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Aug 2, 2023
Brisbane CoreLogic RP Data Market Update July 2023
Brisbane CoreLogic RP Data Market Update July 2023
Jul 19, 2023
10 Tips for Selling Success This Winter
Selling a home during the winter months can present its own set of challenges. However, with the right strategies and a little extra effort, you can still achieve an outstanding result. In this blog post, we will provide you with ten valuable tips to help you sell your home during the winter season. Create a Warm and Inviting Atmosphere: When potential buyers step inside your home, make sure it feels cosy and welcoming. Consider lighting a fire, adjusting the heating, and using soft lighting to create a warm ambiance. Emphasise Natural Light: Since daylight hours are shorter in winter, it's essential to maximise natural light. Open curtains and blinds to let in as much sunlight as possible, and strategically place mirrors to reflect light and make rooms appear brighter. Showcase Winter-Friendly Features: Highlight the features of your home that are especially appealing during winter. This could include a fireplace, underfloor heating, a well-insulated property, or a covered outdoor entertainment area. Stage for the Season: Incorporate seasonal decor, such as plush blankets, cushions, and warm-toned accessories. This will help potential buyers visualise how cosy and comfortable your home can be during the colder months. Clear Pathways and Driveways: During winter, it's crucial to maintain clear access to your property. Ensure that driveways, paths, and walkways are free of leaves, debris and slippery algae on pathways. This will create a positive first impression for potential buyers. Keep the Exterior Appealing: Despite the colder weather, make sure your home's exterior remains well-maintained. Trim hedges, clean windows, and maintain the garden to show that your property is cared for throughout the year. Showcase Energy-Efficient Features: With rising energy costs, buyers are increasingly interested in energy-efficient homes. Highlight any features such as solar panels, double-glazed windows, or efficient heating systems that can help reduce energy bills during winter. Highlight Nearby Winter Activities: If your property is in an area known for winter activities, such as skiing or snowboarding, emphasise these attractions. Showcase the proximity to winter resorts and any other relevant amenities. Equally, if your home is in a location that is more temperate than others in winter, emphasise that benefit. Create a Virtual Tour: Since some potential buyers may be hesitant to venture out in bad weather, offer a virtual tour of your property. This allows them to view the home from the comfort of their own home and increases the chances of generating interest. Work with an Experienced Real Estate Agent: To navigate the complexities of selling your home in winter, consider partnering with a First National Real Estate agent. They will have invaluable knowledge of the local market and can guide you through the entire selling process. Selling your home during winter can be a rewarding experience with the right approach. By following these ten tips, you can make your property stand out even in the colder months. Need more advice? For more in-depth advice tailored to your specific circumstances, or to request an appraisal of your home's value, give us a call on 3840 5900 or visit getmyvalue.com.au
Jul 12, 2023
Discover Your Perfect Suburb with ‘Your Patch’
Searching for an affordable rental property, the ideal suburb to call home, or the best place in Australia to invest in can be a daunting task. With countless options available, it's easy to feel overwhelmed and unsure about where to start. However, with First National Real Estate’s interactive dashboard, Your Patch, your search for the perfect suburb becomes effortless. Your Patch is designed to assist homebuyers, investors, and renters in finding their ideal neighbourhood based on their unique preferences and financial capabilities. Here’s what you’ll find in Your Patch: Personalised Suburb Recommendations: Your Patch understands that everyone has different priorities when it comes to choosing a suburb. Our interactive dashboard allows you to input your preferences, such as proximity to schools, transport links, amenities, safety, and lifestyle options. By analysing these inputs, Your Patch generates personalised recommendations tailored to your needs, saving you time and effort in your search for the perfect suburb. Financial Considerations: Finding a suburb that fits within your financial capabilities is crucial. Your Patch takes this into account by providing you with real-time information on property prices, rental rates, and market trends. This data empowers you to make informed decisions based on your budget, ensuring you find a suburb that aligns with your financial goals. Comprehensive Suburb Insights: Your Patch goes beyond basic information by providing detailed insights about each suburb. You can access data