MARKET REVIEW Edition 9, 2018 - Postcode Book
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
MARKET REVIEW Edition 9, 2018
OUR PICK
The Ranges Hotel
Gembrook
73 Main Street, Gembrook, VIC 3783
About an hour south east of Melbourne
lies a quiet, small country town called
Gembrook.
‘The Ranges Hotel’ is one of Gembrook’s
prized possessions standing at the last
stop of the world renowned Puffing Billy.
The recently renovated family friendly
Bistro and Bar, with its original licence
dating back as far as 1896, still maintains
many of its original early 20th century
features.
Families and friends can enjoy the The Ranges Hotel Gembrook
verandah and its northerly aspect where
Puffing Billy exposes himself regularly at Phone: (03) 5968 1220
the Gembrook station. Email: info@therangeshotel.com.au
73 Main Street, Gembrook, VIC 3783
Booth seating and oversized, double
sided wood fuelled fires are installed for
diners’ comfort. Bistro Hours Bar Hours
The Ranges Hotel features modern Monday: Monday:
Australian pub classics, showcasing Closed Closed
seasonal fresh produce from the region.
The public bar plays home to the slow Tuesday to Thursday Friday and Saturday
trickle of original art works, photos Lunch: 12pm - 2:30pm 11:30am to 12am
and memorabilia now being donated Dinner: 5:30pm - 8:30pm
back to the Hotel. It is an incredible Sunday & Tuesday
compliment and credit to see these Friday to Sunday to Thursday
amazing items being returned to a Lunch: 12pm - 3pm 11:30am to 10:30pm
place so special to the community. Dinner: 5:30pm - 9pm
If only an open fire could tell stories!
WELCOME Welcome to the Ninth edition of our Market Review, brought to you quarterly. Inside, you will find the latest updates from your local real estate market, as well as some interesting articles and statistics from across the state. If you ever require any assistance with your real estate needs, please remember we are always more than happy to help. We hope you enjoy reading! FIRST NATIONAL REAL ESTATE NEILSON PARTNERS neilsonpartners.com.au
MARKET STATISTICS
Can you believe the first quarter of the year has already passed, where did it go?
Continued demand from prospective purchasers has seen prices remain consistent. At
times we have noticed a slight decline in numbers attending open home inspections
however our data shows the average number of days on the market remains similar to
past quarters. As has been the case for some time, well priced and presented properties
sell in a swift manner.
The premium lifestyle market has been active with several properties being sold in key
locations of Berwick, Narre Warren North and Tynong North selling beyond $2 million and
$4 million respectively.
RENTAL YIELDS PROPERTIES SOLD
HOUSES
HAMPTON PARK 3.5%
NARRE WARREN 3.1%
BERWICK 3.1%
PAKENHAM 3.7%
80%
OF PROPERTIES
UNITS SOLD WERE
HOUSES
HAMPTON PARK 4.3%
NARRE WARREN 4%
BERWICK 3.7%
PAKENHAM 4.5%
88 105 HIGH
Total Number Of Properties Currently Listed By First High Demand,
First National Real Estate National Real Estate Improved Supply
Neilson Partners Sold Neilson Partners
Suburb Watch
Rd
d
al
r
me
E
d-
fiel
o ns
ac
Be
Rd
o u rn e
Rd
Prin
C ra n b
ces
C ly d e
Hw
y
Princes
Fwy
HAMPTON PARK NARRE WARREN BERWICK PAKENHAM
MEDIAN MEDIAN MEDIAN MEDIAN
AVG RENT AVG RENT AVG RENT AVG RENT
PRICE PRICE PRICE PRICE
H $527k $350/wk H $618k $370/wk H $693k $410/wk H $498k $355/wk
U $400k $330/wk U $427K $325/wk U $510k $365/wk U $357k $310/wk
*MAP NOT TO SCALE
106 0.8% 568 667
Total Number Of Vacancy Rate Applications Routine Inspections
