Winter in Melbourne brings more than just chilly weather and cosy evenings by the fire. It also ushers in unique dynamics within the real estate market. If you’re considering buying or selling property during this season, understanding these trends can help you make informed decisions. Here's a look at how Melbourne's real estate market behaves over winter, particularly in terms of stock availability and off-market sales.
Read MoreWe’re going to preface this by saying that when it comes to property and building inspections, everything is relative.. Relative to the property type, age, renovation, location, price point etc etc. What’s important is how you interpret the information.
We expect 99% of the reports we get to come back with some form of defects.. Some are more problematic and expensive than others. Instead of being thrown or turned off by the long and intimidating reports which literally point out everything that’s wrong with the property.. It is important to take into consideration if you were expecting the issues, if they are fixable, what the cost would be, if it’s then still a viable option in terms of budget and future planning, and are they typical for a like for like property of the same age and value.
Starting this off with an important reminder that we are fully aware that we are not lawyers. Property lawyers and conveyancers are the best people to turn to on matters like covenants and property contracts in general. We rely completely on their guidance and advice when it comes to matters of the law. They are the ones who (if given the opportunity prior to purchase) will alert you to any covenants you need to be made aware of.
However, as a buyer, there is some ground-work you can do (before you start throwing contracts their way for formal review) to get an idea of the state of play. From there, engage the experts to formally advise on how best to proceed.
Read MoreWe know you’ve been preparing your outfit in preparation for your big social media announcement, visualising yourself popping bottles in celebration… But before we get ahead of ourselves, let's prepare for game day first shall we?
Specifically, what you plan to do if you are the highest bidder, but the auction has not yet reached the vendors reserve and the property is passed in to you. The agent approaches and leads you inside to negotiate…. It’s a very daunting moment for those who have not experienced it before.
Read MoreWe uncovered this townhouse pre-market for a client, it wasn't in the right area for them unfortunately so we didn’t pursue.. However, we saw what it could be, and so did the eventual buyer! There are so many takeaways in this transformation... So let's get into it!
Read MoreYou’ve all heard the term ‘downsizing’, and you’ve likely also heard of ‘upsizing’.. A client recently referred to both processes as ‘Right Sizing’ .. and it was a light bulb moment for us! Whether you’re busting at the seams of your current abode, or rolling around a big ol’ mansion using 2 of the 10 rooms.. It’s a daunting task to buy and sell property in the same period and can often seem like a mountain too big to climb.
Here’s a few key points we talk through with our clients before embarking on the journey of right sizing their home….
Read MoreAnd will it help you find your dream home….
We've got our ear to the ground when it comes to Melbourne real estate, we hear first hand from agents all around the city. The word on the street is landlords are putting in the call, looking to offload their investment properties...
Read MoreDo they stand to increase the appeal of a house or area?
Electric Vehicle purchases are on the rise globally, which poses the question of whether property is going to need to keep up with the growing need for on site charging stations, or risk the possibility of being less desirable to future buyers.
With exciting models launched in 2023 there were more electric cars registered in Australia than ever before, accounting for a total of 7.2% of all cars registered last year. Those figures are set to increase again in 2024 as more people transition to lower carbon lifestyles.
Read MoreBuckle up for a real estate tale that’s got it all — killer purchasing strategies, a bit of elbow grease, and a house that went from 'meh' to 'cha-ching'! We're going to spill the beans on one of our awesome clients who turned a property into an investment goldmine, with a whopping 17% growth over just three years of ownership. They did it all with just a few nifty tweaks and a solid property foundation.
The key factor to this success story was buying a house that had the goods from the start. North facing living and outdoor entertaining areas, solid brick construction, free flowing floor plan and renovations that still made sense, all sitting pretty on a decent-sized block in a sought after area. These are the fundamentals that we focus on that help ensure the property is going to perform no matter the market conditions.
Read MoreIf you're itching to give your home a fresh new look without breaking the bank, but also adding overall value to the property, you're in the right place!
