2016: Melbourne House Price Growth To Ease.

2016 will remain a buyers market, I expect buyers will once again outnumber sellers. This is a common seasonal characteristic of the early autumn market, just as there tends to be a glut of sellers in the late spring market. 
Price growth has slowed toward the back end of 2015 in the face of tougher lending practices with low interest rates tipped to remain unchanged for most of next year.

'Melbourne’s three-and-a-half year growth cycle for house prices is clearly easing.'

Competition for family-sized houses is expected to remain hot, especially in school zones, while demand for apartment falls due to an oversupply.

Vendors will not see a repeat of reserves being over exceeded like in 2015, rather a more realistic approach when it comes to market value. 

Chief executive Enzo Raimondo of the REIV said while price growth would slow next year, Melbourne’s growing population and low interest rates would mean continued buyer demand.

Melbourne’s auction market has finished the year in good shape, but the city’s three-and-a-half year growth cycle for house prices is easing.

Considering buying your first home or investment in 2016? For a consultation free meeting on getting into the property market contact us on 1300 00 WISE.

Selling Methods Used In Melbourne Real Estate Market.

There are a number of methods real estate agents use to sell property. Below are the most common used in Melbourne that our Buyers Agents specialize in. 

Auctions:

For an auction to be successful you need to have a property which is going to attract more than one buyer or that is unique in some manner such as exceptional views or superior location.   There is no point auctioning an average home in an average street.  

For your information agents like to use auctions for the following reasons:-
 - increases their efficiency, time and number of sales
 - creates a higher profile for their agency
 - provides a structured plan and time frame to work to
 - creates more contacts, referrals, clients and business
 - their name and brand received  premium exposure at the vendors expense
 - unconditional exchange on auction day increases results and increases their income.

Something else to consider about auctions is that if the property doesn’t sell at auction it can be labelled a failure and people won’t want to buy it.  After all who wants to buy a property that no-one else wants.

Private Treaty:

This is where a property is put on the market at a nominated price.  With the right marketing your property will attract the maximum buyer interest and achieve the highest possible result.

Expressions of Interest:

This is where a specific asking price is not indicated for a property and expressions of interest are sought from interested parties. Buyers are urged by the selling agent to submit their best possible price, together with any conditions. Buyers are also required to sign a contract and to submit the offer with the nominated deposit. After the close of tenders, the best offer can be selected by the vendor/s.

Buying your first home or investment can be a difficult process that many find over whelming, hiring a buyers agent can increase your chances of owning property portfolio that will help you achieve your financial goals sooner. For a consultation free meeting on getting into the property market contactus via email or call us on 1300 00 WISE.

Property Renovation Strategies

Seeking to buy a property for a renovation project? Allot of my customer hire me to find them the perfect renovator; something nice and simple that will not cost the world to fix up. One of the biggest factors in making money out of a project is buying in the right area for the right price.

To find the right property I would recommend using a professional buyers agent. Through my years of being a real estate agent I meet many renovators that typically didn’t learn how to make money till their third or forth project. Buying the right property is a learnt skill that requires experience in real estate and renovating. For more information contact Wise Real Estate Advice on 1300 00 WISE. 

Once a budget is determined (cost of the total project including profit) it’s time to look for a property with potential. A few things I look out for:

-       Let there be light. Replace walls with windows or add skylights to bring in the natural light are one of the easiest ways to brighten up the place.

-       First impressions: Adding a garden can transform the feel of the whole place. When the home is on the market this will draw more buyers increasing bidding competition and soften up potential buyers before they walk in.

-    Bigger is better: New knobs on the kitchen cupboards may improve a house’s looks at the time of sale, but what really brings long-term added value is extra space. “If you’re doing an extension, there’s no point in doing a small one,” adds Mark. Make the extension as big as you can afford, without compromising the quality of your house, the size of your garden, or annoying the neighbours.”

