Real Estate News


Warren Buffett's Top 5 Investing Tips


Covid-19 has impacted and changed everyone’s lives in so many ways and it is going to take time to recover from such a global epidemic.With social distancing restrictions starting to ease (in the hope of returning to a new form of normal) we want to take this opportunity to focus on the positive of today, while also being understanding and respectful to those who have encountered the adverse effects of Covid-19 hardship.During tough times there is always a lesson, which may be to get smarter and more prepared for the next tough times.Warren Buffett is one of the world's most influential investors, business tycoons and philanthropists with a net worth of US$88.9 billion as of December 2019, making him the fourth wealthiest person in the world.While we can't all be Warren Buffett, we can all learn from others in how to be a better investor. TOP 5 INVESTING TIPS 1. Learn and adapt to change and don’t get emotional (which is probably the hardest investment challenge).2. Invest ...


2020 Pennisi Footy Tipping Competition Registrations Open


  The AFL footy season is once again upon us and we would like to invite you to join our FREE Footy Tipping Competition.   You don’t have to live in Melbourne to play, with last year’s comp attracting 420 entrants from across the globe, but you do have to be in it to win it!   There is $3,000 in prize money to be won, so rally your mates and join in the fun!    This year...   Tips can be entered up to 10 minutes before the start of any game, even if you miss the first round. You will receive an email reminder every round to record your tips. You will also receive an email after each round is completed advising you of the weekly winner etc.     Good luck and happy tipping from the Pennisi Team!


BOOM OR BUST - An early look at the impact of COVID-19


At the time of writing, everything in our society is so fluid, predictions of any kind seem foolhardy. As an example, interest rates were cut twice in March, the first time we have seen an emergency cut in over 20 years. This barely caused a ripple in the mayhem.Nevertheless, we have witnessed some early trends which are worth noting, and we feel there are some vital signals and signposts that are worth following to gauge the market's performance.What has happened thus far? Rental Market The immediate distress in the real estate market actually occurred in the rental market. As major companies closed down in mid to late March, unemployment skyrocketed in days. Casual workers, those in industries such as tourism, hospitality and airlines were immediately impacted. Landlords and agents suddenly found their fantastic long-term tenants were unemployed through unprecedented circumstances.The State and Federal Government introduced measures to protect tenants from being evicted. Further to t...


Pennisi Real Estate Company Response to Coronavirus (COVID-19)


  First and most importantly, I hope this message finds you safe and healthy as the world combats the horrible spread of the Coronavirus. Our thoughts go out to those impacted by this tragic situation.    I want to personally assure you that Pennisi Real Estate is taking all the necessary measures to ensure the health of our team, our customers, our organisation and our community during these troubling times.   Due to the difficult conditions and uncertainty, we are adapting our work practices to meet the requirements both mandated and recommended by government and health authorities.     PROPERTY MANAGEMENT   Mid last year we advised our Landlords of some improvements we were making to our property management systems and structures. At the time, our aim was little more than to further improve on the management of your assets and the service we offer.    While changes always come with some teething challenges, the u...


Why Auctioning Your Property is a HUGE Mistake


    Never mind what typical real estate agents tell you. Never mind what you read in the papers. Auctions are a stressful, financial minefield for consumers. Despite the booms we've had in many areas, there are still thousands of sellers who don't realise, until it's too late, what really happens to them at auction.     Reserve Price   The reserve price is the lowest price a seller is prepared to accept, after 6 weeks of intense torture and conditioning. And that becomes the central focus of the auction. If you are trying to get the highest price, do NOT choose an agent that’s focused on your lowest price.   There are two parties in a sale price negotiation: a seller and a buyer. Each has their “final price” or their “limit”. The seller's final price is the reserve – that’s the lowest the home will sell for. The buyer's final price may never be known.   There is no procedure at an auction for determi...


Flawed Real Estate Strategies


  False Price Strategies    False price strategies include both the ‘offers above’ method (illegal in some states) and any of the price-range strategies. There are many variations of these strategies: ‘offers from $500,000-plus’, ‘offers above’, ‘offers between’, price range or even price indication. All variations work on the assumption that the owner may not accept the lowest price quoted but will consider a figure above this amount.   In 2016, New South Wales passed laws prohibiting the use of the ‘offers above’ or any similar method, with Victoria following suit in the same year.   This legislation was enacted to protect buyers from investing time, money and energy into a property they can’t afford. By advertising a price lower than market value with ‘offers above’, buyers are encouraged to enquire. However, being far below what the seller will accept makes this advertised price f...