Exceptional sold property

                                                                                                         J ellis Craig - The Repo r t   1
The Report 2021 - SURROUNDS - Jellis Craig
What is really
                   happening in
                  Melbourne’s
                 property market
                              Nick Dowling                                       What a difference a year makes.
                              CEO, Jellis Craig
                                                                                 In fact, the results from when we emerged from our
                                                                                 extended lockdown in November 2020 have been nothing
                                                                                 short of astounding. A 90% average weekly clearance rate
                                                                                 for the majority of 2021 across the Jellis Craig group,
        After the record-breaking year                                           Melbourne's median house price climbing over
                                                                                 $140,000 in 12 months^.
        we have experienced, it is easy
        to forget the position we were                                           In the period from January to August 2021, we saw
        in 12 to 18 months ago. Picture                                          attendance at our open for inspections increase by 32%
                                                                                 compared to the same period the year prior.
        August 2020: lockdown
        fatigue had set in and global                                            More than ever before, it is emotion that is driving the
        economists and commentators                                              demand and soaring price growth.
        were predicting dire economic
                                                                                 The pandemic has led to expats returning home to
        conditions, with significant falls                                       Australia earlier than they may have initially intended.
        in property prices.

2   Wh a t i s r e a l l y ha p p e n i n g i n Me l b ourn e 's p rop er ty m arket                                           ^Source: Domain
The Report 2021 - SURROUNDS - Jellis Craig
Additionally, the pandemic has seen                          By contrast it has been a turbulent                          There is no doubt we are in the midst
people prioritising home by bringing                         12-months for the metro-Melbourne                            of a record high growth period.
to light the ease with which they can                        rental market due to the impact of
work from home and allowed people                            COVID-19 on overseas migration and                           Inevitably these record highs will
to question where and how they                               the casual work force, combined with                         rebalance, as the property cycle
want to spend their time.                                    the significant changes in law                               always does.
                                                             introduced through the amendment
There has certainly been a sense of                          to the Residential Tenancies Act.
‘FOMO’ with buyers getting priced
                                                                                                                              Inevitably these record
out of suburbs or property types in a                                                                                     highs will rebalance, as the
matter of months.                                                                                                         property cycle always does.
                          Melbourne Median House Price
                                                                                                                          My predictions for the property
$1,000,000
                                                                                                                          market for the next 12-months are
$900,000                                                                                                                  steeped in learnings from the
$800,000                                                                                                                  previous 18-months. Most
                                                                                                                          consequential is that in our industry,
$700,000
                                                                                                                          activity builds rather than dissipates.
$600,000
                 Jun 16

