APM PriceFinder provides property price estimates to Australia’s banks, helping them make decisions about home loans. Domain has now brought the same APM PriceFinder property price estimates to everyone in Australia.
Fast track to your first home!
Talk to us today. Our expert team at Pierre Finance are on hand to assist you. It is crucial that you have a loan in place before you start looking plus this will give you an idea of price. We will need to know about any deposit and your income. Our team can guide you through the whole process for start to finish. With so many lenders on our panel you can be assured we will get you the best deal.
Great news and your loan has been approved, so you can now be confident you have the $$ to start making serious offers.
So, you should already have a wealth of knowledge at what’s going on in the real estate market, especially where you want to buy. Use this week to research the listings and areas within your price range. Get on to agents and get out to open house sales.
If your perfect home is still out there then continue to scour the market. Check for new listings, as in the real estate sector there’s always 10 more for every one that you missed out on.
You should now have found a property that suits what you need and inside your pre-assured budget. Make a legal offer in writing on a sale contract document so the seller can take you serious. Bare in mind it’s not a done deal at this stage as your offer needs to be accepted and there may well be some negotiations.
When the agent calls with your accepted offer check that any extra conditions have been included. Having your finance in place will enable your bank to do it’s valuation. If all is agreed this is where you will pay the initial deposit to the agent who will place it in trust until completion.
This will be a busy week as there will be lots of signatures needed, lots of phone conversations and emails of confirmation. Also a good idea is to get your buildings insurance in place, a removal service and maybe a handy man. All these things in place will speed up your move.
Contact the electricity, gas and internet people, so the day you move in all these things will make it less stressful.
This week is down to your legal eagles getting things in place. The title deeds will be searched for and funds will be getting placed ready. The valuation hopefully will come back as expected and the loan is secure.
You should finally have the go ahead and the funds will have the green light.
Start this week by letting those important people know your new address, and organise your post to be re-directed.
Start packing and place moving day essentials in a special box, things you will need for the first 2 days. You don’t want to start looking for things on the day, like the corkscrew.
Your day has finally arrived and your legal guide will let you know everything is in place, and you get your keys.
Looking at the upmarket end of apartments and the biggest growth suburbs are those near water.
At Pierre Finance we have been checking out some facts behind the top two places that have claimed the hot spots.
Where apartment prices start at $500,000 there seems to be either lakes, rivers or beaches close by. Of course Australia’s most well known harbour is among the top ten list but North Fremantle in the west tops the list with a growth of 17.2% on 3 bed apartments in the last year
Sydney of course had to be there with its Balmain suburb coming second at 16.3% for 3 bed apartments also.
Why has North Fremantle topped the list??
The suburb is quite small, and the last couple of years there’s been some really classy apartment developments built. A particular nice one is on Swan River called The Cove and also Leighton Beach is now home to The Latitude. Both these two high-end developments have helped the areas growth.
As it’s a small area and it’s geographical situation have both helped to make it more exclusive. It has the beach, Swan River, great transport and reputable schools means it will retain it’s growth. The new developments have put it on the radar which is probably why it’s come up top.
It’s clear to see that the waterfront properties are the attraction but it also seems to have a warm community feel to it. There’s no grand private walls up everywhere like in some high-end areas.
Sydney suburbs are still on top and Balmain seems to be the place to be. The waterfront developments have attracted the downsizers and are still becoming increasingly sort after. Investors have bought in but it’s mostly people who really enjoy living here.
Another factor like North Fremantle is it is a smaller community as well as the water aspect. It has a safe community feel about it and people like that. It is becoming more and more established but still retains the growth.
Exciting news as top sellers revealed Sydney’s western and inside north suburbs and Melbourne’s inner city circle are the hottest area’s according to last Saturday’s spring auction day. It’s all about lifestyle! There were over 3000 auctions as eager purchaser’s attended trying to make a good property deal this side of Christmas.
The areas of Prahran, North and South Yarra, and Fitzroy in Melbourne took top spot for most searches in the housing market. Norwood in Adelaide was also up there getting in the top 10 searches for houses, the rest were in Victoria. These results were based on figures from March to August.
