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The Melbourne property market literally grind to a halt in the second half of 2022. Consecutive interest rates rises bumped mortgage interest rates from a low 2% to over 6% in 7 short months. This huge jump, caused borrowing capacity to shrink by as much as a third, and buyer's budgets for the property purchase shrank almost immediately. That, created a sudden shock to the property market. The bullish buying, buyers' fear of missing out (FOMO), high 90+% auction clearance rates in the first half of 2022 quickly gave way to a bearishly low 50% auction clearance rates, and an almost immediate end to bidding frenzy at open auctions. Buyers now fear catching a falling knife, and are a lot more cautious, and careful with their property budget. Afterall, it is only natural that people stay away from buying and spending, when the interest rates direction is unclear, and there doesn't seem to be an end to the ever rising interest rates. With such a slow market, bargains are starting to appear. In fact, in some of the suburbs below, bargains appeared almost as soon as interest rates start rising. Most of these suburbs are typically the first home buyers buying heaven. And as first home buyers, they are usually the most sensitive to mortgage interest rates rises and monthly repayments increased. Top Melbourne Bargain Suburbs in 2023 As we head into 2023, our team of buyers advocates have put together this article, listing a few suburbs where bargains have consistently appear. We have also categorised these bargain suburbs into 3 main categories, according to the typical median price and buyers' budget. First Home Buyer Budget - median price up to $750k Middle Income Budget - median between $750k and $1.8M Higher Income Budget - median over $1.5M These suburbs are selected based on the level of discounting. I.E., the difference between Sold Price and List Price. Buyers of these suburbs can usually buy properties for at least 5% discounts. And, in some cases, almost 10%. Bear in mind though, you need to assess each property individually. Not all properties in these suburbs are being discounted. Location and condition are still the Kings and Queens of property pricing. Properties in good locations, near good schools, good amenities, good transport access, always enjoy a premium. And needless to say, buyers are definitely more willing to pay a premium for properties top-notch condition and high quality fittings. So, let's start with the list: Top 3 First Home Budget Bargain Suburbs in 2023 Properties in these areas quality for the First Home Owners Grant (FHOG). In no particular order, the top 3 suburbs in within reach of First Home Buyers are: Derrimut ~5% discount Croydon ~5% discount Glenroy ~5% discount Top 3 Middle Income Budget Bargain Suburbs in 2023 Properties in the middle income budget areas are typically priced between $1M to $1.8M. Again, in no particular order, the top 3 suburbs in the Middle Income Budget are: Brunswick ~10% discount Northcote ~8% discount Burwood East ~7% discount Top 3 Higher Income Budget Bargain Suburbs in 2023 These are the higher income bracket, and properties in these areas are typically over $1.8M. Again, in no particular order, the top 3 suburbs in the Higher Income Budget are: Carlton North ~5% discount Clifton Hill ~9% discount Northcote (4 bedrooms and above) ~8% discount Important Melbourne Property Buying Tips Other than simply looking for suburbs with the best discount, buyers should also consider their needs and budget criteria. Read our complete Melbourne property buying guide, for more details. Conclusion So, here you are, the top 3 suburbs to pick up a bargain, based on your budget. As discussed above, you need to assess each property individually. Location and condition are still the Kings and Queens of property pricing. Properties in good locations, always enjoy a premium, compared to others in lesser locations within the suburb. And properties with high-quality fittings and in top-notch condition, will always attract more buyers' interest and thus, more buying competition. Be prepared to increase your budget if you are after good properties in prime locations. If you need help assessing the value of a property or to get more information, get in touch with one of our friendly Buyers Advocates. We have services to help buyers assess the value of a property and/or to help buyers get the best price for the property and make the purchase confidently. To understand how property buying clients can and have benefitted from our services, read this. OR simply get in touch.

We've been asked if it's worth to use a buyer's agent. How much can a buyer's agent save you? ​ There is no one single answer to this. Our property buying services are not for everyone. Our services are for: people who value the quality time they save people who want to buy fast and buy with confidence people who do not want to overpay for their properties ​ In short, the answer to those questions is, unfortunately, another question: ​ How much do you value your time? ​ Since everyone places a different value on their time, it is not possible for us to calculate with how much property buyers would have saved (or avoided paying) if they had not engaged our property buying service. ​ But here are some factual, recent examples of our clients' experience. Had our clients been buying without a buyer's agent's insight and experience in the property market, they would have overpaid, and it will take them longer to realise any equity growth. And I mean OVERPAID, by over $120,000 in one case. ​ When asking "is it worth to use a buyers agent?", it’s important to also consider what you would have paid, if you do not have the right insight, knowledge and experience of a property buying agent. That, is what you will save on the purchase price. In many cases this savings is through our negotiation skills. In other cases, the savings come from taking the emotions out of the purchase, valuing the property based on the right insights, knowledge and analysis of the property, understanding of property values, and benefiting from our network and relationship with the agents. ​ Here's how the Buyer's Agents at Concierge Buyers Advocates have helped our clients. Client 1 – Client contacted us very late in their purchase process. They had intended to bid at an auction, in 3 days time, and got cold feet. It was an established property with a price guidance of $700k-$770k. He believed it was worth a million, and was prepared to offer $1 million for it, given the proximity to Melbourne CBD and other amenities. We got in touch with the agent, organised an special private inspection, had a chat with the agent, who gave