Author: Nick Abregu

Should We Really be worried about a house market crash?

Post author By Nick Abregu
Post date June 21, 2018
No Comments on Should We Really be worried about a house market crash?

Price My House Online Parkmore

Despite the recent influx of negative news in the media, Melbourne’s property market hasn’t taken such a dive.

The city’s growth was the lowest it has been in 5 years however we still managed to grow by 0.1% to $914,528 at which point, unit prices did a little better at a gain of 0.7% bringing it to $505,861.

Interesting right? Whilst the media is telling us we are at a turning point, we are still managing to push a market gain.

So what does this tell us?

In the eyes of a first home buyer, this is probably not good news. You are not going to get your lucky break and be able to afford a home in the location and the price you were hoping for simply because it is not 1991 anymore.

However, if you’re reading this from the perspective of a seller, you are definitely in luck.

let’s say you’ve had your home for 2 years, you were lucky enough to ride the gain train. Which would mean you’re better off now, financially, than you were 2 years ago.

This arguably may be the best time to sell.

Hear me out.

Your home of 2 years has yielded a profit of roughly 14% over 2 years from 2016 to 2018.

Keysborough 13.5% growth

Dandenong 10.8% growth

Springvale 11.6% growth

So while the market is slowing down in growth, you would be in an ideal situation to sell your home. Regardless if you are buying up or buying down, your next home will leave you with more money in your hands.

The new home you may purchase won’t plummet dramatically and your current home will sell at a profit from when you first purchased.

To us, it seems like this current real estate climate has put you in the perfect situation.

Find out what your home is worth for free, click the link below to get started.

We will help you compare your current house value with that of when you purchased and help you make an informed decision on your next step.

Please note: this is in no way financial advice. You should ensure you do your own research before committing to any decision.

Property Market Valutation

How can I value my house

How can I value my house price my house

Let’s start off by understanding what a property valuation is.

A property valuation is a report of some sort that is requested by the person selling their home, or anyone with a vested interest in the property such as a buyer or a lender (a bank).

The report usually has information inside that consists of, property details such as land size, building size, rates, physical details of the construction and any add-on construction done to the property. You’ll also find any details of issues that need immediate attention to. One of the defining factors of a property valuation is information on comparative sales in the area which is also called a Comparative Market Analysis (CMA). A CMA is an examination of the prices at which similar properties in the same area recently sold for.

Why do you need to get a Property Valuation?

If you are selling your home, we cannot stress enough how important it is to have a property valuation done on your home. To ensure you are getting the highest possible price for your home, you will need to know how the homes in your area that are similar to yours, are doing.

It’s important to be educated when preparing to sell your home. In most cases, this is the biggest asset you and your family have. Having an understanding of why your home is worth what it is, puts you ahead of the game. It’ll give you a great indication of how the market is moving which puts you in prime position to know if you should sell or not.

How can I value my home

What can I do to increase the value of my home before I sell?

People selling their homes seem to think that what the agent appraises their home for is the final figure. This is not true. You can’t change the physical location of your home but you can do other things to help. Let’s take a quick look at what you can do to increase the value of your home.

1) Think about a renovation or extending the floor area of the house. Can you add a bathroom, bedroom or entertaining area? What about improving your indoor-outdoor flow?

2) A tidy environment can potentially increase the price. A well presented garden with no unnecessary trees branches or mess laying will help your cause.

3) Sometimes the hardest rooms in the house to make look modern are the bathrooms and kitchen. It doesn’t need to be expensive, a few well placed pieces of furniture or decor could transform the entire space. Think of it as a mini make over. Updating the bench top, cabinets, lighting and fixtures will often do the trick if your budget is a little higher, you could even try a little paint.

4) Where do your vehicles sleep at night? A home with a Garage or a carport usually projects a safe place which is enticing for home buyers.

5) An overall clean and tidy up is always a good idea. It gives the perception that the house has been maintained well and the sense of internal structures being in good condition.

In closing, if you are thinking of selling your home, we encourage you to speak with us to have a free property valuation done by suburb professionals who know and understand your home.

Dandenong Property Market

Is Melbourne heading for a housing crisis?

Post author By Nick Abregu
Post date October 13, 2017
No Comments on Is Melbourne heading for a housing crisis?

Price My House Housing Crisis

Do we have a housing crisis on our hands?

The Australia Security and investments commission have said we are in a “Bubble”. the reserve bank of Australia has admitted that there is a “build-up of risks associated with the housing market”. So how does that translate to your situation?

The Australia housing market is hot hot hot with an average of 11% growth in the capitals. Although most of it comes from Melbourne and Sydney. To purchase a home in today market as opposed to 5 years ago, the average person is forking out 13 times the national median income. So what’s going on here?

There is no doubt that high house prices have made a small fortune for families, but the big players and regulators have their concerns that an overheating market could potentially threaten financial stability. Having one of the world’s highest debt ratios in the household sector and coupled with wages rising at a fraction of what house prices are, we can make an assumption that if salaries or the value of their homes drop, then family and banks will be in trouble. Very similar circumstance that led the to the property crash in Ireland can be seen in Australia’s market.

But let’s not despair, not all of Australia’s cities are the same. If we take a look at Western Australia, and Perth in particular, we can see the housing market fall along with its dependency on mining.

Regulators have tried to slow down the interest only lending or new residential loans. As new apartments come on the market, experts predict that the growth will cool down. If we turn to the banks, one has said that property investment could fall by almost 6% in 2018. But as in a recent blog post we wrote about the homes in the Greater City of Dandenong, most young Australians polled found that the majority of them were concerned they will never be able to own their own place.

Dandenong

Dandenong house prices through the roof

Post author By Nick Abregu
Post date August 17, 2017
No Comments on Dandenong house prices through the roof

$1.08 million — 63 Patricia Loop, Keysborough, Vic 3173 An amazing example of house prices on the rise

$1.08 million — 63 Patricia Loop, Keysborough, Vic 3173
An amazing example of house prices on the rise

DANDENONG HOUSE PRICES THROUGH THE ROOF

It has been a forecasted surprise that many people that own property in the City of Greater Dandenong have become Millionaires in the last year.

What was once an affordable location to buy a house in, is now up in the higher end of the $1 Million mark.   According to Corelogic, the median house price soared to $615,000 making it a 44% increase in the last 18 months.

If we take a look at outer Melbourne areas, we can see that Dandenong doubled that of respective areas which were at 23.8%.

The top market in the area was Keysborough. We found 14 houses that were close to the million dollar mark in 2017 and had Springvale at a close third with 7 houses that sold for $1 million plus.

What we wanted to know, is the factor that is driving these house prices up.

By researching the neighbouring areas, we can assume that buyers are being priced out of Kingston and Monash.

With so many new properties selling at high prices, we can project the trendsetters paving the path for all the rest.

This could be a great time to sell.

FREE online property appraisal

FREE online property appraisal