Properties First National Neilson Partners Received Conducted
Real Estate Neilson
Partners Leased
Market Statistics
Featured Sales
BEACONSFIELD NARRE WARREN
7 Lancaster Way 9 Wesley Drive
4 bed
rooms 2 rooms
bath
2 car
parking 3 bed
rooms 2 rooms
bath
2 car
parking
$715,000 $663,000
PAKENHAM NARRE WARREN SOUTH
57 Atlantic Drive 10-12 Laramie Road
3 bed
rooms 2.5 rooms 2 parking
bath car
4 bed
rooms 2
bath
rooms 2 car
parking
$420,000 $1,380,000
BERWICK BERWICK
10/5-17 William Road 44 Langmore Lane
2 bed
rooms 1 room
bath
2 car
parking 4 bed
rooms 4 bath
rooms 4 car
parking
$525,300 $2,150,000
HARKAWAY PAKENHAM
2 Noack Road 22 Mallee Circuit
3 bed
rooms 2 rooms
bath
2 car
parking 3 bed
rooms 2 rooms
bath
1 car
parking
$1,400,000 $455,000
HAMPTON PARK BERWICK
2 Brentnall Court 127 Mansfield Street
3 bed
rooms 1 room
bath
2 car
parking 3 bed
rooms 2 rooms
bath
2 car
parking
$535,000 $648,000
PAKENHAM BUNYIP
3 Victory Drive 16 Pearson Street
4 bed
rooms 2 bath
rooms 2 car
parking 3 bed
rooms 1 room
bath
1 car
parking
$545,000 $500,000
NARRE WARREN SOUTH NARRE WARREN
15 Blandford Crescent 17 Amber Crescent
4 bed
rooms 2 rooms
bath
4 car
parking 3 bed
rooms 2 rooms
bath
5 car
parking
$630,000 $615,000
Feature Sales
New First National Team Members!
KIMBERLEY WINDSOR
Customer Service Manager
Kimberley, who has been with the
company for a little over a year now,
began her employment as Assistant
Property Manager and has now
progressed to the position of Customer
Service Manager, running the busy
reception area at Narre Warren.
Friendly and honest, Kimberley prides
herself on her professionalism and
ability to consistently deliver a very high
standard of service.
With a background in customer
service, retail and real estate, she has
developed invaluable skills that are
helping her to excel in her career.
Her keen attention for detail ensures
that she continues to offer a friendly
and trusting experience.
Kimberley has always been ambitious
in her endeavours which lead her to
build and open her own small business
at the age of just 23. She is constantly
motivating herself and those around
her whilst valuing and displaying
honesty and integrity.
Kimberley is a valued member of the
First National Neilson Partners family and
looks forward to assisting clients and the
team alike with their property needs.
Welcome
CASE STUDY
‘TULLIALLAN’ - 160 WHEELERS PARK DRIVE,
CRANBOURNE NORTH
The recent sale of the ‘Tulliallan’ home kitchen with granite benches
homestead in Cranbourne North and walk in larder.
made local history when it was sold
at Auction for a record-breaking A palatial sized formal lounge with
price of $2.35 million! superb marble open fire adjoins a
banquet sized dining room with the
The Georgian manor stands amidst casual ‘family’ room and billiard/
a sprawling 3200m² of parklike games room providing further
grounds including 100-year-old versatile living space.
trees and the original heritage-listed
‘shearers quarters’, was designed by Added features are abundant for
renowned architect Nicholas Day the lucky Narre Warren South family
and built in 1997 using Mt Gambier who snapped up the property from
limestone. businessman Peter White and his wife
Lyndy who generously plan to donate
The lavish mansion, with a superb all proceeds from the sale to their
living environment for a larger charity via the Peter and Lyndy White
family, consists of 6 bedrooms and foundation, assisting the lives of people
5 bathrooms, a true country manor disadvantaged through personal,
social or cultural circumstances.
