Sales Method...Auction vs Private Sale

Tweet

If you are planning to place your property on the market this year you will need to decide which method of sale will best suit your property. Generally the two most common methods of sale for residential property are auction or private sale.

In making a choice between an auction and private sale you should consider a number of factors, namely location, style of property, level of interest, timing of the sale and importantly the advice of your REIV real estate agent.

The final choice should be guided by which method is more likely to provide you with the best return for your property.

In Melbourne about 30 per cent of residential sales are conducted by auction. The proportion of private sales is higher in outer suburban and regional Victoria.

Historically auctions tend to be more popular in certain inner and bayside suburbs and more broadly in a stronger market.

Up till the 19th of March there have been 3,677 auctions with a clearance rate of 63 per cent, this compares to this time in 2010 – when conditions were stronger – there were 3,335 auctions with a clearance rate of 85 per cent.

Overall this year the volume of all sales is down by 15 per cent on last year. Whilst this is the second lowest in 5 years it is well ahead of 2009 when the global financial crisis had a significant impact indicating a subdued market.

The volume of sales by auction is down slightly more than those by private sale but the difference is not significant.

Finally it is important to consider the individual property in the context of other properties for sale and recently sold in the area.  An REIV member will assist you by using their experience, training and local knowledge to help you make the best decision.

Source: REIV

How You Can Help

Tweet

The world has been rocked by the tradgedy that struck Japan late last week. Rattled by several enormous earthquakes and a gigantic tsunami the likes of which has rarely been seen, tens of thousands of lives have been dramatically lost, and thousands more wrenched apart.

Now begins the difficult process of recovery and rebuilding.

Perhaps what has struck me the most is the reaction of the Japanese people. There is no looting or theft, and the people are selflessly sharing the last of their food with strangers. Humanity can learn a lot from such a dignified, strong race. 

People seeking information about Australians in the disaster affected areas, can also contact the Department of Foreign Affairs and Trade's 24-hour Consular Emergency Centre on 1300 555 135 (within Australia) or +612 6261 3305 (from outside Australia).

If you would like to make a donation to the Red Cross you can do so by following the link - http://www.redcross.org.au/japan2011.htm or by calling  1800 811 700

Images used in this post were taken from news.ninemsn.com.au, sourced 17.03.11

Fantastic Development Opportunity!

Tweet

Measurements are approximations only

Plans and Permit just fresh off the Council’s press to allow for this superb opportunity to construct 3 townhouses on a generous allotment of approximately 978sqm. Each offering open plan design with two and three bedrooms options with the two offering a single lock up car accommodation whereas the three has double lock-up facility. Picturesque setting amongst lots of greenery not far from the Eltham township. Walking distance to three different parkland including Eltham Central Park. Look no further as the numbers will stack up on this.

Unit 1 – 3 bedrooms double lock up garage total size 137.8sqm
Unit 2 – 2 bedrooms single lock up garage total size 125.65sqm
Unit 3 – 3 bedrooms double lock up garage total size 143.69sqm 

For more information or images click here

Interest Rates On Hold For Another Month!

Tweet

It was a case of steadying the ship as expected when the Reserve Bank met today and decided to keep interest rates on hold at 4.75 per cent.

The move comes on the back of comments by the Reserve Bank Governor Glenn Stevens last month that rates would stay on hold in the near future.

“Mortgage holders will be breathing a sigh of relief,” says Domain.com.au blogger Carolyn Boyd. “Even though today’s decision looked like a forgone conclusion, there is always an element of doubt.”

Each 0.25 per cent interest rate rise adds another $60 to the monthly cost of an average Australian mortgage.

The official interest rate is currently 4.75 per cent. Mortgage holders on variable interest rates are being charged a standard variable rate of about 7.83 per cent by their lenders.

By keeping rates on hold the Reserve Bank has presented borrowers with an opportunity to beat their lenders at their own game, and pay more off their mortgages before the next rate rise, which is now expected to be quite late in the year.

Source:  Domain

Newest Rental Listing - Box Hill

Tweet

Click here to have a look at our latest rental property, located in Box Hill.

Excellent Views / Immaculately Presented

For Rent $365 per week

* Handy to Box Hill Central, transport and pool

* Convenient and prime location in the heart Box Hill only minutes walk to all facilities.

Comprising : Secure large apartment including spacious lounge , bright kitchen, excellent north facing lounge room and balcony


2 good size bedrooms with built in wardrobes
Large laundry
Plus undercover carpark

Including: - Wall to wall carpets throughout
- Modern upgraded kitchen
- Vanity bathroom with a shower and bath
- Gas Cooling
- Gas Heating
- Range hood
- Split system air conditioning

Immacalately Presented : Call now to inspect, Sorry No Pets / No Smokers