No surprise that East Melbourne won number one spot for unit searches, however New South Wales had the most presence.
Lots of so called ‘baby boomers’ are joining young professionals and investors in buying smaller properties to be closer to gastronomy and transport links. In Sydney in particular it is popular now to downsize into a modern apartment or unit.
First time buyers are going for area’s with great transport, yet older less expensive apartments like in Parramatta. The most intriguing place is still Prahran in Melbourne. People seem to want to be near the rich. Many of these looking are youngsters whom are getting help from their parents and also investors. The amenities and affluence is the attraction.
Brisbane buyers are heading for Newmarket as it has become a real community offering new amenities such as bike tracks, sports centres, well maintained parks, and a great selection of night life and restaurants. There’s also plenty of new retail area’s. So offering such a great lifestyle and balance it is attracting young professionals, retirees, families with young children. The sunshine, stunning coastline and easy airport access are also a plus.
For more information on all the latest real estate news, please check out realestate.com.
With the right knowledge, common mistakes can be avoided. The ability to identify what projects are worth doing, and who the target market is if you are selling, is a learned skill. With some hard work and renovating, it is possible to drastically change the value of a property.
A major key in any renovation project is to avoid over capitalisation. As a general guide, you should aim to only spend between 5% and 10% of the property’s value on a renovation. The aim is that for every $1 invested on improvements you will get a $2 return.
While structural renovations often yield the best returns, they also more frequently turn pear shaped – profits can be eaten up by unseen problems and delays. On the other hand, cosmetic renovations can still yield great returns if completed to a high standard, and there is less risk of additional problems being uncovered.
When considering cosmetic renovations, think about what you notice when you inspect the home. Paying attention to these things, and with simple and cost effective changes, can have a huge impact – implement attractive cosmetic finishes that catch the eye.
It is a good idea to create an inventory list for the home, identifying what requires attention. Once you have done this, research the best, cost effective ways to make the improvements.
Also, if you are thinking of selling now or in the near future, consider the demographic of your area and what potential buyers are looking for. Driving around your locale and viewing homes that are attractive and selling quickly will give you a good idea of what buyers are currently looking for.
So, let’s get to renovating. Here are my top 8 ways to add value to a property – without costing you an arm and a leg.
1. Street Appeal
If a house doesn’t look appealing from the outside, chances are potential buyers won’t make it past the driveway. First impressions really do count, so start with a little do-it-yourself cleaning and tidying up:
- Clean up the garden and add a few extra plants, particularly flowering varieties.
Estimated Cost: $1,000.
- Wash down the exterior of the house, including paths.
Estimated Cost: $100.
- Add a fresh coat of paint to all surfaces.
Estimated Cost: $500.
- Render the front façade and paint the sides of the home, if the home has outdated brick.
Estimated Cost: $40 to $80 per square metre.
- Style the front porch with pots, décor and a chair if room permits.
Estimated Cost: $150.
- Add a picket fence.
Estimated Cost: $800.
- Repair any damage in existing fences.
2. Fresh Paint
Nothing improves a home’s appearance as cheap and easy as paint.
Neutral tones work best for larger areas, while one or two highlight colours for trimmings looks great (gutters, fascia, front door, posts).
If needed, you can seek expert advice from a colour consultant to help you make the best colour decisions for your property. Just make sure you request a ‘basic’ colour scheme. Consultants usually charge around $200 for inside the property and an additional $200 for outside the property.
FYI: It costs around $4,000 to have the inside of an average 3 bedroom, 2 bathroom home professionally painted, and $5,000 to paint the outside (including external walls).
DIY painting should cost you around $500 for the inside of an average 3 bedroom, 2 bathroom home, and $700 for the outside the home (including external walls).
3. Make Repairs
Repair any damage to walls, floors, doors, fencing and cracked tiles etc. to present the home as best as possible.
It is relatively cheap to do most repairs yourself. For example, replacing a toilet can cost as little as $200 installed.
