Vermont South<\/a> with his wife and two children.<\/p>\nMr Docking said there was no one type of property that would always perform best and suggested investors should find what fits with their budgets and marry that with what they are trying to achieve.\u00a0<\/p>\n
\u201cWhat I can say is that real estate has stood the test of time and it\u2019s not surprising that property in some form appears in most investment portfolios,\u201d he said.<\/p>\n
\u201cProperty has also shone through as an investment option during COVID.<\/p>\n
Mr Docking said in the early stages of building his property portfolio, he had a focus on older properties with upside potential through renovation and value-adding.<\/p>\n
\u201cI always go by the saying \u2018stick with what you know\u2019, and so the bulk of my portfolio now is residential,” he said.\u00a0<\/p>\n
\u201cAs I gained a greater understanding of investing we began to branch out into commercial property.\u00a0<\/p>\n
\u201cTo give you an idea, the first rental property I purchased for $151,500, that at the time was about $1,500 over budget, which worried us then, but it was eventually re-evaluated for just under $1 million. \u00a0<\/p>\n
\u201cAs real estate agents we have to be careful to not provide investment advice, so I\u2019m careful to ensure my comments about personal preferences are not misinterpreted as advice for people who are looking to make a decision about their own financial security.”<\/p>\n
Although an expert in the Victorian property market, Mr Docking has ventured into the interstate market too, purchasing a holiday rental in Queensland.<\/p>\n
\u201cIt was a lifestyle choice, but it was not our first investment,” Mr Docking said.<\/p>\n
\u201cOnce we built a foundation in areas we knew, it gave us the ability to buy property for reasons other than just straight investment.\u201d<\/p>\n
Steering REIV through COVID\u00a0<\/strong><\/p>\nUpon his election, Mr Docking said he was humbled and excited by the opportunity to support REIV members through their emergence from lockdowns as the sector looks towards the future.
\u00a0
\u201cMy priorities won\u2019t deviate too far from what the organisation has landed on as its strategy over the next few years,\u201d\u00a0he said.<\/p>\n
\u201cOur focus remains on uniting the sector, providing a \u2018voice\u2019, and delivering valuable content and we need to strengthen our relationship with government and continue to represent the view of the industry so it\u2019s reflected in legislation.<\/p>\n
\u201cIt\u2019s a humbling mantle, this one, and I\u2019m excited by the opportunity to support REIV members through their emergence from COVID-19 lockdowns as the sector looks towards the future.\u00a0<\/p>\n
\u201cAs I said when I took the presidency reins, if there was ever any doubt about the strength and resilience of the real estate sector, or the talent and leadership capability of the people in it, then the pandemic has disproved it.\u00a0<\/p>\n
\u201cAs we look to 2022, I\u2019m determined to continue building REIV\u2019s position as the voice of real estate and ensure the sector is recognised as the significant economic contributor that it is.\u201d\u00a0<\/p>\n
Market expectations<\/strong><\/p>\nMr Docking said his experience as a senior member of the REIV for several years had been rewarding and provided the foundations for a successful term as president.<\/p>\n
He described sector-impacting legislative changes and new regulations, such as the introduction of the updated Rental Tenancies Act (RTA), as areas that had required significant focus and would continue to demand his attention.<\/p>\n
\u201cThere\u2019s the need to educate and train members on the RTA was and that continues to be a major undertaking.\u00a0<\/p>\n
He added that the \u201cextraordinary\u201d rise of regional Victorian property values, as metro-based residents and businesses considered a tree-change, was another interesting and important trend.<\/p>\n
Victoria\u2019s residential median property prices have broken new records, with four consecutive quarters showing highest-ever results.\u00a0<\/p>\n
Asked if he envisaged this growth continuing as lockdowns eased and the weight of unaffordability and other factors began to weigh on the market, Mr Docking said there may be more growth before things steady.<\/p>\n
\u201cA late start to the typically busy spring selling season means momentum should continue through to Christmas, and a return to in-person inspections is giving buyers and sellers more confidence to transact,\u201d he said.<\/p>\n
\u201cBeyond that, as Victoria emerges from COVID-19 restrictions, we expect the market to stabilise.\u201d<\/p>\n
\u201cThe prospects for regional Victoria are promising \u2014 the strengthening of technology has meant the office is wherever the laptop is, so the ability to work from home is the way forward, meaning the regions are a lot closer than ever.\u201d<\/p>\n
Balancing the demands of his own business, REIV presidency and a family is no mean feat but one he is managing with the help of a dedicated team.<\/p>\n
\u201cThere is no hiding that the presidency is a very big part of the working week but I am fortunate enough to have fantastic staff who help lighten the load.\u00a0<\/p>\n
\u201cThose close to me are used some somewhat unique working hours.\u201d\u00a0<\/p>\n
Outside the office, Mr Docking has enjoyed compiling a healthy amount of memorabilia from his AFL team Richmond\u2019s recent successes, getting out on the golf course and committing to his mother\u2019s legacy of regularly donating blood.<\/p>\n
\u201cI had always said I wanted to at least hang one premiership photo on my wall but thankfully I now have three and have almost run out of room for more,\u201d he said of his beloved Tigers.<\/p>\n
\u201cWith the golf, coming out of lockdown, I think I lost more balls than I had hits but luckily I have been able to dust the cobwebs off since and am hitting them a bit straighter.\u201d\u00a0<\/p>\n
\u201cIt was my mother who taught me the importance of donating blood and when she was diagnosed with cancer, which she ultimately overcame, I came in and took over the mantle.\u201d<\/p>\n
Mr Docking will be deputised at the REIV by Richard Simpson (Senior Vice President) and Andrew Meehan (Vice President).<\/p>\n<\/p><\/div>\n
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