Home Sale Price Underquoting

This post is prompted by an article in Sydney Morning Herald:
Underquoting on Sydney property markets is the cause of endless frustration to buyers.  Some agents admit buyers are being misled, but the NSW Department of Fair Trading said there is no evidence of this being a problem.  Their spokesman says "The Department had received only a very small number of complaints during the past three years." 
Maybe that is because the Department's responses are so anaemic.  A complaint about gross underquoting on a property in Allerton Road, where 69 bids were made, starting at the "buyer's guide" price and initially going up in $25,000 jumps to nearly 30% above the advertised buyer's guide price.  The department replied that "the agent was working in the best interest of the client" and took no action.  That agency continues to mislead buyers.
The Queensland government is proposing to ban all advertised price guides, and another proposal is to make vendors publish the reserve price a week before auction.
Ray White Beecroft's policy is to give vendors and buyers a list of comparable properties, with prices, so the parties can make their own minds up based on verifiable fact.  Agents are required by law to give these comparables to vendors, why not make the pack available to prospective buyers?

Beecroft Top for House Price Gains

An article in Saturday's Sydney Morning Herald lists the top ten suburbs in Sydney for house prices.
BEECROFT came FIRST!  Median house price $1,265,000, Yearly Change 35.3%, 5 year change 62.2%!
The article mentions, and the statistics presumably rely on, a modest bungalow on 1000 sqm in Richards Avenue, which had a price guide of $1,100,000 yet sold at auction for $2,385,000.  Selling for this price at auction suggests there were at least two bidders ready to pay this hugely inflated price, and one has to assume they were foreign investors with no idea of local property prices.  The buyer at least has a Chinese name.

Beecroft Selective Meats Relocates

Beecroft Selective Meats has relocated from The Module to Shop 3 at 5 Wongala Crescent

 

This pic shows Chris in his new shop, with customers very happy with the new displays.

Kenwick Lane Auction 5 April 9:45am

We are expecting a big turnout for this auction, every Open has been well attended.  This pic shows the queue of visitor cars to the north, with a similar queue in the other direction.

Ray White Beecroft is moving

We are moving!  Our new office is at 14b Hannah Street, next door to our present office.  For a long time 14b was Anita’s newsagency, and recently it has been an Art Gallery.  We are moving because the Module where our office is located is destined to be demolished when the Development Application DA 545/2013 is approved.

Several other shops and businesses have already relocated from the Module, and we had to move while a suitable place was still available.  We hope you will stop by and check us out.  There may be some disruption to phones and internet during the move but hopefully we will manage to get everything working swiftly.

Swimming Pool Regulations - Certificate of Conformity

The day after we posted our latest newsletter advising of the need for Swimming Pool Certificates of Conformity, we received notification that implementation of the pool regulations has been deferred for twelve months!  Certificates of conformity will now not be needed for sales or rentals until April 2015!

New Roundabout on Hannah Street

Take care driving on Hannah Street and Hull Road.  A new roundabout is being built on the intersection of Hannah Street and Hull Road.

Swimming Pool Registration

The NSW Government has brought in new regulations requiring all pool owners to register their pools before October 2013.
You can register at
http://www.swimmingpoolregister.nsw.gov.au/

Ray White Beecroft will be writing to all landlords of properties with pools advising them of this new requirement and offering to do the registration for them if required.  Contact Peter Hewitt, Ray White Beecroft Business Development Officer, on 0417 215 774 if you need more information.

Interest Rates

There have been several articles recently relating the high Australian dollar to Australia's increasing financial problems, and hinting that the Reserve Bank should cut interest rates at the next setting, early May.  Inflation figures are tracking well within budget suggesting there is room for an interest cut.

Lots of people are concerned about the application to subdivide the block at 79-87 Malton Road, DA 94/2013.  Apparently this land, pristine bushland, is known to be home to the last remaining colony of Gang Gank cockatoos in the Lane Cove valley, and also is home to Powerful Owls.  Trouble is all the other places where these lovely birds can live are being buldozed and built over.  Is it fair to penalise the last remaining land owner?  Hard to say.