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As Melbourne buyers agents, we've been helping property buyers and fist home buyers buy their properties in Melbourne since 2016. One of the most confused concept is the Price vs Value. Many buyers have unfortunately mixed these 2, and this results in them not understanding what the differences are. In this blog, we will attempt to explain this concept. What is price? What is value? Price is what the vendor is asking for. It could be determined by the properties that had been sold in the area. Or it could be an arbitrary number tha seller hoped to achieve. Value, on the other hand, is subjective. It is how much a buyer is willing to pay for it. What one buyer chose to offer for a property can be very different from the other buyer. And this could be a combination of any of these factors: Buyers' available fund Buyers' appreciation of the building Buyers' understanding of what the property is worth Buyers' plans for the property Buyers' experience (or the lack of it) Buyers' emotional attachment to the property Many other factors... A sale is only possible when the price meets the value. And a sale is made only when the buyer's offer is appealing to the vendor (seller). In real estate, it is common to see a vendor overpricing their property. Everyone believes the property they have is worth more and hope to get the best money from it. As a buyer, the question you have to answer is, would you pay that money for it? That's the value. In your mind, is that property worth that price? Many times, sales could not happen when the mismatch is too big. As a buyer's agent, we look after the buyer's interest in the purchase, and we help to ensure the buyers get what they wanted, at a reasonable price they are willing to pay. We look at fair value and advice both the buyer and seller on the best possible outcome to get the sale going. The following article is an example of when there is a huge disconnect between price and value. Have a read, and let us know what you think. https://www.domain.com.au/news/east-melbourne-luxury-apartment-discounted-by-up-to-10-million-872651/

The purpose of the First Home Loan Deposit Scheme (FHLDS) is to help low income Australian families own their first home. As such, there are strict eligibility criteria. ​ According to the Australian Government, to be eligible, you must be: Australian citizens who are least 18 years old. Taxable annual income of no more than $125,000 (singles) or no more than $200,000 (couples) Couples who are either married or in a de-facto relationship. So, siblings, a parent and child or two friends buying together would not eligible. Able to contribute at least at least 5% deposit, and no more than 20% of the property’s value. Eligible for Principle and Interest (P&I) Loans. i.e., no interest-only loans. Using the Property as your principal place of residence (PPR). First home buyers who have not previously owned or had an interest in a residential property, either on their own or jointly with someone else, including body corporate and company-owned properties, regardless of whether it was an investment or owner-occupied property and whether it was ever lived in. ​​ There is only a maximum of up to 10,000 applicants each year. So, you have to be quick.

Concierge Buyers Advocates prides itself in providing a quality service to our home buyer and investor clients. We keep our interactions with our clients professional and will be a socially responsible business. Over the past few months, we have been monitoring the ever-changing COVID-19 virus situation, to ensure we are taking the necessary and appropriate measures to protect the health and well being of our clients, property vendors, contractors and fellow real estate agents, at the right time. As a result of recent updates and recommendations from the World Health Organisation, and the Victorian State Government, we have made the difficult but important decision to tweak some of our services to fall in line with the COVIDSafe requirements from the Department of Health and Human Services. These changes aims to minimise human to human contact wherever possible, and will not affect the effectiveness of our property buying services. 1. This means that we will minimise face to face interactions with our clients, home owners, tenants, contractors and other real estate agents. 2. Property inspections are all converted to private inspections for the time being. Due to the limited timings available from the selling agent, property owners and/or property tenants, we are currently experiencing longer waiting times for an inspection schedule. It may take up to 2 weeks advanced booking for an inspection. 3. We will avoid face to face meetings with clients, vendors, contractors or other real estate agents, if they have returned from international or interstate travel or if they have been in contact with anyone who's returned from international or interstate travel in the 21 days prior to the meeting. To ensure this, we will be asking for travel history from everyone whom we meet. Where possible, meetings and discussions will be conducted over the phone or via teleconference. We ask for your understanding, in our decision to adopt these actions. It is necessary to help limit the spread of this virus. ​ For Our Clients For our current and ongoing clients, thank you for having your trust in us, you've made the right decision. We want to reassure you that we are still committed to working extra hard to ensure your property purchase is going as planned, and that there will be no other disruptions to our services at this stage. As always, we will keep you updated on the progress of your property purchase. ​ We will require our buyer's agents to wear the appropriate PPE masks when meeting with our clients, vendors, contractors or other real estate agents. Thank you for your understanding. Let us work together to get Melbourne, Victoria, and Australia through this situation.

