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Welcome back from your break, if you had one. I hope it proved to be relaxing and memorable. I was lucky enough to spend a few weeks at Barwon Heads. In certain pockets of this popular little village that featured on the front of The Age last month, the property market is as strong as the two recently completed $70 million bridges. In one street alone, more than $6 million was spent across five transactions in just two weeks.
One month into another year and no one really knows how the market will perform over the next 12 months. We can’t even obtain clarity on movement in the property market over the last quarter of 2011, with four different research organisations reaching different conclusions that range from a fall of 1.5 per cent to a rise of 1.9 per cent. I am uncertain of the reasons for this variation but surely there has to be an accurate method for tracking market data. If present activity at properties that are open for inspection is an indication of things to come, then I believe that we will witness a balanced market with vendors and buyers alike comfortable with the results. In suburbs within 10 kilometres of the CBD I see a 5 per cent increase in property values with multiple buyers showing interest in most properties. With a reported 48,000 properties unsold from 2011, buyer activity will need to be brisk to take up the slack.
The market overall seems very sound across commercial rentals and sales, house and apartment sales, and with residential rental properties finding tenants within days.
Naturally the health of the property market will very much depend on interest rate movements, unemployment levels, global debt-recovery and offshore investment. All this considered, I see 2012 as the year to secure the property that you have been holding off buying, as I can’t see purchasing conditions becoming any more favourable.
Kind regards
Principal
MRPA
PS:
We welcome input to our newsletters so please contact us with any experiences you'd like to share - positive or negative!
NEW!! Testimonial of the Month
Now in our 14th year MRPA is very proud that over 90% of our new clients are repeat or referred.
We would like to share our clients thoughts about their experience with us and over the next 11 months, include clients who we have assisted with sourcing residential and commercial property, negotiating only, bidding only and vendor advocacy.
Sarat Chandler
I approached Michael Ramsay for advice and help with purchasing an investment property, after having been to a couple of other similar agencies. I decided to go ahead and purchase an investment property with them as the buyer's agent and I am happy with my decision. Michael and subsequently Andrew Skubel, who ultimately helped me with my purchase, were easy to communicate and interact with, knowledgeable and very helpful.
Andrew has been helping me, and is continuing to do so with all aspects of the purchase. I would strongly recommend anybody considering a property purchase, particularly an investment property, to meet up with them and avail of their services. I find their charges very reasonable.
Sarat Chandler - June 2011
Sarat's Melbourne
Investment Property
Buyers rights to cool-off change on 1st March 2012:
On March the 1st you will be able to cool off from a purchase regardless of whether you engaged a solicitor to review the contract before you signed. Previously, if you sought legal advice from your lawyer prior to signing the contract, you lost the right to change your mind and “cool off”.
The only time you will not be able to “cool off” after signing a contract is within 3 clear business days before, on the day of, or within three clear business days after a publicly advertised auction.
If you change your mind and “cool off” it must be within 3 clear business days of signing the contract not including the day you signed, weekends or public holidays.
If you choose to “cool off” the Vendor is entitled to retain $100 or 0.2% of the contract price, whichever is more, from the deposit you paid to compensate them for losing the sale.
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