Saturday 30th & Sunday 31st October 2010
The inclement weather did not affect demand at this weekends auctions with a clearance rate of 67 per cent recorded.
This is a good result in light of the fact that this weekend had a higher number of auctions than the comparable weekends in the past 5 years.
There was a total of 354 auctions reported this weekend of which 236 sold and 118 were passed in, 71 of those on a vendors bid.
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Sunday, October 31, 2010
Tuesday, October 26, 2010
REIV welcomes commitment to ban price plus property sales ads
The REIV has welcomed the announcement by the Minister for Consumer Affairs to ban the use of ‘price plus’ in real estate advertisements and conduct a consumer education campaign on the process of buying and selling property.
REIV President John Grabyn said that the banning of price plus would make it easier for consumers to compare properties for sale and alleviate the confusion that exists with the current laws which allows a range of options which may be misleading.
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REIV President John Grabyn said that the banning of price plus would make it easier for consumers to compare properties for sale and alleviate the confusion that exists with the current laws which allows a range of options which may be misleading.
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Sunday, October 24, 2010
Weekly Auction & Sales Results, Market Overview
Saturday 23rd & Sunday 24th October 2010
In light of the very high number of auctions this weekend the clearance rate of 68 that was achieved is a very healthy result and demonstrates that underlying demand is good.
Including this weekends activity, the REIV has seen average weekly auction listings increase by around 30 per cent compared to winter; interestingly, the clearance rate for spring has not changed substantially, with around 68 per cent of homes selling during the first eight weeks of spring.
In light of the very high number of auctions this weekend the clearance rate of 68 that was achieved is a very healthy result and demonstrates that underlying demand is good.
Including this weekends activity, the REIV has seen average weekly auction listings increase by around 30 per cent compared to winter; interestingly, the clearance rate for spring has not changed substantially, with around 68 per cent of homes selling during the first eight weeks of spring.
Sunday, October 17, 2010
WEEKLY AUCTION & SALES RESULTS, MARKET OVERVIEW WEEK ENDING 17TH OCTOBER 2010
There were a total of 637 auctions reported this weekend and a clearance rate of 67 per cent.
Of the 637 auctions reported a total of 430 were sold, 207 passed in and 123 of those on a vendors bid.
This weekends results shows that demand has not varied to any great degree over the past 4 months.
This weekend last year saw 626 auctions and a clearance rate of 80 per cent
Next weekend is shaping up as the busiest weekend in the Melbourne residential auction market since 15 and 16 March in 2008 (still the biggest ever), when there were 1,351 auctions and a clearance rate of 67 per cent.
Of the 637 auctions reported a total of 430 were sold, 207 passed in and 123 of those on a vendors bid.
This weekends results shows that demand has not varied to any great degree over the past 4 months.
This weekend last year saw 626 auctions and a clearance rate of 80 per cent
Next weekend is shaping up as the busiest weekend in the Melbourne residential auction market since 15 and 16 March in 2008 (still the biggest ever), when there were 1,351 auctions and a clearance rate of 67 per cent.
SEPTEMBER QUARTER - CLEARANCE RATES
The REIV has released its September quarter Property Update including a wealth of information on median prices for houses, units and apartment and analysis of performance of the market by sales method.
For the first time an assessment of clearance rates by suburb over the quarter is also included.
Changes in clearance rates reflect how the market has changed over the course of the past 12 months and the challenge for buyers this spring.
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For the first time an assessment of clearance rates by suburb over the quarter is also included.
Changes in clearance rates reflect how the market has changed over the course of the past 12 months and the challenge for buyers this spring.
CLICK FOR FULL REPORT
Tuesday, October 5, 2010
STATE GOVERMENT STILL TAXING TAXES
The REIV has called on both the State and Federal Governments to remove the tax on tax rort of stamp duty being levied on GST in commercial real estate transactions.
When the GST was introduced in 2000 it created an anomaly in which state property taxes – stamp duties – were being charged not just on the actual cost of the property but also on the GST paid.
REIV CEO Enzo Raimondo said “the GST is a tax on goods and services; it was not intended to be a tax on tax.
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When the GST was introduced in 2000 it created an anomaly in which state property taxes – stamp duties – were being charged not just on the actual cost of the property but also on the GST paid.
REIV CEO Enzo Raimondo said “the GST is a tax on goods and services; it was not intended to be a tax on tax.