In property investment, there are 2 main types of yield. Net Yield and Gross Yield. ​ Gross Yield Gross yield is what you earn from the rental returns vs what you paid for the property. It is calculated using: Gross Yield: (Weekly rental x 52) / (the price of the property) x 100 ​ Net Yield Net yield is what you earn from the rental returns, less all expenses (such as council rates, water rates, property management fees, body corporate fees, etc) vs what you paid for the property. It is calculated using: Net Yield: (Weekly rental x 52 - expenses) / (the price of the property) x 100 Every property and every investor is different. The gross yield and net yield will be different for different property and investor. Some investors may include renovation costs and/or maintenance costs into yield calculations. As you might have already realise, the yield will be different over the years, as rent and rates tend to increase over time, while maintenance costs would vary from one year to another. Generally, the yield improves over time, as rent rises but your purchase cost remains unchanged. IE, the longer you hold the property, the better the yield. Yield is just one factor in property investing. Every property and investor is different. As buyers agents, our advocates look at other indicators and numbers, such as growth, potential, vacancy rates, etc, to determine if a property is suitable for our property buying client.

Getting the right property at the right price is the key to a successful property buying. So, what exactly is the right property, at the right price? There is unfortunately, no right or wrong answers to this question. Everyone has a different reason/purpose when it comes to property buying. It is often said that "any property can be sold, for the right price". The reverse, is however, not true. It is easy to buy the right property at the wrong price. Or you might get a wrong property for the right price. Or worse, you get a wrong property for the wrong price. The odds of getting it wrong is 3 to 1. This is true in the current Melbourne property market, where there is a sense of panic buying, when property buyers fear they will miss out. At some auctions, we've come across many instances of people overpaying for properties. It is not surprising to see a similar property being sold for $100k-$200k less, just a couple of weeks ago. That's the classic Fear-Of-Missing-Out (FOMO) symptoms. Yes, the FOMO monster is back. Over paying 10-20% seems to be the norm at auctions now. There is, of course, nothing wrong with that, if you think it is worth it. It simply means that you will have to wait longer before the property breaks-even, if they are intending to sell. But it is high risk, as such properties are not likely to weather any economic storms well, or you might not get a right price, when you sell. Which is why, studies have shown that it usually takes a person 6 to 12 months to buy a property. What should you do then? We've compiled a property buying guide to help buyers get into the market. It is going to take some heartache, and lots of effort and wasted weekends to get the right property at the right price, but it is worth the journey.

