‘Auctioneers struggling with anything less than A-grade’
An ORIGINAL Albert Park - California Bungalow just metres from the water fetched $2.86 million as a Balwyn townhouse soared $165,000 past reserve at the weekend.
But auctioneers “are struggling with anything less than A-grade property” in a market where buyers no longer have the sense of urgency they did last year, property professionals say.
Property Mavens chief executive Miriam Sandkuhler said the three-bedroom house at 202 Kerferd Rd was in a “compromised location” on a busy road and facing west-east, but managed to top its reserve by $60,000 after competition between two bidders. Read more here
Downsizing decisions: Which type of home is best for low-maintenance living?
Downsizers have become a major force in the real estate market, with the combination of an ageing population and peaking property prices leading many empty-nesters to trade their properties for homes better suited to a low-maintenance lifestyle.
Government incentives announced last year allowing eligible homeowners to contribute up to $300,000 from the sale of their home to their superannuation are expected to cause a wave of downsizing when the measures come into effect in July.
For buyers seeking a low-maintenance lifestyle, not just any small home will do, and some properties are more suitable than others.
Which type of property is best?
Single-storey villas are the most sought-after properties for downsizers, according to founder of Property Mavens Miriam Sandkuhler.
These compact properties are easier to maintain, and the walk-up entry and single-storey layout makes a villa an ideal property to transition to from a house.
A villa can prove a better investment than buying into a retirement village, while providing the same community feel. Read more here
Entry-level and prestige properties perform well at weekend auctions as upsizers face finance barriers
A palatial “compound” home in Glen Iris rocketed $1.1 million above its reserve to sell for $9 million at an invitation-only auction on Saturday as the city’s property market showed some renewed get-up-and-go.
Entry-level properties between $600,000 and $900,000 were also well contested at many weekend auctions in the inner-city. And top-end A-grade properties above $4.5 million often outperformed homes priced from $1.5 million to $4.5 million as buyers had the wind taken out of their sails because of stricter bank lending policies. Read more here
Coburg North house with music studio hits the right note at auction
A COBURG North house with its own music studio has struck a chord with a musical family to sell under the hammer.
Vendor Tim Holly said it was fitting to see the home he’d installed a soundproof production suite in five years ago pass on to other musicians.
“The whole family is musically orientated. It’s gonna be a good fit,” he said.
The first-home buyers — a family who had been renting a suburb over in Preston — outlasted two other bidders to win the keys to 90 Newlands Rd for $881,000, Brad Teal Coburg auctioneer Andrew Butler said. Read more here
Business in the front, party in the back: How to renovate a terrace house for the 21st century
Lining the streets of our inner city suburbs with their stately facades, terrace houses are some of Australia’s most desirable properties, and some are hiding a surprising secret.
Much like a mullet, well-renovated terraces are “business in the front, party in the back”, with sought-after period features backed up by expansive open-plan living areas boasting indoor-outdoor flow.
Turn-of-the-century terraces are in high demand and low supply, and therefore command premium prices, according to Property Mavens founder Miriam Sandkuhler.Read more here
Ascot Vale our worst spot for price quoting, as Melbourne improves overall
PRICE quoting has become more accurate in Melbourne since beefed-up underquoting laws were introduced a year ago — but experts say the crackdown doesn’t go far enough.
Crusaders against the dodgy practice say the only way to stamp it out is to force sellers to reveal their reserve prices at the beginning of auction campaigns.
Property price predictor REALas found homes in greater Melbourne sold for an average of 9.6 per cent more than their advertised prices in March. Property Mavens chief executive Miriam Sandkuhler said the legislation’s biggest flaw was that the definition of a “comparable sale” was largely left to agents’ interpretation, with no requirement for them to have a similar land size to the property being sold.
The buyer’s advocate said the best way to eradicate underquoting was to make vendors publish a “realistic” reserve when they first listed their home, and not be allowed to increase it.Read more here
Experts tips on how to find and build your dream home
Buying a house and land package can be great value for homebuyers looking for a brand-new home in a growing neighbourhood. Unlike pre-owned property, house and land homes are customised to individual buyers’ needs and are built and appointed with current fittings and components.
So, what are the right steps to take when purchasing a house and land package? Here, we look at what research needs to be done, how the process works and how buyers can find an estate that’s right for them. Read more here
Affordable homes Melbourne’s most in demand
Another three bidders battled for 22 Union St, Sunshine, reported Property Mavens chief executive Miriam Sandkuhler.
“It was a great little investment property with development potential and proximity to Sunshine Station, shops and schools,” she said.
An investor was successful for $747,000, topping a reserve of $740,000, according to Ms Sandkuhler, she said: “there is still interest and competition for the right property in the right location, but numbers are definitely down in terms of attendance. There’s a bit of a sense of slowing down.” Read more here
Melbourne’s residential real estate market continued to experience lukewarm results at the weekend, with the city’s auction clearance rate falling to 61.4 per cent from 68 per cent on the previous weekend.
