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Sales Agent Tim Woodham from George Brand Copacabana had a great start to the Spring selling season, selling 88 Del Monte Pl, Copacabana under the hammer for $1,205,000 on the weekend more than $300,000 above reserve.
The property is situated in a prime location close to Captain Cook Lookout with views south to Sydney and north to Norah Head. The 3 bedroom home is a 2 storey solid brick home with 2 large living areas but in need of renovation.
“The Sydney market is slowing, not crashing”, according to RPData Core Logic’s Head of Research, Tim Lawless. Despite a seasonally strong result over the month of June, quarterly results show that values were only 0.8% higher in Sydney over the June quarter, which is down from 5% over the March quarter. Sydney’s annual rate of growth has eased from 15.9% three months ago to 13.7% over the twelve months ending June, 2017.
Locally, Avoca Beach experienced price growth of 5.9% and Copacabana 5.4% over the June Quarter. Avoca Beach’s annual growth rate has increased to 9.5% and Copacabana to 20.8% over the 12 months to June 2017. The strong growth locally has some time to run.
On the rental front, it has been good news for investors, whilst the pace of capital gains is moderating, rental growth has been rising with rents in Sydney increasing 4.5% over the past 12 months, with similar results locally. This growth turnaround will be very much appreciated by landlords looking to recover higher mortgage costs.
Read more: Avoca Beach & Copacabana August 2017 Market Update
You don't have to be stuck with dodgy decor or boring bathrooms - there are easy solutions to make your rental feel like your own.
A mortgage may clamp a significant financial chain around your ankles, but with that great responsibility also comes great freedom.
Namely, to do what you like to your own home (subject to council approval, of course).
Rental tenants, on the other hand, have traditionally seemed stuck with whatever dodgy decor, poky layout or boring bathrooms their landlord bestows upon their digs. But while you may not be knocking down walls any time soon, there are plenty of solutions you can use to make your rental feel much more like your own.
Getting ahead in the property market or even getting your foot in the door has proven increasingly difficult over past years with property prices only continuing to rise with purchasing a property being out of reach for so many people. It's not all doom and gloom as the NSW government has just announced they will help first home buyers get into the property market with more than $1 billion of stamp duty concessions and measures to level the playing field with investors under reforms unveiled by Premier Gladys Berejiklian to tackle housing affordability.
Under the package, first home buyers of existing and new properties costing up to $650,000 will be exempt from paying stamp duty from July 1 2017. The changes to stamp duty concessions are estimated to deliver savings of up to $24,740 for a first home buyer in NSW. As well, the 9 per cent stamp duty charged on lenders' mortgage insurance – often required by banks lending to first home buyers with small deposits – will be abolished.
Read more: Good News For First Home Buyers - Stamp Duty Relief
Considering we spend 80% of our lives in this space (I made that figure up based on my love of reality TV), you really need to ensure it’s looking and performing at its very best.
So here are some of the rookie decorating mistakes you’re making in your living room, and the quick fixes that’ll help you resolve these design crimes.
In the past there was less of a need for careful research because to a certain extent, the return on buying or investing in property was quite lucrative.
Yet this table showing the price growth in two different Melbourne locations over the last 40 years helps explain why some areas achieve much better price growth than others.
Read more: Why location is crucial when it comes to investing in property
23/46-50 Dening St, The Entrance, sold for $800,000 — a building record.
Rugby league legend Doug Ricketson has sold his Central Coast base with Peter Lamont from George Brand Real Estate The Entrance.
Doug played several seasons of league with the Eastern Suburbs’ Roosters, before finishing his career at the Penrtih Panthers.
His son, Luke, is well-known as the longest serving player at the Sydney Roosters, and as husband to media personality Kate Waterhouse.
Agent Peter Lamont of George Brand Real Estate — The Entrance, who sold the home, described Doug as a “very nice bloke.”
“He’s been in the building 17 years. He was one of the original residents,” Mr Lamont said.
Read more: Peter Lamont sells Central Coast unit for building record
Multiple economic indicators are pointing to softer housing market conditions Australia wide. The recent RPData Core Logic May home value index confirmed that capital gains trends have slowed with Sydney dwelling values remaining unchanged for the month of May. According to RPData Core Logic head of research, Tim Lawless, the market has lost momentum in our city, primarily due to affordability constraints, tighter credit policies, rising mortgage rates, and a downturn in consumer sentiment. The jury is still out on whether the housing market has peaked.
In my opinion, I do think the Sydney and Melbourne markets are at or near their peak for this growth cycle of 5 years of exceptional growth, but the Central Coast market still has some time to run. The Central Coast remains a very compelling market for an investment or lifestyle change for young families, now that Sydney has become difficult to afford.
I think we will see the pace of growth in property prices slow but not stop. Property prices will keep growing but at a lesser rate per year.
Locally, stock remains in tight supply and whilst buyer numbers have dropped, the number of purchasers still exceeds the stock available. Good quality property is still selling well and we continue to see great sales results.
Depreciation is one of the best tax breaks available to property investors, but you’ll need a depreciation schedule in order to claim it.
A depreciation schedule can save you money, which is what we are all looking for right! Below shows what a property depreciation schedule is and how to go about creating one.
You’ve been pre-approved for a mortgage, now the fun begins…the property search! With so many different property types to choose from, it’s hard to know what is going to be the best choice for you and your family.
A common question a lot of buyers are deciding between these days is whether to spend more cash on a renovated property and slug out the massive mortgage, or to buy a property which needs renovating and risk never actually renovating it! It’s a real reality trust us!