on demographics, crime rates, school rankings, transportation options, and local amenities. These comprehensive insights enable you to assess the suitability of a suburb and make an informed decision about your future neighbourhood. User-Friendly Interface: The Your Patch dashboard is designed with simplicity and user-friendliness in mind. The intuitive interface allows you to navigate effortlessly through the various features and access the information you need. Whether you're a first-time homebuyer, an investor, or a renter, Your Patch ensures a seamless user experience. Investors’ capital gains paradise When you’re trying to identify the right place to buy an investment property, knowing the trajectory of capital gains in recent years certainly helps. While past performance is no guarantee of future performance, Your Patch clearly shows levels of demand, how many people are moving to particular suburbs, and how much prices have changed over time. Are you ready to find your perfect suburb? Click here to find out - https://www.firstnational.com.au/your-patch Visit Your Patch today and unlock a world of possibilities! With its interactive dashboard and personalised recommendations, Your Patch will help you discover the ideal neighbourhood for you, your family, or your investment. Don't waste time sifting through endless options or settling for less than what you deserve. Embrace the power of data-driven decision-making and let Your Patch guide you to your dream location. Remember, finding the right suburb is not just about bricks and mortar; it's about finding a place that feels like home. Your Patch is here to simplify your search and make the process enjoyable. Start your journey towards finding your perfect patch today!
Jul 10, 2023
First National Property Guide July 2023
We are thrilled to announce the launch of the inaugural First National Property Guide eMagazine for the Greater Brisbane, Ipswich and Moreton areas. Click the link here - First National Magazine July 2023 This monthly eMagazine will exclusively feature the listings, profiles, and locations of First National offices in these incredible regions. Whether you’re seeking a cozy apartment, a family home, or an investment opportunity, the First National Property Guide has got you covered! Are you looking to sell now or just looking for a up-to-date market assessment of your home, you can locate a First National office near you. The First National Property Guide offers a comprehensive collection of properties from one of the most trusted brands in the industry.
Jul 4, 2023
The Global Failure of Rent Controls: A Tale of International Cities
In an endeavour to address Australia's rental housing affordability crisis, there have been calls for a freeze on rents, caps on rental increases and various other forms of rent controls. While these sorts of old ideas sound like quick and workable solutions to the real distress tenants are currently experiencing, rent controls have a worldwide track record of failure. Numerous cities across the world have dabbled with such ideas and no matter how well-intentioned and sensible rent controls might sound, these policies have routinely failed, achieving the opposite of what politicians intended and exacerbating the very issues they set out to resolve. In this article, we look at the outcomes of different sorts of rent controls internationally and examine potential solutions to Australia's rental supply crisis. New York: Outcome - Inequality prevails A primary instance of rent control failure is in New York City. Since the 1940s, New York has implemented two forms of rent control: 'Rent Control' and 'Rent Stabilisation.' Under these measures, annual rent increases are restricted, often resulting in rents significantly lower than market rates. However, the result has been a disincentive for landlords to maintain or improve their properties. The limited returns on their investments do not justify the cost of significant renovations. This has led to an ageing and deteriorating housing stock. Furthermore, it has created a two-tiered system, with some tenants having access to artificially low rents and others, particularly newcomers, forced to pay steep market rates. This inequality is stark evidence of rent control's inability to deliver fair access to affordable housing. Sweden: Outcome - Chronic housing shortage Stockholm, Sweden, provides another example. The city has a rigid rent control system with the commendable aim of ensuring everyone has access to affordable housing. Yet the result has been counterproductive. The system has led to a chronic housing shortage, with waiting lists for a controlled rental apartment stretching into decades. It has also birthed a black market for rental contracts, leading to further inequity and social division. Paris - Fewer rentals and intensified demand In France, a more recent attempt at rent control took place in 2015, when Paris introduced the 'Encadrement des loyers' (Rent regulation) policy. Unfortunately, this also resulted in unintended side