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🏡 Property Investor Daily With Today's Property Insight 🏡 Discover the latest insights on capital city auction activity with this article by Kaytlin Ezzy, an economist at CoreLogic. 🏘️ 1️⃣ Last week saw 2,972 homes auctioned across the capitals, a slight decrease from the previous week's 2,990. 2️⃣ The preliminary capital city clearance rate stood at 65.9%, the lowest since mid-March. 3️⃣ Melbourne and Sydney experienced normalizing stock levels, with total listing levels above and in line with the 5-year average, respectively. 4️⃣ Adelaide and Perth recorded the highest preliminary clearance rates at 76.9%, followed by Brisbane at 61.7%. 5️⃣ Selling conditions are expected to continue softening into 2024, as we approach the end of the spring/early summer selling season. Check Out The Full Article here: 👇👇👇👇

This weekend in Melbourne's real estate scene was a whirlwind, with 457 properties hitting the auction block and a solid 71 percent finding new owners. PropTrack records hint at an impending surge in auctions across Victoria, set to rival even the bustling spring market. Encouragingly, news of a dropping inflation rate and the likelihood of steady interest rates this month has injected confidence into both buyers and sellers. Financial markets are betting heavily against any rate hike in February, with projections pointing towards a potential cut in September. According to CoreLogic's Head of Research, Eliza Owen, the decreasing inflation trend strengthens the case for stable interest rates in February, paving the way for a later reduction that could fuel housing demand. The Real Estate Institute of Australia (REIA) President, Leanne Pilkington, sees the data indicating the end of rate hikes. If this trend persists, home buyers might anticipate a rate reduction later this year, creating an opportune moment for property endeavors. Buyers are seizing the current market sentiment, eager to secure properties before competition intensifies further. The advice resonates - buy when you're ready rather than trying to play the waiting game. Excitement unfolded over the weekend, with an enthusiastic buyer snagging 26 Kulnine Avenue in Mitcham for $1,020,000 after competing against two other parties. The property, offering renovation, rebuilding, or redevelopment potential (STCA), was skillfully auctioned by Ian van Eijk. In Balwyn North, the competition was fierce as four bidders vied for the opportunity presented at 4 Citron Avenue. Positioned perfectly in a sought-after family neighborhood, the property on 600 sqm found a new owner under the hammer. Stay tuned for more updates on Melbourne's vibrant property market this year. If you're navigating the real estate landscape, feel free to reach out – we're here to assist you on your property journey! 0412204121  jee.chin@fletchers.net.au

Introduction to "Navigating the Fixer-Upper Path: Your Guide to Climbing the Asset Step Ladder"   Fixer-upper properties are appealing to investors aiming to increase the property's value (flipping) and budget-conscious first-time homebuyers.   These properties offer a path to capital growth, personalisation, and entry into the real estate market, but careful consideration of costs, market factors, and personal goals is essential before taking on such projects.   Investors use simple formula when deciding whether or not to buy a fixer-upper:  Purchase price + the cost of repairs = Average home price in the local market    Before purchasing a fixer-upper, there are several key factors to consider:   Realistic Timeframe: Renovation projects often take longer than anticipated. Assess if you have the time to oversee the work, especially if doing them yourself. Even with professional help, be prepared for substantial time commitment. Budget: Calculate the cost of renovations and repairs as part of your budget. Underestimating expenses is common, so ensure your budget is realistic and within your means. Council Restrictions: Check for council restrictions on renovations. Certain areas or heritage-listed properties may have limitations on changes to the building's facade, extensions, or other modifications. Review the property's contract of sale and consult with your council town planner. Good Bones: Ensure the fixer-upper has strong structural, electrical, plumbing, and mechanical systems. A building inspection report can reveal if the property is structurally sound. Location: Choose a fixer-upper in a desirable neighbourhood with convenient amenities, transportation options, entertainment, recreation facilities, and good school zones. The property's potential value might outweigh the renovation challenges if it's in a prime location. https://lnkd.in/g-UrQk-s #upsizing #offmarketproperties #buyersagent #downsizing #firsthomebuyers

𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞'𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐀𝐮𝐜𝐭𝐢𝐨𝐧 𝐑𝐞𝐬𝐮𝐥𝐭𝐬 𝐔𝐧𝐯𝐞𝐢𝐥𝐞𝐝: 𝐀 𝐆𝐥𝐢𝐦𝐩𝐬𝐞 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝟐𝟎𝟐𝟒 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 Melbourne property market has kicked off 2024 with some intriguing auction results that every homeowner, investor, and industry professional should note. Here's a breakdown of the latest figures and what they mean for the market: 𝐀𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐑𝐞𝐩𝐨𝐫𝐭𝐞𝐝: 685 𝐂𝐥𝐞𝐚𝐫𝐚𝐧𝐜𝐞 𝐑𝐚𝐭𝐞: A positive 64%, reflecting a still positive outlook. 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬 𝐒𝐨𝐥𝐝: 438 properties found new owners, with 311sold at auction, 115 sold before auction, and 12 sold after auction. This demonstrates a strong demand and competitive environment. 𝐌𝐞𝐝𝐢𝐚𝐧 𝐏𝐫𝐢𝐜𝐞: The median auction price for houses stands at $925,000, reflecting the premium value of Melbourne's real estate offerings. The current clearance rate and median price point to slight slowdown in demand which might reflect finance restrictions imposed on buyers. Despite economic uncertainties, buyers are actively participating in the market, but at a price. For investors, these figures highlight the ongoing potential in Melbourne's property market, especially in sought-after suburbs. As we navigate through 2024, these auction results are a promising indicator of the market's health and trajectory. Whether you're considering selling, buying, or investing, staying informed about these trends is crucial. For personalised advice and insights on how to navigate Melbourne's dynamic property market, feel free to reach out. Let's make your real estate goals a reality this year. #buyersagent #propertysales #propertyinvesting #melbournerealestate #realestateprojects #propertyinvestorsnetwork

