Archive for Real Estate Agent

The 10 Perth suburbs where tenants are snapping up rentals the fastest

White Gum Valley, Scarborough and Shenton Park are among the 10 Perth suburbs where landlords are finding tenants for their rental properties the fastest.

REIWA President Hayden Groves said while on average it takes Perth landlords 45 days to secure a tenant for their rental, numerous suburbs across the metro area were experiencing faster leasing times.

“In White Gum Valley for example, landlords are finding tenants for their rental properties in approximately 27 days – 18 days faster than the Perth Metro average, while in Scarborough and Shenton Park it takes 28 days and in Pearsall and Leederville 29 days,” Mr Groves said.

What condition should the property be in at settlement?

One of the most widely misunderstood elements of real estate is what condition a property should be in at settlement or possession.

What does ‘buying as inspected’ really mean?

In short, a property is sold “as inspected”. If there was dust on a ceiling fan when you first inspected before contracting to buy then the fan can be dusty at settlement. The same goes for a dirty oven, a blown light globe or a squeaky laundry door. If it was dirty, blown or squeaky at inspection before purchase then so it should be at settlement.

Buyers will typically expect that the property is handed over to them spick n’ span and thankfully most house-proud sellers leave their homes in an appropriate condition when moving out, however legally there is no obligation for them to do so.

What should you expect at settlement?

If you’re buying a home, it’s smart to have a realistic expectation of what to expect at settlement.

Unless otherwise specified in the contract, the seller is under no obligation to have the property professionally cleaned for settlement and it is surprising how few buyers ask that such a condition be included.

The seller’s only obligation under the contract (Clause 6.1(b) 2 of the General Conditions) is to “…remove from the Property, before possession, all vehicles, rubbish and chattels, other than the Property Chattels.”

Many modern contracts to purchase include provision for essential plumbing, gas and electrical components to be working at settlement. Hence, if at settlement the toilet cistern leaks then the seller ought to make good because the contract says so.

It is trickier when, for example, a telephone jack doesn’t work at settlement. It is not strictly electrical but it is probably reasonable for a buyer to assume that it was functioning at inspection. This is partly because, caveat emptor (buyer beware) has all but disappeared according to some legal practitioners. The onus is probably on the seller to disclose (in this case) that the telephone jack didn’t work.

How to ensure you’re happy with the property at settlement

My view is that buyers need to take reasonable steps to ensure the property they have bought will be presented to them in a condition they are satisfied with.

This can be achieved by either contracting with the seller to guarantee it and/or being more thorough when inspecting the property in the first instance. Ask the agent if it’s ok to turn on taps, flush loos, flick switches, open and close doors, open the oven, turn on the dishwasher and so on before making an offer to purchase.

Buyers ought to have a realistic expectation of what to expect at settlement when buying an established home and acknowledge that opinions of presentation are subjective.

If you’re unsure about what to expect, it’s a good idea to speak with the agent selling the property about your concerns.

info@reiwa.com.au

Best time to buy in Perth since 2013

March 2018 quarter has revealed it’s the best time to buy in Perth since 2013.

The Index, released quarterly, assesses whether it’s better to buy or rent in Perth based on past and current trends in the economic and property market climate.

REIWA President Hayden Groves said the March 2018 quarter index showed the annual rate of house price growth required over 10 years to break even in the Buy-Rent Index had declined from 3.3 per cent to 3.1 per cent over the quarter, suggesting an improvement for prospective homebuyers weighing up the decision.

“To put that into perspective, Perth’s annual house price growth rate has been 5.9 per cent for the last 15 years. Based on the March 2018 quarter Index, house prices in Perth would only need to grow by more than 3.1 per cent annually for buying to be considered more financially beneficial than renting,” Mr Groves said.

“This improvement in buying conditions can be attributed to the Perth median house price softening by 1.9 per cent during the March quarter, while the median house rent price increased $5 to $360 per week. We also saw the 10 year average mortgage rate drop to 6.43 per cent, which means home owners are paying less on their mortgage repayments.

“This is the most affordable buying environment we’ve seen in Perth for some time, so if you’ve been weighing up whether to buy, now is the time to take advantage of favourable market conditions,” Mr Groves said.