The floors of a home are the single, largest visual area of the property, so it is a good idea to present them in an appealing way.
Fresh flooring will make a potential buyer feel that the house is clean and inviting. To freshen up your home’s flooring, try the following:
- Rip up old carpet and polish timber floors if the home has them.
Estimated Cost: $4,000 (for an average sized home).
- Install new carpet.
Estimated Cost: $3,000 to $10,000, depending on the type and quality selected.
TIP: Linoleum flooring comes in some great finishes like a timber or tile look, and it is often cheaper than carpet.
Estimated Cost: $2,000 for an average sized home.
- Let there be light – open up blinds, curtains and windows to let light and fresh air in.
- Replace outdated lighting with simple, contemporary styles. Light fittings have never been cheaper and there is a huge variety available from hardware stores.
6. Revamp the Kitchen
A dirty, outdated kitchen is a sure way to put off any potential buyer.
Revitalize the kitchen cheaply and add value to the home with the following suggestions:
- Cupboards – The cheapest option is to paint your existing cupboards. Specialised paint is available for laminated surfaces.
Estimated Cost: $200 for a small kitchen.
- Hardware – Replace handles with new metal or timber ones.
Estimated Cost: $160.
- Benchtops – Install new benchtops.
– DIY laminate starts at around $50 per square metre at places like Bunnings and Masters, or $200 per square metre customized.
– Stone veneer benchtops: $250 per square metre.
– Solid stone benchtops: $450 per square metre.
- Replace old tap fittings with a stylish modern fitting.
Estimated Cost: $200.
- Appliances – if your existing appliances are working and cleanable, you don’t need to replace these. However, if they are broken or in bad condition, look out for sales or factory seconds to save costs.
7. Bathroom Refresh
Just like the kitchen, small changes to your bathroom(s) can have a big impact. Try things such as:
- If the wall tiles are outdated but in good condition, try painting them white with tile paint.
Estimated Cost: $200.
- For the floor, it is better to replace old or broken tiles, re-grout or cover the entire floor with a tile look linoleum and upgrade the shower tiles.
- Add new taps or, if taps are ok, add new tap heads.
Estimated Cost: From $50.
- Paint the vanity if it is in good condition or replace it if it isn’t worth salvaging.
Estimated Cost: Replacing the vanity will cost $250.
- Style your bathroom with lovely, colour coordinating towels.
Finally, create storage with shelving and cabinetry. Storage is one of the top priorities that potential buyers look for.
DIY wardrobes and cabinetry can add extra storage. Ikea offer packs at an affordable price.
Author: Nila Sweeney
Source: Your Investment Property Magazine
Source: Your Investment Property Magazine
Buying at a discount in the current cycle may sound like wishful thinking. After all, who in their right mind would sell property at a discount when they know the market is hotting up, right?
The short answer is no one.
“The reality is, no one wants to sell under market value in any market,” says Cameron Patterson, founder of InReach Investments.
“They only do so because they have to. Your job as a buyer is to identify those distressed sellers.”
The trick is to seek out these desperate vendors. However, it’s not always as easy as it sounds. In most cases, the reasons for selling are not advertised. If it is, it’s generally to drive prices up. This is because everyone is thinking they’re getting a bargain.
A distressed vendor may be a developer who has run into financial difficulty or a home-owner who has lost their job. It could be an owner who’s moving into aged care and needs to sell to pay for their bills. It could be a deceased estate and the next of kin doesn’t care what the property sells for, they just want to get rid of it. It could also be a divorce settlement.
Insider Tips for Buying Discounted Properties
It may take a bit of legwork, but it’s still possible to find these properties on your own. Here are some of the proven strategies that experts use when finding discounted properties.
1. Look for suburbs with the biggest drops in value over 3-5 years.
Todd Hunter, founder and director with wHeregroup, a buyers agency, says the quickest way to identify areas ripe for the picking is to look at how they’ve performed during the past 3-5 years.