                           Dec 16

                                    June 17

                                              Dec 17

                                                       June 18

                                                                 Dec 18

                                                                          June 19

                                                                                    Dec 19

                                                                                             June 20

                                                                                                       Dec 20

                                                                                                                June 21
Source:
                                                                                                                          In the short term, I predict that the
CoreLogic                                                                                                                 disruption to the market during
                                                                                                                          late winter may result in a reduced
                                                                                                                          level of available stock in spring.
    There has certainly                                      The disparity between the sales and
                                                                                                                          However, the past has told us that
                                                             rental market is highly unusual, given
been a sense of ‘FOMO’ with                                  they typically run in parallel with one                      after a period of lockdown and
buyers getting priced out of                                 another.                                                     reduced activity, prices and demand
                                                                                                                          tend to surge strongly once life does
suburbs or property types in
                                                             However, these disparities are starting                      return to a semblance of normality.
a matter of months.
                                                             to align. Vacancy rates continue to
                                                             decrease in Melbourne and there are                          According to the Government's COVID
Finally, there is the hotly discussed                        early indications that investors are                         Response Plan, towards the end of
‘regional boom’, where a huge number                         returning – a positive sign for the                          2021 and into 2022, lockdowns
of Melburnians continue to drive                             rental market.                                               will be less likely and borders will
growth in regional locations by                                                                                           reopen. For the property market,
purchasing both main and secondary                           Across the Jellis Craig network, our                         this will mean that investors will
residences outside of the city.                              skilled team of agents have                                  once again return to the market,
Similarly, the rental market has                             adapted very well. With 18-months                            as will, with the possibility of
increased by up to 20% over a                                of going in and out of lockdown, we                          international immigration, overseas
12-month period in some regional                             have learnt to take the uncertainty                          buyers. Both of these factors will act
towns with the trend of Melburnian’s                         that comes with the pandemic in                              as positive tailwinds. These positive
fleeing the city to work from home                           our stride. By taking advantage of                           changes could lead to tweaks
in regional areas. However, these                            our suite of tools and technologies,                         from the Government to level the
factors alone have not caused the                            our teams are able to continue                               surging prices. This may be done
staggering price increases. Perfect                          presenting our clients' properties                           by increasing interest rates, more
economic conditions thanks to                                to the market and transacting with                           restrictions on lending, or hiking
consistently low interest rates,                             confidence. Similarly, we have found                         stamp duty fees.
government budget initiatives and an                         that both buyers and vendors are
increase in household savings,                               willing to commit to decisions whilst
combined with the above emotional                            in lockdown and through non-
factors are what have led to a 16%*                          traditional channels.
annual price growth in houses in
Melbourne.

*Source: REIV                                                                                                                     J ellis Craig - The Repo r t   3
The Report 2021 - SURROUNDS - Jellis Craig
An update on
                         the economy
                           Martin Lakos,       The doom and gloom predictions, and the discussion
                           Division Director
                                               of a prolonged recession that we thought would be
                           Macquarie Group
                                               brought about by the pandemic, have not eventuated.
                                               Globally and locally the economic conditions look strong
                                               thanks to low rates, fiscal support, consumer sentiment
                                               and vaccination progress.
       When you look at the data, it is
       no wonder Melbourne's median            Recent activity data has been significantly better than
       house prices have increased             expected in Australia. GDP growth is now forecast to be
                                               4.75 % over 2021 and 3.5%* over 2022.
       roughly 16%* compared to this
       time last year:                         Employment has also been strong. In fact, not only has
       $200 billion stockpiled on              Australia’s unemployment rate tumbled to its lowest
                                               level since the start of the pandemic, dropping by 2.4%
       Australian personal and                 with 303,700 more jobs created in only 12 months, but
       business balance sheets, $36            it is now also sitting at a record historical low of 4.9%*.
       billion released from Australian
                                               At the same time, job vacancies are continuing to rise.
       superannuation accounts,
                                               Macquarie Division Director and commentator Martin
       record low interest rates and           Lakos says these statistics are evidence of an improving
       government financial support            employment position: ‘A lot of job vacancies are not
                                               being filled, and at the same time hours worked around
       for hundreds of thousands of
                                               the country are increasing.'
       Australians unlike anything we
       have seen before.                       Various social assistance measures such as JobKeeper
                                               played a crucial role in boosting household income over
                                               the past year. Whilst largely these programs have wound
                                               down, growth in employment has cushioned the effect
                                               of the programs expiring.

4   A n u p d a t e on th e e c onomy                                                    *Source: AFR, REIV, ABS
The Report 2021 - SURROUNDS - Jellis Craig
Australia's Unemployment Rate