Many thanks to Patrick Young of Able USA for writing this guest blog. Check out their website and great resources at www.ableUSA.info. Finding the perfect home is rarely easy. But when you’re looking for a home that will accommodate your disability or allow you to age in place, it can be quite overwhelming. There simply aren’t many accessible properties on the market, and even finding one that can be adapted properly can be challenging. However, by taking the time to develop a plan and do research, you can remove a lot of stress from the situation and set yourself up for success. From evaluating your needs to working with Concierge Buyers Advocates to making adaptations, here are a few simple tips for navigating the process of finding an accessible home: Assess Your Needs The first part of your accessible home search will be to write down everything you need. This includes all of the big and small things. For example, if you use a wheelchair, you will want to prioritize wide doorways and open spaces. If your plan is to age in place (and/or use a wheelchair), a single-floor home will be ideal. If you deal with limited hand function, handles and levers that are easy to grip should be on your list. Some of your needs may be immediately met by the home you purchase, while others will likely require renovations or upgrades. For now, just get everything on paper. Do Your Homework Next, start researching the homes in your area—including those that are for sale and those that have recently sold. Use your budget and list of needs to narrow down the field of potential homes. To increase your chances of finding the right property faster, work with a buyers agent from Concierge Buyers Advocates. While hiring a professional requires an investment, it can save you thousands in the long run when you consider factors like rental fees and missed property growth. As you’re hunting for your accessible home, don’t rule out homes that are selling “as-is.” While they often require renovations and upgrades, these types of properties can be bought at a great price. You’ll likely be making adaptations to the home regardless, and you could use some of the money you save from buying a home as-is to pay for the changes necessary. For any property you’re considering, seek guidance from an attorney, and look for any potential red flags by examining the property and its land records. Consider the Location Along with evaluating the property itself, think about the location of where you live. You don’t want to be too far from the workplace, doctor, pharmacy, hospital/medical center, grocery store, or other essential establishments. And if you use a wheelchair and plan on taking public transportation, make sure the bus route in the area you’re considering is wheelchair-accessible. Think About Perks Lastly, look for perks on your home search. This refers to any feature of a home that allows you to live safely and comfortably without requiring an adaptation to be made. Wider doorways and hallways, wheelchair-friendly flooring, a zero-step entrance or wheelchair ramp, lower countertops and sinks, automated lights, a walk-in shower or shower platform, and safety handrails are a few examples of features that can accommodate your needs without you having to make changes. Nonetheless, it’s important to remember that these are perks; they shouldn’t necessarily be deciding factors in whether or not you purchase a property. Try to find a home that will require the least number of major renovations, but leave plenty of room in your budget for adaptations and upgrades. Are you on a mission to find an accessible home? If you come up with a plan and know what to look for, the process doesn’t have to be stressful. Remember to make a list of all your needs and do your research. Finally, assess the location and perks of any property you’re considering, and hire a professional agent who can guide you along the way. Before you know it, you’ll be settling into a home that accommodates your needs and allows you to live your best life. * If you would like to contribute your blog, do feel free to get in touch with us. If you want an easy and rewarding property buying experience, contact Concierge Buyers Advocates today! info@conciergeba.com.au

When it comes to engaging the services of a buyer's agent, many would look at the fees, question why they should engage a property buying service when they can do it themselves for free, and walk away. Many compare the cost to the seemingly 'zero' costs if they were to buy the property on their own. Is this a smart move? Let's look at the basics. What are the costs of a typical property purchase? Many would quickly and correctly mention stamp duties, conveyancing, due diligence costs. However, not many buyers would factor in these intangible costs: cost of inaction cost of delays cost of stress cost of anxiety cost of frustration at trying to contact the sales agent cost of frustration at missing out on a seemingly good price for a property cost of taking time off work to make the calls to the real estate agents cost of wasted weekends cost of missing out on growth, for every month they spend searching for the property How do you put a number to these costs? Cost of delays in buying a house This is the easy one to put a value to. The cost of delays. The cost of not doing anything. Every week that you fail to buy the house, is costing you money. Here's why. A research conducted by UBank shows that it can take a person in Victoria between 7-12 months to buy a property on their own. That is up to 12 months of lost rentals or, if you are renting, additional rental payments. And, given that property prices grow 6.8% annually [ Corelogic ] on average, you would have missed that 6.8% capital growth in a year, AND, (since I can take you up to 1 year to buy your property on your own), you would have to pay 6.8% more for a similar property when you find one. WOW! Now let’s put the sums together. As at 2021, considering the median Melbourne house price of $1,000,000, and a median rental of $440 per week. That’s $22,880 in missed rentals, $68,000 in missed capital growth, and, remember, you’ll be paying $68,000 more for the property after a year of searching. That’s a total of $158,880 (or more)! Or about 16% of the median house price. It cost you $13,240 for every month of delay! And that does not take into account the hours and months spent researching, and searching, doing property inspections, the angst, the anxiety, the disappointment, blah blah blah... What can a buyer agent save? How can you reduce this? Engaging a Buyer's Agent is one option. The buyer's agents at Concierge Buyers Advocates have been helping property buyers buy their properties in under 3 months. That is an average savings of 9 months. Yes, you buy your properties up to 9 months faster with our service. Now, remember, it cost you $13,000 for every month's delay. And given that a buyer typically takes 9 months longer to buy their own home, a buyer agent service can help you save over $119,000 ! Considering that a typical buyer's agency fee of 2-3% of the property cost, you will only pay $20,000 to get a savings of $119,000! Question to you: Will you invest 2% to get a ROI of 16%? A 800% ROI. Does that now make engaging a professional Buyer’s Agent, a cost effective, and smarter idea in your property search journey? Does using a buyer agent save you money? As Buyer's Agents, we tap into our network and smart property research tools and exclusive listings to get access to properties from a variety of sources, including off-market properties, new and upcoming listings, and properties which aren't even on the open market yet. At Concierge Buyer's Advocates , we invest hundreds of thousands in property research data, smart tools with artificial intelligence, combine them with industry insider news, with insider knowledge and we run our own analytics to determine where the market cycle is and which areas are anticipated to grow. Data never lie. Combining data and our insights into the property market gives us the unique ability to forecast growth with confidence. Our buyer's advocacy service is NOT for everyone. We keep it exclusive, so that we can service our clients better. But if you are interested in saving over $119,000 in your home purchase, or interested in realising the benefits of your investment property sooner, have a no obligations chat with us. Let's discuss if our service is right for you. Mention this blog and we’re pleased to offer a special deal just for you. Related article: When is a Buyers Advocate Service not for you .

