If you think you may have bought an underperforming property, you need to work out precisely how to tell if you’ve bought a lemon in the first place?
“What exactly constitutes a lemon? Well, it could be a number of factors that affect a property’s ability to perform well from a cashflow and/or capital growth perspective,” explains Miriam Sandkuhler, buyer’s agent and CEO of Property Mavens.
“If the property is costing you to hold it via negative gearing and you have little or or negative capital growth, then you may need to question the benefits of holding onto it.”
There are a number of investment fundamentals that can negatively affect your property’s ability to grow in value (see boxout), and if your property suffers any of these in isolation, then you should carefully consider what you can do to fix or address the issue, rather than what should be a last resort: selling. Read more here
Investment ‘flawed thinking’
Flawed thinking – the non-sensical things buyers and sellers think and do when buying or selling property and how it gets in their way of securing a successful outcome is the topic we discuss with Miriam Sandkuhler.
Kevin: Investing in property isn’t always as easy as it looks. You know, good people, with anything, make lots of things look really, really easy. And that’s why they’re so good at what they do. But flawed thinking in property investment is something that we should look at from two sides, both the buyer and the seller. Helping me to do that, Miriam Sandkuhler from propertymavens.com.au. Listen here for more
Back to the old days’ : South Melbourne townhouse sells $211,000 above reserve
Dozens of rapid-fire bids flew on a gloomy South Melbourne afternoon on Saturday, with four families vying for the keys to a highly sought-after townhouse.
The three-level home at 240 Moray Street passed its reserve price two bids into the auction, with the price continuing to surge to $1,561,000 before the hammer fell.
Even in the last 10 or so bids three of the four parties continued to go tit for tat with thousand-dollar bids, until the property eventually sold to a middle-aged couple. Read More here
How to choose an apartment to suit your lifestyle
When hunting for a new home, would-be apartment buyers often begin by thinking about what they can afford, or perhaps what size they want their place to be.
But the starting point should really be something a little more fundamental, according to Miriam Sandkuhler, buyer’s agent and founder of the firm Property Mavens. First and foremost, Sandkuhler says, buyers need to reflect on their own lifestyle.
“Definitely lifestyle first, followed by budget, which will then dictate possibly the apartment size, as well as the location. You have to consider lifestyle first because that drives the location where you want to be,” she says. Read more here.
Top 5 Tips for First-time Landlords.
In real estate, there is no such thing as beginners luck.
With property magazines and real estate experts left, right and centre, it’s clear that to do well in this world you’ll need to be well versed in its game. Renting out your property is as challenging as managing any other business, so rookie mistakes are futile to successful investments. Making sure you have a clear understanding of what’s ahead ensures that these risks are minimised.
So, to save you the trouble, we’ve compiled a list of top 5 tips from industry experts and seasoned landlords to bring you the best landlord advice. Here’s what they had to say Read more here
Older Australians ‘pessimistic’ about the property market as prices fall
As property prices across much of Australia continue to fall, new findings have revealed that older Australians are more pessimistic when it comes to the housing market, with the majority believing prices will continue to decrease.
The data, collected by insurance providers Budget Direct, revealed that an overwhelming majority (66 per cent) of Aussies over the age of 65 believe that the average price of homes in their area will either slump or remain the same over the next 12 months. This trend was also evident among those aged between 55 and 64, with just over 58 per cent believing house prices would drop or remain static, while 51 per cent of 45 to 54 year olds thought the same. Read more here
Beware the sly tactics agents and developers use to sell
In a cooling real estate market, there is a glut of properties that nobody wants but agents and developers need to get rid of.
Some selling agents and property marketers are resorting to shady tactics to trap unsuspecting buyers using deals that sound “too good to be true”.
Miriam Sandkuhler, CEO of Property Mavens, revealed the dodgy strategies that buyers need to be aware of.
Buyers underestimate the complexity of buying property, making themselves an easy target for agents and developers who swoop in to take advantage of inexperienced buyers.
Sandkuhler said real estate agents will get creative with their tactics when they need to sell a poor performing property which they know is not going to see much capital growth or good income. Read more here
Homes with all the mod cons lead the way in Melbourne’s weekend auctions
Contemporary homes offering all mod cons were big winners at Melbourne’s weekend auctions, with one newly built Hawthorn East house topping its reserve by $420,000. The two-year-old home on 596 square metres at 53 Leura Grovebucked the trend to low bidder numbers at metropolitan auctions when five would-be buyers duked it out in front of a crowd of 60.
Buyer’s advocate Miriam Sandkuhler from Property Mavens said the four-bedroom property, quoted at $3.1 million to $3.4 million, was declared on the market by Marshall White at $3.5 million. She said a mix of downsizers, foreign buyers and local families then pushed the home to a “surprising” sale price of $3.92 million, with a Melbourne family winning the day. Read more here