Mr J-Han Ho, a Property Researcher and Senior Lecturer in the School of Economics and Finance at Curtin University, said the data indicated a continued improvement for the home buyer in the near future.

“Our analysis shows home buyers gaining an advantage, largely due to the low interest rates for home loans, home ownership costs continuing to be affordable and the median rents stabilising,” Mr Ho said.

Real Facts. Pictures worth a thousand words.

Member Real Facts 22 May 2018 Sales activity experienced stability over the week, with REIWA members reporting no change in weekly sales at 538.

The overall steadiness in weekly sales is attributed to a seven per cent rise in house sales, a four per cent fall in unit sales, and a 34 per cent fall in vacant land sales over 1th2 e week. 2 3 PROPERTY SALES TOP SELLING SUBURBS

Total properties listed for sale grew over week to 14,896. Listings for houses and units both remained stable.

Whilst listings for vacant HOUSES 418 North of the River
Morley 9 land increased by four per cent. UNITS 72 Bayswater 7

The total number of listings recorded this week are on par with levels seen four weeks ago, but are one per cent lower than levels seen a year ago.

LAND 48 Member Real Facts 22 May 2018 Turning to the rental market, REIWA members reported total properties available for rent fell to 8,324 over the week.

Location! Location! Location! Free Park!

37 Orient Circuit, Hillarys

Make an offer! Asking price: $775000

Professionally freshly painted walls, ceilings and doors, display presentation facing a park!

Double-storey home, with self-contained living on the ground floor.
The upper-floor master bedroom and ensuite flows seamlessly outside to a private Balcony where you can enjoy views of the tree-lined reserve nearby.

Also upstairs are three minor bedrooms and the second bathroom.
You’re so close to the coast where you can enjoy an enviable lifestyle, including golden beaches, Hillarys Marina, with specialty shops and restaurants and public transport.
The home’s kitchen boasts soft-closing cabinetry, dual stainless-steel sink, dishwasher, oversized cavity for a combined fridge/freezer, gas cooktops, 600ml oven and pantry plus a third toilet of the adjacent laundry.
Reverse-cycle, ducted air-conditioning services upstairs and the living areas downstairs.
The double lock-up garage and low maintenance gardens round-out this wonderful home.

 

 

 

Spacious family home!

31 Coldstream Circuit, Merriwa

Asking price: $339000

Owners moved overseas and this home needs to be sold and is ready for you!

Use a bit of “elbow grease” and change this “plain Jane” into your “castle”

Brand new painting, professionally done.
Brand new carpets professionally laid.
The electrician did his bit and fixed any unsafe wiring. Everything is perfect.
The tree cutter removed a tree that was covering this beauty.
The plumber had a go and the house is “spic and span”
A fantastic 630 square meter corner block with 4 bedrooms and 2 bathrooms, open concept kitchen, meals and family room and there is also another living area which is the formal lounge.

Everything smells fresh, new and “homey” and is great for a family, a first home buyer or investor and totally ready to move in.

Complete with a double lock up garage, security alarm system and a massive backyard for you to enjoy and entertain all close proximity to all amenities and transportation.

This looks good but all it needs is you!

 

 

 

Second Chance! Finance Fallen Over! OFFERS

Call to view!

37 Orient Circuit, Hillarys

While Sellers had painters and cleaners preparing the house to go to market as I am busy working my own database and showing the property to prospective buyers. Almost ready to be photographed.

Double-storey home, with self-contained living on the ground floor.
The upper-floor master bedroom and ensuite flows seamlessly outside to a private Balcony where you can enjoy views of the tree-lined reserve nearby.

Also upstairs are three minor bedrooms and the second bathroom.
You’re so close to the coast where you can enjoy an enviable lifestyle, including golden beaches, Hillarys Marina, with specialty shops and restaurants and public transport.
The home’s kitchen boasts soft-closing cabinetry, dual stainless-steel sink, dishwasher, oversized cavity for a combined fridge/freezer, gas cooktops, 600ml oven and pantry plus a third toilet of the adjacent laundry.
Reverse-cycle, ducted air-conditioning services upstairs and the living areas downstairs.
The double lock-up garage and low maintenance gardens round-out this wonderful home.

Oops! Under Offer already! Didn’t even came to market!