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Monday, October 4, 2010
TIME FOR STAMP DUTY CUTS
To ensure home buyers don’t pay more than their fair share of tax, the REIV has requested that all political parties contesting the November State Election adopt a policy to reduce stamp duty rates.
In response to strongly growing property prices, the current government cut rates four years ago and the time has come to do it again.
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In response to strongly growing property prices, the current government cut rates four years ago and the time has come to do it again.
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Sunday, October 3, 2010
Story from Gisborne CFA
Living in the Macedon Ranges gives residents an opportunity to be a part of a community.
Volunteering as a CFA fire fighter is just one way Gisborne resident Peter Harry feels connected to the area.
“Growing up here I always had a desire to join in and help out and CFA is where I found my niche”. The 46 year old Operations Manager says fighting fires is now in his blood.
“Many people new to the area are surprised to find that the townships in our area are serviced by volunteer fire fighters.
We are there for our community 24 hrs a day- 7 days a week. I often ask myself what motivates me to respond at a moment’s notice at all hours of the day or night, but I just love it”.
CFA respond to a range of emergencies- from bushfires and grass fires, to house fires and car accidents.
With an eye on the summer months ahead, local fire fighters are already preparing for the fire season ahead with training and preparedness activities.
CFA is holding a Fire Action Week from October 10 -17. The week centres around community events that focus on the importance of writing and practising a fire plan, as well as clearing up and preparing your property.
More information is available at www.cfa.vic.gov.au
Volunteering as a CFA fire fighter is just one way Gisborne resident Peter Harry feels connected to the area.
“Growing up here I always had a desire to join in and help out and CFA is where I found my niche”. The 46 year old Operations Manager says fighting fires is now in his blood.
“Many people new to the area are surprised to find that the townships in our area are serviced by volunteer fire fighters.
We are there for our community 24 hrs a day- 7 days a week. I often ask myself what motivates me to respond at a moment’s notice at all hours of the day or night, but I just love it”.
CFA respond to a range of emergencies- from bushfires and grass fires, to house fires and car accidents.
With an eye on the summer months ahead, local fire fighters are already preparing for the fire season ahead with training and preparedness activities.
CFA is holding a Fire Action Week from October 10 -17. The week centres around community events that focus on the importance of writing and practising a fire plan, as well as clearing up and preparing your property.
More information is available at www.cfa.vic.gov.au
Weekly Auction & Sales Results, Market Overview
Saturday 2nd & Sunday 3rd October 2010
The clearance rate was 74 per cent this weekend, a very good result given the conflict with the AFL Grand Final. The clearance rate has also improved slightly compared to the overall result in September.
There were 473 auctions reported this weekend of which 348 sold and 125 were passed in, 67 of those on a vendors bid.
This weekend last year there was 486 auctions with a clearance rate of 84 per cent.
Of the auctions originally scheduled for today that were moved around half have been moved to next week and the other half to the following weekend.
Next weekend the REIV expects around 755 auctions and then 715 the weekend after.
CLICK ROR RESULTS
The clearance rate was 74 per cent this weekend, a very good result given the conflict with the AFL Grand Final. The clearance rate has also improved slightly compared to the overall result in September.
There were 473 auctions reported this weekend of which 348 sold and 125 were passed in, 67 of those on a vendors bid.
This weekend last year there was 486 auctions with a clearance rate of 84 per cent.
Of the auctions originally scheduled for today that were moved around half have been moved to next week and the other half to the following weekend.
Next weekend the REIV expects around 755 auctions and then 715 the weekend after.
CLICK ROR RESULTS
Spring is here
Finally spring has arrived. After what can only be described as, ‘drought breaking rain’, I am sure everyone is looking forward to some warmer weather.
As we now move into what is traditionally known as Real Estate’s SELLING SEASON and you are considering selling or buying. Let’s look at some important tips from the selling side.
Firstly presentation is everything. Whilst it is great to have a spectacular garden with all the bulbs out in bloom, the trees blossoming and the grass looking like a bowling green, don’t forget the small items inside that also make a huge difference.
After walking down the garden path the first impression that is sighted by a potential buyer is the front door – does it need attention, a coat of paint or just a good wash?
As you walk through your home little things that may not mean a lot to you but to the potential purchaser need to be looked at – replace blown light bulbs, give the home the appearance like you are expecting guests by setting the table and create a relaxing mood by playing some soft music, so buyers can walk around your home freely without feeling that someone is watching them.