Just over 750 properties were set to go to auction on Saturday. Agents reported firm results for 581 of these, with 361 selling and 20 auction properties being withdrawn from sale. The 61.4 per cent clearance rate showed a drift in the market and was well down on the 73.7 per cent reported on the same weekend last year.
Analysts blame the generally subdued results on distractions in the market. This week’s Anzac Day holiday coupled with the recent run of school holidays have affected buyer interest and activity. Family home buyers, in particular, are postponing decisions to inspect or bid for higher-priced properties. Read more here
Retro stars shine under the hammer in Mitcham, Coburg
TIME capsules were hot property under the hammer this weekend.
The auction of a 1940s Mitcham house with a colourful retro fit-out attracted three bidders and about 30 onlookers on Saturday.
It took 45 minutes and 34 bids for the clinker brick house at 11 Haslemere Rd to sell to a local family for $1.21 million — $10,000 above reserve.
Bidding inched up in $2500 and $1000 increments throughout the tight contest.
Ray White Mitcham auctioneer Mark Walsh said the buyers may extend the house in the future, but would “keep it as it is” for now. Its 1068sq m block also featured a bungalow and self-contained studio. Read more here
South Yarra fixer-upper soars $825,000 beyond auction reserve
Properties on larger blocks close to the CBD triggered the hottest bidding duels at Melbourne’s weekend auctions, with a dilapidated house in South Yarra eclipsing its reserve by $825,000.
The five-bedroom fixer-upper at 95 Millswyn Street was auctioned in its lounge room amid Saturday’s hammering rainfall.
Auctioneer Philippe Batters from Williams Batters initially had to deal with extremely slow-paced bidding from two parties after kick-starting the sale with a $2.6 million vendor bid. Read more here
Why Melbourne buyers ‘less willing to compromise’
BUYERS are less willing to make compromises, with fewer bidding and more auctions passing in and starting on vendor bids, experts say.
Wakelin Property Advisory director Jarrod McCabe said the market was more balanced.
“A nicely presented Carlton North cottage on a large block at 129 Newry St saw a crowd of about 40 but only two bidders, and passed in at $1.43 million,” he said.
Property Mavens chief executive Miriam Sandkuhler said the market remained strong for properties in popular locations.
“There is, however, a trend of fewer buyers bidding and more auctions starting with a vendor bid and/or passing in,” she said. read more here
Downsizer's to get a boost
Miriam Sandkuhler explains the possible outcome of a Federal Government initiative announced recently, that comes into effect on July 1, that offers incentives for retirees wanting to downsize from their principal place of residence.
Kevin: There was a federal government initiative announced recently to help downsizers, a special contribution for retirees wanting to downsize. The 2017 superannuation changes now allow individuals over 65 who sell their principal place of residence to contribute up to $300,000 each from the sale proceeds into superannuation.
So, what’s this going to do to the market? Obviously, the intention there is twofold. Miriam Sandkuhler from Property Mavens joins me. Miriam, thank you for your time once again.
Two homes for the price of one: Is building a duplex a good investment or double the trouble?
Buyer’s agent and Property Mavens founder Miriam Sandkuhler said suburb fundamentals are important for duplex builders.
“Location is paramount, so proximity to amenities, public transport, or parks – your typical growth drivers that apply to any property to maximise its chance to grow in value will apply to a duplex.”
The area will also affect the type of duplex constructed. “If you’ve got low land value you don’t want to overcapitalise on the quality of the build,” she said, adding that duplexes in areas with high land values should be finished to a high standard to reflect market expectations. Read more here
Big bucks for Fitzroy house that’s featured in TV show Jack Irish and Aussie films
In South Yarra, Property Mavens chief executive Miriam Sandkuhler saw a “well located” Edwardian on 365sq m at 25 Murphy St fetch a whopping $3.161 million under the hammer.
Ms Sandkuhler said four bidders battled it out for the home, which didn’t have heritage overlay, causing it to smash its $2.38 million reserve. She said the investor buyer planned to rent it out, but they could also “renovate or detonate and develop the site”. Read more here
Boomers charge Melbourne auctions: Armadale home rockets $500k above reserve
Property Mavens chief executive Miriam Sandkuhler said Saturday’s auction market performed well in popular inner ring suburbs with great amenity and proximity to public transport.
“This was evident at 25 Murphy Street, South Yarra,” she said. “The auction of this well-located early Edwardian house on 365 square metres with no heritage overlay saw a crowd of 40 attend and four bidders battle it out for the title. Quoted low at $2.2 million to $2.4 million, the bidding opened at $2,125,000 and the property sold after multiple bids, in increments ranging from $50,000 to $1,000, for the substantial sum of $3,161,000 – a massive $781,000 over the reserve of $2,380,000.” Read more here
Labour Day long weekend doesn’t limit auction sales in Melbourne
Property Mavens chief executive Miriam Sandkuhler watched a renovated, double-fronted house at 6 Bennie St, Brunswick fetch $1.32 million after a contest between three bidders.
