Don't miss the deadline!

The end of the year is fast approaching  and for first home buyers time is running out to buy a property without having to pay stamp duty, for some this represents  a saving of nearly $18,000

For the past couple of years there have been numerous government assistance and incentive schemes designed to make it easier for first home buyers to enter the property market.

There have been changes over the past few years and how the scheme currently works is as follows:  If you qualify as a first home buyer and you purchase a property for $500,000 (or less) to live in then you are exempt from having to pay stamp duty. That is a saving of $18,000 on a $500,000 property. There is also a pro-rata discount for properties purchased between $500,001 and $600,000

As of January 1 2012 this scheme changes again. The stamp duty exemptions will only apply if the property purchased is brand new or an off plan purchase. 

Latest data from the Bureau of Statistics shows increased buying activity in the Sydney housing market. Most of the increased activity was driven by a 15.9 per cent surge in first-home buyer housing loans over the month to the highest level recorded since December 2009. This surge reflects the impact of the expiry at the end of 2011 of the stamp duty concession for first-home buyers for the purchase of established properties.

We are seeing a large number of first home buyers in the market place looking to take advantage before the grant runs out. Properties that meet the criteria are experiencing strong enquiry, attracting good numbers of buyers at open house inspections and these properties are selling more quickly than those in other market segments.

If you think you may qualify as a first home buyer don’t miss this final opportunity.  We have a number of properties which would qualify for the exemption. Go to our website for further details: www.century21mosman.com

If you are a property owner thinking of selling, now may be the perfect opportunity to capitalise. These types of properties are selling for a premium at the moment and come January 1, 2012, a large proportion of the buyers will disappear.

There is still time to sell or buy  before the end of the year.

Feel free to contact me to discuss your options.

Joshua Wygoda

0414 666 190

Are you planning to sell in 2012?

With only 6 weeks to go until Christmas, for those thinking of selling their property early next year its hugely advantageous to start thinking about it now.

Our marketing campaigns generally start after the Australia Day long weekend with the first Auctions being called in late February or early March.

So why start thinking about it now?

There is a common misconception that the market goes completely quiet over the December/January holiday period. This is true to some degree but based on my experience over the past few years here is what really happens:

Decreased Stock Levels: Many vendors think this is the wrong time of year to be selling a property so they either wait or pull their properties off the market thinking there are no buyers around. Lack of stock, or choice, always leads to better sales results.

International Buyers and expats: In the holiday period we see an unusually high number or buyers from around the globe and in particular ex-pats who are looking to return to live in Sydney at some point.

Local Buyers: Even though many local buyers are away or have other things on their mind, there are some that use their down time to search for a new home or investment. They put their feet up and read the real estate sections or let their fingers do the walking by looking through the various real estate internet sites.

Whilst I would not recommend entering into a full marketing campaign it can be advantageous to have a strategy in place to take advantage of the holiday period. We may get lucky, sell the property and save you the hassle and expense of a February/March campaign.

If the property is not sold by the end of January, then we launch into a marketing campaign in February. Being prepared we become first cab off the rank in attracting new buyers.

If you are thinking of selling please contact me so that I am able to discuss the most appropriate strategy for your property and circumstances.

Call me anytime on 0414 666 190 or email me joshua@century21mosman.com

Reserve Bank of Australia lowers official cash rate to 4.5 per cent bringing much needed relief to the Australian residential property market

Today's decision by the Reserve Bank of Australia to lower interest rates could be the news many prospective buyers have been waiting for to make a real estate decision, which in turn may see increased activity in the residential market. A lack of certainty surrounding the direction of interest rates over the course of 2011 has resulted in many buyers showing reluctance to commit to a property purchase.

The Consumer Price Index released by the Australian Bureau of Statistics last week showed easing inflationary pressures on the domestic economy, paving the way for the Reserve Bank to reduce the official cash rate by a quarter of a percent. The decision follows several months of heightened concerns surrounding global financial markets, with weakened consumer confidence and affordability issues on the national front.

JUST LISTED - 1/1 ESTHER ROAD MOSMAN/BALMORAL

Renovators dream in lifestyle location two minutes walk to water’s edge

1/1 ESTHER ROAD BALMORAL

INSPECT SATURDAYS & THURSDAYS 11.00 - 11.45 AM

2 Bedroom plus Sunroom, Lock-Up Garage

For more details please visit our website: www.century21mosman.com

or email me:

joshua@century21mosman.com

JUST LISTED - 69 BAY ST MOSMAN

Renovated Beauty Point Home with Postcard-Perfect Middle Harbour Views

69 BAY STREET MOSMAN

INSPECT SATURDAYS & THURSDAYS 1.00 - 1.45 PM

3/4 Bedrooms, 3 full Bathrooms, Parking for 4 cars.