Resumption of Tax-Delinquent Property Auctions Could Stimulate Interest Among Philadelphia's Commercial Developers 🏙️ In a recent development poised to reverberate throughout Philadelphia's commercial real estate sphere, plans to resume the auction of tax-delinquent properties have emerged, potentially serving as a catalyst for heightened interest among local developers. The reinstatement of these auctions is anticipated to unlock previously overlooked opportunities within Philadelphia's real estate market. Commercial developers, eager to explore new avenues for growth and investment, are expected to closely monitor these proceedings. This development underscores the evolving dynamics of Philadelphia's real estate landscape, offering stakeholders a chance to capitalize on potential revitalization endeavors and contribute to the city's economic resurgence. #PhiladelphiaRealEstate #CommercialRealEstate #CommercialDevelopment #PropertyAuctions #RealEstateTrends

Why should you consider selling your house at auction? It may be fair to say that higher interest rates have caused a slowdown in the general property market, but behind the scenes, things are as busy as ever. There is a broad spectrum of buyers registering to bid for properties listed at auction – from those moving from populated cities, developers, DIY enthusiasts, first-time homebuyers or landlords looking for homes in high-demand areas. You can easily list your house at one of our regular sales. The catalogue for the next one will go live on April 12. #property #housing #housesales #propertyauction #investment #development

Online auctions are gaining traction in the Metro Detroit real estate market beyond just distressed properties. Colliers reports that these auctions are becoming increasingly popular for various types of properties, including residential, commercial, and industrial. The shift to online platforms offers greater convenience and efficiency for both buyers and sellers, allowing for broader participation and faster transactions. This trend reflects a growing acceptance of digital platforms in the real estate industry, presenting new opportunities for investors and property owners in the Metro Detroit area. Read more here: https://bit.ly/3KsmdmR. 

Great insights on the value of Auctions in CRE. These digital transaction platforms and processes create speed and certainty compared to the traditional CRE sales process. As technology continues to be adopted in the CRE industry, adoption will continue.

Bringing you the latest scoop in the sizzling hot world of real estate. And let me tell you, this past weekend was nothing short of epic. The sun was out, the vibes were high, and buyers were out in full force, soaking up those rays while scoping out their dream homes. Let's dive right into the action, starting with the jaw-dropping four-bedroom beauty at 3 Oliver Street in Ashburton. Picture this: freshly painted walls, elegant interiors, and oh, did I mention the sparkling pool? Yep, this place had it all. And it didn't disappoint on auction day, with two eager bidders battling it out under the expert guidance of agent and auctioneer, Michael Rosano. Final price? A cool $2,350,000. Talk about a win-win situation! Over in Camberwell, things were heating up at 16 Wingan Avenue. With the potential to build your very own luxurious oasis, this neatly original home attracted the attention of three eager parties. And with top-notch schools nearby, it's no wonder this property was in high demand. Director & Auctioneer, Michael Richardson, worked his magic, sealing the deal at $2,300,000. Now that's what I call a golden opportunity! Now, let's address the elephant in the room: interest rates. With speculation swirling about potential cuts, many buyers are left wondering whether to make their move now or wait it out. Well, according to the latest Domain House Report, the market is showing no signs of slowing down. Chief of Research & Economics, Dr Nicola Powell, puts it best: "Keep calm and carry on." Wise words, indeed. And speaking of the market, Melbourne is showing some serious muscle, with prices on a steady incline. The median national house price? A whopping $1,094,539. That's a 7.8% increase from last year, folks. Buckle up, because we're in for a wild ride! So, what's the takeaway here? Well, for starters, now's the time to seize the moment. With interest rates potentially on the chopping block and a shortage of quality homes on the market, the time to act is now. And hey, if you need a hand navigating the real estate jungle, you know where to find me. Here's to another exhilarating week in the world of real estate! Cheers! 🏡✨ 0412204121  jee.chin@fletchers.net.au

Great analysis from Laurie Goodman and Jung Hyun Choi with the Urban Institute on the impact of expanded first-look auctions for bank-owned (REO) properties using data from Auction.com. Spoiler alert: these policies have provided a measurable lift in the share of REO auctions sold directly to owner-occupant buyers. Kudos to the policymakers at U.S. Department of Housing and Urban Development and Fannie Mae and Freddie Mac for making the sometimes arcane policy changes that are making a difference! Some other observations (mine) based on the analysis: 1. Owner-occupants are buying outside of first look as well, with a sizeable number of sales occurring both on first-look eligible auctions, but after the first-look period, and on properties that never were eligible for a first-look auction. This speaks to the impact of a transparent and inclusive marketplace (and likely the lack of inventory in the retail market) drawing in more owner-occupant buyers to distressed property auctions that have historically been the domain of real estate investors. 2. Some distressed properties are a better fit for owner-occupant buyers while some distressed properties are a better fit for local community developer buyers who are typically more equipped to work with current occupants, take on older properties with more deferred maintenance and take on smaller properties that are more likely to need major renovation to appeal to the modern buyer. This is evident in the higher share of properties purchased by investors (nonowner-occupants) that have current occupants at the time of auction, and the older and smaller properties that investors purchase compared to owner-occupants. https://lnkd.in/gFmJWXG3