Real Estate News


10 Little Known Facts About Pennisi Real Estate


      In January 2021, Pennisi Real Estate Essendon turned 48. It's a privilege to have served the community for so long, yet after all these years there's still a few things people don't know about our family-owned and run Essendon real estate agency. Here are 10 little known facts about Pennisi Real Estate that we'd like to share with the Moonee Valley community. 1. We are the oldest real estate agency in the City of Moonee Valley Sam Pennisi established Pennisi Real Estate in January 1973 at the age of 33 with a staff of only two. Today the company employees a team of over 15 and is the oldest agency in the City of Moonee Valley. In 2023, we look forward to celebrating 50 long years in Essendon real estate. Learn more about the Pennisi story here.     2. We are proud supporters of the Cancer Council   In 2018, we raised $18,940 for Cancer Council Victoria’s life-saving work in research, prevention and support of the 622 people diagnosed...


What You Need to Know Before Purchasing an Off-The-Plan Development as an Investment Property


  Many investors gravitate towards purchasing off-the-plan developments due to the perceived benefit they offer. Off-the-plan developments are often marketed as an easy way to enter the property investment world and the glossy brochures can certainly make them look like an attractive choice. Being new builds, investors can maximise depreciation and minimise maintenance costs, which assists with boosting returns. Although this seems promising, due diligence needs to be exercised before signing the contract. Here are some tips before purchasing an off-the-plan development as an investment.     Be Wary of Guaranteed Rental Returns Many developers offer a ‘rental guarantee’ to entice investors. It can sound like an attractive option at the time – the market rent may be $350 a week, the guarantee $500 a week. Sounds too good to be true? That’s because it is. Once the rental guarantee expires, the investor is forced to accept rent at the market val...


Top 5 Tips For First Time Home Buyers


  Buying your first home can be daunting – both emotionally and financially. It’s likely to be one of the biggest investments you’ll make, so the Pennisi Real Estate team have compiled their top 5 tips to guide you.       1.  Start saving now (like, today) House deposits can take years to save, so it’s smart to start as soon as possible and save as much as you can. This not only demonstrates to your lender that you can exercise enough discipline to accumulate a large amount of savings, but you will also have a buffer of equity in the property from the beginning.Think about how much you could save if you passed on the cafe lattes and avo smash for a few months. If you skip two flat whites a day you could save nearly $2,000 a year... If you skip two avo toasts a week you'll save another $2,000 a year... It all adds up and in five years time you'll have an extra $20,000 ready to go for ...


Five Mistakes To Avoid When Investing In Property


    1.  Not doing your research When purchasing an investment property, it’s important to do your research about the location, local amenities, rental yields, vacancy rates and the property itself. While it may not always be possible, you should aim to know as much as you can about the neighbourhood you intend to invest in. Be wary of ‘booming markets’ such as mining towns and tourism centres. These may produce excellent returns over the short term, but how will the investment stack up long term if there is an industry downturn? Remember, a good investment is not one based on speculation.       2.  Not having a professional property management team in place Many people assume property management is simple and think they can do it all when it comes to taking care of every aspect when managing their property. This can quickly become a stressful and tedious task, not to mention the ever increasing legislative requirements that fall...


How to (Ethically) Boost Your Property's Sale Price


    Below are the 4 key steps to follow for a successful property sale. Whether you're new to the property market and this is the first property you've sold, or you're an experienced property seller and just need reassurance that you're on the right path, this guide steps you through the 4-stage process for effectively selling your property to get the maximum possible price.     1. Choose the Right Agent Selling your property is an important life event which can be financially and emotionally demanding, and that’s why you need an experienced and trusted professional real estate agent to help with the process. Find an agent you trust, who you believe will look after your interests and do a great job. Interview as many as it takes to find one you trust. Beware of agents who try to dazzle you with empty promises of an unrealistic price, or an expensive marketing campaign that promotes their agency, but does little to sell your proper...


When is the best time to sell my property?


    Every season offers the seller different opportunities to market and sell their property...    Winter   Winter is a great time to sell your property as there is often less stock on the market. A well presented property in winter stands out as there is less competition and buyers are looking all year round. A warm open fire in a Melbourne winter accompanied by hot chocolate on arrival is the perfect way to welcome potential buyers to an open home.     Summer   Summer offers a unique time to showcase your property. Long days and summer holidays give prospective buyers more time to spend looking at property and imagining themselves moving into their new place. Offering a cold lemonade at an open home in summer ensures prospective buyers stay long enough to enjoy the refreshment while leisurely perusing the property.     Autumn   Autumn is a busy buying period with many families wanting to settle on a new property before win...