For more details visit our website: www.century21mosman.com

or email me:

joshua@century21mosman.com

 

The Spring Selling Season

The spring selling season is well under way. Although stock levels are down compared with the same time last year we are still seeing an increase in the level of property being offered for sale compared to a few months ago. More importantly we are experiencing increased buyer activity.

There are a large number of sub $500,000 properties on the market as a direct result of changes to the government incentive schemes for first home buyers. As of 1 January 2012 stamp duty concessions for first home buyers will no longer be available except for brand new or off plan purchases. If first home buyers purchase before the end of the year they are exempt from paying stamp duty (if the purchase price is under $500K)

We have quite a number of exciting listings coming up. Click through to our website for further details. www.century21mosman.com.

I should also mention Century 21's recent success with Channel 10's “The Renovators”. Century 21 was appointed as exclusive selling agents for the 6 houses. All 6 houses sold on Auction night and the show which aired last Wednesday night was the top rating program of the evening. It seems Australians still have an affinity with property.

Despite the strength of the Australian Dollar we are still seeing strong enquiry from Overseas buyers. In fact,  the recent dip in the strength of the Aussie dollar has allowed o/s buyers to spend more money.  I have come across a number of cashed up foreign buyers looking to invest in Australia. Australia is still seen by many as politically and financially stable.

Interest rates: The current stability in interest rates is expected to continue well into 2012. There is now a possibility that the Reserve Bank of Australia could cut interest rates in late 2011 to kick-start a recovery in consumer confidence and spending, thereby initiating the next phase of demand, the recovery in the economy and housing market.

Auction clearance rates have continued to hover around the 55% to 60% mark for months now. Although it would be even better to have a higher clearance rate, what it does show is stability in the market. Our office clearance rates are somewhat higher than the Sydney average at around the 70% mark, evidence that your choice of agent directly affects the end result.

There has been some other good news lately. According to a recent BIS Shrapnell report , housing prices are predicted to increase  by about 20% in Perth and Sydney by 2014

In Sydney, owner-occupier and investor demand is forecast to rise in 2012, underpinned by the rising dwelling deficiency and strengthening economic conditions, leading to higher price growth and dwelling construction.

The report also shows that although the median house value rose to $644,700 in June 2011, real house prices in today’s dollar terms remain below their median house price peak of $707,000 in the March 2004 quarter.

Ian Graham, chief executive of QBE Lenders’ Mortgage Insurance Limited (QBE LMI), says despite the current volatility in the global economy, QBE LMI is cautiously optimistic about the outlook for the Australian housing market.

If all the information at hand is accurate and if you believe the so called experts it appears property prices have bottomed and are on the way up.

Buyers should be considering purchasing now, so for those thinking of selling I would encourage you to consider putting you property on the market now. I never like making predictions but what I can say is that the current market seems to be a great market in which to be trading property.

CENTURY 21 SELLS ALL RENOVATORS PROPERTIES AT AUCTION

Century 21, the largest real estate organisation in the Asia Pacific region, was selected to list all six properties on Channel Ten’s The Renovators, with each property successfully selling at a recent series of auctions.

“Century 21 is delighted that such a strong result was achieved for the contestants on The Renovators during fairly turbulent market conditions,” said Century 21 Australia General Manager, Paul Mylott. 

“The renovations were nothing short of superb and homeowners would be wise to take note of how a solid renovation can change the way a property is viewed and valued,” said Paul Mylott.

A nationwide advertising campaign run by Century 21 resulted in widespread exposure for the properties, which were viewed over 90,000 times online.  In addition, over 800 people contacted the various Century 21 sales agents requesting further details after viewing the properties online.  

The properties sold were located in the Western and Inner Western suburbs of Sydney and included ‘The Weatherboard’ house in Parramatta, ‘The Sixties Suburban’ in Castle Hill, ‘The Fibro Cottage’ in Blacktown, ‘The Shop’ in Marrickville, ‘The Terrace’ in Glebe, and ‘The Half Done’ house in St Peters. 

“After a well publicised marketing drive, over two thousand people inspected the properties with dozens of interested parties registering to bid,” continued Paul Mylott.

“Century 21 congratulates all of the contestants on The Renovators for producing such saleable and appealing properties, as well as the Century 21 agents who achieved these excellent results,” concluded Paul Mylott. 

With over 3,000 offices, Century 21 is the largest real estate company in the Asia Pacific region, a region vital to Australia’s continued economic success.