According to the RBA, household                       Economic outlook, jobs growth          However, several banks have
wealth has increased strongly of late,                and household savings were             already begun factoring tightening
mostly because housing prices have                    contributing to a feeling of           monetary policy and an increase in
risen, but also because households                    confidence amongst Australians.        RBA interest rates into their pricing
accumulated an unusually large                        This confidence was reflected in       decisions, with longer term home
amount of additional savings                          demand. However, the situation         loan fixed rates on offer rising to
through 2020 due in large part to a                   in Sydney and other parts of the       more than 2%* for the majority in
reduction in discretionary spending                   eastern seaboard in late winter are    the market.
throughout the pandemic. For                          somewhat starting to dampen this
                                                                                             In addition, there have been some
example, in 2018–19 more than                         confidence.
                                                                                             early signs of the banks taking
10 million Australians took overseas
                                                      In the established home market, we     more of a risk averse approach
trips, the majority of which were for
                                                      know that prices are rising rapidly,   to home lending and factoring
holiday purposes and equivalent to
                                                      and demand is high. Martin Lakos       in a potential increase in RBA
$43.2 billion. With overseas trips not
                                                      says the market will continue to be    rates over the coming years in
possible since early 2020, this
                                                      buoyant for a few years yet:           their credit assessments, with the
discretionary spending has ended up
                                                                                             Commonwealth Bank of
in consumers’ pockets. Aside from
                                                      You can’t underestimate the demand.    Australia (CBA) increasing its
consumption spending rebounding
                                                      In broad terms, the conditions for     serviceability floor rate by 0.15%*
rapidly as restrictions have eased,
                                                      housing are positive: construction     in June, 'to ensure that CBA
Martin Lakos says there are other
                                                      is rising, housing turnover has        continues to lend responsibly in
signals of confidence:
                                                      increased, and many properties are     the current record-low interest rate
                                                      only on the market for a short time    environment'.
Businesses and households are once
                                                      before being sold.
again servicing their debts and                                                              Victoria’s population growth has
we’re forecasting the strongest                                                              been significantly impacted by the
                                                      These strong figures and continued
earnings recovery since the 1980s.                                                           pandemic. According to Martin
                                                      growth beg the question: At what
                                                                                             Lakos the state that was once the
                                                      point will there be any macro
Further, as at 30 June 2021, the                                                             strongest in terms of population
                                                      intervention to slow the escalating
Australian sharemarket broke new                                                             growth is the one that has thus far
                                                      prices? In terms of interest rates,
ground and claimed a historical                                                              been impacted most by the closure
                                                      the RBA reaffirmed that interest
record high, closing at more than                                                            of the international borders and
                                                      rates were remaining steady in
7,500* points. This was more than a                                                          internal migration to Queensland,
                                                      the short-term and that they were
50% increase on its lowest point in                                                          but Victoria will benefit once the
                                                      committed to 'maintaining highly
2020 at the start of the pandemic.                                                           borders are permanently reopened.
                                                      supportive monetary conditions to
                                                      support a return to full employment
                                                      in Australia'*.

*Source: ASX, AFR, Mortgage Business, ABS - 4th May 2021                                             J ellis Craig - The Repo r t   5
The Report 2021 - SURROUNDS - Jellis Craig
Melbourne's
                                          big shift
                                  Bernard Salt,
                                  Author and
                                  Demographer

        The coming of the                         Events of this scale force a change in the way of life, and
                                                  Victorians have form when it comes to fleeing the city and
        coronavirus pandemic is                   the state during calamitous times.
        the most significant event                During the early 1990s, in response to the last recession,
        to have impacted the state                Victoria recorded a net annual outflow of up to 7,000.
        of Victoria and its capital               Comparatively, in the December ’20 quarter (ABS), Greater
                                                  Melbourne recorded a net outflow of 8,000.
        since WWII. And it isn’t
        over yet. The impact isn’t                And it makes sense: diminished employment opportunities
                                                  prompted city-folk to look for a cheaper cost of living (and a
        so much in the tragic loss                better lifestyle) in the country.
        of life but in the profound               It is worth noting too that more people are likely to be
        change in behaviour that it               leaving Melbourne for the regions than are leaving the state
        has prompted.                             entirely. I have called these Melbourne-exiters the VESPAs:
                                                  Virus Escapees Seeking Provincial Australia.
                                                  The rise of the VESPA movement is only part of the
                                                  pandemic’s impact. The main game, the big shift, has been
                                                  the rise of the work-from-home movement.