us some insight into the sales. Our subsequent research and due diligence processes dug deeper into the history of the property and the vendor, the interest in properties in the area, and we acted on it. Our research, and findings, placed the property appraisal and valuation at between $820-$850k. The agent's price guide was slightly lower, probably to attract more interest. Our client was prepared to offer slightly above our valuation as they liked it. They placed an "emotional premium" of $30k on it. Auction started and our $880k auction limit was quickly exceeded. Our advice was to walk away. The auction ended with the property being sold at $958k! That was late 2019, when buyers were starting to rush into the market after a prolonged property market downturn. In June 2020, just half a year later, the very same property was valued at $855k. Had our client gone to the auction on their own, they would be prepared to pay almost $1 million. But that will be overpaying. We've saved him over $103k, with our insights and advice. He was prepared to go "all out". ​ Client 2 – Client engaged our service to help them acquire a 3 acre land in Traralgon, in regional Victoria. Expressions of interests would close in 3 days. We organised a last minute inspection, received the sales contract, realised that there were 5 (yes, FIVE) concerns with the land. Bushfire, flood, 2 major easements across 40% of the land and it was near an old landfill. The client was surprised when we presented our findings. This was an unique property, a sheriff's sale due to council rates default. It was listed at between $180k-$200k, and the client was prepared to offer up to $300k for it. We put our valuation at $200k, and we allowed another $20k for his "emotional premium". The property was sold for $280k. Whoever paid that, had obviously overpaid, as we managed to secure an off-market property of a similar size nearby, for $260k, a few weeks later. The best thing with this property is that there's no flood risk, and no easements. A tangible savings of $20k. But the intangible savings in the better quality is priceless. There's no easements and no flood risks. ​ Client 3 – We came across a property, listed between $780k-$850k, which looked amazing in the real estate listings. Just by looking at the listing and virtual inspection videos, it looked fantastic, and it was worthy of a $900k-990k price tag. We organised a private inspection, and we found some issues, and brought these to our clients attention. The on-site inspection of the layout and structure of the property, suggested that the house has had a few extensions, and some parts of the building appeared to have been illegally modified, as they would not pass building codes. Our due diligence research confirmed our suspicion. Something which an untrained, inexperienced person would not have noticed. Under the gloss of staged photos and virtual inspections videos, lies some significant undisclosed findings. We placed the valuation at around $740k-$780k, after factoring our findings. It was in the low end of the vendor agent's price guidance. After several discussions with the vendor agents, we suggested our client to walk away, as the property is not worth the price guidance. During our negotiations, it was apparent that the vendor's was hoping for offers above $900k. In a short 3 weeks after our advice, the listing was revised with a lowered price guidance of $700k-$770k. Had the client gone ahead with the purchase sight unseen, they would have overpaid by over $100k. And they would have bought a building with some unapproved structures, and many more potentially illegal and dangerous structures. Savings? Priceless. One should never buy sight unseen. An on-site inspection services of an experienced buyer's agent can reveal a lot of hidden nasties. Remember, a selling agent always work for the vendor, not the buyer. ​ Client 4 – Our clients were about to make an pre-auction offer and were considering to offer up to $938K. They engaged our services as they wanted some expert opinion. We did our due diligence checks, investigations. We did not believe the hype and interest around that property. We advised them to wait for the auction. Their instructions were to go up to $950K if necessary. We bought the property for $868k at the auction. A savings of $70,000 had they submitted their offer before auction, and $82,000 lower than what they are prepared to pay at the auction. ​ Client 5 – We found a $800k property for our overseas investor clients. Client was skeptical and were brainwashed by the doom and gloom news they received from the media (both in their home country and Australian news). Our on-the-ground insights, knowledge and analysis of various factors suggested otherwise. Our analysis into the forex market also found that the Australian Dollar has been too low for too long, and our insights into the facts of the economy and location, suggested that it was long overdue for a strong Australian Dollar rebound. We convinced our client that we have the confidence of a conservative 5% rebound, plus a potential 5% capital growth in the property market within a year. That would easily offset the extra 8% FIRB foreign investor stamp duty premium. We bought the property in March 2020. What happened really took us by surprise. The Australian Dollar made a strong recovery. In May 2020, on the day of settlement, the AUD had made a strong 20% recovery! Our Client's property value had appreciated 20% even before they collect their keys!! At the time of this writing (Sept 2020), the AUD has recovered another 5%. That's a 25% growth in under 6 months! It's all about timing. And with our background in big data, data analytics, a good collection of data and good on-the-ground feel of the property market, we are able to forecast and identify trends before it happens. Savings? Why look at savings when there is a 25% growth? ​ These true examples are how our buyers agent service had helped our clients save in a successful purchase. The true savings is often made when our clients DID NOT buy. That was when they heed our advice to walk away, because the properties were either: overpriced; 'junk'; have little to no growth; have issues with the land / area; or could even suffer major depreciation! ​ When you buy the right property, the real benefit is realised when you buy at the right time, and have bought one that appreciates over time at a greater rate than other investment options. ​ So, is it worth using a buyers agent? How do you put a price on the savings and disaster avoidance? ​ If you’d like to explore how you can benefit from our Melbourne buyer agent service, get in touch, and we will explore if our services are right for you.

