How did Victoria manage a 92% clearance rate on Saturday and a 97% clearance rate the weekend before, in the midst of a lockdown? Sure the market is strong at the moment, but 97% seems to good to be true… And it is. Clearance rates can be misleading at the best of times, let alone […]Read more "Why Clearance Rates are Misleading"
I’m sure you’re sick of hearing about the lockdown at the moment so instead I thought it might be interesting to see what certain budgets buy you in Stonnington these days. Real estate has never been more expensive in Australia, in an absolute sense. Some of the sold prices in our market recently are eye-watering, […]Read more "What Your Money Buys You in Stonnington These Days…"
The State Government feels it’s time to play Robin Hood by slapping “rich” people, land owners and developers with more property taxes. 59% of State revenue already comes from the property industry but I guess this isn’t enough. We already have more speeding and red light cameras than any other city in the world so […]Read more "As If Stamp Duty Wasn’t High Enough Already…"
I tuned into a Zoom presentation this morning hosted by Domain’s Senior Research Analyst, Nicola Powell. Her insights were, well, insightful. Here’s a brief summary for you… Houses are flying. Units are doing OK. Rentals are still on life support. So why oh why is the market so strong? And what does this look like […]Read more "Current Property Market Trends"
It felt more like early summer than late autumn on Saturday as I stood, uncomfortably warm in my suit and tie, in the middle of Gladstone Avenue, Armadale counting the bids as the flew rapidly at me. After a spirited battle covering a couple of hundred thousand dollars in 10’s and 5’s and eventually 1’s, […]Read more "Investors Are Back"
There’s a saying in real estate, ‘buy a bargain, sell a bargain’. It’s true. (Sales) history tends to repeat itself. With a few exceptions, a great property will be in demand each successive time it sells, and a compromised property will struggle each time it sells – independent of the current selling conditions. A property […]Read more "Not Everything is Flying…"
In Victoria a ‘cooling off’ period applies to the purchase of residential property by private treaty. This means that if you purchase a property you can effectively walk away from the sale for whatever reason even after you’ve signed an executed contract and paid a deposit, within three ‘clear business days’. It sounds fairly straight […]Read more "Cooling Off Explained"
Short answer… Whenever you’re ready. Long answer… That depends. At the risk of stating the obvious the best time to sell is when demand for your type of property is high and supply of competing properties is low. On the demand side, the conditions couldn’t be stronger than we are seeing right now: A low […]Read more "When is the best time to sell?"
It happens every time the market takes off. When prices are increasing rapidly agents quotes always lag behind. When you’re using comparable sales from six months ago, these could be 10 – 15% below current values. And so everything starts selling 5 – 10% above the range. This attracts potential sellers to market. Maybe I […]Read more "Are Vendors Getting Ahead of Themselves?"
I wonder if Jagger and Richards were thinking about real estate when they wrote this song… I doubt it. But it’s very applicable. It’s nigh on impossible to get what you want when looking for a house. At 79a Rowena Parade, Richmond (which has been converted to a private auction tonight) we have met buyers […]Read more "You Can’t Always Get What You Want"