“I look for areas that have fallen in value during the past three years or so,” says Hunter. “I also check if there are a lot of stocks that have been sitting around but already starting to move. This is a good sign that the area is turning. Don’t be afraid of negative growth. Negative values scare people, and rightly so. There is a chance that values could fall further. That’s when you do your due diligence and look for other signs that demand is returning in the area. At this point, vendors are more willing to negotiate.”
2. Establish the true value of the property you’re about to buy.
If you’re actively pursuing discounted properties, make sure you’re buying genuine undervalued properties.
There could be a big reason for the property to be highly discounted. The question you need to ask yourself is why is it undervalued or highly discounted? If it’s such a good deal, why is it that no one has found it yet?
There could be something fundamentally wrong with the property such as its location being close to a major highway or train lines.
It’s important that you understand the true value of what you’re buying, however, as not all distressed sales are good buys.
3. Identify capital growth triggers.
Unless there’s something else going for the property like capital growth potential or renovation potential, there could be little further profit to be made with that discounted property you’re about to buy.
“Capital growth is king,” says Patterson. “While there’s no guarantee that you’ll get the projected capital growth, if you buy in a location with good fundamentals and pick a sound property, you’ll significantly reduce your risk associated with buying discounted properties.”
This means ensuring that there’s a strong cash flow, low vacancy rate and infrastructure going into the area. Patterson insists on properties that are close to public transport and amenities, and areas with a low proportion of investors in relation to home-owners.
“I also look at trends such as population growth and vacancy rates in the suburb,” adds Patterson. “Look for areas with proven records of capital growth and sustainability, such as those with inner-city period homes or new developments close to the CBD. These, historically, have patterns of strong capital growth.”
4. Check the level of supply and demand.
One reason a property is selling at a discount could be the fact that it’s in an area heading towards oversupply at a time when demand starts falling.
Developers tend to overbuild in an area that has been forecast to experience strong population growth and ignore supply. They often build in a location with loads of infrastructure projects going in without considering if there are already enough properties available for sale. If the developer is having trouble selling, they’ll get desperate. Looking for locations with a large percentage of stock on market (SOM%) will uncover these problem areas.
5. Submit multiple offers.
The only way to snag a property under market value is submitting multiple offers, according to Patterson.
“Firstly, I will establish the true value and then I put in a low ball offer. I will repeat that process multiple times. Eventually, you will find an interested seller,” he says.
“Most of the leads come from my contacts in the industry. I get offered properties that don’t even go to market. I don’t necessarily get them under market value, but it gives me the chance to put in the first offer, which is a low ball offer. If the vendor is desperate, they will accept it. Mortgagee listing companies can help as well.”
6. Crunch your numbers and monitor them throughout the process.
You have to be confident with your numbers when buying any property, but even more so when buying distressed or discounted properties, says Patterson.
“If the numbers don’t stack up, be prepared to walk away. There are always going to be opportunities out there; it’s really just a matter of finding one with the right balance. You have to assess the deal holistically to make sure that the acquisition will help you move closer to your goals. Make sure that the numbers stack up. It’s always better to reject a deal and wait for the next one rather than go ahead when you’re not sure the numbers are stacking up. You’ll end up regretting it over the long run,” he says.
Last Sunday saw the 14th Sustainable House Day in Australia. Going green has never been so popular which is why Australia hosts this remarkable day to give you all tips and inspiration. A loan from Pierre Finance can save you energy and money in the long term. The benefits of an energy efficient home and way of living can save you a considerable amount of money per year. Some of Australia’s most stunning and Eco-Friendly properties were on display, so lets have a look at 2 of the highest rating.
It’s no surprise this beautiful Tree House has won awards. Surrounded by lots of greenery just adds to the clever modifications that have earned it’s top spot and the budget was very modest.
The constructors used thermally broken insulation including double glazing and a hydronic heating system for the cooler climes. To capture the excess rain water there are 4 20k litre tanks underneath the garage and providing the house with electric is a 2.5 Kw PV installation. The solar power has a gas booster for hot water and heating and wherever possible it provides water for the suspended pool.
