I attended 2 auctions in flogging rain on Saturday. The first in North Melbourne saw a single fronted Victorian home go under the hammer. In the freezing cold and rain and not enough space inside the home, around 50 people stood outside and waited for the auctioneer. A previous offer of $725k had been rejected […]
We are now well settled with the government elections behind us. We are well aware of the economy on a knife’s edge with RBA and Government both trying to put money back into the pockets of the general public, with the hope they will spend it. And it is obviously beginning to have an effect. […]
It is the media that screams out that property prices are falling. It is the media who tells us that the interest rates are going to remain on hold; it is the media that tells us who is going to win the next election and also who deserves to win. And most of the time […]
May 1st 2017 has been and gone and there has been very little noticeable change to the way property is being quoted online. Whilst the new Statement of Information is not required for any properties currently being marketed with authorities dated prior to May 1st, the new advertising rules do apply according to the Consumer […]
New legislation passed the Victorian parliament late last year known as the Estate Agents Amendment (Underquoting) Act 2016. The Act is due to come into being no later than July 1st this year. It can be brought in to effect earlier but only if The Director of Consumer Affairs can get everything done that is […]
Clearance rates are not dropping, and they are simply not likely to anytime in the near future. Listening to Channel Nine’s Ross Greenwood this morning I heard him talk about the need for another 2.5M dwellings in the next 15 years. And considering we are now only at 9M, that is nearly 30% more than […]
With talk from the federal government of limiting Negative Gearing, many commentators are talking about seeing massive changes to property investment and to this end a potential property crash. And many of these alarmists have talked about the stock market crash being the end of people investing. There are going to be changes in what […]
With the end of the year getting closer and still thousands of auctions yet to run, anyone trying to secure a property in Melbourne needs to understand the auction Pass In process. More and more properties get passed in at auction late in the year. A “Pass In” means that the bidding that has been […]
It is now becoming frequent that we see auctions with ridiculously low reserves that are set in advance or even as one auction just announced – $1 reserve. What will this mean for the future of Real Estate? If a reserve is set so low as to be meaningless or indeed a “no reserve” auction […]
Agents who quote very low do so in order to disrupt a competitor’s auction or private sale. They do it to bring potential buyers to their property instead of them going to another. If 2 similar properties were going to auction, with similar attributes, land size etc and if they are worth about $600k, with […]