6   M e l b o u r n e 's b i g shi f t
The Report 2021 - SURROUNDS - Jellis Craig
I have tracked working from home         The same thing happened in the          Similarly, uncertainty in the supply
as a lifestyle choice since the 1996     Shire of Mitchell comprising Kilmore    chain caused by recent trade
Census when barely 5% of employees       and surrounds (9% ABN growth rate),     difficulties will surely lead to a
worked from home. That proportion        the City of Ballarat (6% ABN growth     renewed interest in securing locally
did not shift for 25 years until the     rate) and the Shire of Baw Baw (6%      manufactured product. Indeed,
pandemic, which, combined with           ABN growth rate).                       this drive for supply chain security
broadband internet access via the                                                is likely to expand into agribusiness
                                         Here is evidence that Victoria’s
NBN, enabled, by my reckoning, up                                                through the 2020s, which could
                                         biggest provincial cities and
to 45% of Melbourne’s workforce to                                               also result in heightened demand
                                         communities are attracting (or
work from home.                                                                  for industrial space in regional cities
                                         cultivating) a significant
                                                                                 and towns throughout Victoria.
And while there is evidence for an       entrepreneurial community.
underlying flee-the-city narrative
during any calamity, the requirement
for as many workers as possible to
work from home (because of the
pandemic) has accelerated the move
to the regions.
New data released by the ABS in
February tracking this trend across
Australia in 2020 shows that it
is the 25–44 (mostly Millennial)
cohort that is leading the escape
to regional Victoria. By contrast, in
2019 the largest outflow from
                                         It is important to note that there is   The coming of the coronavirus
Australian cities was the 55-and-over
                                         evidence of a long-term appetite by     pandemic hasn’t so much been
tree-changer cohort.
                                         government departments for              about access to cheap money
Indeed, I think there is something of    decentralisation from the Melbourne     and to government support – as
a Goldilocks Zone attracting VESPAs      CBD. Consider for example the           important as these prompts to
working from home of up to a             transfer of the Transport Accident      everyday survival may have been
150km radius from Collins St.            Commission from Exhibition St to        – it has also been about change
And so, if there is indeed a flee-the-   Geelong in 2006. This was followed      in the everyday behaviour of
city movement underway, enabled          by the shift of Victoria’s Workcover    Melburnians.
by the work-from-home movement,          Authority from Melbourne to Geelong
then it prompts two questions.           in 2014. With more people exiting            The coming of the
Which places are most likely to be       inner-Melbourne for outer suburbia,     coronavirus pandemic hasn’t
transformed by newcomers? And what       this begs the question, could more      so much been about access to
                                         government departments and big
are the implications for businesses                                              cheap money and to government
and towns in these localities?           businesses follow suit? Perhaps to
                                                                                 support – as important as these
                                         create a new work-near-home
Over the two years to June 2020          movement where workers gravitate
                                                                                 prompts to everyday survival may
(including the first three months of     to suburban regional hubs?              have been – it has also been about
lockdown) the number of net new                                                  change in the everyday behaviour
                                         But there are other property-related
businesses (ie, ABNs) added to, or                                               of Melburnians.
operating out of, the City of Greater    impacts flowing from the pandemic.
Geelong increased by 9%. This            The rise in the popularity of online
                                                                                 And at the end of the day, that’s
compares with an Australian average      shopping will drive demand for
                                                                                 what really drives the property
business (or ABN) growth rate of 5%      industrial, warehousing and logistics
                                                                                 market: it responds to the way that
for this period.                         facilities both within greater
                                                                                 we locals want to live, work and
                                         Melbourne and in some regional
                                                                                 play in our state, and in our beloved
                                         centres.
                                                                                 capital Melbourne, and I don’t think
                                                                                 we Victorians would have it
                                                                                 any other way.

