5 Minutes with Mark Stafford

1. How did you get started in property?
   My grandfather ran his own residential real estate business in Melbourne in the area that I grew up, so the property market was always an area of interest of ours growing up. After finishing school, I attended RMIT University with an interest in Property and Construction Management.
   
   Over the following years, I found myself drawn in more by the property market, which led to my first role in the graduate program here at Savills in 2015. My last rotation through this program was to the CBD & Metropolitan Sales Team and after only a couple of weeks I knew I didn’t want to be anywhere else.
   
   Over the past 5 years I have been working in the sales team with a strong focus on healthcare and childcare investments, development sites, retail and commercial properties. My passion for property and the key role that it plays continues as I get to deal with more people throughout the industry.  
   
   
2. What is happening in your market right now?
   It is no secret that the Melbourne market has been impacted by COVID over the past few months, however we are continuing to see strong results and transactions throughout the market. The past month we have seen increased activity and enquiry levels, as more and more buyers begin to look to build their pipelines for 2021.
   
   It is clear that there is a significant amount of pent up demand, as a lack of quality stock within the market over the past few months has left both investors and developers hungry for new opportunities. With this continued activity, both from vendors and buyers, it is evident that the Melbourne market is showing its resilience and looking to build to a big 2021.
   
   
3. How has COVID-19 affected your market? What are you and your team doing to combat this?
   COVID-19 has changed the way our team operates day to day, with zoom calls with clients and the signing and exchanging of contracts electronically the new norm.
   
   One of the biggest impacts that we have faced is the ability to conduct inspections, which is traditionally a key part of a transaction, in particular for investments. This has forced us to reconsider our marketing strategies and look at ways to provide the inspection experience. We are now utilising virtual tours for our larger investments, like the recent childcare centre we launched to market in Point Cook, which helps investors engage with the property and inspect the two level freehold.
   
   
4. When do you think the market will bounce back?
   We are already seeing strong positive signs from the market, as the past few weeks there has been significant increase in the level of enquiry and transaction volume. This is highlighted by our teams’ recent success with 16 transaction in the past 6 weeks alone. It is evident that buyers are actively looking for new opportunities as they begin planning for 2021 and beyond.
   
   
5. What is one tip you would give investors right now?
   Currently we are seeing a number of investors look at a range of non-traditional investments, such as child and aged care, as they offer long term leases and strong underlying land content. Now is the time to consider broadening your portfolio, as these asset classes offer excellent investment fundamentals along with solid returns. 
   
   
6. What is one tip you would give owners right now?
   If you are considering selling your property, now is a good time, buyers are actively returning to the market and looking for new opportunities. Over the past few months there has been a hesitation to place properties on the market, which has led to a lack of quality, available opportunities, so now is the time to take advantage of this pent up demand.
   
   As the end of 2020 approaches, a large number of buyers are keenly looking to build their 2021 pipeline or expand their portfolio. We have continued to achieve outstanding results throughout the past few months during lockdown, and this trend looks set to continue through to late 2020.
   
   
7. Name one career highlight from the past 12-18 months & why
   Having recently competed in the REIV Novice Auctioneer Competition in late 2019, I sold my first property under the hammer in Balaclava. The retail shop was sold on a tight 4.51% yield, and it was very rewarding to be there calling the auction and sell under the hammer.
   
   Two weeks later, I conducted the auction for a permit approved site in South Melbourne that sold for more than $3 million above reserve, with 7 bidders on the day and 58 bids throughout the auction.
   
   Both of these auctions were very rewarding on a personal and professional level, but also to be able to congratulate two very happy vendors was a very rewarding moment. The whole auctioneering training and process ultimately provided me with a whole new skill set and added confidence moving forward.  
   
   
8. Tell us about the most unique/special property you’ve sold or leased
   In 2017 and 2018 we auctioned off 14 former East West Link properties in Clifton Hill on behalf of the Department of Treasury and Finance. All of these properties had a common interest from the market, however each of them was very different and unique in their own way. The stories and history behind each of these buildings were unique and attracted significant attention and interest from the market.

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