Brisbane has long been touted as the next property capital growth hub of Australia, and it looks as though the sunshine states capital may finally deliver on its promise. For years it has trailed behind Sydney and Melbourne’s property markets, but as growth began to slow in these capitals, Brisbane was predicted to be the benefactor.
If you buy into an apartment complex or a unit area that shares facilities collectively with other residents, then you will most likely encounter a body corporate.
A body corporate, also known as a strata, community or owners corporation organisation is responsible for facilitating maintenance, managing the group’s finances, handling disputes and above all assisting the corporation members in maintaining a happy, healthy environment that all residents can enjoy.
PROPERTY prices are tipped to soar over the next decade as median house prices in most capital cities come with a $1 million plus price tag.
While it will music to the ears of current owners, for hopeful homebuyers it means they will be further squeezed out of a heated property market.
National house prices have skyrocketed at a rate of 8.43 per cent per annum in the 30 years until 2010 and given recent soaring growth rates it’s predicted Australians will need to stump up much larger deposits to afford properties that have risen beyond six digits.
Analysis by mortgage broking firm Home Loan Experts found the median house prices in all capitals is set to climb beyond $1 million and unsurprisingly Sydney will remain the most expensive city to buy — the average median house price in 2024 is tipped to hit $1.824 million.
Melbourne is the next worst where the median house price is tipped to reach $1.366 million.
Home Loan Expert’s managing director Otto Dargan is adamant property prices will continue to rise and said as a result homeowners would need to look at smaller properties including apartments.
“The days of the quarter acre block are coming to an end,’’ he said.
“Living in apartments will continue to become a much better trend.
While every buyer is their own man or woman, there are some common complaints from buyers looking for properties that don’t pass muster. Know them and you can avoid them when it’s your turn to sell.
It can be extremely difficult to let go of a property, especially if it’s somewhere you’ve made a home and stitched together memories. But once you’ve decided to sell you need to commit to that process.
Give your agent room to do their job, and potential buyers the space they need to get hooked. Sellers that linger during an open inspection, or start regaling inspectees with merry tales of every last crevice will turn most people off.
Even if your stories are actually quite charming, you need to remember that selling a property is a business transaction, and stay as dispassionate and objective as possible. Keep your distance and focus on the next property in your life!
Walking into a property that’s not well presented is often the death knell for a sale. Buyers will turn off if they’re inundated with dust, dirt or other muck. Make an effort, and hire a professional cleaner, home stager, or both if you need a hand.
Thoroughly clean the entire property, including all those areas you think no one notices. Living areas, backyards, bathrooms and toilets should get extra attention (you’d be surprised how many people use the bathroom at an inspection).
You can’t really overdo cleaning when it comes to selling – properties that just look neat and acceptable might not be enough, especially if you’re commanding top dollar.
Your home should shine as much as it possibly can.
Ah, the good ol’ nose, always ruining things. Actually, we should be glad we’re so sensitive to smell, and that smells can have a big impact on our property buying process.
Setting up your place for sale can involved creating a set of inviting smells. But it should also involve getting rid of the unappealing ones.
Top of buyers turn off lists are pet smells. Even if we love our own animals, we don’t really want to smell other people’s, especially when it’s in an environment we’re trying to imagine kicking back and relaxing in.
Other smell turn offs are cigarette smoke, mustiness, food and overpowering perfumes or incense (if you’re dressing your home for sale, less is more).
If your property is for sale, you usually need to do a little more than a quick spruce (unless you keep an amazing home all year round!). Declutter strategically and systematically, starting with those areas that will interest most buyers when they inspect your home, and the areas they’ll do most of their living in. A cluttered living room is harder to explain away than a cluttered garage, for example.
Getting a professional organiser in to help you out can be a great idea, especially if you’re overwhelmed with all the other business involved in selling a home – not to mention living your life around it.
A pro can look at your clutter objectively and take quick, decisive action to remove the excess and store the rest out of sight.
Call it the Goldilocks effect.
If a property is too hot or too cold your buyers will bristle. Though it mightn’t be a deal breaker it does invite pointy questions – does the heating or cooling work as it should? With such high ceilings, it is expensive to heat?
Buyers get turned off it they can’t experience your home at its optimal comfort levels.
Fewer things will frustrate a buyer more than looking at an advertised property with no price. It’s a big complaint from our website users if agents haven’t included at least an indicative cost, and we understand.
Your listing is usually the first time your possible buyer will see your home. If the required detail isn’t there, it’ll have be something truly unique to get them to dig deeper, rather than just scrolling past to the next property that meets their criteria.
Budget is all important for a buyer. It’s not always possible to pin down a finite dollar figure, but if your property advertising doesn’t at least have a range listed, it’s a top turn off for buyers, who probably think they’re in for a nasty shock (even if the home is reasonably priced). Help them marry their budget to your property and be upfront.
Buyers want and deserve to know where their investment is located. Sometimes the suburb alone isn’t enough; surrounding streets and amenities can often make or break a sale.
