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SSC Newspaper : February 2014
By Steve Devine Early auction results for February suggest that the market has picked up where it left off at the dizzying heights of late last year. In other words, the Strathfield market is showing no signs of slowing down, as also evidenced by the strong number of inquiries and buyer attendance at open homes. When you factor in the Reser ve Bank’s decision to leave interest rates on hold at what are historical lows, and you have experts predicting that no immediate increases are likely in the near future, it is probable that prices will continue to rise in the Strathfield area for at least the first half of 2014. This considered, a lot of owners have been asking me lately: “ When is the right time to sell?” Obviously this depends largely on your own personal circumstances – for example, are you upsizing, downsizing or simply offloading? While every circumstance is different, you have to query how sustainable the current growth rates are. Property data and industry experts RP Data recently reported growth rates across Sydney in 2013 being close to 15 per cent. If you were to apply these percentages to a Strathfield house that was worth $2 million at the beginning of 2013, that same property would potentially be Strathfield Scene 23 PROPERTY devinere.com.au STRATHFIELD | CONCORD | DRUMMOYNE MRE THINK DEVINE More Strathfield owners entrust Devine to sell their home than any other agency, and have done since 1955. Thinking of selling your property? Think Devine, call 8080 SELL (8080 7355) to get started. Low rates and foreign buyers drive up the local market QI think my tenant has abandoned the property – I haven’t received any rent payments for more than 14 days and I can only see a few items of furniture through the window. Can I go inside to clean up and change the locks? AIt’s important to ensure that the property has been abandoned by the tenant and that it’s not just that the tenants are simply away. There could be numerous reasons – they could be away on holidays, away for work or even in hospital. Technically, if the tenant has not given notice to end the agreement you can’t just assume that it is abandonment. Contact the tenants on their mobile and email and see if there are any responses. Try talking to the neighbours, the tenants’ workplace and any emergency contact numbers the tenants may have on their application form, to see if anyone knows what has happened. If there are doubts about whether the premises have been abandoned, then you must apply to the NSW Civil and Administrative Tribunal to have orders made that deem the premises abandoned. But if you are certain that they have abandoned the property, you do not need to apply to the tribunal. You can just change the locks and take possession of it. worth $2.3 million by year’s end. You have to ask yourself: is the same house likely to be worth around $2.65 million by the end of this year? You’d have to be a brave punter to predict that these current growth rates are sustainable. That said, if you buy and sell within the same market you should, in theory, be no better or worse off. As you’ve probably seen on news reports, the drop in the Aussie dollar in recent months has produced an influx of overseas money pouring into the local property market. As such, I see that the two most important indicators likely to affect the market this year will be the direction of both our dollar and our interest rates. The local rental market fared quite well over the Christmas-New Year period. Traditionally, given that most people don’t wish to move at this time of year, December can be the toughest month to secure new tenants. This year, however, we have experienced solid rental inquir y resulting in one of the lowest seasonal vacancy factors – great news for property investors. On a lighter subject, I’m sure many of you will be intrigued with the trials and tribulations of the contestants on this season’s The Block. Lovers of real estate will be looking forward to seeing the results of the contestants’ hard work when the homes go under the hammer in coming months. But don’t forget you can get a sneak peak of the auction high drama occurring at a local level by attending some of the auctions that are happening each Saturday on a street near you. www.ourstrathfield.com.au