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Queensland
Ranjit
Brisbane City
Millions exchanged hands this week as agents, buyers and sellers raced to beat the COVID-19 crackdown on inroom property auctions, while others embraced the start of livestreaming sales. Prime Minister Scott Morrison announced on Tuesday that all inroom auctions and group open homes would cease from midnight Wednesday, leading the industry to take the events fully digital, with bidding done online or over the phone.
This week was on course to be the biggest of the year for auctions, with Brisbane volumes up 52.2 per cent, compared with the same time last year, with 172 homes listed to go under the hammer, according to the CoreLogic Auction Market Preview.
“After the weekend, we should have a better idea on how this is going to impact the auction market going forward,” a CoreLogic spokesperson said. Among the virtual sales last night (Thursday) were 10 conducted through Ray White Queensland chief auctioneer Mitch Peereboom on the Gold Coast.
“These are online private auctions. Buyers register to bid, they are able to watch the auction live and bid via our platform. We are really excited about this creative solution because we know buyers want to buy and sellers want to sell. The property market is performing strongly and we welcome this new opportunity to deliver our clients the same outcomes (they would have achieved).”
Stuart McCrea of Place Estate Agency in Coorparoo said the industry could work around the safety measures introduced to protect buyers and sellers from coronavirus.
“The use of video walk-throughs, all these things, allow people to bid with confidence. When your dream home comes up you shouldn’t be worried about coronavirus.” Read more:x
Coronavirus: Millions in home sales as virtual rea...
Millions were exchanged in a bidding frenzy as agents, buyers and sellers raced to beat the COVID-19 crackdown on inroom auctions, while others embraced the start of livestreaming sales.
www.realestate.com.au
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23 Views
8D ago
Ronie
Brisbane City
The way Australians buy and sell their homes changed overnight, with group onsite auctions and open homes now banned by the Prime Minister as part of measures to flatten the COVID19 curve. Here’s what’s going to happen now.
Fresh off the back of government calls for social distancing to become the norm nationwide, real estate industry peak bodies had braced for bans on group activities within the market, with major agencies also lobbying for the property sector to be allowed to operate under the new restrictions as an “essential service”. Prime Minister Scott Morrison last night named inroom and onsite auctions and open for inspections among the list of activities that would be banned from midnight tonight as part of measures to control the spread of COVID19.
First to respond last night was one of the country’s biggest agencies, the Ray White Group which sells one in eight houses in Australia and New Zealand.
Ray White Group managing director Dan White said in a statement that “it appears the scope of new business operating practices the group proposed earlier (Tuesday) to support the flattening of the COVID-19 infection curve has been endorsed as appropriate”.
‘No other restrictions were announced for either property management or sales businesses, subject to other restrictions on physical distancing and hygiene,” he said.
“The key message to take away is that all real estate onsite and in room auctions and open house inspections will be cancelled as of Wednesday night, but our members will still be able to host virtual property tours, private inspections and online/digital auctions, as we have been encouraging.” He said the industry would take heart from the PM’s statement that ‘all workers in the economy are essential’.
“We will carefully adhere to the latest restrictions,” Mr White said, which would provide “some challenges”, but were “necessary to face the current crisis”
He said many Australians relied on agents “to support them in renting, buying, selling and managing their homes. We are well prepared to do this”.
The PM’s announcement follows an early Tuesday call by the Real Estate Institute of Australia for significant changes to be made to the way all agencies conducted their business. “Past practice with open homes and public auctions needs to cease,” REIA President Adrian Kelly warned earlier in the day. Details:x
Sweeping changes for real estate - realestate.com....
The way Australians buy and sell their homes changed overnight, with group onsite auctions and open homes now banned by the Prime Minister as part of measures to flatten the COVID19 curve. Here’s wh...
www.realestate.com.au
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23 Views
10D ago
Ronie
Brisbane City
On a recent episode of The Smart Property Investment Show, Streamline Property Buyers’ Melinda and Scott Jennison unpacked the Queensland capital’s “thriving” property market and opportunities for avid investors.
