Property of the week September 27

SUNSHINE - $600,000

CAROLINE SPRINGS - $400,000

POINT COOK - $398,000

 

BRAYBROOK - AUCTION

Five tips for buying at auction

Opinion is divided as to whether auctions are a good or a bad method for selling property. Some people love being face to face with their competition and the open and transparent sale process.  Others dislike the fast pace and the pressure that produces sale prices based on emotion rather than logic.  There are pitfalls that exist for buyers, vendors, agents and auctioneers undertaking this stressful and exciting experience.

The following tips can help those wanting to buy property at auction to avoid a few headaches:

1. Know what you’re buying.  If possible, inspect the property early and work out an appropriate value.  A valuation or property report from myrpdata can be a useful at this stage.  If they haven’t already been done, undertake pest and building inspections to keep you from being potentially locked into a property full of nasty surprises.  Attend a few other auctions to get a feel for the process and learn to recognise common auctioneer and buyer tricks.
2. Prepare in advance.  Have an upper limit on what you’re prepared to pay and be ready to stick to it.  Try to make your upper limit a non-round number, as it’s common for auctions to finish in between two price milestones.  If you need to have special revisions made to the contract, sort these out with the agents before the auction as you’ll face hefty penalties if you find yourself unable to complete a sale.
3. Be cool.  Don’t bid before you have to.  Keep you emotions under control and treat the auction as business to make the clear decisions needed to come out on top.
4. Take control.  Bid when you choose, not necessarily when prompted by agents or the auctioneer, whose job it is to convince you to spend money.  Offer bids of a higher or lower value to what’s on offer and make the room work for you.
5. Don’t panic if your final bid is passed in.  In this case, you still have the first right of negotiation, so it's worth trying to get into this position even if it looks like the property won't sell under the hammer.

If you enjoyed this post or found it useful, please consider posting a comment.

Ajay Krishnan
Aussie Home Loans
0434 145 733

ajay.krishnan@aussie.com.au

Artice courtesy of RP DATA

Property of the week September 20

YARRAVILLE

 

FOOTSCRAY

WERRIBEE 

POINT COOK

Are we in for a bumper Spring property season?

 Traditionally, Spring is a buoyant market for real estate, with many vendors waiting until the Winter freeze has thawed before putting their properties on the market. While there are practically hundreds of separate "property markets" within Australia, coastal property – particularly in Sydney – is looking to have a bumper Spring.
Local real estate agent Stephen Bock from Ray White Seaforth office Busquets + Bock, believes we are in for a good Spring mainly due to the "flow-on" effect of the First Home Buyers market.
"Last year we saw strong growth in the first home buyer market and this has since had a 'flow on' effect into higher priced properties," he said.
"Many buyers are now active as they realise prices are really starting to push up and rates will also potentially move upwards in the medium term. In addition, market sentiment has continued to improve over the last 12 months."
Mr. Bock believes any region along Sydney's coast will continue to perform well, as it will always be in "high demand".
"I am seeing a massive increase in the number of people considering selling in the short-term," he said. "I do believe we will see a lot more property on offer during Spring although this can lead to an over-supply of properties and prices can 'dampen' as a result."
Aussie's founder and chief executive John Symond said while Spring is historically always a good time for real estate, this year may be a little slower than in previous years.
"While I believe we'll have a reasonable season, I think the federal election may affect it somewhat.
He said there may be a lot of people who "sit on their hands" and wait until the Government has been bedded in, and in this case decided.
"I still think it will be an OK time for housing, but not as good as we would normally have."

Steve Bock's tips for homebuyers

1. Do your research. Today this is easy with the information available through the internet. Also consult some good realtors in your area.
2. Try not to be 'emotionally attached' to the property you are looking to buy. This will help alleviate paying too much.
3. Have your finances in order prior to shopping. In some cases a shorter settlement or being able to exchange quicker may help pricing terms.
4. Don't rush. Take your time and be prepared to make offers on a number of different properties. A lot of property should become available as we move into Spring. One of the best times to buy is at the end of the year as the market starts to wind down for Christmas.
5. Form a good relationship with the agent handling the sale. If there are many buyers on a property it may be helpful if you 'stand out' as friendly to deal with.

If you enjoyed this post or found it useful, please consider posting a comment.Ajay Krishnan
Aussie Home Loans

0434 145 733ajay.krishnan@aussie.com.au

Artice courtesy of www.aussie.com.au.