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The latest happenings in the Melbourne property market. For our Essays and The Secret Agent Report, see our Research page.


Category Archives For: Random Thoughts

Some of the big players in trouble

Interesting to note is the large amount of jobs that are being shed from some of Victoria's biggest developers.

I may also say that many of these companies focus on house and land packages throughout Melbourne. Some even tougher times ahead I feel for this type of property market.

Buyers want amenity.

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Is print marketing pointless for property buyers?

 

I'm meeting people who are either selling/ renting their property as well as property many buyers.

Property sellers are asking questions about advertising their homes in print marketing and whether it's worth it, as property buyers seem to mostly use the web as their searching tool.

It's rare that I hear a buyer looking for a property using a local/ state paper as their main source to find property.

For property sellers, the internet cost may only make up 10% of their marketing budget. Yet at the same time, it will generally bring more buyers to their door than any other median especially in Melbourne's inner city suburbs.

I would describe in a general sense that print marketing has a very poor cost/ ratio for property sellers. Could you sell your house or run an auction campaign from the web only? Absolutely. Would it be powerful enough to deliver the right buyer and price. Absolutely.

A lady I've known for many years was chatting to me at the local coffee shop yesterday morning. She was renting her house out by herself without assistance from an agent. She placed an ad in Melbourne's most dominant paper and had 2 phone calls to view the property. She then placed an internet ad of which attracted 150 people to view the property. Pretty powerful stuff!

Different demographics do have different search habits, but I feel the internet is so superior that it reaches almost anyone.

Web only marketing campaigns will become more and more common, especially in a tight market place.

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A thought on Security Systems

homesecuritycopy1A common thing I'm seeing at the moment is more and more homes being sold with Security Systems already
in place.

Often, these systems have lengthy contracts, which do not changed with the sale of a property. Many home sellers are stuck with these contracts as they realize once settlement has taken place, that they are still paying the bill and the purchaser is not obligated to take on the contract.

If selling your property, this would be a good point to bring up with your solicitor and selling agent prior to marketing so a condition can be added in the contract. Otherwise, this can lead to a messy situation after the sale has been completed.

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An example of a change of times

I was having a look at a house yesterday in a very good family orientated suburb.

This gives you a good reflection as to where the market it at:

This double fronted home was for sale late last year and received an offer of $1,125,000, which was knocked back by the vendors. They have been unable to obtain offers close to that point since.

They’ll now consider any offers above $900,000. A rather big change up indeed!

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Expats are making a move

As the global financial market struggle, many expats are coming home as jobs start to shred.

However we are finding that of those that are staying, a growing number are looking to purchase Australia property due to the current favorable exchange rates on offer.

The Australian dollar is predicted to tumble even more; this will give working expats even more opportunity.

Those working in America, UK and anywhere on the Euro are especially going to be impressed with today’s exchange rate if sending income home. Providing they keep their jobs of coarse…

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How about your very own island?

islandIt’s the dream of many, your very own tropical island to rest play and entertain on!

Well now you can have it. An island off the South East of Queensland is being put up for auction on the 14th November. (Pictured left)

2 x Beach homes exist on the island as well as an airstrip. Its not often that an island is put for auction so the final price tag should be interesting.

Currently the island is owned by a recluse and would suit someone of the same ilk or naturally a developer who sees its potential.

The world over, many islands are available to purchase. Prices vary on a huge scale and the maintenance costs to service an island are massive.

However for all those daydreaming on a Friday and wishing to see what’s possible to buy, check out Private Islands Online.

It’s a rather low turnover yet profitable business for island brokers who try and sell such pieces of land. I know of a broker in Fiji who has his own helicopter and yacht to take clients out to perspective island sales. Not a bad job at all!

If you need any help buying an island, feel free to drop me a line!

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Another interesting week reaches its close.

The stock market has once again been rather volatile and many concerns have been raised about our current economic position.  This in turn has a profound effect on the property market.

Tomorrow should be a fascinating auction weekend.

The combination of an increase to the 1st home buyers grant, a shaky stock market, increased property auctions (spring sales) and a recent 1% cut in interest rates should produce some variable results across the board.

Looking forward to the Monday wrap up!

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Grand final fever!

Grand final weekend is always a short one for property buyers. Hardly any auctions will be called, and open for inspections will be shortened so that properties for sale are inspected before the match.

If your planning on having a look in the morning, get up early as possible, opens will also be starting right from the get go.

Both agents and buyers seem far more relaxed on grand final day. You could even use this to your advantage if you are looking to put an offer in on a property.

Much of the competition (other buyers) are more likely to take their foot off the pedal on the day. A good day for the decisive property buyer.

Have a great grand final weekend!

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One of the earliest real estate transactions

The majority of Melbourne and Geelong, was allegedly purchased by trade in 1835 by John Batman.

I say ‘allegedly’ because the story is still in some dispute.

The trade apparently consisted of the following: 20 Pairs of blankets, 30 Tomahawks, 100 Knives, 50 Pair of Scissors, 30 Looking glasses, 200 Handkerchiefs and 100 Pounds of flour.

The trade between the local aboriginal people (Wurundjeri) and John batman involved about 2,400 km2 of land.

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Fridays

Spare a thought for the hundreds of purchasers and vendors that will find out their true fate tomorrow.

Friday is a nervous day for many. An auction is a long build up and it all comes down to 15 minutes (- or + depending on the campaign) for people to reach a conclusion or reach no conclusion at all.

The thought that whatever property is purchased by a homebuyer will change their life direction is incredible. I feel honoured to help people through these times and reach clarity on this important step.

So this blog entry is dedicated to all those selling or buying property tomorrow, next Saturday followed by the next… Good luck!

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