                                                                                         J ellis Craig - The Repo r t   7
The Report 2021 - SURROUNDS - Jellis Craig
How we live
    in our homes
    is changing
                            Lucy Feagins
                            Editor, The Design Files

                                                        Home Offices
       The concept of ‘home’ looks very                 Dr Nichola Powell, chief economist from Domain,
       different to this time two years ago.            researched the data on how our lifestyle changes in 2020
       In the last 18-months we have seen               influenced a rapid change in what we were searching for in
                                                        our next homes:
       the entire world bunker down in
       their homes. What has come out                   Prior to the pandemic, the use of the search term 'home
       of this is a re-evaluation of how                office' was infrequent. This search term skyrocketed in
                                                        popularity during the height of the pandemic, with the use
       and with whom we spend our                       of 'home office' to tailor a property search soaring by 605% in
       time, that has in turn allowed us                the June quarter, compared to the March quarter of 2020*.
       to consider our domestic spaces                  The importance of a dedicated workspace has hit the home
                                                        wish list.
       in more careful detail than ever
       before. The pandemic has led                     When we first entered lockdown last year, working from
       to a reassessment of how the                     home for most people consisted of a dining room table or
                                                        a simple desk set-up. In the future, spatial organisation will
       design, layout, and location of our
                                                        change. For some, the home office will be a separate room
       homes contributes to our sense                   with large windows, blackout curtains, and comfortable,
       of comfort and community. Here,                  ergonomic furniture.
       we investigate the post-pandemic                 In addition to being a place of sanctuary during this time
       future of how we live in our homes.              of global instability, our homes have also become multi-
                                                        functional, hard working spaces, quickly adapting to
                                                        accommodate online learning and working from home. Long
                                                        term, home design will shift to reflect these ongoing needs.
                                                        We’ll see a return of the dedicated home office (rather than
                                                        'study nook'), and a shift away from totally open-plan living, to
                                                        more carefully 'zoned' floorplans, where work life and family
                                                        life can co-exist comfortably under one roof.
8   H o w w e l i v e i n our home s i s c ha ng i ng
Space                                       properties (not too cold in winter,       Home Improvements
                                            not too hot in summer) and, ideally,
The pandemic has also spotlighted           some connection to the outdoors.          With our homes becoming our
the importance of having a hard-            These factors will push some              sanctuaries more than ever before,
working home. One that can stretch          homebuyers out of their 'wish list'       and with plenty of time to get to the
to accommodate adult children               suburbs, further afield and potentially   renovations we’ve been meaning to
moving back home, or a kitchen and          into new neighbourhoods, if it            get to, our homes are improving with
dining area that doubles as an office       means a more comfortable, spacious        an eye toward making them serve
desk, classroom and cafe. Extra space       and feel-good home.                       more people and more purposes
in homes is now a highly sought-                                                      now and into the future. With house
after commodity, with many buyers           Natural Light                             prices surging, and more time than
upsizing earlier than they ever             & the Outdoors                            ever being spent within the family
intended, or downsizers opting for                                                    home, home improvements and
new developments with an emphasis           After the keyword search ‘study’,         renovations have become a high
on space, greenery and light.               ‘outdoor’ had the second-highest          priority for many Australian
                                            year-on-year growth in the second         homeowners.
Beyond being house proud, the way           half of 2020*.
we live in our homes now is about
                                            For many, the prolonged impact that       The experience of the last 18-months
creating a feeling of health and
                                            staying inside had on our physical        will no doubt have a lasting impact
happiness through ample space and
                                            and mental wellbeing, meant that          on us and our homes. Many are
light.
                                            people increasingly prioritised           rethinking the kind of life they want
                                            natural light and access to nature.       to live post-pandemic, as well as the
Now more than ever, we’re looking
                                                                                      role their homes play in this. One
for homes that don’t just look good         The pandemic gave us a heightened         thing is certain, our homes are
– but homes that genuinely feel good        appreciation for the natural world.       looking lighter, brighter and more
to be in. So, what makes a home             Whether through a backyard, balcony,      spacious than ever before.
feel good? Generous proportions,            rooftop, or even parks and green
natural light, good ventilation, good       spaces, the best cure for cabin fever
acoustic insulation, stable thermal         is the great outdoors.

