The Rental Markets that are Most Affected by COVID-19

COVID-19 is impacting the residential property market in various ways, but perhaps the most impact could be felt in the rental space.

Australia’s rental market was already in decline, before COVID-19. Today, we are faced with new challenges. As tourists remain barred from entering Australia, and short-term rental arrangements are restricted by government policies, Airbnb rentals have shifted to long-term rentals. The increased supply means rents could decline.

This is compounded by a decrease in demand. Increased job losses have caused some tenants to renegotiate for payment plans, reduced rents, or seek alternative accommodation, like opting to live with their parents. A break on the movement of foreign students and migration numbers have led to more properties becoming vacant, while local students are less prone to rent near universities, as they get into remote study.

Another contributing factor is that while most of us have been staying home, the construction industry has been able to forge ahead with less disruptions and deliver completed projects ahead of schedule.

A number of datasets identify Inner Sydney and Melbourne, high density and expensive accommodation, as being most impacted whereas Newcastle has not been impacted anywhere near the levels of the larger cities.

Let us know if you have questions or would like more information about the performance of rental properties in your postcode or suburb.

 

 

 

Interior Decorating Ideas for Winter

Though the grey skies and wet mornings of winter have arrived, that shouldn’t be a reason for you to give up on style. With the change of season, you can restyle your interior.

Here are winter interior decorating ideas that you can use to help you feel snug as a bug even in the dead of winter.

  1. Colour and texture

If you are thinking of buying new homewares for the winter, reassess your interior colour scheme. Rich, saturated colours like dark green, jewel tones, reds or oranges fit this season. In the same manner, fabric choices reaffirm the richness of winter, with velvet, wool, cashmere and faux fur are the material of choice to direct warmth and texture to a space.

  1. Add greenery

Australian winter suppresses the people’s cultural desire for outdoor living, no thanks to strong winds, frost-bitten lawns and icy evenings. Bring a little of the outdoors inside your home using hardy indoor plants, or bring a sunny atmosphere to the gloomiest of corners with a bouquet of flowers that you can buy at the farmers market each week.

  1. Rearrange and reconsider

You don’t need to go on holiday in an exotic place to escape winter. Some change in your home is all you need. Look at your living room, dining and bedrooms to see if there is a way the space could be laid out. Could the seating arrangement be changed to promote conversation, or to congregate around an open fireplace? Fashion new snippets of vessels and trinkets on the sideboard in the dining room. You can also consider adding a textured bedhead to cosy up your bedroom. Sometimes breathing new life into an old arrangement can be as simple as rearranging a space or the accessories filling it.

  1. Layer

Introducing layers is one of the simplest ways to create a cosy atmosphere in your space. Use elements such as throw rugs, cushions, faux sheepskins, floor rugs and heavy curtains to create a cosy vibe in a space as well as give you easy access to all creature comforts.

  1. Lighting

The days are shorter during winter compared to summer, but don’t feel disheartened. Take advantage of the absence of natural light to create a mood with various kinds of lighting. To create a warmer overall cast to a space, use lamps, candles and bulbs with warmer tones for overhead lighting. If your lamps have visible bulbs, mix in classic decorative ones.

 

Staging with One Agency Pinkerton Properties

Simple Staging Ideas to Help Sell your House Fast

You might have decorated your home according to your taste, but the design you chose for your wallpaper might not suit other people. View your home through a buyer’s eyes, and make small changes to present it in the best light. 

Let’s take a look at these simple, cost-effective fixes that will improve your home.

  1. Create a welcoming front door. Prospective buyers drive by the property they are interested in before deciding to see its interior, so make sure the front door looks inviting.
  2. Get rid of clutter. Don’t display personal photos, knickknacks, boxes and other items that will steal the buyer’s focus on your house. People will not purchase a house if they can’t see the square footage, so declutter and clean it.

People assume there is not enough storage in the house if it’s cluttered. A general rule of thumb on how to determine whether something is clutter or not is “if you can’t sit on it, it’s not decoration, and you can’t eat it, it’s clutter.”