effects. As landlords were not permitted to increase rents above a specified index, many chose to sell their properties rather than lease them. This led to a decrease in available rental stock and, paradoxically, increased rents due to intensified demand. This policy was subsequently repealed in 2017 due to its inefficacy. Berlin - Exacerbated housing shortages Similarly, Berlin's recent experiment with a five-year rent freeze, introduced in 2020, had negative consequences. Designed to alleviate housing affordability issues, the policy instead deterred investment in the housing sector, leading to a slowing in new construction and exacerbating the city's housing shortage. In 2021, Germany's federal constitutional court overturned the rent cap, deeming it unconstitutional, highlighting the legal complexities rent control measures can present. So why does rent control consistently fail? Firstly, it distorts the housing market. By setting rents below market rates, it disincentivises both property improvements and new development. This leads to a shortage of quality rental properties, as seen in New York and Berlin. Secondly, rent control often leads to an inefficient allocation of housing. Without the price mechanism to allocate resources, people may consume more housing than needed, as seen with 'empty-nesters' occupying large rent-controlled apartments in New York City. On the other side, those desperate for housing, like young professionals or migrant workers, are left out in the cold. Thirdly, rent control tends to create a divide between 'insiders' – those lucky enough to secure a rent-controlled home – and 'outsiders' – typically newcomers who bear the brunt of decreased housing availability and increased market rates. This has been evident in Stockholm and New York City. Lastly, it often overlooks more effective solutions. Experts argue that the root cause of Australia's high rents is a lack of supply. Rather than artificially suppressing rents, the focus should be on easing zoning regulations, streamlining approval processes, and incentivising development to boost housing supply. The solution is building more homes While the idea of rent control breeds policies born of good intentions, the international evidence demonstrates consistent failure. Rent control does not merely fall short of its objectives; it often exacerbates the problems it intends to solve, from deteriorating housing conditions to market inefficiencies and social inequities. In the battle for affordable housing, Australia's policymakers need to refocus on supply-side solutions. Rent control, is simply not the panacea it appears to be.
Jun 21, 2023
Rental relief in sight as vacancy rates lift
Signs of a slight improvement have emerged for Aussies searching for their next rental home, with vacancy rates having stabilised a little over the past quarter. According to the most recent PropTrack analysis, homes available for rent have risen slightly by 0.1 percentage points, a minor but significant reprieve compared to the heightened demand that far outweighed supply in previous months. This slight ease marks the most significant shift in rental market conditions since the early stages of the pandemic in November 2020. In its latest report, PropTrack revealed a modest decrease in national rental vacancy rates, down by 0.01 percentage points to 1.42%. This small shift offers a rare glimmer of hope for renters struggling under intense market pressures. While this stabilisation at last suggests an increase in the number of rental properties becoming available, it's clear our country’s rental crisis remains unresolved. The report paints a picture of cautious optimism for the remainder of the year, hinting at potentially improving conditions in the rental market. Unfortunately, however, the challenges agents face in helping our customers find homes persist. It’s still a daunting task, and the likelihood of continued rent hikes looms large. "Despite the enduring challenges, the rental market shows signs of stability, offering renters a small respite," the report states. The improvements were reflected in all markets except Darwin, regional Queensland, and Western Australia, which saw slightly more favourable conditions for renters than three months prior. Sydney's rental market conditions have also begun to ease, with an increase of 0.06 percentage points in rental vacancy rates last month, and a rise of 0.16 percentage points over the past quarter. Melbourne's rental markets, meanwhile, have seen stability over the past months, although with a low vacancy rate of just 1.33%. In contrast, Adelaide and Perth continue to grapple with intense rental market conditions, with the least number of available rentals. Despite these challenges, the recent trends offer hope of an improving landscape in the rental market. If you’re struggling to find a new rental home, please talk to our property managers and register your needs with us. We’ll do the best we can to help you.
Jun 21, 2023
Will rising rates stop house prices rising?
