Real Estate News


Want more money in your back pocket?


  There is no questioning that one of the largest expenses many of us face on a monthly basis is the payment of our mortgage - whether it's your principal place of residence or your investment portfolio. To take a moment to sit down and actually reflect on how much money we pay to the banks in interest can be overwhelming, but there are ways you can reduce your interest payments and put more money in your back pocket.   Have you taken the time to strategise how you can save money on your mortgage payments? There are a number of ways that you can achieve this, which can result in $1000s in savings each year:    1. Increase the number of mortgage payments made within the month. This is one of the easiest ways to reduce your interest payments and fast track owning your property sooner.   2. Pay a little extra than the minimum requirement. It doesn't have to be a large additional sum. Maybe consider paying $700 instead of $675.   3. Pay your wa...


Is Your Property Safe for Summer?


  With the days heating up, landlords should be extra vigilant about keeping their rental properties in good condition. This includes cleaning the gutters, ensuring there are no fire hazards surrounding your property and maintaining your pool.  Properties with swimming pools come with their own dangers. Drowning is the leading cause of accidental death for children aged one to four, making it imperative that you adhere to the legal guidelines on pool safety. While regulations vary between localities, the current Australian Standard AS1926-2012 is in place in New South Wales, Victoria, South Australia, Tasmania, Western Australia and the ACT.  In Victoria, the design, construction and installation of swimming pools, spas and their safety barriers are subject to strict building requirements under the Building Regulations 2018. The Regulations also contain ongoing legal obligations for pool and spa owners to maintain their safety barriers at all times...


The Upside to Buying in a Down Market


Property prices across many parts of Australia are falling, of that there is little doubt. The prevailing sentiment would have you believe that the falling prices are terrible for all concerned. Admittedly, the net result of those trading in a falling property market is probably to the downside. Make no mistake though, there are still plenty of people who manage to improve their position in a falling property market. Understanding and accepting where we are in the property cycle is crucial to trading better and smarter. There are five trading opportunities to those prepared to act in the current market: First Home Buyers First home buyers were locked out of the property market during the boom. At one stage, baby boomers wondered if their children would ever be able to buy into the housing market. Now is the best buying opportunity for first home buyers since the GFC in 2008. Sure property prices were lower in 2008, but mortgage rates were significantly higher. Every percentage...


The Awful Truth Behind Those Glossy Real Estate Magazines


  Real Estate magazines that promote one or two homes in each suburb across an entire metropolitan area are the ultimate example of hit and miss advertising. A buyer that wants to buy in Moonee Ponds is not considering Sunshine as an alternative and vice versa. Whenever you see mass wastage taking place, it's always good to examine the motive and identify the person who carries the burden of the waste.   Agents will tell you that their in-house marketing is all powerful and has massive reach. Printing 15,000 copies of the magazine each week gives the magazine a potential circulation (mainly via cafes and shops) of 15,000. Paying hard earned money to advertise in one of these magazines does not give you access to a database of 15,000 buyers as is often claimed. A database is where the agent has the full contact details of the potential buyer on file. Trying to advertise your home to Joe Nobody in a cafe whilst he drinks coffee is not marketing your home to a home buyer...


Selling Property in the Festive Season (A Surprising Find For Property Owners)


  If you're thinking of selling your home over the Christmas period, there are some powerful reasons why...   You may get a much HIGHER PRICE in the holiday season!   Many agents are now telling would-be property sellers that "Nothing will happen before well into next year". On that basis, they argue, you should forget about listing Essendon homes for sale before February at the earliest. This is absolute nonsense. The reason some agents tell you that 'Summer time is a quiet time' is because those agents want it to be quiet. The market is not shutting down. The agents are shutting down! They're closing up and taking a few weeks' holiday... So of course it's going to be quiet - for them!     But not for us! At Pennisi Real Estate, we're planning to be very busy over Christmas and New Year. In fact, we are expecting a record number of sales at some record HIGH prices. From December 1, 2018 until January 31, 2019 - that's 61 days...


Don't be an Auction Bunny - Reading the Play When Buying at Auction


 Auction bunnies are home-buyers duped into bidding at auctions when they have no chance of being a successful buyer. The auction bunny reaches their maximum price at the auction before the price even hits the seller's reserve. Not only do these poor bunnies often get their hearts broken, they also lose thousands of dollars in 'due diligence' expenses - such as building reports, pest reports, strata reports and legal expenses.   Here's what happens: an auction bunny asks the agent, "How much will this property sell for?" The agent gives the standard bunny-trap reply - they quote a price around 10 to 15% below the seller's reserve price. For example if the seller want a million dollars, the auction agent will say "We're expecting bidding to start from around $850,000". If the auction bunny pushes the agent, saying something like, "Are you sure? Do you really think it will sell for such a low price?" the agent will say something like, "The sellers are keen and will meet the m...