With the Federal Elections looming, this article sums up the major tax changes proposed by 2 major parties. It compares the claims by the 2 major parties against an independent finding. Everyone's heard about the Capital Gains Tax changes. But are you aware that taxes on Discretionary Trusts are being reviewed as well? https://www.abc.net.au/news/2019-03-29/tax-changes-you-need-to-know-ahead-of-the-federal-election/10945466?pfmredir=sm§ion=business

In a seller's market, it is not uncommon to see properties being listed for "Auction". With almost every good properties listed for "Auction", you will have no choice but to be prepared to put your winning bid at these property auctions one day. You will probably be familiar with on site auctions. But what about online auctions? What do you need to know with online auctions? How do you bid at online auctions? What do you need to prepare for the online auctions? What strategies do you need at the auctions? How do you win at the online property auction? You will hopefully know by now, that the auctioneer is NOT your competitor. The other bidders are. The role of auctioneer is to facilitate the auction. Is it still the same? Or is it different for an online property auction? Based in Melbourne, our buyers advocates attend and bid at over a hundred auctions a year for our property buying clients. On a busy weekend, we can be bidding at between 3 to 5 auctions a day. Sometimes, we could even be bidding from our mobile office. So, when it comes to auction bidding, including online auctions, we've seen different strategies being used, all sorts of games and distractions, all sorts of tactics used by agents and auctioneers to conjure an emotionally charged atmosphere. What is an online auction? Back to the basics. What is an auction? Quite simply, an auction is an open bidding competition between interested buyers. All interested buyers for the property will get together at set place and time, and start indicating the price they are willing to pay for the property. This bidding session is facilitated by a licenced Auctioneer, whose job is to make sure the bidding process is held in an organised manner. An online auction is similar. All interested buyers will come together electronically using a online auction platform or app and start submitting their bids. Again, the auctioneer is there to facilitate the online auction process, making sure it runs smoothly and according to regulations. What do you need to know about online auctions? Auctions are usually an emotionally charged, tension filled 20-30 mins process. At times, the bidding activities may be slow, in small increments, and long delays between bids, while at times, the bidding can be fast, in large increments of tens of thousand dollars, and with split seconds counterbiddings. Again, this is facilitated by our dear Auctioneer. It is important to know that, in most states in Australia, properties bought at auctions are unconditional. There is no cooling off periods, no ifs, no buts. There is no walking away, if you are the successful bidder. And, everyone should also know it is illegal to disrupt an auction. What you said you will pay at the auction, is legally binding. There is no backing out. It is the same with online auctions. You are often on your own during an online auction. You do not always have the luxury of time to seek help if you run into technical difficulties. Preparing your technology for online auctions. Unlike an on-site auction, you must have access to a suitable, stable technology equipment in order to participate at the online auction. There are a few things you need to prepare. 1. Application for Online Property Auction There are a few popular online auction application/software used here in the Melbourne property market: Anywhere Auctions Gavl Zoom The listing agent for the property will tell you which platform you need to use for the online auction. The apps and software for these platforms are available either from your phone's app store or directly from the platform providers website. Where possible, always download the apps from the phone's app store if possible. Next best is directly from the app providers website, but this is not preferred if you do not know how to identify a fake website. Never ever download these apps from any other third parties. These apps can easily be modified to compromise your phone, computer or steal your identity, putting your data and identity at risk. Some online auction platforms such Anywhere Auctions and Gavl require you to pre-register on the platform a few days prior to the auction. You might need to submit copies of your photo IDs and bank account details to proof you are who you say you are. So, do ensure you are set up properly a few days prior to the auction. And this is why you should never download these apps from unknown sources. Your ID could be stolen by a rogue app. If in doubt or if you're not sure, always contact the listing agent. They will be able to help you set yourself up. 2. Network Setup for Online Property Auction Make sure you have a stable network. Although relatively rare here in Melbourne, the internet do go down unexpectedly, either through an unplanned interruption, power blackout, etc. So, do make sure you have a stable and reliable network. If your internet is not stable, consider using a mobile data hotspot. 3. Test the equipment and applications This may seem obvious, but too many assumed that nothing will go wrong with their IT setup. Always test the network and application. How do you prepare for the auction? Given the high stakes involved at the auction, how do you prepare for the online auction? How do you make the right auction preparations, to prevent yourself from some serious, unintended consequences? What preparations do you need? While some suggests that you need a lot more preparations, there are only 3 basic things you need to prepare: 1. Do your due diligence. Doing your due diligence is critical to preventing yourself from buying a property that doesn't suit you. Understanding what you want from the property, why you want the property and your plans for the property. Knowing the real market situation will help you understand the market condition for that property type, in that particular street and in that particular pocket. If you are a home buyer intending to live in the property, ask yourself: Do you like the location? Does it have the right school? Does it have the right transportation - train, tram, highway, bus, etc? Does it have the right environment? Does it have the right amenities? Do you like the vibes you get when you are in the area? If you are an investor and intend to put the property on the rental market, ask yourself: What rent can the property fetch on the rental market? Is that good enough for you? What are the vacancy rates? How long will it take for you to find a tenant? Is the property in the right location for the types of tenants you want to attract? Does the property meet the minimum rental standards in its current condition? What else do you need to do, to bring the property up to minimum standards? If you are a developer and intend to develop the property, ask yourself: What types of properties are buyers looking for, in that location, on that street? What are the development potentials for the site and location? Does it have the right zoning, overlays, council plans, features? How will the local council look at your development proposal? If you are loaded and just want that property, ask: What price will knock out all other bidders? Will the agent accept an 'irresistible offer' before the auction? 2. Know the real price of that property. Most buyers wrongly believed the price guide in the Statement Of Information (SOI) provided by the sales agent. While the SOI aims to give you an indication of the price for the property, it usually does not mean the auction will end within the price range indicated in the guide. You should always do your own homework. Find out what other buyers and bidders are willing to pay for the property. Find out what similar properties in the area are sold for. If your research is very different from the price guide in the SOI, always feel free to ask why the agent thinks it should be so different. There could be a gold plated toilet in the house. Or a few embedded 1kg gold bars in the bedroom. Or a subterranean termite infestation. Or a history of flood and/or water damage. However, more often than not, you are likely going to get a standard reply "that's based on sales data. We cannot predict how much buyers will be prepared to pay at the auction"... A good independent buyer's advocate who knows the area, location, street, buyer demand, supply situation, buyer demographics, property characteristics, will be able to confidently give you an idea of the auction price range. At Concierge Buyers Advocates, we overlay our understanding of the area, with our data analytics, to derive a price guide for all properties we are bidding for. With the exception of a few outliers, we have been able to accurately estimate the selling price of the property. 