Post to SinFongChanRE.wix on 16/12/2017 at 1:27 AM
Commenting on “Melbourne auction outperforms Sydney but experts warn of looming downturn”
https://www.domain.com.au/news/melbourne-auctions-outperform-sydney-but-experts-warn-of-looming-downturn-20171215-h041pv/
If you follow the auction results published in Domain each week, you realise the outcome of a lot of the advertised auction properties is not submitted. If we assume the worse case scenario that all the omissions result in pass-in, the success rate is close to 50% instead of hovering between 60% and 65%.
Those TV programs on home renovations and remodelling attracted some small timers to buy properties and value add to them. Will they come out in front after months or even a year or two of hard work to bring those properties up to scratch or turn them into master pieces? I doubt very much so. They have missed the boat.
Many property owners have a grand plan to cash in their old properties and buy themselves a newer one, or downsize to a smaller one. Some even hope to have enough money for a long holiday break or help their children to pay the deposit for their first home. Unfortunately, they are a bit late for that, because the downward slide is becoming a whirlpool.
I do encourage you, the readers, to attend weekend auctions just to learn a thing or two. Please do not be tempted to bid at an auction though.
Why stress yourself at auctions over brick-and-mortar? You have waited for months, so why can’t you be a bit more patient for the market to cool a bit more.
In the meantime, go to as many open-for-inspection as possible. Do not just browse, but be observant - the front garden, the entrance, passageway, home theatre, lounge, dining room, meals area, bedrooms, showers / bathrooms, toilets, kitchen, laundry, taps, family room, pantry, garage, doors, windows, backyard, clothes hoist, wall, ceiling, light fittings, flooring, floor, concrete pavement, surrounding tree, etc.
Hope you have enough information for the week. Thank you for reading.
Commenting on “Melbourne auction outperforms Sydney but experts warn of looming downturn”
https://www.domain.com.au/news/melbourne-auctions-outperform-sydney-but-experts-warn-of-looming-downturn-20171215-h041pv/
If you follow the auction results published in Domain each week, you realise the outcome of a lot of the advertised auction properties is not submitted. If we assume the worse case scenario that all the omissions result in pass-in, the success rate is close to 50% instead of hovering between 60% and 65%.
Those TV programs on home renovations and remodelling attracted some small timers to buy properties and value add to them. Will they come out in front after months or even a year or two of hard work to bring those properties up to scratch or turn them into master pieces? I doubt very much so. They have missed the boat.
Many property owners have a grand plan to cash in their old properties and buy themselves a newer one, or downsize to a smaller one. Some even hope to have enough money for a long holiday break or help their children to pay the deposit for their first home. Unfortunately, they are a bit late for that, because the downward slide is becoming a whirlpool.
I do encourage you, the readers, to attend weekend auctions just to learn a thing or two. Please do not be tempted to bid at an auction though.
Why stress yourself at auctions over brick-and-mortar? You have waited for months, so why can’t you be a bit more patient for the market to cool a bit more.
In the meantime, go to as many open-for-inspection as possible. Do not just browse, but be observant - the front garden, the entrance, passageway, home theatre, lounge, dining room, meals area, bedrooms, showers / bathrooms, toilets, kitchen, laundry, taps, family room, pantry, garage, doors, windows, backyard, clothes hoist, wall, ceiling, light fittings, flooring, floor, concrete pavement, surrounding tree, etc.
Hope you have enough information for the week. Thank you for reading.