Make sure your agent includes the full address you have available so it’s easy for buyers to do their homework on your property (the more work they put in, the more likely they’ll ultimately buy).
Not including information can be seen as a way to hide less than desirable details, whether or not it’s the case. And hiding doesn’t help anyone.
Would you buy a product sight unseen?
Photos are the single most powerful tool to inspire a potential buyer to inspect a home, or make an enquiry. People need to imagine their lives in your property, or get an authentic impression of how it will stand up as an investment.
Work with your agent to create a series of photos or video that shows your home in its best possible light. No visuals bodes poorly.
Story: Venessa Paech Source: www.realestate.com.au
Bad tenants can be a costly nightmare, property owners can get stuck with massive clean up bills and may never see the back rent owned to them.
So how do you sift out the good from the bad?
According to Terri Scheer Insurance executive manager Carolyn Parrella, attracting the right tenant can make or break a landlord.
She said it was not only important to find the right tenant but to keep them happy also.
“If tenants are happy they may be more likely to pay their rent on time, stay in your property longer and look after it as if it were their own,” she said.
Follow her tips for avoiding dodgy tenants;
• First think about the type of tenant you want to attract.
“When choosing an investment property, think about the tenant demographic you want to attract, for example a family, sole tenant or couple, and choose a property that is likely to appeal to them.
“Properties that are close to good schools, shops and public transport are likely to be well sought after and may give you a larger pool of prospective tenants from which to choose.”
• Screen tenants.
Thoroughly check potential tenants’ references during the screening process.
“Speak with previous landlords or property managers and ask specifically whether they had any
issues with the tenant in the past,” Ms Parrella said.
• Present your property well.
“A property that is poorly presented by the landlord may be poorly cared for by the tenant. No one wants to live in a property that has stained carpets and marked walls.
• Appoint a property manager
“They have experience in screening prospective tenants and have access to databases that list
tenants with a history of defaulting on rental payments, damaging property and eviction.’’
• Attend to maintenance issues promptly.
“A tenant who isn’t getting the attention they deserve might begin to question their commitment to your property and become more careless with it.’’
Plus injury or loss as a result of a safety hazard might result in costly legal claims.
• Landlord insurance
“Even the best tenant can accidentally damage a property or lose their job and be unable to pay rent,” Ms Parrella said.
“Every landlord should have a tailored landlord insurance policy that covers them for both malicious and accidental damage, their legal liability and the loss of rental income.’’
Story Source: www.news.com.au
DEMAND for home loans rose in July, official data showed, but by much less than expected, as loans for owner-occupied homes slipped in the month.
According to the Australian Bureau of Statistics, the number of home loans granted in July rose 0.3 per cent in seasonally adjusted terms to 52,251.
Economists surveyed by Bloomberg had expected the number of housing finance commitments to rise by 1 per cent in the month.
Total housing finance by value rose 2.7 per cent in June, seasonally adjusted, to $28.571 billion.
The value of investor lending surged 6.8 per cent in the month to $11.513bn.
The number of loan approvals for refinancing rose by 2.4 in July.
Loan approvals for owner-occupiers, excluding refinancing, fell by 0.7 per cent in the month, to be also be 0.7 per cent lower over the year.
At 12.2 per cent, first-home buyers accounted for the smallest share of housing finance in the history of the data.
Story: Mitchell Neems Source: www.theaustralian.com.au
HOUSE prices have defied predictions of a gradual slow down, posting the biggest jump over the three months of winter since 2007 as low interest rates continue to fuel the market.
Figures from RP Data, released ahead of today’s Reserve Bank of Australia monthly meeting on the cash rate, found prices across the capital cities increased 4.2 per cent to a median of $520,000 for the quarter to August 31.
Interactive: Growth in property prices
Sydney’s median price surged 5 per cent to $650,000 and Melbourne’s prices jumped up 6.4 per cent to $523,750, a growth rate far ahead of the other capital cities.
Canberra homes were up 2.4 per cent, Adelaide prices increased 1.5 per cent, Brisbane was up 1.3 per cent and Perth was up by 1 per cent.
Hobart was down 0.8 per cent while Darwin dropped 0.6 per cent.
Cameron Kusher, a senior researcher at RP Data, said while spring generally saw higher price growth than winter, he wouldn’t be surprised if this had reversed. “We saw a strong winter because of a lack of supply at the same time as low interest rates. Buyers could have a lot more supply to choose from in spring,” he said.
Worried about continued price growth, Megan Harold and husband Chris decided to sell their house in Sydenham, in Sydney’s inner west last weekend, moving to a larger house they purchased at the same time. “The way the market was going, we knew if we didn’t make the move now we wouldn’t get the kind of property we wanted,” Megan said.
The Harolds purchased in Earlwood, where larger block sizes mean it will be easier to reconfigure the house as their family grows.
Sydney realtor Maria Hodgson-Smith, from Day & Hodgson, said there weren’t enough houses to satisfy demand, with many selling before auction date as buyers became more aggressive.