According to Ms Jennison, “From the perspective of adding value, there’s a lot of opportunity in Brisbane for the renovation strategy.”
From Streamline Property’s perspective, she said it’s been a popular way to add value for clients.
“That’s something that we certainly help a lot of investors with; identifying a property that has the potential or has good price disparity between entry and exit point within the suburb.”
That’s a way value can be added, with Ms Jennison commenting that the business is helping a number of their clients through both structural and cosmetic renovations to achieve this.
Weighing in, Mr Jennison said there are a number of key things investors need to be looking at if they do decide to go down this renovation route. In particular, people should be looking at both the layout of a house, and its location.
In terms of having a decent layout, Mr Jennison, who has a background in building, said in some cases, the way a property faces can be “critical”.
“A lot of people don’t like to face east-west because you get that afternoon,” he noted.
So north-south, or good layouts are important – but also “something that can be changed around a little bit without major construction and structural issues” is a good idea.
And when structural changes are required, Mr Jennison said investors must be sure to check if the property’s “got good bones”.
With this as a pre-requisite, he said “anything can be changed in the house”.
But this does also “depend how deep your pockets are sometimes,” he conceded.
In addition, Ms Jennison highlighted that development opportunities as “huge” in the capital city – although it’s becoming a really tight market.
Especially where investors are trying to secure some of the more typical splitter blocks to create subdivision sites.
“I think it’s one of the hardest types of properties in Brisbane at the moment,” she commented, with people paying a premium.
While it is still possible to acquire those sites, Ms Jennison considered them as not feasible to develop instantly “based on the prices required to secure them”.
Even where this is the case, she called the development strategy, particularly in the Brisbane market “a great land bank” and long-term opportunity for certain investors: “If you’ve got a long-term investment time frame, capital growth is your primary priority and you’re wanting to manufacture additional equity.”
In the same conversation, Melinda and Scott Jennison also outlined how a lack of construction in Brisbane is tipped to be the driving force behind sustained gains for property investors. Read:x
Adding value in Brisbane
There’s a lot of opportunity for investors interested in the Brisbane property market to increase their potential for yield using renovation or development strategies, according to two area experts.
www.smartpropertyinvestment.com.au
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11 Views
15D ago
Ronie
Brisbane City
Brisbane saw strong demand for rental properties in February, with enquiries twice normal levels and more properties leased than usual, according to a real estate agency. SPACE Property’s new client and executive leasing manager, Stephanie Cox, has reported that while January is usually the busiest month of the year for rentals, February was even busier this year.
The February phenomenon followed a pick-up in the market from November last year, with Ms Cox noting it continued to get busier from that point on.
“In November, we saw a big rise in renters looking for family homes in school catchments or people moving from interstate, which is likely due to population growth in Brisbane, especially with people moving from the southern capitals of Melbourne and Sydney,” she said.
For her, February has been the busiest month, “with tenant demand coming from a range of demographics, including families, couples, sharers and downsizers”.
In just one week of February, Ms Cox said she had double the tenant enquiries she normally would – at 591 enquiries.
“That’s huge, especially if we compare it to a week in July last year, when we had 263 enquiries.” The manager said she expects the rental market to remain steady through March following the huge demand that’s been witnessed.
In turn, properties are being rented more quickly and for higher rental rates due to the demand.
“Listed properties are usually rented in one week, but at the moment properties are being leased on the first open and achieving rents above the asking price,” she highlighted.
The average period for rental listings to be leased last quarter was 21 days, according to REA figures.
But in the current rental environment, Ms Cox said she is seeing around 50 per cent of tenants pay above the asking price to secure a property they really love. Source: x
February a bumper month for Brisbane rentals
Brisbane saw strong demand for rental properties in February, with enquiries twice normal levels and more properties leased than usual, according to a real estate agency.
www.smartpropertyinvestment.com.au
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25 Views
17D ago
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