       *Source: Domain, RealEstate.com.au                                                    J ellis Craig - The Repo r t   9
Infrastructure
and local insights
Strong investment continues to spur
property market performance across
Richmond and surrounds, which has long
been sought after for its superb location
and outstanding local amenity.

Richmond and its surrounding                                       Swan St, the heart of Richmond’s          The $3 million upgrade of Jack Dyer
suburbs continue to thrive as a retail,                            dining and entertainment precinct, has    Pavilion at Citizens Park is underway
commercial, employment and leisure hub                             been earmarked for a major streetscape    and expected to be finished later this
of inner Melbourne, boosting property                              overhaul. Improved public spaces          year.
market performance and liveability.                                from Punt Rd to Birrarung Marr will
                                                                   feature trees and landscaping, outdoor    The attraction of being on the doorstep
Significant investment in new                                      dining and seating, public art and        of the city’s major sports precinct, with
lifestyle developments is bringing                                 better public transport connections.      Olympic Park, the MCG, AAMI Park, John
a heightened level of amenity and                                                                            Cain Arena and Rod Laver Arena all
driving demand in the vibrant inner-                               Highly sought-after schools are a         within walking distance of thriving Swan
city area.                                                         hallmark of the area, with homes in       St, contribute to Richmond being one
                                                                   coveted government enrolment zones        of the most popular areas for
                                                                   attracting premiums. Richmond High        Melburnians to live.
Peppers Richmond is on track to open
                                                                   School has opened a $43 million second
in mid-2022. Located on historic
                                                                   campus, while Collingwood College and     With developers starting to re-engage
Bridge Rd, the highly anticipated,
                                                                   Melbourne Girls’ College have both        with planning permits shelved during
80-room hotel will elevate the
                                                                   undertaken significant recent building    the pandemic, a strong pipeline of new
accommodation scene and offer an
                                                                   and school improvements.                  projects are coming to market. The
incredible rooftop bar overlooking
                                                                                                             updated designs will accommodate a
the city skyline, Melbourne Cricket
                                                                   Ongoing improvements in local             new way of living, with larger living
Ground and the Botanic Gardens.
                                                                   facilities are cementing the area’s       spaces and home offices to allow a
                                                                   reputation as an exceptionally liveable   more agile working from home
Cremorne’s transformation continues
                                                                   location. Yarra Council will invest in    environment.
apace, with the $1 billion Malt District
                                                                   a new park in Cremorne, playground
development now a hive of activity
                                                                   upgrades at Citizens Park and Golden      This strong investment across Richmond
as new cafes, shops and startups flock
                                                                   Square, and spend $3.9 million on         and its surrounding suburbs continues
to the area. Melbourne’s thriving tech
                                                                   new and improved cycling and              to spur property market performance
hub – encompassing Domain, REA,
                                                                   pedestrian links.                         across the municipality, which has long
Seek and CarSales – around Church
                                                                                                             been sought after for its convenient
St and Cremorne will eventually welcome
                                                                                                             location, outstanding local amenity and
thousands of new residents and workers.
                                                                                                             excellent lifestyle options.
     10      In f r a s t r u c t ure a nd l oc a l i n si g hts
Awareness. Support. Impact

         The Jellis Craig
         Foundation
A dedication to active community            As with everything we do at Jellis            Each office will have the opportunity
service has been central to the culture     Craig, we’re looking forward to what          to volunteer with The Big Umbrella by
here at Jellis Craig since our inception.   is next for the Foundation.                   creating and distributing meals.
This commitment to giving back to the
community was formalised through            We are delighted to be continuing
the establishment of the Jellis Craig       our relationship with Headspace.
Foundation in 2013. Since then, the         Our donations allow Headspace to
Foundation’s reach has been felt far        continue to run critical programs for
and wide, having made a significant         young people experiencing mental ill
impact on communities both locally          health. Over the next 12 months, the
and internationally.                        partnership will also fund education
                                            projects for young people, as well
                                            as a mentor program that will see
                                            our employees matched to youths
                                            suffering with mental ill health.