3. Know your budget. With the due diligence done in steps 1 and 2 above, step 3 is the next critical homework you need to do. Steps 1 and 2 helps you understand your limits. Step 3 helps you set your budget. Budget is critical. Always remember, buying at auction is unconditional. You CANNOT back out, if you win the auction. Make sure you: Know how much you can afford to pay. Know your serviceability. Have sufficient funds for the 10% deposit. Have the appropriate way to pay the required deposit on the day of auction. Be prepared. Always assume you will win the auction. Our auction bidding service lets you know what others are likely to pay for, and what price range is considered appropriate for the property. With these information, determine what the property is worth to you. Set yourself 2 limits. Limit1. The price you are willing to pay for the property. Limit2. The absolute maximum price you are willing to pay for the property. A good test to know if you've set the right Limit2 is this: ask yourself "if the property is sold for $100 more to someone else, will you regret walking away". If these two numbers are way less than what others are willing to likely to pay at the auction, consider if you should even turn up at the auction. You might be the lucky bidder with no other competitors, and walk away with the property for a good price. These days, this scenario is highly unlikely to happen though. We will tell you why. Note: Intentionally under-bidding, hoping to grab a bargain is just going to waste your own time, the agents' time and everyone else' time. You'll be reducing your own credibility and creating a bad impression amongst the agents and buyers in the area. Another reason why this won't work is this: All properties at auctions have a reserve price. This reserve price is set at what the vendor and agent think is the fair value for the property. So, even in the unlikely scenario where you're the only bidder, you will still be expected to pay fair value anyway. 4. Stick to your budget. With the above preparations done, you are now all set for the auction. On the day of auction, be sure to arrive early. The listing agent would usually have a final open for inspection just before the auction. Turn up, have one final inspection of the property. Introduce yourself to the agent and let them know you will be bidding. Review your budget limits. You have one last chance to review and revise, if you need to. You should not have the need to adjust the numbers if you have done the due diligence in steps 1 to 3 diligently. Experience tells us, bidders who attempt to bid on their own WILL almost certainly change the budget at this very last minute. It is ok, if you change because you have to. But It is NOT ok if you change because you want to. If you want to change the limit at this very last minute, you will almost certainly walk away from the auction with regrets: If you win the auction, you will be wondering if you have overpaid. If you lost the auction, you will be blaming yourself for not spending that extra $100. How to bid during Online Auctions Many have also ask what our preferred auction strategies or bidding styles are. Some common theories advocated by some buyers include: 1. Be confident Confidence is to prepare you for the pressure, and emotions created in the auction atmosphere. There is no shortcut to this. Practice, practice, practice. Practice and be comfortable bidding with a clear, loud voice. If you have a naturally soft voice, or you are not confident in public speaking, you can get an assisting vendor agent to help you. This can be both good and bad, as the assisting agent will definitely use this opportunity to stir your emotions. Some commonly used techniques include: "Another $1000 will knock the other bidders off", "Put in a $5000 increment. This should scare the others." "I know them. It's at their limit. Another $3000 will stop them." The auction bidding service at our Buyers Advocacy agency helps our clients bid confidently. We make our role known to the auctioneer and any assisting agents, and we always ask assisting agents to stay away. We believe our clients should be shielded from the pressure and emotions of the auction. 2. Power Dressing Unlike on-site auctions, power dressing is seriously irrelevant. You are bidding from which ever place is comfortable, in your bedroom, in your pajamas, on the beach, in your beachwear. No one cares. 3. Camera-shy? Most online property auction platforms either do not have a video camera, or allows you to turn off the camera. If you are camera-shy and uncomfortable with video bidding, turn it off. Some auctioneers may want to see your face though. 4. Use Huge Bid Increments Some say huge bid increments will scare the competition and let you create the sense of deep pockets. It is partially true. But this only work against amateur competitors. Only the amateur bidders will think twice about beating your bid. If you intend to use this strategy, use it with caution though. Used at the wrong time, with the wrong increment, this strategy will backfire badly. We've seen someone put in winning mega bid increment, knocking out all other bidders. Quietly, we believe he overpaid badly for the property. Professional bidders like us use huge bids to speed up the auction and lock out lowballers. 5. Use Small Bid Increments Small bid increments is a tactic used by most rookie bidders and other professional bidders to delay the auction. It also gives an impression of a bottomless budget, as the bidder seems to be able to dig out an extra $500 from thin air. It would potentially scare the amateur competition by exuding a sense of deep pockets too. As experienced bidders, we have ways to counter the small incrementers. Having discussed some frequently used auction strategies, we are sad to say, there are no fool-proof or sure-win strategies. As professional auction bidders, we analyse and profile each bidder, study their bids and use a combination of strategies to counter them. What happens when there are no winners at an auction? Now that the auctioneer has done their best to get the best out of bidders, what happens when there are no successful bidders? Remember the reserve price? If the highest bid during the auction did not surpass the reserve price, the auction is unsuccessful. It is called "passed in" at auctions. If you are still interested in the property, this article will tell you what you need to do. Auctions are Just Games. Here's why. At the end of the day, over 90% of the auctions end within the expected price range of the property. IE, it doesn't matter what strategies or styles you use, price, budget and the competing bidders ARE still the determining factors. You only have that one chance to try to buy the property, and your offer is unconditional. Doing the right due diligence with the right data; and having a good understanding of the market, the property and who the potential buyers are will help you either put in your winning bid or walk away satisfied, knowing you have done your best. After all, you probably do not want to beat an over-bidder, at an auction. If you are going to attend an upcoming auction, but you do not have the confidence to bid or do not know what you need and how you should prepare for the auction, it might be worthwhile engaging a professional auction bidding service. Our professional Auction Bidding Service are popular with hands-on buyers who are either unable or need help with auction bidding. We provide auction biddings for up to 3 auctions, helps our clients throughout the auction preparation process, and shields our clients from the pressure and emotions during the auction process. Get in touch if you're keen to find out more. Last but not least, good luck with the auction. Get in touch if you want to learn more.