The cladding on the house is a mix of Colorbond steel, weatherboards and Weathertex. Everything used are natural bamboo, FSC, recycled and all the paint is either low VOC or at zero level. So even the outside of the house is impressive in sustainable terms. An good energy rating of 7.4.
The Blue House was a new build property back in 2012 with designs for a family with young children. This modest 3 bedroom property is all about light, ventilation, containing heat in the cooler months and shade for the hotter ones. The footprint of the property has landscaping designed to reduce rain water escapes, the floors and walls retain heat in the winter and with a little shading stay cool in the heat of the summer.
The concrete and bricks are totally recycled, the paint is low VOC, and the carpets are 100% wool. Solar panels take care of the heating and hot water, and energy is monitored by using energy efficient appliances, low energy lighting and draft proofing. Again a water storage tank built underground can hold 22.500 litres. A good rating for this property at 7.3.
I hope I have inspired you to look into different ways of saving energy, and remember you will also save on living costs.
Click the link below for your free report ..
If you are a first time buyer, moving home or thinking of putting your home up for sale it is very important auction results that could influence your decisions. Studying these results will give you the insight into the value of properties and the current markets. Here at Pierre Finance we are always researching the market so we can offer you the best advice and guidance for when the time is right for you to get that home loan.
Whether you are buying, investing or simply checking out the value of your current home keeping up to date after a weekend of auctions and performance is a clear cut way to gauge the market. Each suburb has it’s own unique performance results which is essential for anyone who wants to research the property market.
You need to study the amount of properties that sell before the auction, during and after. Also how many auctions in each state and the clearance rates and those that didn’t sell. All this data is relevant to your decisions. It is good to know what the house down the street sold for, and also where people are investing. It does take a bit of time but once you get in the habit you can keep a results and performance document so you can easily see the patterns emerging.
Here are some examples of the information you can easily retrieve.
- In Queensland there were 129 property auctions this weekend with a clearance rate of 51%.
- 10 properties sold before the auction, 32 sold at auction
- 35 passed in
- 6 were withdrawn
- 0 sold after the auction
Each individual property, town and street number will be listed.
So, in Alderly number 30 Kate Street, a house with 4 bedrooms sold before the auction at $732,500.
In New South Wales there was a total of 995 auctions with a 78% clearance rate,
- 181 sold before the auction and 473 at auction
- 138 passed in
- 48 withdrew
- 5 were sold after
In Abbotsford suburb a 2 bed unit was sold for $760,000 prior to auction.
Melbourne is on the top spot for living as out of 140 cities worldwide it has been renamed the worlds best city to live in. It was an almost perfect score according to the Economist Intelligence Unit Global Liveability Index. The score was an impressive 97.5% only just beating Vienna by a mere 0.1%. Adelaide was also up there in 5th with a 96.6% result.
It’s no surprise that Melbourne is in the top spot with its great restaurant and bar scene, the hip lanes areas, the abundance of art and culture, and it is chosen to host major sports and other important events. The booming property market has also helped it’s popularity as more and more people want to call Melbourne home.
The close of the financial year saw the average price of a home was $560,000 with a registered growth of 10.2% again. Property is selling in record time frames from the moment they are on the market to completion and this months auction records show a 70% clearance already. Here at Pierre Finance we can help you live your Melbourne dream or simply contact us for any financial service.
It’s great that Australia took some top 10 spots, Sydney came in at 7th and Perth came in at 8th. Their seemed to be a similarity among the top liveable cities such as being medium sized, no excessive infrastructure, not over populated, low level crime and offering a balanced range of recreational areas and activities. All the top ten cities were either in Australia or Canada which proves our wealth.
There were 5 categories under assessment to achieve the results they included, healthcare, environment, culture, infrastructure and education. These were all scored by measuring the quality and quantity in the 30 different factors in all areas.
The factors were given scores based on whether they were undesirable, restricted living, tolerable, highly acceptable and comfortable.
The cities that scored 80 to 100 had a good standard of living appeal and those that were very restricted scored 50 or less.