How can you keep up to date with the property market?

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Many of our clients ask how they can best keep up with the property market. How DO you know roughly what houses are selling for in you area? How do you keep track of it all. I always tell them that RSS feeds are the way to go. But what are RSS feeds, how will they help, and how do you use them?

What are RSS feeds?

RSS stands for Rich Site Summary. They gather the latest content from your favourite sites. This saves you time because it means you don't have to visit each site individually.

How will they help?

Rather than visiting all the real estate sites, searching your area, scrolling through to find similar properties to yours, an RSS feed will gather all this for you. The property list at the top of this blog, for example, is an RSS feed of all of our properties from domain.com.au.

How do you use them?

Setting up an RSS feed can seem a bit daunting at first, even for the technologically savvy, but they are worth the initial effort. Essentially here's what you need:

• You need an RSS feeder. This can be an online tool, such as Google Reader, which links to your gmail email account. Alternatively you can download a free program, such as FeedReader.

• Once you have a reader, you need to go to the website you wish to follow (for example domain.com.au), perform your search as usual, then look for the RSS feed button (see example below).

• Click on the RSS feed button, then follow the instructions to subscribe to the feed (pictured below).

For more information, http://www.whatisrss.com/ is a great little website.

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Check out our new format for the Open For Inspection times for our latest rental properties. Categorised by suburb, this will make it easier for you to map out all the properties you wish to inspect this weekend!

Follow this link to view it on our website: http://jmchase.com.au/index.cfm?pageCall=content&ContentID=85118&MenuItemID=85523&subject=Inspection_Times

Seniors Benefit From Lower Stamp Duty

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Image from http://t3.gstatic.com/images?q=tbn:ANd9GcRkzK1gv2IOI2zvgzIUihmz-PIf6jVPW-MryLL0XHAEMRbJStuZ

There has been a lot of discussion about reductions in stamp duty being offered to first home buyers after 1 July, and the improved and increased assistance for seniors is equally significant.

The REIV has highlighted that one of the problems with stamp duty is that it acts as an artificial barrier to moving; after all, if you need to move home because you have outgrown your current home – or it has outgrown you – then you face an additional expense of around $30,000 on a median priced home. 

This issue was also highlighted by many submissions to the federal government’s Henry Tax Review. 

It can be a particular barrier for those who have retired and are on fixed incomes as they have both a limited and finite income. And if you have retired and your family has grown up and moved out then it is more than likely that your home is larger than you need or want.

There are, therefore, very obvious benefits for the individuals and community to removing artificial barriers to ‘downsizing’.

This is why the decision to substantially increase the value of the duty relief for eligible seniors is a good one.

As of 1 July the current threshold for duty relief will increase from $440,000 to $750,000. Under the new laws, eligible seniors will receive a total exemption from stamp duty for homes purchased to a value of $330,000 and a partial exemption between $330,000 and $750,000. 

The home can be a new one or an existing one, the main stipulation is that it must be the purchaser’s principal place of residence.

The list of eligible seniors has also been extended to include holders of a Commonwealth Seniors Card.

To see the full list of edibility requirements and how to apply contact the State Revenue Office on 13 21 61.

Taken from REIV.com.au

What to look for in an investment property

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Choosing a property for investment purposes is not the same as choosing a home to live in. Keep the following tips in mind: 

- Not all titles are created equally - whilst most apartments are strata titles, if you're buying property that's company title make sure you read the fine print carefully. The owners of company title buildings are set up as shareholders in the 'company' and they must vote to decide on various rules including occupancy changes and rental rights. You also have to have approval for most alterations, even within the unit itself. 

- Choose for rental appeal - even though you won't be living in it, you'll want to make sure the property has features that most people look for, including internal laundry, proximity to transport, security, car space/garage, balcony. 

- Don't over do it - it's possible to spend more money on renovations and upgrades than you're ever likely to see in returns. Make sure you are realistic about how much someone will be prepared to pay when you eventually come to sell. You want to do enough to seduce buyers but not so much that you're out of pocket. 

- Keep your finger on the pulse - when property prices are dropping and rents are rising, it may be time to make the most of economic conditions. 

- Do your homework - if you're buying in an area you're unfamiliar with, research it well. Look at data on property prices in the area and rental yields as well as vacancy rates. Speak to the local residents and shop owners and even the council to find out as much as you can about the place. There's a lot of information out there to help you, like RP Data's report on the best suburbs to buy in around the country.

Report from stgeorge.com.au