PROPERTY OF THE WEEK!

What are the key economic fundamentals that drive our property market?

• Population growth

Australia has one of the fastest population growths in the western world. Based on conservative assumptions, Economists BIS Shrapnel estimate Australia’s population will increase by 5.3 million within the next 13 years. With an average of 2.5 people per household this translates to a need for an additional 2.1 million new homes.

• Construction of new housing

According to many analysts, Australia has a shortage of new housing.  This is not true of all areas. For example there are pockets of oversupply

With the price of housing escalating over the past few years, the trend for first home buyers is to buy a smaller property.

Apartments and units represent an affordable alternative and it’s the preferred option for generation Y, particularly when it offers them the added benefit of an inner city lifestyle. Most apartment buildings in Melbourne are constructed within 15km of the CBD and offer easy access to the inner city lifestyle for work and recreation. Baby boomers downsizing are also attracted to the lifestyle that apartments and units offer, which is easy access to cafes, restaurants an

Much has been written about the pros and cons of Open Inspections versus taking individual buyers through properties by way of personal inspection with the agent.

Without opening up a can of worms, the salesperson in me favours personal inspection because it is a better service for both buyer and home seller, and gives me the chance to get to know each purchaser and ascertain who will pay the most for the property.

Most sellers leave the property during an Open Inspection, but what is the etiquette with personal inspections?

Although good agents like it if you can meet prospective purch

When negotiating, the best agents know that they need to set aside items they can ‘horse trade’ – in negotiation, these items are known as ‘concessions’. And it is irresponsible for an agent to enter a negotiation without them.

The golden rule for getting the highest price is exclude all Inclusions.

There is a principle of negotiation called the ‘Principle of Aces’, which states that you must never reveal everything you are prepared to give. You need some ‘aces’ to use as concessions.

Some of the best aces in real estate sales are inclusions. You can trade inclusions for pric

When selling your property, first impressions create permanent opinions. Do your best to create a positive mood for all prospective purchasers. And remember, the outside of your property matters too.

Begin by sweeping the footpath in front of your property. Remove all rubbish from the gutters. Clear the letterbox of junk-mail. If you have a lawn, do your best to make sure it is not bone-dry. Green grass is appealing and a sprinkler does wonders to most lawns – a bit hard with water restrictions, I know!

If you have a gate, make sure it doesn’t squeak. If your front fence needs repair, it m

The combination of years of strong capital growth and the negativity and uncertainty about the world economic turmoil have finally put our property market in a slump.

Property markets are generally driven by the country’s economic fundamentals and market sentiment. Australia’s fundamentals are strong, which means for the long term, property should remain strong but in the short term, market performance will be largely influenced by market sentiment.

Some investors will do well in the current market. In times of market change there are always some investors who do well, while the res

You rarely need to spend thousands of dollars to make your home attractive.

Buyers are attracted by the appearance of your property and, when they inspect it, they are influenced by its atmosphere. The right appearance outside, followed by the right mood inside, gives you the best chance to get the highest price.

You rarely need to spend thousands of dollars in renovations or repairs to make your property attractive. All you have to do is pay attention to some obvious points, all of which can make a big difference to your price.

Falling In Love

Buying a home is emotional. The feeling of a home

Choosing an agent when selling your home is a big decision – this is why many people research a few different real estate agencies before they make their choice. Costs can add up quickly when selling your home, which is why some people consider hiring a discount agent to help cut costs. In theory this might sound like a great idea, but why could this end up costing you a lot more money in the long term.

What is a discount agent?

You’ve probably heard agencies boasting of their capped commission or offering the lowest fees in their area. Sounds like a great deal for sellers, d

High quality photos have become an integral part of marketing your home when selling. When searching for a property, almost all buyers will turn to the internet to find their next home, with buyers perusing many listings before making their final decision. Excellent photos are a critical part of quality marketing and will strongly influence their decision about which properties to view in person – after all, first impressions are key.

Our team has put together their top three tips to ensure the best photos possible of your property:

Light it up

A well lit room can do wonders for photo