Property Sale

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One of the life’s most stressful events is buying or selling your first home – it’s said to be up there with getting married. 
The REIQ offers several tips to first home buyers and sellers that will help you navigate one of life’s trickiest transactions with confidence and with a degree of certainty that you’ll achieve a great outcome, whatever you want that to be.   One of the keys to success is engaging a real estate professional that you can trust to be your guide throughout the process. You need to find that person who you can connect with; that person who is experienced and can help you with the many decisions that you are about to make.    Choosing your agent:
Interview the experts and get their views. Meet with two or three agents and talk to them about what you want to achieve from the transaction. If you’re buying your first home a buyer’s agent is a very good idea and if you’re selling for the first time then speak to a few agents from different offices to get a feel for how they each will approach the sale of your home.   Ask questions:   1. What is your area of expertise? Many people don’t realise that real estate agents can engage in a broad range of activities, including selling residential property, auctioneering, commercial property sales, leasing and management, along with business broking. So you need to choose someone whose background is in the area that you’re seeking guidance in.   2. Feedback: You need an agent who has experience in giving feedback and having tough conversations with clients. Sometimes it can be difficult to give honest feedback to vendors who don’t want to hear that the price they want is unrealistic or the renovations are not a good idea. You want an agent who will be honest and up-front with you, so ask them about their style of feedback for vendors and what they do when they have to have the tough conversations.   3. Do you have professional indemnity insurance? This is not a statutory requirement so not all agents will have it, which is a problem if something goes wrong. All REIQ accredited agency members are required to carry a minimum of $1 million in PI insurance. It gives an added peace of mind. After all, you don’t want to be embarking on one of the biggest transactions of your career without a safety net, do you?   4. What is your dispute resolution process? Nobody wants to think that something will go awry in their property transaction but if it does, what options are available to you? If your agent doesn’t have a simple, accessible dispute resolution policy in place how will you know what to do in the event of a dispute?   5. How do you stay up-to-date with legislative changes? Not all agents maintain their professional knowledge and this can be concerning when you consider that property transactions are very heavily regulated by government legislation. You really need to make sure that the agent you choose keeps their knowledge up to date. All REIQ members are required to maintain their continuing professional development as a requirement of their membership and this gives you peace of mind to know that they are up to date.
ANTONIA MERCORELLA is CEO of the <a href="https://www.reiq.com/" target="_blank">REIQ</a>.
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Property 101: How to take the stress out of property purchasing and selling: Antonia Mercorella

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Indi Madden, whose family owns the Mitre Tavern in the Melbourne CBD, and her husband Bryan Madden – managing director of fund management firm Brookline Partners – have listed their Hawthorn East home.
More than $2.8 million is tipped for 21 Selwood Street which with an understated contemporary style, has city views.
Kay &amp; Burton agent Nicole Gleeson has a scheduled August 22 auction.
It traded at $2.2 million in 2007 when bought from Felicia Leoncelli, the former senior artist with the Australian Ballet Company, and wife of estate agent Andrew Leoncelli.
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Hawthorn East trophy home offer

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A hilltop East Fremantle home has been listed for sale.
The <a href="https://www.realestateview.com.au/Real-Estate/42-alexandra-road-east-fremantle/Property-Details-buy-residential-9409662" target="_blank">2 Alexandra Road</a> property rebuilt in 2010 has been listed with $4 million plus hopes through Jonathan Keys at William Porteous Properties International.
A rooftop garden has wide river and ocean views.
The house is built on a 965 square metre floor area with under vaulted ceilings and travertine floors.
The median price for a house in <a href="https://www.urban.com.au/property-observer" target="_blank">East Fremantle is $1,175,000</a>, according to CoreLogic RP Data.
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Hilltop East Fremantle trophy listed

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Retired swimming golden girl Stephanie Rice has sold her Paddington, Brisbane home.
Place Paddington agents Tim Douglas and Scott MacDonald secured the sale.
Stephanie Rice posted her gratitude on Instagram about the sale of her four-bedroom, three-bathroom property for an undisclosed price.
<a href="https://www.realestate.com.au/property-house-qld-paddington-121662222" target="_blank">Rice purchased the home on Kennedy Terrace </a>in 2010 for $1.265 million.
She used the house for investment purposes renting it out at most recent at $1050 a week.
It’s believed the recent sale was motivated by her move overseas.
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Stephanie Rice sells her Paddington, Brisbane investment property