Let's talk about four easy and budget-friendly ways to 'glow up' your home.
Read MoreWe are officially on a sleigh ride towards Christmas and even though we’ve still technically got just over 7 weeks until the big day…. In the real estate world, if you’re not ready to take photos by the second week of November, you’ve officially missed the boat for an auction campaign.
If you’ve been sitting on the fence about whether or not to push your sale through this side of the new year, or wait until the dust has settled and everyone’s back from school holidays next year… we thought we cover a few pros and cons of both.
Read MoreProperty is considered a stable vehicle to build wealth and has long been viewed as a milestone of financial success. Tenure can be linked closely to profitability, as holding property for longer periods of time means you generally avoid the risks of market volatility over shorter time frames. Lets look into it.
Read MoreVictoria will become the first state in Australia to tax short-stay accommodation such as Airbnbs. From 2025, a 7.5 per cent levy on short-stay accommodation revenue will be introduced.
According to Dan, in Victoria, there are more than 36,000 short-stay accommodation places – with almost half of these in regional Victoria. More than 29,000 of those places are entire homes.
Dan made the announcements as part of Victoria's housing statement, a policy document aimed at boosting housing supply… with the 7.5% levy towards Homes Victoria, to fund the construction of social and affordable housing, a quarter of which will go towards the construction of homes in regional Victoria.
Read MoreBuyers often feel starved for choice when it comes to property supply, certainly at the moment with low stock levels across Melbourne, they’re not entirely wrong…
However, there may be quality options right in front of them that they have overlooked. This is a common buyer response for a few reasons, all of which are largely psychological rather than fundamental reasons not to buy a property.
The fundamentals of a property should never be overlooked, they are the foundation for future capital growth potential and safeguarding your investment. However, if you cave to the standard buyer response to a smelly tenanted property with broken blinds, you may be missing out on a hidden gem!
Read MoreMelbournians love to throw this word around! Anything that sells over the top end of the quoted range is often considered to have been ‘underquoted’.. But it’s not quite the right use for the term.
Read MorePicking the market is a game as old as time… Selling at the peak and buying at the bottom, the holy grail of transacting real estate! It's something we’ve seen buyers and sellers aim to do since we started in the industry close to 15 years ago.. And we’re sorry to tell you, but it's next to impossible to get it right everytime! Unfortunately, both buyer and seller confidence is still largely guided by the media and whatever story they’re spinning that week. Record low stock levels. Influx of distressed sales on the horizon. Interest rates set to rise again and again. Interest rates set to stabilise then level out. Recession. No recession. Mortgage cliff. No mortgage cliff….
Read MoreThis is an important question to explore before you purchase a property. It will help steer you in the right direction of what to buy and where. It's a question we work through with our clients at the start of any search. Answering what you are looking to buy and why will help you get your scope right, from the start.
Read MoreAnd how can it affect a property campaign?
When a property is taken to market, it is advertised with a quote range. The quote range is there to guide buyer expectation on the value of the property. Agents will use recently sold property, or ‘comparable sales’, to support their quote ranges.
More often than not, we hear of ‘underquoting’ which is where agents pitch the quote range well below market value. This often generates strong buyer attendance and interest through the campaign and results in a competitive auction where multiple bidders will fight it out, well over the advertised range.
Read MoreIf you’ve ever had a conversation with us about property you’d know we prefer to buy old over new. There are obvious exceptions to this, but more often than not, we recommend buying existing property. This includes period homes and older style property that was ideally built or renovated 7+ years ago, we generally steer clear of off the plan property and any brand new builds.
Read MoreSo you’ve found the property of your dreams. Congrats! But that's only half of it. Now you need to dot your i’s, cross your t’s and make sure you have done your due diligence.
To ensure your investment is going to be as safe as… houses!
There are many important points to cover when running due diligence on a property pre purchase, all of which we go through in detail with our clients of course.
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