In the early 1980s, auctions in Canberra were almost unheard of. Fast forward 30 years to 2012 when Canberra had 600. Within five years the number of auctions quadrupled with 2,500 auctions held in 2017.
This past weekend alone, 75 auctions were held across the city. It’s expected the number of auctions in the ACT will keep growing as local buyers and sellers continue to embrace this method of sale.
For some, auctions can seem daunting and bring on a feeling of anxiety and nerves. But according to John Warren, Sales Agent at Independent Property Group Inner North & City, under the right circumstance, auctions can offer significant advantages when selling your home, which is why more and more Canberra property owners are getting on board.
What is it that makes auctions so lucrative? John shares his top three benefits to selling at auction:
- Create competition
An auction creates a competitive bidding environment. If more than one buyer really wants your property they will start bidding higher, so they don’t miss out. This is especially true if your property has unique or hard to find features that buyers are looking for.
John says the more invested a buyer is in a property, the more competitive they are. When a buyer is competitive, they are willing to bid and ultimately pay more to secure the home.
“Throughout the auction campaign, an agent spends a lot of time qualifying buyers. We focus our attention on the buyers who are showing the most interest, communicating with them throughout the campaign and educating them on the sales contract. We provide them with all the information they need so they are prepared to bid come auction day.”
John believes focussing efforts on these buyers ensures a competitive auction as they become more emotionally connected to a property and willing to bid higher to secure it. Competitive bidding amongst potential buyers means that the selling price often exceeds the expected value of the property, maximising profit for the seller.
The Federal Budget was handed down on Tuesday 8 May 2018. As always, it covered a wide range of topics from income tax offsets to spending on infrastructure. And as always, it contains a multitude of measures over almost a thousand pages that few people will ever read in their entirety. Won’t someone think of the forests?
So that you don’t have to wade through all 342 pages (and that’s just the first paper!), we’ve summarised the ways in which this budget will affect the property market.
There are very few direct announcements that affect housing, but several longer term measures that are worth knowing about. These are aimed at increasing individual income, freeing up vacant land and improving infrastructure, all of which could benefit the Canberra property market.
Whether you’re looking to buy, sell, invest or simply stay put, read on to find out the changes that will affect you. Continue reading
The humble suburban shop was once the destination for early morning milk runs, newspaper pick-ups and ice creams after school. But with the rise of large shopping centres boasting huge supermarkets and retailers, the little corner store seemed certain to disappear.
Headlines welcomed the ‘death of Canberra’s suburbs’ and speedy growth in housing around the inner north and south painted a foregone conclusion, but Canberra isn’t ready to let go of their local suburban shops just yet.
Revitalisation efforts, which typically see small businesses move into government-owned shops, has taken on many shapes in Canberra. Cafes and small restaurants remain a favourite, but community spaces and galleries are also on the rise across the city.
The ACT Government appears to understand the importance of revitalising our suburban shops, working to upgrade 20 of the 66 shops across the city in the last decade, according to government data provided to the Canberra Times.
According to Mark Larmer of Independent Property Group, growth and renewal of a suburb has plenty of benefits for buyers and homeowners.
“For many buyers, lifestyle is just as important as the property itself. People want the benefit of living in an established suburb – the large backyard, access to public transport, good schools. But they also want the convenience of being close to cafes and shops.
The more a suburb has to offer the more attractive it is to buyers. Properties become more valuable and homeowners benefit from an increase in demand. All residents get to enjoy the perks of revitalisation, it’s a win for everyone”.
Having limited ourselves to sipping long blacks on Lonsdale Street for too long, we set out to venture across Canberra and discover more about the suburbs leading the way in revitalisation. Continue reading
Escaping the rental roundabout and buying your first home can feel a little overwhelming. It’s almost certainly the biggest financial decision you’ve ever made in your life, for one thing. For another, there are suddenly so many people to deal with, and so many new things to learn.
One thing that can help is understanding the lingo. You’ll come into contact with most or all of these phrases during your home buying journey, so here’s a handy glossary to help. We’re not saying you have to print this article out and take it everywhere you go – but we’re not saying it’s a bad idea, either. Continue reading
Edward has lived in the Belconnen area for over fifty years, he raised his family in a simple three-bedroom, red brick home with a giant backyard that would make any young family jealous.
He’s always known there will be a time to sell but it’s not something he ever gave much thought to. Until one day, when his next-door neighbour knocked on his door with an idea Edward had never considered – “let’s join up and sell our homes together”.
This is not a new concept to real estate. Long a trend in Sydney, builders are looking for other options to meet the needs of growing cities. Back in 2016, 62 owners in Sydney’s French’s Forest teamed up, sold off a combined 4.3 hectares and were paid just under $200 million.
But how relevant is this to Canberra and people like Edward? Curious to know more, we spoke to Wayne Harriden, Executive Director of Project Marketing at Independent Property Group. Continue reading