Let us cut through the fluff. Buyers advocate services are not for everyone. Not everyone needs the services of a buyers agent. This is why, here at Concierge Buyers Advocates we have turned away customers during our qualifications process. Most people who will not benefit from our home buying services. We would rather not have one new client than to sign up one who does not need our services. Who are buyers advocates? First things first. Buyers advocates are buyer-focused real estate agents. And unlike a typical real estate sales agent, our role is to protect property buyer's interest in a property purchase. If turning property buyers away is better than signing them up, that is exactly what our team of buyers advocates will and have been doing. We are known to turn away clients who would not benefit from our services. Concierge Buyers Advocates builds our services and reputation on integrity, honesty and trust. We conduct our business with utmost integrity and honesty. We are upfront with our clients, and that is why our clients have trusted our opinion and they return for their 2nd, 3rd and subsequent properties. To help you determine when a real estate buyers advocacy service is not for you, we've put together a quick guide below. If more than 3 of the following describes your situation, a Melbourne buyers agent is probably not suitable for you: You have the luxury of time and are in no urgency to buy a property. You know that more than 80% of property buyers will take almost a year to buy their own properties. know property prices are rising at between 1-2% every month, in the current market. I.E., you'll be paying between $30,000 to $50,000 dollars more, for each month of delay. are not keen to buy your Melbourne property in under 2 months. do not value your time. do not mind spending your evenings and weekends doing property searches, instead of spending your precious time with your loved ones. do not mind spending your weekends attending disappointing property inspections. do not mind spending your time trying to contact real estate agents. do not mind spending your time being part of the real estate agent's game. You are prudent with your finances and you know what properties are worth. You are confident that you will not buy any wrong property in Melbourne. have deep pockets and don't mind overpaying for your Melbourne property. can confidently put a reasonable value to a property and do not mind going all out to outbid your competitor. know you can afford to pay $30k to $50k more for the property for each month's delay. You belong to the generation who believed Google knows everything. You have faith in the University of Google and College of Facebook. have no trouble differentiating fact from fiction. have no trouble differentiating generic advice from bespoke advice tailored to your needs. trust the unlicensed, faceless "experts" dishing out free property buying advice in social media. you do not believe people will do anything to get themselves some attention. believe everything you read in social media like Facebook, Google, etc. do not appreciate the confidence and security that legal licencing gives you, when you receive the advice from an licensed and real estate property advisor. You believed all properties for sale have to be listed. You are happy and confident that you will find something on the public listing boards. realise over 70% of properties are sold and bought without being listed on the public boards. do not believe the hidden 70% property listings will help you. You insist on low-balling properties. You insist on a minimum of more than 20% discount, which is unlikely, if you're after something decent. We are however definitely striving for the lowest possible price, but if that means you are under pricing yourself, and will not never be successful in the market, then we do not want to give you any false promises and waste your time. insist on under pricing yourself out of the property market. insist on profiting from the misery of motivated sellers. Our morals say no. Sorry! The above guide should give you a good idea of when a buyers advocate service is not for you. You will be better off buying your property on your own, saving yourselves the buyer agency fees. Just be aware that the longer you take to buy, the more you'll have to pay for your property. We have clients who approached us after a wasted year of DIY searching. And because prices have moved 20+% in this 1 year, they had no choice but to increase their budget by between $100,000 to $300,000. If they had engaged the services of a buyer's advocate a year ago, they would have bought their properties in 3 months and avoided having to increase their budget. We recently had a client who signed up after 4 years of fruitless search. Sadly, he missed out 60% of equity growth, in the 4 years. IE, he had no choice but to pay 60% more for similar properties. If you are still unsure if a buyers advocates service is for you, or if you're keen to buy your property fast, without overpaying for it, do feel free to get in touch. You'll be receiving the keys to your new property in no time.

Buyers Agents are your Personal Property Advisor | Your Expert Guidance Here is a property investment secret. It is a very well kept secret... until now. And it is also one of the most frequently asked question. "What is a buyer's agent? What does a buyer's agent do?" Let's look at this from another perspective. If you have $100,000 in cash and you are looking to invest, will you engage the services of a financial planner or a fund manager? OR are you confident enough to do it yourself? Now, when you are intending to buy a $1million property, will you seek professional advice? OR will you buy and hope for the best? Successful property investors like Donald Trump and Warren Buffett do not buy their own properties. They engage the services of buyer advocates or buyer agents. ​ Professional property investors know that buying properties is a very time consuming process which many successful investors do not have. It requires a lot of due diligence, research, planning, feasibility studies / modelling, growth considerations, searching, shortlisting properties, and doing on-site inspections, etc. ​​ Through our 25+ years of experience in working with buyers, we have found that many buyers: ❌ do not have a plan ❌ do not have enough time to source for the property ❌ fear overpaying for the property ❌ do not fully understand what is involved in due diligence ❌ do not like to deal with real estate agents ​❌ do not realise selling real estate agents are bound by law to look after the interest of the seller. ​​ The secret to property buying? Professional property investors invest in buyer agents and they take advantage of: ✅ reduced inaction cost ✅ simplified purchasing process ✅ faster purchasing process ✅ deeper insights into the area ✅ leveling the playing field against selling agents ✅ confidence, comfort, knowing they finally have an agent working for them. ​ They know the quality and savings from the services of a buyers agent more than make up for the cost of the service. In Melbourne, using the services of a buyer agent can potentially save you over $100,000! Find out why. ​ Did you also know? 50%-75% of the properties sold and bought are not listed. Buyer Agents also have access to off-market properties, and advanced notice from selling agents about upcoming listings. These are valuable lists of properties which are not available to the public, and this means the chances of securing a good off-market property is higher. ​​ More reading How do you find the right buyer agent? ​ If you have a question about buying in the Melbourne market, feel have a chat with us.

