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Getting What You Pay For

May 17th, 2013 by

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Sue and Peter loved their spacious family home of 15 years, but it was time to downsize and find something with a smaller more manageable garden. After meeting with several real estate agents they decided to use the one who offered them a discount on his commission. They were pleased with their choice and looked set to save several thousand dollars once the property sold.

Despite the concession, Sue and Peter were still expecting their agent to work conscientiously in sourcing potential buyers as well as negotiating the best possible price when an offer was presented.

Unfortunately, it did not take Sue and Peter long to realise they had employed a poor negotiator who also lacked motivation in finding a suitable buyer. The agent was unable to successfully negotiate with the interested parties and ultimately the few thousand dollars they saved on commission quickly disappeared when their home eventually sold well below their expectations. It was a frustrating and disappointing process for a couple who were selling their biggest asset.

Sue and Peter’s experience is not uncommon. We all like the thought of saving some money and some real estate agents will go to any lengths to win over vendors. A great agent, however, knows their value and will have a proven track record to back their beliefs. Fee discounting occurs across many industries but you generally get what you pay for!

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Bumper March Quarter

May 14th, 2013 by

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Melbourne’s property market recently completed the strongest March quarter in over a decade. Latest Real Estate Institute of Victoria (REIV) data reveals a robust 5% increase in the median house price from $534,000 in December 2012, to $561,500 in March. The regional median house price also increased, by a more moderate 2.1% from $305,000 to $311,500 – but a positive result never-the-less.

Importantly, there was an upward turn in buyer numbers during the December quarter which has continued throughout the latest March quarter. This has led to higher sales volumes, higher prices and better clearance rates.

According to the REIV, analysis of the latest figures indicates that there are a number of factors increasing demand: healthy population growth, improved consumer confidence, better affordability and low interest rates.

A steady rise in the number of newly completed homes and apartments, particularly in the outer suburbs and inner city areas, has allowed adequate supply and may act to constrain substantial price growth, in those parts of Melbourne at least, over the remaining months of 2013. Further growth will be reliant on ongoing improvements in consumer sentiment.

A quick glance at recent clearance rates also highlights the markets overall improvement. This March the rate was a welcome 69% compared to 61% for the same quarter last year.

(Data sourced from the REIV)

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Serene Sanctuary Awaits

May 11th, 2013 by

14 View Road Lower Plenty

This compelling combination of proportions and position unites spectacular spaces, a sensational private setting, sought after location, and a substantial, comfortable home on a magnificent land holding of 4676 sqm (approx). Verdant lawn, soaring gums, extensive outdoor entertainment areas and pool deliver a sanctuary of serene living wrapping around a spacious interior. Of the three living areas, two bathrooms, four bedrooms, study and granite kitchen featuring stainless steel appliances, many feature floor to ceiling windows bringing the outside in and allowing year round enjoyment of the relaxing garden vista. A short drive from the eclectic mix of shops and eateries at Lower Plenty and within easy reach of renowned private schools it delivers an opportunity for family living that is just too good to miss.

Features Include
Land Size: 4676 m2

Auction: 1:00pm Saturday, 1 Jun 2013
Land size: 4676 m2

Inspect:

1:30pm – 2:00pm Saturday, 11 May 2013
2:30pm – 3:00pm Thursday, 16 May 2013
12:30pm – 1:00pm Saturday, 18 May 2013
2:30pm – 3:00pm Thursday, 23 May 2013
12:30pm – 1:00pm Saturday, 25 May 2013
11:30am – 12:00pm Saturday, 1 June 2013
Contact: Graham Morrison – 0417 101 997
Contact: Peter Kleeman – 0419 002 103

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First Home Owners Grant on its Way Out

May 10th, 2013 by

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With only two months to go until the $7,000 First Home Owners Grant is abolished, most Victorians see it as a blow for buyers still planning to purchase their first home.

Real Estate Institute of Victoria (REIV) CEO Enzo Raimondo said that whilst first home buyers would benefit from the newly introduced 40% stamp duty cut, those buying an existing home would still be worse off after 1 July.

“The majority of first home buyers – around 70% in the March quarter – prefer to choose established homes. Right now, first home buyers benefit from $12,691 in combined government assistance on a $450,000 home, but after 1 July that will drop by $5,103,” he said.

Industry experts largely agree that assisting first home buyers by cutting their stamp duty bills is by far the most efficient and effective form of assistance. However, the state government should have used its existing policy to ensure no first home buyer will be worse off under the coming changes.

A great number of first home buyers take several years to save a deposit for their dream house, only to spend a large chunk of it on stamp duty. Rather than continually adjusting assistance and grants, a full exception from stamp duty for first homebuyers seems like a sensible and desired plan.

In the meantime, an influx of buyers wishing to take advantage of the $7000 government grant before the end of June is likely.

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