I always believe that it is a good idea to get a friend to walk through your home and give you an objective opinion as they do not live there. They will see things you overlook.
The SELLING SEASON is here so if you have been considering selling please feel free to call me on 0419 388 778.
As we now move into what is traditionally known as Real Estate’s SELLING SEASON and you are considering selling or buying. Let’s look at some important tips from the selling side.
Firstly presentation is everything. Whilst it is great to have a spectacular garden with all the bulbs out in bloom, the trees blossoming and the grass looking like a bowling green, don’t forget the small items inside that also make a huge difference.
After walking down the garden path the first impression that is sighted by a potential buyer is the front door – does it need attention, a coat of paint or just a good wash?
As you walk through your home little things that may not mean a lot to you but to the potential purchaser need to be looked at – replace blown light bulbs, give the home the appearance like you are expecting guests by setting the table and create a relaxing mood by playing some soft music, so buyers can walk around your home freely without feeling that someone is watching them.
I always believe that it is a good idea to get a friend to walk through your home and give you an objective opinion as they do not live there. They will see things you overlook.
The SELLING SEASON is here so if you have been considering selling please feel free to call me on 0419 388 778.
The balance between renovating and selling
No matter what the reason is, you need to consider the cost of the renovation and compare that to the potential financial benefit.
This is important because over capitalising can be a risk. While most investors have a good understanding of what over capitalising is and how to avoid it, this is not always the case for owner–occupiers.
Over capitalising is spending money on renovating your house that you are unable to recoup because the value of your house did not increase as expected.
This is less of an issue if you never have the intention of leaving your home but if you want to sell at a later date you need to think it through carefully.
It can be a particular issue if you are considering selling soon and are weighing up the value of a new kitchen or bathroom.
When you are planning to renovate it is prudent to consult an estate agent and architect or building designer.
In the first instance you need to consider how much your property is currently worth and how this compares to the median price in your area. If you spend too much on your house you may put it out of reach of buyers in that area.
Also consider how your renovated property will fit into the area in which you live, as buyers are often attracted to a particular area because of a style of housing.
Finally, if you are looking to sell and move in the shorter term it is important to consider if the cost of the renovations will be recouped by an increased value; if not, renovating is not going to be worth the time, stress and cost.
Source REIV
This is important because over capitalising can be a risk. While most investors have a good understanding of what over capitalising is and how to avoid it, this is not always the case for owner–occupiers.
Over capitalising is spending money on renovating your house that you are unable to recoup because the value of your house did not increase as expected.
This is less of an issue if you never have the intention of leaving your home but if you want to sell at a later date you need to think it through carefully.
It can be a particular issue if you are considering selling soon and are weighing up the value of a new kitchen or bathroom.
When you are planning to renovate it is prudent to consult an estate agent and architect or building designer.
In the first instance you need to consider how much your property is currently worth and how this compares to the median price in your area. If you spend too much on your house you may put it out of reach of buyers in that area.
Also consider how your renovated property will fit into the area in which you live, as buyers are often attracted to a particular area because of a style of housing.
Finally, if you are looking to sell and move in the shorter term it is important to consider if the cost of the renovations will be recouped by an increased value; if not, renovating is not going to be worth the time, stress and cost.
Source REIV
New home sales fall prompts call for action
A third consecutive fall in new home sales has spurred the Housing Industry Association to call on the new government to take action.
The latest HIA-Jeld Wen New Home Sales Report revealed that the number of new homes sold fell by 7% in July 2010. Sales were down by 8% over the three months to July, to be 2% lower when compared to the same period in 2009.
The HIA is asking the government to adopt a three-point action plan: a new housing cost reduction program; a housing and development ministry; and recognition and support for small business.
“There needs to be a re-doubling of efforts to reduce the impact of regulation, development charging, and excessive taxation on the cost of new housing supply. This action needs to include considerable federal level engagement, without which Australia’s dwelling shortage will continue to increase, placing avoidable upward pressure on existing home prices and disadvantaging households seeking to purchase or rent a dwelling,” said HIA chief economist Harley Dale.
Detached house sales fell by 7.3% in July 2010, while sales in the multi-unit sector fell by 4.1%.
Source RP DATA Property Pulse
The latest HIA-Jeld Wen New Home Sales Report revealed that the number of new homes sold fell by 7% in July 2010. Sales were down by 8% over the three months to July, to be 2% lower when compared to the same period in 2009.