TIPS FOR THE KEEN PROPERTY INVESTOR IN AUSTRALIA OR ANYWHERE IN THE WORLD These are collections of tips based on true experiences. Property investment "gurus" are everywhere. Many claimed to have built multi-million portfolios in as little as 5 years, and claimed to be experts at doing that. Are they spruikers? Or are they the real deal? Here are some tips and pointers to help you understand what's going on. When you started with your investment journey, investing in anything is interesting and you probably wanted to explore everything. Shares, Options, Rights, Crypto-currencies, Properties, etc. Here in Australia, property is probably the most consistent and stable performer. In Melbourne, property prices have, on average, grew 7% every year. IE, prices doubles every 10 years, and triples every 16 years. In an average adult's useful working life of 30 years, prices would have grown 7.6 times. That means, that cheapie $100,000 property which you bought when you first started work, would be worth $760,000 when you start to retire. Now, name an investment vehicle that gives you this sort of returns. Exclude the speculative roller coaster Crypto-currency. More adventurous property investors would be also be exploring development, joint-ventures, renovations, etc, in addition to the regular set-and-forget buy-to-rent strategy. Contrary to the hundreds of narratives out there, anything more then your buy-to-rent property investment would be considered "advanced" investment strategies and they are not for the faint hearted. These are high-risk, and potentially high returns property investment projects. People have lost millions in the failed development projects. If you are into these advanced projects, here are some tips which all property investors have to know. First Tip: Trust No-One Be cautious with whoever you are dealing with. No one is going to look out for you. NO ONE. You need to look after yourself and your hard earned cash. Second Tip: Use Tools Use tools that are easily accessible to help with your research, don't rush into anything, take your time, deals will always be there. It may not be the one you're researching about, but what you have learnt along the way will help with your next deal. More advanced smart tools can help with your research, but these are usually subscription based, and would typically cost between $200-300 per month, in subscription. Because of the costs, these are usually not for the individual, and are usually meant for professionals and businesses such as buyers advocates, buyers agents and professional property developers. Do google searches and check online reviews on everything, the people you are going to do business with, the companies they represent, google is usually your best friend, use it. But do understand that everyone can post ANYTHING, good or bad, about something. Learn to differentiate truth from fake. Third Tip: Check Licences Because scammers are everywhere, there is a need for the government to protect individual investors. Thus the almost everyone dealing in property, real estate, and building, development, have to be registered, licenced and properly insured. Licencing and registration helps to ensure these people are properly trained, regulated, and end-consumers like yourself are protected. Learn to know the differences between mandatory licensing and optional memberships. When you are dealing with your real estate sales agent, property manager, owners corporation manager, buyers agent and buyers advocates, they have to be licenced. However, being membership of REIV and REBAA are optional. These are often more about branding and marketing that protecting consumers. Different business choose whether to be members of REIV/REBAA depending on their marketing priorities. It is optional. But as long as the agent you are dealing with is selling, buying, managing your property, they have to be licenced and insured. Make sure you check their licenses. Check if they have the license to do what they are doing. Be it your real estate agent, the sales person who tries to sell you a property, your tradespersons. Check with the local authorities that the licenses are up-to-date, etc. Anyone will try to sell you something for a quick buck. Only the properly licenced ones can give you the right protection you need. Fourth Tip: Do some background checks If you can, do background checks on the persons you will be dealing with, especially if you are going to invest your hard earned cash with this person or company. There are so many online websites for a few dollars that can run these checks for you. Fifth Tip: Ask for References Either online references, or clients who have done business with them, ask for references, and if you can, ask to speak to them. This is so important as it gives you an idea of who you are about to do business with. Ask in forums, ask your friends, and search online. Also, do understand that some businesses, such as buyers agents, could be sensitive and their clientele might not always welcome the idea of providing references. Always respect the clients privacy needs. If respecting the client's privacy does not gives you the comfort to deal with the business, walk away. Sixth Tip: Legal Stuffs Legal paperwork, before you sign your life away, pay the money and get a second opinion on what you are signing, I wish I had done that once and I wouldn't now be in such a situation! Always get a second opinion from a lawyer that you have found, not someone recommended by the seller. Seventh Tip: Trust Your Instincts If something presented to you sounds good true to be true, it usually is. Trust your gut, if something doesn't feel right, it probably isn't right. In general, be wary of people who are very good sweet talkers. On the flip side, "Instincts" and "gut Feel" is more often than not, based on EXPERIENCE. While some good things could be too good to be true, there are indeed some good deals. Experience plays a part. Knowing the area and what you are getting into, also help our buyers agents to confidently tell you if we've found a good property worth buying. Some deals can be very obscure, very specific, and can be snapped up very quickly. Thus, when our buyers advocates say "it is a good deal and you need to action quickly", it usually is. We might not have the time to do a complete due diligence, might not have the luxury of time to explain everything to you, or extrapolate the profit down to the last cent, but, hey... didn't you engage our buyers agency services so we can help you find a good deal confidently and quickly? Eighth Tip: Two Side to a Coin With everything, there is always a good and the bad. Make sure you know all the PROS and CONS of anything you are going into. Know the risks involved, and have a plan to deal with it or an exit strategy. Ninth Tip: FOMO Please do not give in to the hype of "HURRY NOW OR YOU WILL LOSE THIS DEAL" from a sales person. In fact, be very skeptical. Always remember, if you are not paying the licenced real estate agent, he/she is getting paid from the seller/vendor. And, under the regulations, they have to look after the interest of the SELLER. We've explained this here. Take your time, do your homework. Remember, if you are buying and you didn't pay your agents for his/her services, the agent is working against you. However, if that comes from your independent buyers advocate, it is 99% true. Your Buyers Agent has to protect your buying interest explained here). And when they say "FAST", it means fast. We've been buying for over 20+ years and we've seen properties sold within hours. It is listed in the morning, and sold in the afternoon. So, when our buyers agents tell you to be FAST, we mean FAST. Our agents would have done their research in the area, and has sufficient information to be confident with our recommendations. Tenth Tip: When Your Salesperson Also Bought One You'll probably have heard this too often. Isn't it interesting that your agent have "just bought one" too. Yes, the free property agent who's helping you to build your portfolio, have also bought this. This is a very common marketing line. We know, as we use that line if we've really bought one. It is so effective, and we often have buyers asking "why are you buying". We wished we have a bottomless pocket. We wished we can buy every good deal that we recommend. But, we don't. We have limited budget and even if we have unlimited budget, we will not buy everything. It wouldn't be fair to our clients. Our clients come first, if they've engaged our paid search services. They will have the first dip and the right right to refuse if we are acting for them and have found a good deal on their instructions. That's our commitment to our clients. No games, just being fair. LAST BUT NOT LEAST... If you've noticed, marketing emails almost always comes with lengthy disclaimers and advice warnings. They were written for a reason, read that fine print. We sincerely hope for each of you that you never have to experience what it is to be scammed and to lose a whole lot of money. But sometimes, we are just too trusting. There are people out there who do not really care about you or your situation. So, before you say you have money or lots of equity, be wary of the vultures you could be attracting. Understand the real estate industry. There is no free lunch. If you are not paying for the services, the agents are not working for you. You are the target.