Case Study
“The recent sale of the
‘Tulliallan’ homestead in
Cranbourne North made
local histor”
Case Study
Leased Properties
OFFICER $400/PW
19 Manhattan Drive 4 Beds 2 Bath 2 Car
PAKENHAM $350/PW
15/23 Atlantic Drive 4 Beds 2 Bath 2 Car
DANDENONG NORTH $450/PW
3 McKendy Place 3 Beds 2 Bath 1 Car
BERWICK $380/PW
48 Lawrence Drive 3 Beds 2 Bath 2 Car
BERWICK $430/PW
92 Skyline Way 4 Beds 2 Bath 2 Car
CLYDE $460/PW
16 Hallyburton Drive 4 Beds 2 Bath 2 Car
CLYDE $425/PW
79 Bona Vista Rise 4 Beds 2 Bath 2 Car
Leased PropertiesMETH CONTAMINATION
Meth contamination, which is invisible and New Zealand property managers have taken
has no smell, is a very real issue that can cost a necessary step in combatting this problem,
thousands of dollars to remediate. It is estimated based on their extremely high levels of meth
that around 20% of contamination problems are contamination. Many agencies are now
linked to labs; 80% to meth users. screening properties regularly for meth residue.
Not only has this ensured early detection, when
Australia has the highest number of meth users remediation is less likely to be expensive, it has
per capita in the English-speaking world, and also deterred tenants from using or making meth
that number is now three times higher than it in properties.
was in 2011. In NSW, the number of meth labs
has doubled over the past six years. Though Victorian agencies are not experiencing
the same levels as New Zealand, we foresee a
Whilst meth labs are an enormous threat to time when the screening of properties in between
rental properties, meth users should not be tenancies will become as normal (and necessary)
overlooked. Smoking meth inside regularly can as checking smoke alarms. Our team is taking a
contaminate a home and regular smoking of proactive approach and learning about these
the drug can return contamination readings as tests and how they work. We have also recently
high as those produced by a meth lab. invited Ian Penford –CSO (Chief Scientific Officer)
and Brad Prezant- Certified Occupational
The Meth (ICE) epidemic is on the rise in Hygienist (COH) at VA SCIENCES to train each of
Australia, and it is impossible to tell if your tenants our property managers in the effects of meth on
have fallen into the world of this devastating person and property.
drug by visual inspections alone. 667 clandestine
drug labs were detected in Australia in We will keep all of our landlords up to date as
2014-15, with 161 of those in Victoria. The information comes to hand.
majority of those labs were operating from
residential premises. Note: Decontamination is covered by some
Landlord Insurances but not all. We suggest you
discuss this directly with your own insurer.
Methamphetamine ContaminationSales, Leasing & Management
CAN I RENEW MY LEASE?
Like the best of journeys, there are many ways and basically don’t give the Landlord a basis by
to the destination – although some are dead which the renewal can be denied.
ends, some can be as easy as a 4-lane highway.
So, everything being fair and reasonable, the
Firstly, does the Lease contain a Further Term? Landlord or Landlord’s Agent will issue a Notice
If not, it is entirely the Landlord’s decision as between 6-12 months from the Lease expiry
to whether a new Lease is offered. So be very date offering the Tenant the opportunity to take
cautious about entering a Lease or buying a up the Lease Option. As previously mentioned,
business with a Lease already in place, where the Tenant must confirm its intentions by no later
no Further Term is included. You could spend a than three (3) months before the Lease expiry
small fortune setting up or buying a business only date. If the Tenant fails to do so, even by one
to find that you may be required to shut down day, the right to renew the Lease falls to the
and relocate your business at Lease expiry, with Landlord as to whether it is granted. This can be
no compensation payable to the Tenant for a very costly mistake by the Tenant.
loss of trade or relocation costs, etc. Note that
the Landlord is required to give the Tenant a So, if you want to renew the Lease, do so in
minimum of six (6) months’ notice to either offer writing at least three (3) months before the
the Tenant a new Lease or to give a notice to expiry date, and if uncertain about any aspect
vacate. However, if you have a Further Term of the Lease or renewal process, please consult
(also called an Option), then you have up to your legal representative.
