If you are Apartment Hunting you need a weapon!
You may have noticed when it comes to buying and selling apartments the expert adviser (real estate agent) is always acting for the seller? It begs the question… who is helping the buyer? Wood Property are that expert acting for sellers but we also want to assist buyers which is why we’ll soon launch the…Read More→
Apartment demand to grow as Covid recedes
If you are an apartment owner you have no doubt seen how the apartment market has not enjoyed the same recent surge in values as the house and regional property markets have. Putting Covid aside for a moment (wouldn’t that be nice) one of the many attractions of apartment living is its proximity to everything…Read More→
Is your apartment compliant with the “New Minimum Standards”?
One of the recent changes to the Residential Tenancies Act in Victoria included what is known as minimum standards. This means when a residential property is rented, it needs to comply with a list of things with regard to locks, bins, toilets, bathrooms, kitchens, laundry, structural soundness, mould or dampness, electrical and gas safety, window coverings (starting 2022), windows, lighting,…Read More→
Melbourne named best city in the world for working anywhere
You may have seen where Melbourne recently lost its title as the worlds most liveable city. The good news is it recently picked up a new award. Nestpick promotes furnished apartments for rent in 3,000 cities all over the world and recently analysed 75 major global cites to find out which one is the best in…Read More→
The EOFY always triggers a few things for apartment owners
Happy EOFY !!! If you own an apartment in an entity such as a unit trust (incl SMSF) or company, your accountant may ask you to obtain an estimate of value around this time of year. Wood Property are very happy to provide this and you can email your request to us here. Also if you don’t…Read More→
How do “off the plan” apartment contracts work?
As discussed previously the current market is causing some planned apartment projects to be postponed or cancelled. It is therefore timely to review exactly how an “off the plan” apartment contract works and understand some inherent risks. When a purchaser enters in to an “off the plan” contract of sale they are buying something that…Read More→
Apartment vacancy rates tighten across Australia
The good news kept coming this week for the apartment market with SQM Research announcing a fall in the national rental vacancy rate in May 2021. The report details the vacancy rate for each capital city. It shows across greater Melbourne the vacancy rate fell from 4.0% in April 2021 to 3.7% in May 2021. This…Read More→
The future is looking bright for the apartment market
If you are in Victoria I hope you have managed the recent lockdown and are looking forward to a long week-end with less restrictions. There was more good news for the apartment market outlook this week in JLL’s Apartment Market Overview 1Q21 Report. Senior Director of Research Australia – Leigh Warner and senior analyst Hollee…Read More→
Why you shouldn’t worry about underquoting
Recently there have been a few media stories about underquoting. (If you’re not familiar with this term it is when the agent’s estimated selling price is well below the seller’s reserve price). The estimated selling price, indicative selling price and agent’s price guide are pretty much the same thing. It is the agent’s estimate of what an…Read More→
Property tax rises will slow state’s recovery
Author: Owen Wilson (Chief Executive of the REA Group) The Victorian government’s announcement of new and increased property taxes is a major blow to the state’s property market. At a time when the CBD remains void of the hustle and bustle Melbourne is known for, our shops have reduced foot traffic, offices are sitting half…Read More→
How the Federal Budget impacts the apartment market
There were a few specific items relating to the apartment market or property generally in yesterday’s Federal Budget, but they were mostly tweaks to existing measures. Here is a quick overview. The Family Home Guarantee was extended and widened to enable 10,000 single parents to build a home or purchase select existing properties with a deposit as low…Read More→
What should an apartment investor do when the lease ends?
As an apartment investment owner you generally want a good renter on a long term lease, but what should you do when that lease comes to an end? It is reasonably common in Melbourne for a renter who has been in an apartment for 12 months to stay on a month to month basis (periodic lease) for…Read More→