Despite conjecture that rising interest rates will dampen Australia’s property market, evidence to date suggests these increases have had little cooling effect. Even during the typically quieter King’s Birthday Long Weekend, preliminary figures show house prices could be on the upswing for the fourth consecutive month. Despite a constrained supply over the public holiday, auction clearance rates remained robust at over 70%. This buoyant activity, evidenced by substantial bidder involvement, underscores the vibrancy of the auction market. Compared to November last year, when the average number of bids at auctions stood at two, current figures show buyers are making nearly three bids at auctions in Sydney, Melbourne and Brisbane. In Adelaide, the number of bids is closer to four. While many buyers and home sellers expect June’s rate hike might have marginally dented buyer and seller confidence, there has been a marked lift in clearance rates, which were just 54% at this time last year. Even amid recession rumours, the ongoing uptick in the market remains a contentious point for investors. Although prices continue to rise, the increments remain relatively modest, with a 0.8% increase in March, 0.7% in April, and 1.4% in May. Our estate agents are observing considerable anxiety as a result of persistently high inflation and cost-of-living pressures. Yet, in many locales, we are witnessing small but definite lifts in prices. Naturally, there’s an age-old debate between people who believe rate hikes will soften prices and those who argue that surging immigration and limited supply will sustain price escalation. To find the most likely truth, we can really only look to Australia’s historic property market performance during periods of rising rates. If we look back to the 1970s, 1980s and 1990s, house prices – broadly speaking – continued an upward trajectory despite rising rates, and we see some similar contributing factors today. Even when interest rates rose to in excess of 18 per cent in the 1980s, house prices kept rising. Through that period, factors underpinning rising Australian house prices were: Population Growth: Australia experienced substantial population growth in these decades, partly driven by immigration. This growth in population increased the demand for housing, thus putting upward pressure on prices. Urbanisation: During these years, Australia saw a significant trend towards urbanisation, with more people moving into cities for work and lifestyle opportunities. This increased demand for housing in urban areas and subsequently pushed prices up. Income Growth: Over these decades, Australia saw considerable growth in real incomes. As people's purchasing power improved, they were able to afford higher property prices. Financial Deregulation: In the mid-1980s, Australia underwent financial deregulation, which included easing of restrictions on foreign banks, thereby increasing competition. This led to a greater availability of credit, which made it easier for people to secure mortgages and increased demand for housing. Tax Policies: Australian tax policies, such as the capital gains tax exemption for the primary residence and negative gearing, have been supportive of property investment. These policies increased the attractiveness of property as an investment, thereby pushing up demand and prices. Limited Supply: Finally, the supply of new houses did not keep pace with demand, especially in popular urban areas. Land release policies, planning regulations, and the physical constraints of building in established cities restricted the supply of new homes, thereby putting upward pressure on prices. Another reason that rate hikes don’t necessarily mean falling house prices is that rising rates perpetuate the broader supply freeze in the property market. Each rate increase complicates the construction of new houses, leading to fewer new builds and increased demand for existing properties. Commonwealth Bank, the country's largest mortgage lender, has maintained its market forecasts in the wake of the recent rate increase. The CBA's predictions are optimistic, forecasting a 3% average house price rise this year and a 5% increase next year. This creates a challenging predicament for the Reserve Bank of Australia as rate increases continue to exacerbate the current supply-demand imbalance. This pressure impacts home buyers and renters, yet also provides an opportunity for investors prepared to navigate the turbulent market. For investors, the issue lies in the sudden surge in mortgage rates, with homeowners facing rates above 6% and investor rates exceeding 7%. Whatever your view as to the property market outlook, most Australians would agree we’ve seen fundamentally strong housing market conditions over the past 25 years. Since 1993, median house and apartment process have risen 412 per cent and 316 per cent respectively. Wage growth hasn’t kept pace with property prices this time, and cost-of-living pressures are being felt acutely across the country, but our country’s chronic undersupply of housing continues to underpin stable and rising house prices, and most likely will continue to do so for the foreseeable future.
Jun 14, 2023
Brisbane CoreLogic RP Data Market Update June 2023
Brisbane CoreLogic RP Data Market Update June 2023