A booming property market is a sellers' market where properties are being snapped up quickly. Sometimes, within hours of listing. It is a market where the sellers have the upper hand when there are more buyers than properties available for sale. With buyers missing out on some good properties, many are getting frustrated and desperate. While most buyers start to panic and start cutting corners and start snapping up the next available property blindly, savvy home buyers have turned to the help of buyer's agents (also known as buyers advocates) to help them buy their properties faster. Who are Buyer's Agents? Licenced buyers agents are licenced real estate agents whose role is purely to protect the buyers and their interests, and to help them outsmart the property market and avoid overpaying for the home. They are real estate agents who specialises in helping buyer's buy confidently and quickly. How can Buyers Agents help in a seller's market? In a seller's market where there are more buyers than available properties, buyers agents have been performing outstandingly. How do they do that? Buyers agents understand the property market well. They understand the buyers and property dynamics, the demand, the buyer demographics, and the property itself. They know a good property or a good deal when they see one, and this helps them react to good property deals quickly and confidently. This is why they are able to react fast when new listings are available and recommend quality properties to buyers confidently. Buyers agents also have good access to off-market listings. Good selling agents usually gives buyers agents the first dip in good property, before they list it. They know good buyers agents and good buyers advocates pre-qualify their clients, ensure their clients are suitably prepared to buy the right property quickly, when it's available. They also realise, because of the buyers agents understanding of the property market and the client's needs, they can sell their properties up to 3 times faster. Ie, it is easier to match their properties to clients represented by buyers agents as the offers are realistic. How can Off-market Listings Help Property Buyers? Off market properties are properties which are not openly advertised in the market. With less exposure, there will be less buying competition with these properties, and your chances of securing the property is a lot better. How Important is Understanding the Property Market? In a sellers' market, having a good understanding of the property market is very critical. It helps you identify a good property deal quickly, so, you can make the offer when you find a good property, before anyone else does. We've seen properties being sold within hours of listing. Thus, speed of response will help ensure you do not miss the opportunity. Can Buyers Agents Negotiate in a Sellers Market? Yes, while negotiating is almost impossible in a sellers market, buyers agents can help ensure you know what you should be offering for the property. Buyers Agents can help you appraise the property, provide a realistic value for the property and stop you from overpaying. Can Buyers Agents Guarantee Discounts on Property Prices? Definitely, it is a yes. But you have to be careful. We know some buyers agents will guarantee x% discounts. But with a catch... Get in touch to find out. How can a Buyers Agent help? Briefly, buyers agents can help: you save time and reduce stress you buy your property up to 3 times* faster. *Canstar report. save on your rent, if you're renting, by simply buying your property faster earn more, by buying your investment property faster and thus collecting the rents earlier save over 16%, compared to when you are buying on your own outsmart the property market avoid inflated pricing buy confidently and quickly How can I get in touch with a Melbourne buyers agent? Give us a call or submit call back request here.

Building a New House can be exciting. But what do you need to know before building? Building a new house can be an exciting journey to home ownership. It is one of the more popular options to home ownership with first home buyers in recent times. But is this the right for you? What do you need to know when building your new house? What are the pros and cons? How does building a new house compare to buying an established house or any other types of residential properties in Melbourne? First off, what is an new house? It is a house that either has not been built yet, or is in the process of being built. It can also be called a new house and land, where you either: 1. buy a piece of land and engage builders to build your dream home; or 2. buy a new House and a Land (House and Land) as a package, from a developer. It is a 2 part contract, where you purchase the land and house building contract separately. It is brand new when it is completed. You are the first owner and you get that "new-house-smell". Benefits - Advantages of a New House and Land One of the biggest benefit of building your new house is: Stamp duty savings. You pay stamp duty only on the value of the land. If the property is being built when you purchase it, then you will need to pay stamp duty on value of the completed part. Depending on your state, you might be eligible for additional First Home Owner Grants (FHOG) from your state. You might be eligible for the First Home Loan Deposit Scheme (FHLDS) where you only need 5% deposit. Eligible for the Federal Government's $25,000 Home Builders Grant (available till end Dec 2020), if the contract is signed before 31 Dec 2020. You can custom design a floor plan and have it built in a location of your choice. You can truly call this YOUR house. The house will come with a 7 year builder's warranty. Everything in the house is brand new, and comes with their respective warranty. If you are an investor, planning to build and lease it out when it is completed, you might be able to claim depreciation on the new house and most things in it. Have a chat with your accountant to determine your eligibility for a depreciation schedule. Downsides - Disadvantages of a new House and Land There is always a downside to every choice you make. The biggest risk would be uncertainties. It is a much more complex and intense process than buying an established property. You must be prepared to be flexible, accept that there will be delays and be prepared to resolve any unforeseen issues. It is also a much longer process to buy and build, taking anywhere from 6 to well over 12 months, before you can move in. As mentioned in the earlier, building a new house build can be split into 2 purchases: Purchase 1. Finding and Purchasing the Right Land Finding a suitable land to build on, is easier said than done. Not all land can be built on. Not all parts of the land can be built on. In Melbourne, land can usually be found either in established residential estates, (in-fill areas), or new residential areas, in the various growth corridors. These are usually a lot further from the CBD. In Victoria and Melbourne, these are South East Growth Corridor eg - Clyde, Pakenham, Cranbourne Western Growth Corridor eg - Tarneit, Rockbank, Wyndham Vale, Melton Sunbury and Northern Growth Corridor eg - Donnybrook, Sunbury, Cragieburn, Wallan Your budget will determine where you can buy. Blocks of land in in-fill areas are generally smaller and more expensive, while land in new residential growth areas are cheaper. The council planning zone characteristics and attributes of the land and surrounding area, will determine what you can build, how large the house can be, what shape and design the house should be and the cost. You will also need to understand the council's design and planning requirements. It is a very technical process, and you should seek expert advice or you may end up with a land that does not meet your needs. A good buyer's