How do Successful Property Investors and Tycoons buy their properties? Property Buying Secrets that Successful Property Investors Don't Want You to Know ​ For too long, property sellers have property advisers and professionals working for them, to ensure they sell their property at the best possible price. These professionals are your traditional real estate listing agent. They are employed by the the sellers and vendors to ensure they get the best price for their properties. They will only look after the buyers insofar as getting the sellers the price they want. ​ Successful property investors know that property investment is as complex and technical as fund investments. It's all about finding the right property at the right price, and with the right numbers. Instead of wasting time searching through endless property listings and viewing irrelevant properties, they invest in the services of buyer advocates. ​ Buyers agents provide expert guidance and source the right property at the right price for property buyers. The benefits of speed to market, and buying the right property at the right price outweighs the small cost of using a buyer agent. ​ At Concierge Buyers Advocates, we help time poor buyers outsmart the property market and avoid the inflated pricing. Our 3 Step process let you Discover, Showcase and Own the property you want. We use specialist tools with built-in artificial intelligence to identify potential properties for further review and analysis. We then apply our experience, expertise to shortlist suitable properties for our client's review. Using our proprietary process, our property purchase usually takes a short 2-3 months. ​ Helping Melbourne property buyers buy the right property is the reason why we run this property buying service. ​ Have a chat with us to find out more.

Generally you will be eligible for the Victoria First Home Owners Grant (FHOG) if: Neither you nor your spouse have previously: received a first home owner grant in Australia. owned a home or other residential property in Australia, either jointly or separately, before 1 July 2000 Occupied for a continuous period of at least 6 months, a home which either of you owned or part-owned on or after 1 July 2000 in Australia. You may still be eligible for the FHOG if you or your spouse/partner purchased a property on or after 1 July 2000 and have not lived there as your home. Additionally, to receive the FHOG at least one applicant must: Must occupy the home as their principal place of reside (PPR) for at least 12 months, commencing within 12 months of settlement or completion of construction. Be aged 18 or over (discretionary). Be an Australian citizen or permanent resident: In the case of the purchase of a new home - as at the date on which the applicant/s become entitled to possession of the home under the contract, which generally occurs on the date of settlement. In the case of entering into a comprehensive building contract - as at the date on which the building is ready for occupation as a place of residence, which generally occurs when construction of the home is finished. New Zealanders holding a special category visa under s32 of the Migration Act 1958 and anyone holding a permanent visa under s30(1) are considered permanent residents for these purposes. New Zealand citizens must be living in Australia when the eligible transaction is completed.

Over 80% of property buyers missed out on the properties they wanted. Concierge Buyers Advocates helps buyers outsmart the market and avoid the inflated pricing. Here are some reasons why property buyers are engaging the services of our Melbourne Buyers Advocates services.