The REIV 2011 December quarter median prices confirm that house and unit prices remained relatively stable over the quarter. Median house prices $550,000.00 - 1.9% up from September quarter. Transaction numbers on houses were significantly lower than for the same time the previous year. I would suggest that if you are thinking of buying, now is a very good time as there is little competition as purchases are down.
Unit prices for the quarter were up 1.1% to a median of $455,000.00.
With the introduction of overseas banks bringing in low interest rates, this is bound to bring more people in to the market, taking advantage of low interest rates. This will increase the amount of purchasers in the market, which will inevitably lead to an increase in prices.
See JMAC Property for the best performing suburbs and information on rental returns for any suburb.
As I have mentioned now is a tremendous time to be buying. Competition is low and stocks high. Take advantage of our NEW statistical analysis of any suburb in Australia. Gives rental returns and demands, suburb trends and demand for buyers. The information is critical for negotiation as we will know demand versus supply, plus expected return on investment. Please phone for information regarding the NEW statistics. Puts you in the drivers seat — take advantage!
The best performing suburbs for the June To September Quarter are:
Narre Warren South—–3.8%
COMMRECIAL INVESTMENTS OFFICES
Collins Street Victoria Harbour
4 Levels of office building. Buy now off the plan and save on stamp duty. Approx finish date October 2113.
Prices range from $350,000 to $850,000
Genuine investment opportunity.
We all now know it is a buyers market, it is a fantastic time to be negotiating.
If you are interested in Point Cook email me now as there are some terrific buys to be had!
See you at stand 78 at the show. We will be promoting our three tier services with a special prize of free appraisals for buyers.
1 Bed plus study
2 Bed 2Bath
146sqm—- 1.2 Million
Save $60,000 on stamp duty plus $30,000 furniture package on apartment 1507
If you have found or are looking for a property to buy, but you are unsure of its true worth in this declining market, we are offering appraisals of your prospective property within 24 hours.
Recently I had the experience where a client had found a property but was not confident of the accuracy of its listed value of $1.25 million – $ 1.3 million. As the market is currently in decline and the property had been on the market for some months, I advised my client to put in an offer of $1.1 million, based on comparable sales and chart trends in said suburb.
I told him the number one priority was to have his housing finance arranged and a cheque ready for a 10% deposit. Money talks.
We were told $1.1 million was too low however the vendor was happy to accept an offer at $1.15 million, which in turn we were happy to accept.
The comparable sales in the area and trend charts for the area put us in a very strong position to negotiate. We knew a price reduction of up to $100,000 was possible.
Both vendor and purchaser were very happy with the result.
Our charge for this service
$195.00 covers a printed report, and inspection of the property.
Pricing for more than 1 appraisal will be negotiated.
As professional negotiators, we can do the negotiating on your behalf for an arranged fee. We see this as the best possible way to get price reductions on your favoured property.
With the approach of winter and an increase in properties on the market we see this as an opportunity to buy at reduced prices.
When you use JMAC Buyer’s and Vendor’s Advocacy you get a video recording of each house that we inspect for you. This is a virtual tour of the properties from the comfort of your armchair.
Once you have decided on your most favoured property/ properties then it is time for us to get in the car and personally inspect these properties together.
The video reviews save you time and unnecessary travel to homes that do not meet your requirements.
This is an innovative and free service offered by JMAC Property.
Let us explain to you how advocacy works. All initial consultations are free of charge.
In the year to April 2011 the flood of residential housing stock in Melbourne has soared 105% to 43,500.
The share of first home buyers has dropped to 14.9%, meaning less competition for those buying in the $400,000 to $600,000 market.
National home prices fell 2.1% in the March quarter. On an annual basis the top 20% most expensive homes in Australia shed 3.3% of their value in the first quarter. On the other hand the middle to low sectors of the market have stayed the same.
There are 15,000 extra homes on the market in Melbourne. This is a glut if buyer demand does not pick up. The winter conditions have made it very favourable for those in the market to buy.
An REIV spokesperson said, “Shrewd buyers who did their homework on prices, and put themselves in a positon of power if a property was passed in, should benefit.” Strategic bidding and negotiation is the key tactic, for Private Sales or sale by Auction.
Saturday 16 and Sunday 17 April 2011-04-19
Auction clearance rates were 63%
This time last year clearance rates were 83%
This is approx. a 6% drop on median price in the March 2011 quarter.
As per my last post
THIS IS NOT THE TIME TO BE AUCTIONING
HERE IS THE LATEST NEWS
This is a good time for buyers to be negotiating on price as the pendulum has swung in favour of buyers not sellers.
Let us at JMAC do a free market appraisal of your future property. We will search for your ideal property, and negotiate, on your behalf, the best price possible. We are across property market trends in all sectors of the market putting us in the best possible position to negotiate for you.
FOCUS ON NORTH WEST SUBURBS
ESSENDON – is of particular note as property prices have dropped approx. 20% in the past 6 months. Essendon could have great buying opportunities now.
In the last 6 months surrounding suburbs such as Moonee Ponds has suffered a 12.5% decrease, Ascot Vale has dropped 4%, Pascoe Vale South down 9%, Coburg has fallen 13%, Brunswick is steady. Conversely Niddrie property prices have risen 23% in the last 6 months.
Opportunities for both buyers and sellers in this region of Melbourne abound.
As mentioned this is not the time to be auctioning, however, there is an ideal way to sell in the current market.
Your marketing expenses will be a fraction of that compared to the “banner groups”.
We sell your property to suit current market conditions to obtain maximum sale price.
Contact us at JMAC for a free market analysis.