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Blacktown's recent early spring 50% auction clearance rate blues - see-sawing at well below the overall 75% Sydney average - has highlighted growing concerns about a potential spring listings oversupply.
And some local agents are worried about the capacity to find enough buyers, especially investors.
Recent CoreLogic RP Data results suggest the higher the uptick in auction volumes the lower the success rates especially in suburbs where the auction system is not that entrenched.
Sydney's longstanding auction engine room - the inner west - continues to lead Sydney's auction property market sitting still in the high 80s, but its success rate too is down a tad on on recent peaks.
"What we’re seeing is that some investor demand has already been met in these markets, in Blacktown and other parts of western Sydney," Brian Reid, the chief executive at Raine &amp; Horne noted.
"It would also appear that more vendors are adopting the auction process as the median price in many of the outer suburbs approaches or exceeds the $1 million mark.
"There is still some strength and value in this market," he suggested.
Brian Reid added there is an over-reliance on auction clearance rates when measuring the health of the market, "whereas a truer indicator is the number of days-on-market."
LJ Hooker agent Clair Andree-Evarts said she had a recent "great result" for her $885,000 sale of 96 Peter Street - part of her 100% success rate this year for her auctions.
Despite her success she noted APRA's crackdown especially since June had effected the market as around half the buyers "disappeared" with the biggest issue being the 20% deposit requirement.
"This led to less buyers.
"The problem is less buyers meant less competition on auction day and with the market having been so great over the last year most agents were still relying on the buyers to fight it out themselves at auctions and hoping the results would just happen."
Many offerings have the added advantage with the current rezoning under the new Blacktown City Council Land and Environment Plan as R4-High density residential, so the buy and hold and redevelop potential is possible, she added.. 
Harcourts agent Rod Nolan suggested buyer enquiry numbers and open home inspection numbers are down on six months ago.
"I put it mainly down to rising stock levels which have tripled if not quadrupled in the same period and the increase in interest rates for investors.
"Buyers have more choice now so they will take longer to make it and negotiate harder."
Agent James Sotiropoulos suggested in Blacktown most properties were still offered by private treaty and auction was not the preferred method.
"The heat has come off the Sydney market and more properties are been placed on the market with vendor expecting results that are just not there any longer," he said.
The McGrath chief auctioneer Scott Kennedy-Green has noted a big improvement - against the trend - in the clearance rate of Parramatta and surrounds.
"It saw the biggest change up in year on year figures from 65% clearance in 2014 to 81% clearance this year while the number of auctions booked increase from 48 to 61,"
"This points to a popularity and comfort with the  auction process as a preferred method of sale, further west from Sydney’s CBD into less traditional auction areas," Scott Kennedy-Green noted.
<a href="/images/2015/09/07/Screen%20Shot%202015-09-07%20at%2012.26.33%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/07/Screen%20Shot%202015-09-07%20at%2012.26.33%20PM.png" alt="" style="line-height: 1.3em;">
Source September 7 CoreLogic RP Data 
Thomas Doyle, at PRD Research suggested primarily he’d put the Blacktown result down to the fact there isn’t an auction culture in Blacktown, "or the other western areas for that matter."
"Many factors contribute to auction clearance rate, including whether the reserve price reflects value at a price the market will accept.
"Buyers interested in Blacktown may lack the stomach for auction.
"Moreover, Blacktown stock may not compliment the auction mechanism.
"I’d put this down to an implicit premium that auctions are typically reserved for, which is lacking from these west markets - auctions seek to maximise buyer demand by speculating on market interest and anticipation for value – auction culture."
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Blacktown's see-sawing auction success rate suggests supply concerns

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Selling for more than $7 million, the Adelaide trophy home, Ivanhoe has set a South Australia record.
The property at <a href="https://www.realestate.com.au/property-house-sa-gilberton-106823637" target="_blank">9 Edwin Terace, Gilberton</a> sold off-market through Bernard H Booth agent Jamie Brown.
The previous record was held by historic Glenelg mansion Stormont, which sold for $6.5 million in 2010, also by Jamie Brown.
The 1889-built freestone six bedroom mansion offers almost 740sqm of living space across its 13 rooms.
It was set on a 4346sqm with tennis court and a pool.
It was built in 1889 by George Brookman, who named it Ivanhoe after his successful Kalgoorlie mine of the same name.
The property last sold in 2011 for $6.2 million to businessman Mark Britten-Jones.
 