Brian White, chairman of real estate agency Ray White, said the housing market was mimicking the economy with the resources-driven cities of Perth, Brisbane and Adelaide performing well, but completely outshone by the financial services-oriented cities of Sydney and Melbourne. Offshore investment had also underpinned those markets, he said.
Mr Kusher said price growth was encouraging many to invest in property, although he said once interest rates began to rise this should pull back as investors moved on to other markets. “Sydney prices have increased by 50 per cent since 2009, and Melbourne by 45 per cent, so a lot of people have built up a lot of equity in their home to invest, and there’s not been a lot of returns to be had with money parked at the bank,” he said.
Scott Haslem, chief economist at investment bank UBS, interest rates would begin to “normalise” around May next year, increasing again in June.
Story: Kylar Loussikian and Turi Condon Source: www.theaustralian.com.au
Ever said any of the following to yourself?
Even if I can’t use it, I’ll keep it for someone who can. It was too expensive to get rid of now. It reminds me of a special time or person.
What about these?
- One day it might fit me.
- I’ll read it when I have more time.
- It may look like a mess to others but it’s organised chaos to me.
We use a zillion excuses to justify the physical clutter that collects on our desks, in our wardrobes, on our bench tops and on other unsuspecting surfaces around our homes.
But instead of rationalising our behaviour to self and others, it may be more helpful to ask: how do I feel when I live, sleep or work amongst the clutter? Or what emotions come up for me when I think about sorting through the piles and files to clear the mess?
For many would-be hoarders, the mere idea of getting rid of clutter can create varying degrees of anxiety, guilt, embarrassment, shame, paralysis and insecurity.
In order to placate the overwhelming bubble of discomfort growing within, the clutter-bug clings a little tighter to the pile in question, which results in a sense of relief (at least in the short term) thereby reinforcing the unhelpful behaviour.
For others who struggle to sort and clear their clutter, there is often a misled belief that the items represent some kind of extension of who we are at our very core, therefore to get rid of the mess is erroneously perceived as akin to losing some sense of self.
In order to make progress in the battle of the mess, it’s important to understand what our relationship with the clutter represents. Only then can we hope to taste the sweetness of empowered lightness that freedom from the stuff we no longer need will bring.
For those drowning in a sea of insignificant memorabilia, bedside table pick-up sticks, a mounting floordrobe, or dust-coated items untouched in years, there is help at hand, and you can start today.
5 tips to cut the clutter
1. Start small
Bite sized chunks are key. Start with one pile, one shelf or one drawer. The act of sorting even one area free from clutter can help clear the physical and mental cloud to get the ball rolling.
2. Get real
What’s really important to you? If you haven’t worn or used an item for several years, give it to a charity or bin it.
3. Find clutter a home
Aim to sort and file papers and items to a permanent home, behind closed doors and drawers, rather than leave them on open shelves and surfaces. Keeping the items out of sight reduces the often overwhelming assault on our already overloaded senses.
4. Picture this…
Imagine a life without clutter. Picture how you will operate at your desk with the papers gone or how it will feel to sleep in a room minus the maze of clothing or books.
5. Document it
Take before and after pictures as a reminder of the progress you’ve made and the state you choose not to return to.
Story: Sabina Read Source: www.realestate.com.au
A report from analysts at UBS highlights just how focused Australian banks have become on real estate.
Looking at lending data from the Australian Prudential Regulation Authority, the UBS banking analysts Jonathan Mott and Adam Lee say the vast bulk of new loans have gone to property in the period since the US Federal Reserve launched its latest stimulus program – the so-called QE3 – in September 2012.
The analysts estimate that 95 per cent of lending growth has gone into residential or commercial property, with only 2.6 per cent of new lending, or $3 billion, going to non-property related business loans.
Credit growth has remained subdued over the period at just 6 per cent, but half of this new lending has gone to owner-occupied housing.
The boom in property investment has seen another 37 per cent of new loans going to residential investors.
The only strong area of business lending growth has also been in real estate, with commercial property loans accounting for 8 per cent of total credit growth.
The UBS analysts conclude that the concentration of bank loans into real estate is not a danger yet, but could cause problems later.
“We believe the changes to the banks’ loan books and further concentration into resi and commercial property are likely to lead to issues down the track,” the report cautions.
“However, near term, with ongoing improvements in asset quality, the banks’ earnings outlook remains robust.”
Story: Michael Janda Source: www.abc.net.au
Discussing the property market is a popular Australian past-time but when it comes to revealing how much we spent they are a little more tight-lipped.
A survey by online property listing website realestate.com.au has revealed while some like to keep the information to themselves others are quite prepared to lie.
About 4 per cent of buyers say they may have inflated the purchase price when discussing what they paid for their property.
Men are twice as likely than women to try and make out their property is worth more, while younger buyers also talk it up more than buyers aged over 35.
State-wide the survey found that 5.2 per cent were likely to say they paid less than they did.
State-wide, Victorians are the most honest, while Queensland and South Australia were found to be a little partial to a white lie.
Story Source: www.news.com.au