“Knowledge, expertise and experience is key to selling heritage property,” Dominic Romeo, Circa Heritage and Lifestyle Property.
A long-term resident of the Macedon Ranges in Victoria, Dominic Romeo is a highly respected and experienced property agent working for Circa Heritage and Lifestyle Property.
Over the past 30 years, Dominic and his wife, Marie have been responsible for the restoration of some of Australia’s most significant historic estates. He served as a Director of the National Trust of Australia (Vic) 2005 – 2015, NTAV Finance and Conservation Committees, and is co-author of the inspirational book – “The Constant Renovators”.
Image: Marie Romeo on-site Source: Dominic RomeoWith his profound knowledge of heritage controls, interior design, restoration costs, architecture, sales and tourism experience, he now specialises in selling heritage property throughout Victoria and Tasmania - a unique service in the Australian real estate industry.
WILLIAMS MEDIA spoke with Dominic about current market conditions.
What are your predictions for the luxury/heritage market in Tasmania and Victoria for the remainder of 2020, moving forward to 2021?
The heritage property market is an interesting field. People are obsessed with early Australian history and the romance of owning an historic house. This specialised sector of the market has always been popular, regardless of COVID-19.
Image: Recently Sold 'Wentworth House' Bothwell, Tasmania Source: Dominic RomeoIt is very difficult to predict what will happen in this market, as the economy tries to adjust coming out of COVID-19. Buyers have been a little cautious, however, enquiries have been very strong. Buyers and sellers have found themselves in a very unusual situation, however enquiry has been strong and I have experienced a significant increase in off market sales, as well as clients requesting me to switch to more of a buyers advocacy role, which has proven very successful for all parties.
Moving forward to 2021, I feel Covid-19 has given people time to contemplate and reflect on their lives and make decisions certainly based more on quality of life. Covid-19 has given people time to contemplate and reflect on their life.
Source: Dominic RomeoWhat changes have you noticed in buyers and sellers in Victoria and Tasmania since the COVID-19 situation?
Vendors are needing reassurance that a sales campaign can be managed successfully despite border closures and lockdowns.
Buyers on the other hand, have been reliant on the agent supplying extensive information – being fully transparent with every facet of the property.
During COVID-19, I have listed and sold many properties. That may not sound unusual, except many of my sales were in Tasmania and I am in Victoria! Strangely, I have not met many of those buyers and on one occasion, I did not meet the Vendor. Selling site unseen and not meeting the buyer is even more interesting!! Much of this has been attributable to the fear of missing out – particularly from interstate buyers. Trust in the agent has been paramount for buyers and sellers.
Image: Antarctica Trip with Indigenous youths Source: Dominic RomeoWhat advice would you give to vendors for the best outcome?
When selling a heritage property, engaging an agent who has the expertise, knowledge and confidence in understanding and dealing with all matters relating to your historic property, particularly if it is on a State Register.
What advice do you give buyers?
You will never find the perfect property – if you find a property which ticks most boxes, act quickly. Buyers are often nervous when contemplating the purchase of a heritage property, particularly if it is classified or on a heritage register. I spend a good deal of time with buyers, working through any perceived challenges associated with the sale of heritage property.
Image: Karori, Mt Macedon Source: Dominic RomeoWhere do you see demand coming from?
The majority of buyers for Tasmanian property are from Qld, NSW and Victoria. Tasmania is seen as safe and environmentally pristine. International buyers see Tasmania and Australia as a whole, as a safe haven from pandemics and political unrest. Many are buying to secure themselves in the event that such a disaster occurs. For property in Victorian country regions buyer demand is coming from the Melbourne metropolitan area.
I find the majority of buyers are middle aged professionals. There is also an increase in younger couples with children moving into country regions to seek a strong sense of community, experience country life and generally escape city congestion and stress.
Image: A different perspective Source: Dominic RomeoDo you have any personal hobbies/ interests outside real estate?
I am a keen snow skier – ex aerial and mogul skier, fine art photographer and foster carer. I also enjoy interacting with and advising my Instagram followers - @theconstantrenovatoraus, spending time with our 2 boys and of course, planning our next historic house rescue!
What is the one thing you have learnt over the years from your experience as a heritage property agent?
Sharing your knowledge. There is no point in having knowledge if you cannot share, help and educate others. When I sell heritage property, I also inherit the buyer! My buyers often turn to me for restoration advice. It is a rewarding feeling.
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