Almost about to come and…..GONE!

37 Orient Circuit, Hillarys

While Sellers had painters and cleaners preparing the house to go to market I was busy working my own database and showing the property to prospective buyers.

It is now Under Contract!

  1. Are you thinking of selling? I am looking for more homes to sell.

Double-storey home, with self-contained living on the ground floor.
The ground-floor master bedroom and ensuite is offset by a gorgeous open-plan living space, which flows seamlessly outside to a private courtyard.
Upstairs are three minor bedrooms and the second bathroom as well as a private balcony where you can enjoy views of the tree-lined reserve nearby.
You’re so close to the coast where you can enjoy an enviable lifestyle, including golden beaches, Hillarys Marina, with specialty shops and restaurants and public transport.
The home’s kitchen boasts soft-closing cabinetry, dual stainless-steel sink, dishwasher, oversized cavity for a combined fridge/freezer, gas cooktops, 600ml oven and pantry plus a third toilet of the adjacent laundry.
Reverse-cycle, ducted air-conditioning services upstairs and the living areas downstairs.
The double lock-up garage and low maintenance gardens round-out this wonderful home.

New GST legislation passes for purchasers of new residential

 

  • New GST

NEW

The Federal Government has passed legislation that will require purchasers of new residential property sales to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement.

Announced as part of last year’s Federal Budget, this reform is designed to improve the integrity of GST on property transactions. According to the ATO website, some developers were failing to remit the GST to the ATO despite having claimed GST credits on their construction costs.

The legislation specifies;

  • purchasers of new residential property transactions will be required to withhold 1/11th of the purchase price and pay this to the ATO,
  • the developer will receive a credit for this GST through the normal GST business activity statement lodgement,
  • a reduced withholding tax rate of seven per cent can be used where the margin scheme has been applied,
  • developers will now be required to provide purchasers with information that assists them with determining whether the withholding applies,
  • special transitional provisions are included for project delivery agreements.

This change will take effect on 1 July 2018, however the Government have announced it will introduce a transitional arrangement to this budget measure, which will exclude contracts signed before 1 July 2018, as long as the transaction settles before 1 July 2020.

For more information about this new legislation, visit ato.gov.au.

First Home open Saturday and Sunday

31 Coldstream Circuit, Merriwa

Owners moved overseas and this home needs to be sold and is ready for you!

Use a bit of “elbow grease” and change this “plain Jane” into your “castle”

Brand new painting, professionally done.
Brand new carpets professionally laid.
The electrician did his bit and fixed any unsafe wiring. Everything is perfect.
The tree cutter removed a tree that was covering this beauty.
The plumber had a go and the house is “spic and span”
A fantastic 630 square meter corner block with 4 bedrooms and 2 bathrooms, open concept kitchen, meals and family room and there is also another living area which is the formal lounge.

Everything smells fresh, new and “homey” and is great for a family, a first home buyer or investor and totally ready to move in.

Complete with a double lock up garage, security alarm system and a massive backyard for you to enjoy and entertain all close proximity to all amenities and transportation.

This looks good but all it needs is you!

First Home Open Saturday and Sunday

37 Orient Circuit, Hillarys
Freshly painted. Tiles throughout for easier maintenance.
So close to the coast, from this family abode you can enjoy some of Perth’s best beaches, the stunning Hillarys Boat Harbour and marina, public transport, shops & restaurants all around you and just opposite a marvellous treed park for the children to enjoy.

This striking double story home offers virtually self-contained living on the ground level, with double auto garage, kitchenette, open plan living/dining flowing onto a private courtyard, Master bedroom with ensuite, 3 minor bedrooms with built-in robes, family bathroom on the upper level.

From your private balcony you can overlook the landscaped tree-lined reserve and soak up those world-famous sunsets.

The kitchen boasts soft closing cabinetry, dual stainless steel sink, dishwasher, oversized cavity for combined fridge freezer, stainless steel appliances, gas cooktop, 600ml oven & walk in pantry

Reverse cycle ducted AC caters for the upper and downstairs levels.

With every creature comfort on hand, good living spaces offering flexible living configurations with great separation between levels, and an outdoor low maintenance courtyard this really is a home with a LOT to offer.