The HIA is asking the government to adopt a three-point action plan: a new housing cost reduction program; a housing and development ministry; and recognition and support for small business.
“There needs to be a re-doubling of efforts to reduce the impact of regulation, development charging, and excessive taxation on the cost of new housing supply. This action needs to include considerable federal level engagement, without which Australia’s dwelling shortage will continue to increase, placing avoidable upward pressure on existing home prices and disadvantaging households seeking to purchase or rent a dwelling,” said HIA chief economist Harley Dale.
Detached house sales fell by 7.3% in July 2010, while sales in the multi-unit sector fell by 4.1%.
Source RP DATA Property Pulse
Upsides of selling via auction
With some property markets still slowing and showing lower than previous clearance rates, it is natural that vendors are questioning the advantage of selling through auction. While auctions are not ideal for all properties, a slow market is no reason to shun the system. Many properties are still sold by public auction today.
Consider also that properties passed in at auction should not be viewed as failures; auction clearance rates are not necessarily accurate reflections of sales success. This is because the auction process does not stop when the hammer comes down – even when a property is passed-in, it will usually have generated enough interest throughout its campaign to attract offers afterwards. Again, the auction process highlights current market value and buyers and sellers can come to an agreement in a faster period of time than through a private sale.
The deadline of a four-week auction campaign tends to force buyers into make a decision in a tighter timeframe than a private sale situation: an auction creates an unconditional sale where there is no cooling-off period applicable and no terms and/or special conditions can be negotiated. You are also likely to sell your property faster through the auction process, as property sold this way typically has fewer ‘days on market’ than other private treaty methods of sale.
Consider also that properties passed in at auction should not be viewed as failures; auction clearance rates are not necessarily accurate reflections of sales success. This is because the auction process does not stop when the hammer comes down – even when a property is passed-in, it will usually have generated enough interest throughout its campaign to attract offers afterwards. Again, the auction process highlights current market value and buyers and sellers can come to an agreement in a faster period of time than through a private sale.
The deadline of a four-week auction campaign tends to force buyers into make a decision in a tighter timeframe than a private sale situation: an auction creates an unconditional sale where there is no cooling-off period applicable and no terms and/or special conditions can be negotiated. You are also likely to sell your property faster through the auction process, as property sold this way typically has fewer ‘days on market’ than other private treaty methods of sale.
Community Spirit Award
Third term at New Gisborne Primary School saw the start of an award that I am very proud to be involved with, ‘THE COMMUNITY SPIRIT AWARD.’
This award is not based on academic achievement or sporting capabilities, but purely a child’s involvement within the community. The award winners are nominated by the teachers.
The winners for term 3 were Thomas Stockdale for his incredible contribution to New Gisborne Primary School. Thomas has assisted Mr Goodyear with running the Sports Borrowing Program all year. He has sacrificed most of his lunch breaks to give New Gisborne Primary students the opportunity to access sporting equipment during their lunch breaks. When he finishes issuing equipment he uses his own time pumping up balls, organising shelves and cleaning the storeroom. Thomas has done all of this work voluntarily.
Following Thomas winning the first award we had joint winners for the month of September, Abbey and Mckenzie Bobos. For the second year running, both girls participated in the ‘Light the Night’ walk to raise funds for leukaemia research. A great community effort.
I look forward to continually working with New Gisborne Primary School and presenting this award to many more Community Spirit Award winners.
This award is not based on academic achievement or sporting capabilities, but purely a child’s involvement within the community. The award winners are nominated by the teachers.
The winners for term 3 were Thomas Stockdale for his incredible contribution to New Gisborne Primary School. Thomas has assisted Mr Goodyear with running the Sports Borrowing Program all year. He has sacrificed most of his lunch breaks to give New Gisborne Primary students the opportunity to access sporting equipment during their lunch breaks. When he finishes issuing equipment he uses his own time pumping up balls, organising shelves and cleaning the storeroom. Thomas has done all of this work voluntarily.
Following Thomas winning the first award we had joint winners for the month of September, Abbey and Mckenzie Bobos. For the second year running, both girls participated in the ‘Light the Night’ walk to raise funds for leukaemia research. A great community effort.
I look forward to continually working with New Gisborne Primary School and presenting this award to many more Community Spirit Award winners.
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