  1. Do a thorough cleaning of your house. Make the bathroom shine, wipe the windows down, and clean the kitchen appliances. Also clean under the sinks!
  2. Refresh your rooms. With a little paint, you can sell your home fast. Tip: use neutral colours for commonly used rooms. This will make them look clean and fresh.
  3. Set up your furniture to show off your home. Extra, unwanted furniture should be removed, and the rest of the pieces should be arranged in a manner that can help showcase a space and creates a major impact on buyers who are viewing it. To make a space look larger, push the furniture away from the wall as this will let people see the perimeter of the space and creates the illusion of a bigger space.

       6.  Minimise odours. People will recall smells upon entering the door. Make an effort to eliminate odours that are caused by pets, smoking and cooking. 

  1. Do the needed repairs. Check around your home using a buyer’s perspective to decide if you need to oil the door and windows hinges, repair loose handrails, etc.

Postponing maintenance – for instance, big cracks in your sidewalks along the way to your door – are considered red flags to buyers. It is less expensive to repair it than buyers demanding to deduct the cost from their asking price. Do your calculations and carry out the repairs. 

  1. Replace old light fixtures. The single, outdated overhead fixtures in your home can be replaced by wall sconces, recessed lighting or pendant lights to give your home a more modern look.
  2. Carpets should look fresh and clean. If your carpet is not completely worn, you can avoid replacing it before you sell. Buyers usually prefer to install their own new carpet or choose hardwood floors.

 

 

 

 

Home Buyers Tips for Property Settlement

Sure, it can be so much fun searching and going to inspections, but it is doubtful whether you can find a buyer who can say that they like the protracted negotiations and chaotic back-and-forth’s – and mean it!

Property settlement is the long-awaited culmination of a property transaction, when the home you have long wanted to own becomes legally yours. And the good news is that the hard work is done for you.

Below are six tips to help you along the property settlement process:

1. Know about property settlement
What is a property settlement? It is a legal process that shifts the owners of a property from one owner to another. It is the day you pay the rest of the sale price and is typically handled by your legal and financial representatives.  The vendor decides the settlement date in the contract of sale, which is typically arranged between 28 and 42 days after the parties exchange contracts but this can be negotiated to a mutually agreed date.

2. Organise your final inspection
The property must be in the same condition as when it was sold and handed over to you. Inspect the home at some point during the settlement period to check if the seller is on target to fulfil this obligation.  I recommend the late afternoon of the date prior to settlement but be aware that pre-settlement inspection differs from state to state.  You should verify if all the items included in the contract are present and in the right condition.

3. Arrange for building and contents insurance
Your bank will normally advise that you get building and contents insurance starting from the date the contract is signed by the seller. This is to protect the seller’s interest, as well as yours, in the property.  A great contact is Trevor Gibson at Newsure Insurance. Contact me to as for his direct mobile number.

4. Verify measurements
You will receive a plan of the land from your solicitor or conveyancer. You can use it to verify if the measurements and boundaries are what are stated in the Certificate of Title. Advise them if they check out and notify them of discrepancies, if there is any.  Make sure you furnish the documents and other information right away when requested, as delays can be expensive.

5. Allocate expenses
During the property settlement, both yours and the seller’s representatives must agree on the portion of rates and other fees that each of you must pay.  The vendors must pay the fees up to and including the settlement day, and you have to pay from the day following the settlement.  The correct amount you must pay will be specified in what is called as a settlement adjustment statement. It will also include the amount of land transfer duty (or stamp duty) you must pay on the sale. Depending on the state where the property sits, you will have between 28 days and three months after settlement to pay the stamp duty. However, you have to remember that you can’t get the title to your property until this duty is paid.

6. Know what transpires on settlement day
The people leading on settlement day are your lender and settlement agent (either your solicitor or conveyancer), so you are not required to be present.  Not so long ago all parties would meet to sign and exchange the final papers of the sale, with each of them in charge of a certain set of tasks.  These days most settlements are done electronically.

The job of your lender is to register a mortgage against the title of your new home and provide the funds to buy the new home, while it is the task of your solicitor or conveyancer to ensure that any rights of third parties have been taken off or discharged, that the present mortgage on the seller’s title has been released, that all clauses on the sales contract have been satisfied, and that the transfer of home and mortgage is registered with the appropriate titles agency.

When everything is done, the amount paid at settlement will be debited from your loan account by your lender. Then, you must pay the land transfer duty.  After this is done, you can now get the keys and move into your dream home.