As we are reaching the close of 2011 the market is giving one last lurch towards the final curtain. With only one auction weekend to go for the year, it is fairly safe to say total turnover of residential property will be lower than last year and probably lower than 2008 when we had GFC […]
The Melbourne property market has only a couple of weeks left to run for the year and with a clearance rate of 55% according to the REIV for the weekend, some vendors and agents alike will be glad to see the end of 2011. But what changes are in store for 2012. I wrote last […]
We have had economists and university academics tell us property prices will fall by 40%. The media as a whole jump on this and espouse the virtues of the “expert” to a point where Nostradamus’ spin doctor would be proud. When that proves wrong, there is no change to the media’s view point, we just […]
Another big weekend has come and gone as we edge closer to the Christmas hiatus. The REIV tell us that 633 auctions were held, with a little over 300 selling on or before auction. The clearance rate was 52% which is slightly higher than last week’s 51% but off from this time last year at […]
Clearance rates near 50% and Christmas only 5 weeks away means only one thing for seasoned real estate agents. One on one negotiation will be the order of the day. Anyone purchasing a property between now and Christmas needs to be aware of this. On Saturday we attended an auction in the Northern Suburbs. It […]
Out of the 713 auctioned properties listed by the REIV, there were 323 sold. Nearly 20% were sold before and I would envisage that double that amount would have passed in and been negotiated after. This still goes down as sold at auction. In fact of the 12 auctions our team attended over the weekend, […]
According to the REIV the clearance rate this weekend is 52% compared to 50% (adjusted) last weekend and 59 per cent for this weekend last year. There have been 498 auctions reported of which 258 sold and 240 passed in, 151 of those on a vendors bid. It does seem not everyone lost money at […]
Bill Evans, chief economist for Westpac, predicted around the middle of the year that the next interest rate move would be down. Media and financial experts alike, scoffed at this notion as a publicity stunt, or a foolish attempt at putting pressure on the Reserve Bank to do just that. But he was RIGHT. “The […]
After the recent court case involving an agent that lied to a prospective purchaser about having another offer when they did not, all the media is screaming for safeguards. The safeguards are already in place. They are enshrined in law. In the same way anyone arrested has their rights explained to them, anyone who goes […]
If you go to any court, arbitration, mediation, VCAT hearing or any other legal mediation, if one party to the issue has legal counsel then the other party will be warned by the mediator or judge that it is in their own best interest to get legal representation and that the proceedings will usually be […]