                                            Introduced in 2019, the Community
                                            Contribution Fund allows each of our
                                            offices to apply for a grant from the
                                            Foundation to fund a local community          A particularly exciting development
In the eight years since its inception,     project that will make a positive impact      for the Foundation is our new
the Foundation has raised over $1.6         in their area.                                partnership with The Resilience Project,
million and worked with four key                                                          which provides evidence-based
partners (Headspace, Very Special                                                         practical wellbeing strategies to build
Kids, Hands Across the Water,                                                             resilience through its emotionally
Breast Cancer Network Australia)                                                          engaging programs. Through our
and several other beneficiaries.                                                          partnership with The Resilience
                                                                                          Project, Jellis Craig will fund mental
Achieving this has been a collective                                                      health and resilience education
effort by all our staff, our leaders                                                      programs in up to six primary and
across the network and our board.           In a Foundation first, we are delighted       secondary schools within our office
Together, we have proven that               to be supporting The Big Umbrella             network areas each year.
through hard work, local office efforts,    this year. The Big Umbrella is a charity
a generous income model from our            that provides meals for vulnerable            The achievements of the Foundation
property sales, and getting behind          Australians experiencing homelessness,        thus far encourage us to reflect and
important charities and projects, we        and as such it is very close to our hearts.   celebrate what we have achieved
can make a huge impact.                                                                   already, and to look forward to what
                                                                                          we can continue to achieve together.

                                                                                              The J ellis Craig Fou ndatio n   11
Richmond & surrounds
in numbers
                                                                                                    S C AN TO S EE H OW YOUR
                                                                                                        S U B U RB C OMPAR ES

Median Property Prices                                                                                 Dwelling Type
  HOUSES        TOWNHOUSE          UNIT

                                                                                                                   12%
ABBOTSFORD

                                                                                                       54%               34%
BURNLEY

CREMORNE

                                                                                                             SEPARATE HOUSE
EAST MELBOURNE                                                                                               SEMI DETACHED
                                                                                                             UNIT/APARTMENT

RICHMOND

                      $0      $0.5M       $1.0M     $1.5M   $2.0M   $2.5M   $3.0M   $3.5M   $4.0M

Source: Property Data Online sold results
Aug 1 '20 - July 31 '21                                                                                  Ownership

                                                                                                                     21%

Feature Property
The generous proportions and Edwardian façade of this beautiful period                                  53%
                                                                                                                         21%
residence made it a sought-after option for buyers. This home sold for
$1,330,000 in May this year.
                                                                                                              OWN
                                                                                                              PURCHASING
                                                                                                              RENT
                                                                                                              OTHER 5%

6 Bell Street
RICHMOND

      12    R i c h mo n d & surround s i n numb e rs
Exceptional
Sold Property
                                                                              S C AN FOR MOR E
                                                                            S O L D PR OPER TIES

    8 Bennett Street
 RICHMOND $2,120,000

  407/1 Palmer Street   63 Lyndhurst Street
      RICHMOND          RICHMOND

193 Mary Street                               36 St Phillips Street
RICHMOND $1,961,000                           ABBOTSFORD

                                                                      The Repor t 20 21   13
@jelliscraig
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                                                   jelliscraig.com.au
                                                                Richmond

‘The Report’ has been prepared by Jellis Craig in good faith, as a general guide to the performance and outlook for particular areas of the
Victorian real estate market. The data and information provided in ‘The Report’ is provided by third parties for information purposes
only and does not constitute advice or recommendations. It does not intend to predict future performance of particular suburbs, areas,
properties or property types. You should consider your personal circumstances and obtain independent professional advice before making
                                                   any financial or investment decisions.
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