SA’s previous top house sales
1/ $6.5 million — 14 South Esplanade, Glenelg, sold 2010
6 bedrooms, 4 bathrooms, two kitchens and a lift, sold with two titles.
Built 1886
2/ $6.4 million — 12 The Avenue, Medindie, sold 11/10/06
5 bedrooms, 3 bathrooms, 3 parking spaces, 9255sqm
Built 1876
3/ $6.2 million — 9 Edwin Tce, Gilberton, sold 29/06/11
5 bedrooms, 3 bathrooms, 2 parking spaces, 4346sqm
Built 1889
4/ $5.6 million — 28 Robe Tce, Medindie, sold 15/02/11
5 bedrooms, 4 bathrooms, 3135sqm
Built 1880
5/ $5.41 million — 12 The Avenue, Medindie, sold 29/06/11
5 bedrooms, 3 bathrooms, 3 parking spaces, 5136sqm
Built 1876
*Subdivision reduced land size
6/ $5.2 million — 17 Hawkers Rd, Medindie, sold 13/04/06
2201sqm
Built 1890
*Also sold on 30/05/14 as 7 Myrtles Court for $5 million
7/ $5.125 million — 4 Victoria Ave, Unley Park, sold 19/06/14
4 bedrooms, 2 bathrooms, 2 parking spaces, 2287sqm
Built 1920
8/ $5.1 million — 32 South Esplanade, Glenelg South, sold 19/05/05
4 bedrooms, 4 bathrooms, 4 parking spaces, 3626sqm
Built 1859
9/ $5 million — 1 College St, College Park, sold 21/01/11
5 bedrooms, 2 bathrooms, 1 parking space, 3968sqm
Built 1900
10/ $4.917 million — 11 Robe Tce, Medindie, sold 18/01/13
5 bedrooms, 3 bathrooms, 1 parking space, 3983sqm
Built 1900
Top house sales supplied to Adelaide Advertiser by CoreLogic RP Data
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Ivanhoe, Adelaide's $7 million trophy home sale

<html><body>Australian Property Monitors (APM) has released a list of auction results in Sydney for the Saturday September 12. <a href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" target="_blank" rel="nofollow">Click here</a> for the auction results, and click on each street address to see the property's marketing.</body></html>

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APM's Sydney auction results for September 12

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The founder of the mamamia website, Mia Freedman and her husband, Jason Lavigne have snappily found a buyer for their redundant Bellevue Hill home.
It was listed just two weeks ago with hopes of more than $4.8 million following their recent move to the nearby trophy residence, Fintry.
Their former Bellevue Road home sold through D’Leanne Lewis of Laing+Simmons Double Bay was bought in 2004 for $3.175 million.
The entrepreneurial independent digital media couple briefly listed it in 2008 with $4.4 million hopes before withdrawing it from sale. 
Fintry, the starkly white exterior home with Blainey North interiors, was sold to the couple for around $12.5 million by vendor, Somna Kumar and her partner, Macquarie banker Joseph Jayaraj who are now London-based. 
It last traded at $10.2 million in late 2007 when offloaded by the McWilliam family who had bought it from the Heinze family in 1995 for $2.06 million.
It had been longtime home of the late conductor Sir Bernard Heinze, complete with miniature 12-seat theatre fitted out by his son Adrian with Capitol Theatre furnishings.
It was bought in 1957 for 22,000 pounds by Sir Bernard and his wife, Lady (Valerie) Heinze following his move from Melbourne to succeed Sir Eugene Goossens at the NSW Conservatorium.
Set among Sydney´s most prestigious hillside dress-circle residences, the 1930s Fintry comes with panoramic north-easterly harbour, district and ocean views.
It has been a busy time for prestige offerings atop Bellevue Hill where whispers suggest Jamie Douglas, chief executive of Man Investments Australia, and wife, Heather will emerge as the nearby buyer of Godsall House, the home of Bondi Beach bound architect Nick Tobias and his author wife, Miranda Darling.
The Professor Leslie Wilkinson-designed late 1920s bungalow sold on delayed settlement terms through Ashley Bierman and Elliott Placks, of Ray White Double Bay, ahead of its March auction.
Douglas is the former managing director at JP Morgan London’s chief investment office before he joined Man’s hedge fund outfit. 
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Mamamia's Mia Freedman secures snappy Bellevue Hill sale

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The warehouse residence at 21 Joy Street, South Yarra sold at weekend Marshall White auction.
It was a <a href="https://www.realestateview.com.au/Real-Estate/21-joy-street-south-yarra/Property-Details-buy-residential-9294720" target="_blank">one-bedroom warehouse-style </a>house once owned by abstract artist Yvonne Audette .
It fetched $1,303,000.
It last sold at $371,500 in 2008 and before than in 1992 at $223,000.
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South Yarra warehouse home sold at $1,303,000

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The retail outlet underneath the landmark Coca Cola sign in Sydney's Kings Cross has sold to a private trust for $37.3 million, netting the seller a 57% capital gain in two years.
The Kings Cross Centre, 82-94 Darlinghurst Road, currently has 98.5% tenancy, with Coles leasing until 2022.
LJ Hooker Commercial Sydney chief executive officer Warren Duncan said when the Kings Cross Centre was sold in 2013, it transacted on a passing yield of 8.3%, and this week it sold at 6.9%.
"We’ve seen yields compress dramatically over the last 24 months in Sydney," Mr Duncan said.
"The centre was well positioned for capital growth, and tenants were following the changing demographic of the Potts Point area. 
“Adding to the appeal of the Kings Cross Centre is the fact it’s located in one of the most densely populated areas of Sydney, with an estimated 30,000 people living within a square kilometre.”
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