-       Good as new: A few coasts of paint is the quickest way to increase major value. Best, then, keep the property in a permanent state of fresh glossiness.

When selecting a property spend money on things future buyers can see and touch rather than things buyers can’t see.

FREE PROPERTY SEMINAR

Thinking about buying a property? The REIV are holding a free  Real Estate seminar. 

By attending you will receive professional advice on the current property market, how to choose the right home for you, relevant laws and more. Meet and hear from the experts, providing an outline of where and how to buy in the Melbourne market.

Featured Speakers:

• REIV experts on the status of the Melbourne property market
• Leading auctioneers give you an insight into bidding at an auction
• Legal and contract specialists with tips on what to look for
• Finance professionals with information on how to finance the property you want

When: Monday, 23 November 2015, 6:00 pm to 8:00pm

Click here to register.

Buying your first home or investment can be a difficult process that many find over whelming,  buyers agent can increase your chances of owning property portfolio that will help you achieve your financial goals sooner. For a consultation free meeting on getting into the property market contact us via email or call us on 1300 00 WISE. 

Mark Ribarsky. 

Senior buyers agents at Wise Real Estate Advice.

Thinking about investing in property? Read this first.

Real estate makes more millionaires than any other asset classes, this is one of the reason why investing in property appeals to the masses. Through my years of being a real estate agent, developer and now buyer’s agent I have learnt that successful property investors are people that plan ahead and know all the pros and cons of investing before they purchase. 

I always liked the saying ‘failing to plan is planning to fail’ and this rings true for property investing.

When advising my clients that are new investors we look at the type of investment that suits their life style. For example, negative or positive gearing, normal rental yields vs high rental yields, high growth property that is expensive or cheaper property with low capital growth and importantly the best area to buy in.

Other aspect that is out side of a buyer’s advocate’s area of expertise that is critically important is finance. Different types of loan products can give you different levels of security eg: interest only repayments vs interest and principle, redraw facilities at your disposal or using LMI insurance, minimising the risk of your pre-approval by removing or satisfy conditions.

Once deciding on all the above there are the hidden costs of purchasing that few consider during the planning phase. For example, stamp duties, land taxes, body corporates, legal fees, property maintenance and insurance (rental protection and building insurance) and finally choosing a good accountant.   

For a more in depth look into the pros and cons of investing from a buyer advocates prospective check out the article: Investing In Property. 

Buying your first home or investment can be a difficult process that many find over whelming, hiring a buyers agent can increase your chances of owning property portfolio that will help you achieve your financial goals sooner. For a consultation free meeting on getting into the property market contact us via email or call us on 1300 00 WISE.

Mark Ribarsky.

Senior buyers agents at Wise Real Estate Advice.

Renovation For Profit

Handy with the tools and fancy the idea of renovating a property to make money? It’s a popular concept right now considering successful shows like ‘The Block’ makes it look easy.

Over the years I have renovated properties and sold many renovated projects on behalf of vendors and learnt that half the job in making healthy profits starts with the right property selection.

Good property selection is a learnt skill and will help you avoid the traps amateurs make. Some tips to look out for is:

-       Location.

-       A unique property that will attract buyers and renters.

-       A property that needs minimal work to avoid over spending.  

-       Stay away from property with structural issues.

-       Targeting a popular demographic for the suburb to maximise buyer competition when selling.

-       Functional floor plan.

-       Accessible off street parking.

For more detailed information on the topic check out the article on: Renovating For Profit.  

Decisions made at the start of the project will benefit you when it comes time to sell. If you are new to the real estate game and would like to avoid the mistakes of buying the wrong property consider hiring professional real estate agent to the hard work for you. Leveraging a buyer’s agent’s experience means avoiding the pit falls of buying and giving yourself the best chance to make a profit on your first renovation project.

For a free consolation call wise on 1300 00 WISE to hear more about how buyer’s agents have helped there customers purchase diamonds in the ruff.