Conveyancing Sutherland

23/09/2022

https://www.domain.com.au/news/how-long-does-it-take-to-sell-a-house-in-the-current-property-market-faster-than-you-think-1169415/

Houses are taking longer to sell in every capital city in Australia, except for Adelaide – but they’re still selling much faster than they were pre-pandemic, despite the downturn.

09/09/2022

https://www.smh.com.au/property/news/home-buyers-still-being-misled-by-underquoting-despite-falling-prices-20220906-p5bfv7.html

Home buyers still being misled by underquoting, despite falling prices
By Kate Burke
September 8, 2022 — 12.00am

KEY POINTS
Complaints about underquoting have declined in the cooling property market.
However, the proportion of fines resulting from those complaints has increased.
More homes are selling in range of advertised guides as prices fall, but industry figures warn deliberate underquoting is still occurring.
PROPERTY LISTINGS
NEW4 Blamey Avenue, Caringbah South NSW 2229
Auction


The days of homes for sale routinely soaring above price guides may be over, but buyers are still wasting time and money on properties they cannot afford as illegal underquoting continues.

NSW Fair Trading received 51 underquoting related complaints in the first six months of this year, and issued 40 penalties totalling $88,000. That resulted in a total of 133 complaints and 96 fines last financial year.

Fewer homes may be soaring well above price guides, but underquoting is still occurring, industry figures warn.
Fewer homes may be soaring well above price guides, but underquoting is still occurring, industry figures warn.CREDIT:FLAVIO BRANCALEONE

By comparison, there were 200 complaints and 55 fines over the 2020-21 financial year.

Complaints have fallen across the state amid the declining property market as reduced buyer demand sees more homes sell closer to and even below advertised prices, however, buying experts warn deliberate underquoting is still a concern and the figures show the proportion of fines to complaints has increased.

Underquoting occurs when an agent advertises a price guide below the reasonable estimated price they provide in their agreement with the sellers. The estimate can be a single price or in a 10 per cent range, and must be based on factors like recent comparable sales and market conditions.

RELATED ARTICLE
First home buyers Serehnonn Atkinson and her partner Dom at home in Wallsend, Newcastle.
Financing
Serehnonn bought her first home but didn’t expect mortgage to go up six months later
Sydney buyer’s agent Paul Mulligan, of Mulligan Property Acquisitions, said underquoting was still occurring at a similar rate, wasting the time and money of prospective buyers.

“You have people looking at $3 million properties on a $2 million or so budget, through no fault of their own. They’re spending money on building and pest inspections for a home they were never really in the running for,” he said.

Mulligan said unique or prestige homes could soar above expectations occasionally, but standard properties should not be selling hundreds of thousands of dollars above guides.

The days of homes routinely soaring above price guides may be over, but underquoting is still wasting the time and money of house hunters.

22/08/2022

RBA holds rates, changes hike guidance

WRITTEN BY
CMC Markets
02 Nov 2021, 15:00
Share this

At its meeting today, the Reserve Bank of Australia Board decided to:
- maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances at zero per cent
- continue to purchase government securities at the rate of $4 billion a week until at least mid February 2022
- discontinue the target of 10 basis points for the April 2024 Australian Government bond.
In the statement released after the meeting the RBA Governor Philip Lowe said: "The decision to discontinue the yield target reflects the improvement in the economy and the earlier-than-expected progress towards the inflation target.
"Given that other market interest rates have moved in response to the increased likelihood of higher inflation and lower unemployment, the effectiveness of the yield target in holding down the general structure of interest rates in Australia has diminished."
The RBA moved its calendar-based forward guidance on when the cash rate might increase.
Governor Lowe said: "The Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range. This will require the labour market to be tight enough to generate wages growth that is materially higher than it is currently. This is likely to take some time.
"The Board is prepared to be patient, with the central forecast being for underlying inflation to be no higher than 2½ per cent at the end of 2023 and for only a gradual increase in wages growth."
The Bank had previously indicated that its inflation pre-condition for rate hikes was unlikely to be met before 2024.

05/08/2018

Before you buy a home read this: How long it takes to sell a home in your suburb Properties are languishing on the market for an average of more than 500 days in some suburbs of Sydney amid an increasingly sluggish housing market. 9NEWS can reveal both the worst affected areas - and the hotspots where homes continue to sell within weeks of going up for sale. https://www.9news.com.au/national/2018/06/28/19/21/sydney-homes-languishing-on-the-market

05/08/2018

Eyes on flat-fee real estate agency Purple Bricks as it takes on cooling market Interesting idea. The market was hot and a UK-based flat-fee agency model called Purplebricks made its move. https://www.domain.com.au/news/purplebricks-flatfee-agency-model-leaves-agents-living-month-to-month-20180708-h12c78-751478/

05/08/2018

Sydney property prices will continue falling for rest of 2018 A PROPERTY outlook report released today has revealed how long Sydney’s property prices will continue falling, with sales results from the past 12 months showing prices have already dropped by bigger margins than expected. https://www.news.com.au/finance/real-estate/sydney-nsw/sydney-property-pri-will-continue-falling-for-rest-of-2018/news-story/63bd7befb0c18c8808b3ad0148dcc0b4

05/08/2018

Good News for Sydney home buyers prices drop 7.4% Cash rate still at 1.50%, inflation at low 1.9%. RBA say interest rates not changing anytime soon. See live auction in Sydney. https://youtu.be/UPH2bE35Py8

05/08/2018

3.54% home loans & $900 cash back. Will be using HomeStar myself. https://www.ratecity.com.au/home-loans/homestar-finance

05/08/2018

Australian Property Expo 2018 Panel Discussion. I enjoyed this, as an invester myself house bargins are coming time to start looking. Hear Rob Flux moderate the panel discussion at the recent Australian Property Expo (2018) in Brisbane.
The panel contained 4 property industry experts including:
- Graham Quirk - Brisbane Lord Mayor
- Dr Andrew Wilson - Chief Economist, My Housing Market
- Michael Korogiannis - Director, Embrace Capital
- Russell Sparke - Solicitor, Sparke Legal https://youtu.be/IZ_p85ji6R4

05/08/2018

9News: Property Prices, Central Coast, time to buy Our property market is falling, but it's not collapsing .. and there's even one area which is still bucking the downward trend. https://youtu.be/pjmFsC_-nHs