Are Today's Youth Using Family Homes to Get On The Property Ladder?

The Herald Sun posted an interesting article today about the growing popularity of family equity loans, enabling today's youth to get their feet on the property ladder.

YOUNG battlers are resorting to unconventional ways to break into Melbourne's housing market. 

 

A growing number of parents are using their own homes as security so their children don't have to stump up a deposit.

Others are buying with friends and family, renting out a room or buying an investment property to make a start.

Aussie Carnegie mortgage broker Mark Daly said family equity loans, which can allow applicants to borrow the entire value of a home and avoid costly mortgage insurance, were becoming more popular with younger cash-strapped buyers.

Finding the Right Tenant for Your Rental Property is Essential

All landlords face the prospect of choosing suitable tenants for their rental property at some time or another, and there are important steps involved in this process in order to reduce potential rent arrears and damage to the property.

1. Run an effective marketing program. Market the property at a reasonable market rent reflecting demand in the local area and ensure the property is well presented in order to attract as many quality tenants as possible—higher demand will potentially command higher rents. If your property appeals to a wide variety of people you are more likely to receive a greater number of inquiries.

Million Dollar Home Sales Continue to Fall Away

Premium housing markets around Australia are leading the downturn with home values across the most expensive segments of the capital city housing markets down by 5.6% over the 12 months to June compared with a 1.2% fall at the most affordable end of the market and a 1.5% fall across the ‘middle’ priced suburbs.  The drops, which are based on the RP Data-Rismark Stratified Hedonic Home Value index (yes… a bit of a mouthful), come after premium housing markets recorded higher than average gains during 2009 and 2010.

Eliminating Apartment Pests

Eliminating apartment pests can be a long and aggravating process depending on the level of infestation and what is used to get rid of the pests. The most commonly reported apartment pests are cockroaches, mice and spiders. Each require a different approach when attempting to rid your apartment of them because each need specific chemicals that are meant to kill them and prevent re-infestation. Generally, over the counter products will only reduce the amount of pests that you see, but do nothing to attack the actual source of the infestation. A pre-purchase building inspection will provide you with immediate knowledge of how serious your pest problem is, along with the proper method needed to eliminate whatever creature is invading your apartment.

Cockroaches are the most difficult pests to eradicate from a dwelling, mainly because all these insects need to survive is moisture. In addition, they breed quickly and have a tough outer skin which efficiently protects them. This is why cockroaches need to be eliminated by effectively rendering females unable to breed. With a pre-purchase building inspection you will find out exactly where these roaches are hiding, how many you are dealing with, and how to kill them as swiftly as possible.

Attempting to eliminate pests with do it yourself kits will only prolong the infestation and may even make it worse. If you suspect you have a pest problem, we suggest you call professionals to eliminate the source.

Allowable Grounds for Termination of a Tenancy

Following is an exert from the Victoria Residential Tenancies Act and applies to this state.  View the complete document for more information regarding tenancies.

When can a tenancy agreement be terminated?
 

Sect. 216  Termination of tenancy agreement

A tenancy does not automatically end at the expiration of the fixed term tenancy agreement. It only ends when one party gives notice to the other of the termination in accordance with the provisions of the Act or when determined by VCAT.

Sect. 217 Termination by agreement

A tenancy agreement may be terminated by agreement of both the landlord and tenant.

How Do We Market Your Property?

Once you have signed the Management Agreement authorizing True to act on your behalf, we market your property in the following manner: 

Internet: The use of the Internet by prospective tenants to locate a suitable property to lease nationally, accounts for over 95% of properties leased.

Your property is immediately listed on the following websites with comprehensive copy and at least 5 images thereby maximizing coverage to any prospective tenant using the Internet to locate a rental property.

Two More Real Estate Scams For Agents To Be Aware Of

Real estate agents in Western Australia have been targeted by overseas scams.

In one case an agent was made an offer on a property from a buyer in China and an Offer and Acceptance form was completed. After the agent requested a deposit of $10,000 be paid, what appeared to be a bank draft of $250,000 was received from the buyer. 

The agent contacted the bank from which the draft was apparently drawn and it was discovered that it was forged. Had the agent not discovered the deposit was fraudulent, it is assumed that the scammer would have requested a refund of the $240,000 they had over paid. 

Taskforce Investigates Real Estate Scam (Western Australia)

We were forwarded the following article yesterday and thought it something you should all be aware of.

A joint taskforce comprising investigators from Consumer Protection, WA Police Major Fraud Squad and representatives of Landgate is investigating a reported real estate scam.
 

A couple returning from overseas have advised authorities that their property has been sold without their knowledge or consent and a joint investigation has been launched.

The previous owners were living and working overseas at the time and didn’t discover the property had been sold until they recently returned to Perth to inspect the property.

Victoria Property Market Snapshot

July 2011


A guide to Victoria's best and worst suburbs according to market growth.

Melbourne's fastest growing suburbs (house):

Preparing Your Rental Property For Your Next Tenant

By nature, tenants are more likely to care for a property if it is presented in a clean, neat, and tidy manner. The preparation you put into getting your property ready for rental will also result in making it more appealing to prospective tenants.

A well-presented rental property also gives the impression that they will have a landlord or property manager who cares about the property.  Someone they are able to approach if the tenant has problems or maintenance which needs to be dealt with quickly.

Here are some tips to ensure you get the best tenants possible, as quickly as possible: