Why you shouldn’t worry about underquoting
Recently there have been a few media stories about underquoting. (If you’re not familiar with this term it is when the agent’s estimated selling price is well below the seller’s reserve price). The estimated selling price, indicative selling price and agent’s price guide are pretty much the same thing. It is the agent’s estimate of what an…Read More→
Property tax rises will slow state’s recovery
Author: Owen Wilson (Chief Executive of the REA Group) The Victorian government’s announcement of new and increased property taxes is a major blow to the state’s property market. At a time when the CBD remains void of the hustle and bustle Melbourne is known for, our shops have reduced foot traffic, offices are sitting half…Read More→
How the Federal Budget impacts the apartment market
There were a few specific items relating to the apartment market or property generally in yesterday’s Federal Budget, but they were mostly tweaks to existing measures. Here is a quick overview. The Family Home Guarantee was extended and widened to enable 10,000 single parents to build a home or purchase select existing properties with a deposit as low…Read More→
What should an apartment investor do when the lease ends?
As an apartment investment owner you generally want a good renter on a long term lease, but what should you do when that lease comes to an end? It is reasonably common in Melbourne for a renter who has been in an apartment for 12 months to stay on a month to month basis (periodic lease) for…Read More→
The turnaround in Melbourne apartment rents has started!!!
A headline in the AFR caught my eye yesterday. It read – “Rental markets post fastest growth in 14 years”. Wait…What? For owners and agents of Melbourne apartments, this headline feels like a world away from what we have seen over the last 12 months so naturally I read on. The story is about a core logic study of…Read More→
At the Auction neither the seller or buyer turned up! Panic???
At one of our auctions on Saturday neither the buyer nor seller turned up. Panic? Actually no worries. There were 4 bidders and it sold for a great price with the contract of sale signed by both parties and deposit paid immediately after the auction. How can this be? Well everything was signed and paid electronically…Read More→
CoreLogic – Early Market Indicators
For the week ending 11 April 2021, both the pre-listing activity and mortgage activity dropped over 20% period-on-period in Australia. However, comparing to the same period last year, the pre-listing activity jumped by over 150%, still a hint of a strong recovery from COVID. Both newly advertised rental and sales properties dipped Pop and MoM….Read More→
Supply and demand impact apartment values in more ways than one
We all understand the law of supply and demand and how it impacts prices in every market from coal to carrots. Supply and demand definitely applies to the real estate market and it is often talked about with regard to the relative supply of new apartments compared with the demand to buy or occupy apartments. I…Read More→
Tenant evictions and the new rental rules
Well the day has finally come. From yesterday tenants have now lost the Covid protection afforded to them about a year ago preventing owners (and their agents) from evicting tenants for falling behind in rent. Until yesterday tenants could not be issued with a notice to vacate for late rent payments. Not surprisingly the VCAT web site crashed…Read More→
Should I sell or hold?
Should I sell or hold? It’s a good question and one we are getting asked this a lot at the moment. As our face masks get pushed further down the back of the glove box and we feel like the worst of Covid is behind us, it is understandable that some people feel like de-risking…Read More→
Melbourne rental market on the world stage
Melbourne’s reputation on the world stage has grown over recent years and (in normal times) holds its own internationally in a multitude or areas from arts, to sporting events, food and entertainment, education, R & D innovation and many other disciplines. In the last 12 months Melbourne again matched international cities but in a less…Read More→
New Rental Laws in Victoria are here: Are you ready?
The rollout of changes to renting rules in Victoria has had about as much build up as the Covid vaccine roll out and just like the vaccine it is finally about to happen. (29th March) The details of the changes don’t make for exciting reading but our PM team are now fully trained on the…Read More→