Ms Sandkuhler said well-attended auction was “done and dusted in 10 minutes” following a $1.25 million opening bid that “knocked many buyers out of contention”.
The four-bedroom house had been quoted at $1.15-$1.2 million. “There’s still strength in the market — the right property in the right position will always draw buyers, even on a long weekend,” she said.
Ms Sandkuhler said the auction of 37 Drysdale St, Reservoir wasn’t so pretty, with the 536sq m block featuring a tired three-bedroom house passing in at $685,000 — well below the $770,000 reserve. READ MORE
Parents are the first source for property advice, but are they always the best?
While parents can offer simple explanations of complex concepts, buyers’ agent and Property Mavens founder Miriam Sandkuhler said house hunters need to understand they key drivers affecting their local market.
“Take into consideration supply and demand factors and the demographic who might be renting the property from you if its an investment property,” she said. Read more here
IO Investors forced to sell
APRA continue to tighten the lending to investors with a direction to banks to cut back on interest only loans. Miriam Sandkuhler discusses the likely impact on investors and the market.
Kevin: APRA are continuing to tighten some of the rules around borrowing money, particularly for investors. We’ve seen recently moves by APRA to get the banks to reduce their books in terms of interest-only loans. And many, many loans, of course, are interest-only. So, what does that mean? What’s going to happen to the landscape? Miriam Sandkuhler from Property Mavens has been looking at this, and she joins me. Good day, Miriam. How are you doing?
Miriam: I’m good, Kevin. How are you? Read more here
Beaumaris knockdown sells $720,000 above reserve, as Melbourne clearance rates trend down
Property Mavens head Miriam Sandkuhler said the inner-Melbourne market was patchy. She noted that a cottage at 46 Glover Street, South Melbourne, which was passed in on Saturday by Greg Hocking Holdsworth on a low bid of $1.26 million from the sole genuine bidder, would have fared better last year. Read more here
Middle Park, Strathmore homes earn millions at auction
A MIDDLE Park Victorian smashed its reserve by $475,000 in a sale that highlighted the continued strength of properties in Melbourne’s A-grade areas, a top buyer’s advocate said.
Property Mavens director Miriam Sandkuhler said the “rare offering” at 108 Hambleton St fetched $3.375 million after a contest between four families. Read more here.
Melbourne’s entry-level properties win the day as trophy home buyer pool shrinks
Entry-level properties in the inner-city and affordable homes in Melbourne’s outer suburbs were well contested at weekend auctions and many attracted price premiums.
But dozens of $2-million-plus prestige properties were passed in. Although many later sold after post-auction negotiations, some market watchers say the buyer pool for $2 million to $5 million properties is considerably smaller than it was a year ago.
Could a crackdown on interest-only loans trigger a US-style housing meltdown?
Are you at risk when your interest only loan converts to principal and Interest ?
Watch Miriam Sandkuhler's comments here on the ABC's 7.30 report for some tips on how to manage this. Watch here
Experts reveal what first-home buyers are doing wrong
Buyer’s advocate Ms Sandkuhler said buying property was a “very complex process” that left first-timers “vulnerable and susceptible to getting ripped off”.
“A lot of first-home buyers assume they’ll qualify for a loan, so they waste time on the search process not knowing their limits. And there’s often heartbreak when they buy a property and fail to get their finance. Read More
Don’t believe the hype: When tree and sea changes don’t work out
Miriam Sandkuhler agrees that it’s important to explore the reality of a regional move before committing to it.
“You really need to test the waters first, because how you think it will be might not be the reality,” she says. “Spend lots of time there, and try to live as though you’re a member of the community. Connecting with people can give you a sense of whether it will work, and whether you’ll fit in.” Read more
Why many millennials are rentvesting
The property market is becoming increasingly impenetrable, especially for millennials and first home buyers.
However, a new trend known as rentvesting means those making their first steps in the market can maintain their lifestyle without forgoing their other real estate dreams.
Rentvesting means renting in your dream suburb, while simultaneously buying or investing somewhere closer to your budget.
Nikolai Beilharz asked Miriam Sandkuhler about why rentvesting is becoming more popular. Listen here
Indicators point to growth
Kevin: As we continue to have a look at what’s likely to be ahead for the property market in 2018, it’s always good to look back at 2017. Miriam Sandkuhler from Property Mavens joins me to do that.
Miriam, thanks very much for your time.
Miriam: You’re welcome, Kevin.
Kevin: I’m looking forward to your input into this chat. What lessons did you learn out of 2017?
Miriam: Gosh, there were so many. Certainly supply and demand are really the strongest drivers of price escalation in a number of cities around the country. That’s really been evidenced by the fact that Victoria’s capital growth ended up at the end of November around 10% for the year, Sydney’s was double that and second only to Hobart, which had 11.5%. Read more or listen here