three (3) months prior to the Lease expiry date
to confirm your ongoing leasing intentions. Have a question? Contact Laurie
Raymond laurie.r@neilsonpartners.com.au
Warning: all Leases will have a clause whereby
the Landlord does not have to accept the
Tenant’s renewal request, if the Tenant has been
notified of constant breaches of the Lease –
e.g. late payment of rental or outgoings, failing
to maintain the property, not complying with
specific obligations for servicing of equipment
(airconditioning, exhaust canopies, etc),
changing the permitted use of the premises,
taking/or omitting to take action that voids
the Landlord’s insurances, damaging and not
repairing the property, etc. These scenarios
are referred to as Essential Terms and are
nominated in the Lease. So, to drive down the
4-lane highway, do the right thing by paying
your rental & outgoings by the due date, look
after the property by complying with notices,WHAT IS EQUITY?
Your home equity is the difference between
your property’s market value and the
balance of your mortgage. If you’ve owned
your home for a few years, there’s a good
chance you’ve built up some reasonable
equity, and this can be a valuable resource
when it comes to property investment.
Our Mortgage broker, Mr Tom Smith, can
help you to find out how much equity you
have in your home, and how you might be
able to use it to own an investment property
sooner.
Example of how home equity can help
In this example, you want to buy an
investment property with a market value
of $400,000. There are additional purchase
costs (legal fees, stamp duty and so on) of
$20,000, bringing the total cost to $420,000.
take this from the $100,000 of accessible
equity in your existing home.
Should you meet normal loan approval
requirements, a lender will generally fund
Important things to consider
80% of the property’s market value -
potentially more if you’re prepared to pay
Many property investment gurus say it’s
Lenders Mortgage Insurance (LMI). That is,
important to repay the loan on your home
the bank will lend you $320,000 to buy the
as soon as you can. The equity that is drawn
investment property. As the total cost of
down from your home to purchase an
the property is $420,000 you still need an
investment is tax effective, but any remaining
additional $100,000 for the deposit and other
debt on your home isn’t. Therefore the
upfront expenses. This can come from the
loan on your home costs you much more
equity in your existing home.
on an ongoing basis than the loan on your
investment property.
As an example, we will state in this case
that the market value of your existing home
The property that you live in is not the only
is $500,000. Currently, the balance of your
source of home equity. You can also use
mortgage is $300,000, leaving a difference of
the equity in an existing investment property
$200,000, which is your
to help fund the purchase of another
home equity.
investment property.
As an investor you can access up to 80% of
your home equity (without the need to take
out LMI), which equates to $100,000 in this “ how you might be able to
example. Instead of coming up with a cash
deposit for the additional $100,000 needed
use it to own an investment
to buy the investment property, you can
property sooner.”
Newson your current home loan, comparing it
based on factors such as interest rates, fees
and features against other options from your
current lender or other lenders in the market.
4. Work out the costs for accessing equity
The product you choose and the amount
of equity you can and want to access may
result in various fees and costs. For example,
if you choose to access over 80% of your
property’s value, you will likely need to pay
Lenders’ Mortgage Insurance (LMI). If you
decide to switch to another lender, there
may be associated fees with breaking from
a fixed rate product or new loan application
fee, government fees, Loan application and
settlement etc. Once you’ve decided on a
Steps to access equity loan option, Tom will work with you to get the
application process underway and support
you at every step to settlement.
1. Calculate the available equity
Work out the amount of equity available in Contact Tom Smith on 9705 4888
your property using the estimated market for more information
value of your home – commonly based on
comparable sales within your area or a real
estate agent valuation, less the balance of
your current loans secured by the property.
2. Work out the “accessible” equity
Work out how much money is required to
achieve your plans. You may or may not
want to – or be able to – access the full
amount of equity that’s available, and your
servicing capability is an important factor in
this discussion.
3. Review your loan options
At this point of the process, you may want to
start researching and assessing your home
loan options with Tom. This is also a good
opportunity for him to do a “health check”
NewsYEARS
NARRE WARREN BERWICK PAKENHAM
9705 4888 9707 6000 5941 4444
neilsonpartners.com.auYou can also read