agent who is familiar with the area and have the new-build experience will be able to give you the right advice, and make your selection a lot easier. Not all buyer's agents know what is required though, so, you have to be careful with whom you go with. At Concierge Buyer's Advocates, we have development experience and have been buying land and helping to select and engage quality builders for many of our clients. We are very particular with whom we recommend, and we only recommend builders whom we trust. Purchase 2. Building the right house The applications and planning process and time-frame to build a new house varies from state to state and even from council to council. Building on a new land (land that has never been built on before), is also different from building on a land that had previously been built on. In Victoria, the high-level process and time-frame typically looks like this: - Purchase of land: 1-2 months - Design, prepare and submit applications for permits and plans: 1-2 months - Council review and negotiations for building permit: 2-6 months - Building the house: 4-6 months for a single storey house, a double storey house could take 1-2 months longer for a typical sized house. The time-frame give above serves as a guide. Obviously the workload of the people involved, delays in reviews and responses, and even the weather will determine how fast or how slow the build is completed. The entire build process has been known to take well over 1 year. Other downsides include: - What you planned may not be what you get. A good, reputable, honest builder is critical here. And it does not necessarily mean the bigger the brand, the better the builder will be. - Cost blow out. Always buffer at least 10-20% as emergency fund for the build. It is very common that the build process encounter unexpected hurdles. Quality and styles of the materials used will also affect the cost of the build. - Valuation is not guaranteed. Despite what some marketeers and sales agents want you to believe, the valuation of the house is not guaranteed. The value of the land changes, and the look, feel and quality of the finished house will help determine the valuation. - Permits and fees. The savings from the various stamp duties are off-set by the additional costs in the various planning and building permits and fees. In Victoria, the can range between $20,000 to $40,000. Cost will vary between states and councils. - Devil is in the details. Some build contracts do not include finer details such as site cost, landscaping and driveways, heating ventilation air conditioning systems in the build contract, to keep the build price low. The un-suspecting buyer usually ends up with a semi-complete property. A good, honest builder will include these costs into the contract. This often makes the build contract a lot more expensive, so, price is NOT the only thing you should consider when you're choosing your builder. Other Things You Need to Know When Building a New House Some other considerations that you need to be aware of are: a. Mortgage Unlike the purchase of an established house, buying a land and building on it, is often considered a 2 part mortgage. You need a mortgage to buy the land, and a separate construction loan for the build. Have a chat with a good mortgage broker, and have this discussion with them. Your serviceability can be different from buying an established house, as lenders usually have different lending criteria. b. Your Surrounding Amenities Buying a land in a new residential estate is always gamble. There are no certainties on where the amenities will be. You have no idea who your neighbours could be. Plans do change, and plans can get delayed. c. What Was On The Land If you are buying in a new residential estate in a growth corridor, always enquire what was on or near it. While most residential estates in the growth areas were former farm land, it is not uncommon for an old, decommissioned landfill to be re-zoned and sold as residential land. d. Stamp Duty, Home Builder Grant, FHOG, FHLDS First home buyers in Victoria will enjoy First Home Owners Grant (FHOG) stamp duties exemptions for properties up to $600k and some stamp duty concessions for properties costing between $600,001 to $750,000 in Melbourne. You might also be eligible for the First Home Loan Deposit Scheme (FHLDS), whereby you'll only need a 5% deposit. From now till 31 Dec 2020, you will also be eligible for the Home Builders Grant, saving a further $25,000. e. Conveyancing You will need to budget around $1000-$1500 for conveyancing costs. f. Council and water rates The council and water rates are determined by the valuation of the property, and it varies from council to council. For a typical established home in Melbourne with a median price of $800k - $1.2 million, expect to pay around $1500 - $2000 annually in council and water rates. g. Body Corporate/Owners Corporate Stand alone houses usually do not have any body corporate or owners corporate fees. However, a body corporate fee may apply in certain situation. This information is also available in the Section 32 of the Contract of Sales for properties in Victoria. What else do you need to know before you get started on building a new house? Refer to our get started guide. This guide should show you what you should do to get into the property market. Buying a land and building a house is a long and often intense process. But the rewards are often worth the pain. Conclusion With the above information now, would you still consider a building new house? What else should you consider? IF you need further guidance, feel free to have a chat with us.

First Home Buyers almost always miss out on their properties. And not only that, those who managed to buy one, almost always end up buying properties passed over or rejected by Buyer's Agents. Why is this so? How can a First Home Buyer buy the right property for themselves? ​ First, let's look at the shocking statistics. Consumer Research has shown: over 80% of the First Home Buyers do not know what they want, what to look for, where to search for, and more importantly, they have no idea where to start and have no time to do the actual house hunting. over 80% of the remaining 20% thought they knew what to look for, but ended up buying the wrong property; over 80% of first home buyers ended up buying in the wrong types of properties in the wrong places; over 90% of first home buyers are not successful in their purchase; and 80% of those who successfully bought their property, ended up overpaying for it, putting them in a bad position for up to 10 years or more; not all properties that are marketed to first home buyers are suitable for first home owners. ​ Sounds complicated and confusing? Unfortunately, it is. Marketing experts have made every property look like a gem. And without understanding how the real estate industry works and the experience of being in the real estate game, it is very difficult for inexperienced property buyers to see through the marketing fluff to understand what a property is really worth. Thus, they ended up buying the wrong property. Well, it is not their fault. They were made by the advertisements to think the property is right for them. ​ Savvy first home buyers have discovered that our First Home Buyers Service can help: improve your property success rate to over 98%. understand the basics of property buying understand which property is suitable for first home buyers understand what the property is really worth confidently understand what price you should be paying for the property. ​Buy your first home confidently with our first home buying service. We work with you to outsmart the property market and avoid overpaying for the property. Our First Home buyers agents help first home buyers buy their homes confidently and quickly. Get in touch today to find out more.