Property Sale

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One of the life’s most stressful events is buying or selling your first home – it’s said to be up there with getting married. 
The REIQ offers several tips to first home buyers and sellers that will help you navigate one of life’s trickiest transactions with confidence and with a degree of certainty that you’ll achieve a great outcome, whatever you want that to be.   One of the keys to success is engaging a real estate professional that you can trust to be your guide throughout the process. You need to find that person who you can connect with; that person who is experienced and can help you with the many decisions that you are about to make.    Choosing your agent:
Interview the experts and get their views. Meet with two or three agents and talk to them about what you want to achieve from the transaction. If you’re buying your first home a buyer’s agent is a very good idea and if you’re selling for the first time then speak to a few agents from different offices to get a feel for how they each will approach the sale of your home.   Ask questions:   1. What is your area of expertise? Many people don’t realise that real estate agents can engage in a broad range of activities, including selling residential property, auctioneering, commercial property sales, leasing and management, along with business broking. So you need to choose someone whose background is in the area that you’re seeking guidance in.   2. Feedback: You need an agent who has experience in giving feedback and having tough conversations with clients. Sometimes it can be difficult to give honest feedback to vendors who don’t want to hear that the price they want is unrealistic or the renovations are not a good idea. You want an agent who will be honest and up-front with you, so ask them about their style of feedback for vendors and what they do when they have to have the tough conversations.   3. Do you have professional indemnity insurance? This is not a statutory requirement so not all agents will have it, which is a problem if something goes wrong. All REIQ accredited agency members are required to carry a minimum of $1 million in PI insurance. It gives an added peace of mind. After all, you don’t want to be embarking on one of the biggest transactions of your career without a safety net, do you?   4. What is your dispute resolution process? Nobody wants to think that something will go awry in their property transaction but if it does, what options are available to you? If your agent doesn’t have a simple, accessible dispute resolution policy in place how will you know what to do in the event of a dispute?   5. How do you stay up-to-date with legislative changes? Not all agents maintain their professional knowledge and this can be concerning when you consider that property transactions are very heavily regulated by government legislation. You really need to make sure that the agent you choose keeps their knowledge up to date. All REIQ members are required to maintain their continuing professional development as a requirement of their membership and this gives you peace of mind to know that they are up to date.
ANTONIA MERCORELLA is CEO of the <a href="https://www.reiq.com/" target="_blank">REIQ</a>.
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Property 101: How to take the stress out of property purchasing and selling: Antonia Mercorella

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Indi Madden, whose family owns the Mitre Tavern in the Melbourne CBD, and her husband Bryan Madden – managing director of fund management firm Brookline Partners – have listed their Hawthorn East home.
More than $2.8 million is tipped for 21 Selwood Street which with an understated contemporary style, has city views.
Kay &amp; Burton agent Nicole Gleeson has a scheduled August 22 auction.
It traded at $2.2 million in 2007 when bought from Felicia Leoncelli, the former senior artist with the Australian Ballet Company, and wife of estate agent Andrew Leoncelli.
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Hawthorn East trophy home offer

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A hilltop East Fremantle home has been listed for sale.
The <a href="https://www.realestateview.com.au/Real-Estate/42-alexandra-road-east-fremantle/Property-Details-buy-residential-9409662" target="_blank">2 Alexandra Road</a> property rebuilt in 2010 has been listed with $4 million plus hopes through Jonathan Keys at William Porteous Properties International.
A rooftop garden has wide river and ocean views.
The house is built on a 965 square metre floor area with under vaulted ceilings and travertine floors.
The median price for a house in <a href="https://www.urban.com.au/property-observer" target="_blank">East Fremantle is $1,175,000</a>, according to CoreLogic RP Data.
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Hilltop East Fremantle trophy listed

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Retired swimming golden girl Stephanie Rice has sold her Paddington, Brisbane home.
Place Paddington agents Tim Douglas and Scott MacDonald secured the sale.
Stephanie Rice posted her gratitude on Instagram about the sale of her four-bedroom, three-bathroom property for an undisclosed price.
<a href="https://www.realestate.com.au/property-house-qld-paddington-121662222" target="_blank">Rice purchased the home on Kennedy Terrace </a>in 2010 for $1.265 million.
She used the house for investment purposes renting it out at most recent at $1050 a week.
It’s believed the recent sale was motivated by her move overseas.
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Stephanie Rice sells her Paddington, Brisbane investment property

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An 11% rise in capital city home values nationally has pushed some 437 new suburbs onto CoreLogic RP Data's Million Dollar Club.
The club comprises suburbs where the median value of a median value of at least $1 million.
The membership requirement is that a minimum of ten sales above $1 million have to be made over the year.
According to CoreLogic RP Data head of research, Tim Lawless the rise in values has been strongest in Sydney and Melbourne, with the jump in the number of suburbs on the list is evidence of these strong value rises. 
"The top 20 most expensive suburbs list show that Sydney suburbs clearly dominate the record board and account for 17 of the 20 most expensive suburbs nationally… On the other hand, only 1 Melbourne suburb and 2 Perth suburbs made it to the millionaire suburbs list," Mr Lawless said.
"There were also significantly more suburbs making the list for houses (424) than units (13). In fact, all of the suburbs listed for units were situated in Sydney and were located adjacent to or on the water. 
"With growth levels potentially moderating over the coming year we aren’t likely to see as substantial a jump in the number of suburbs as what has been seen over previous years."
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437 new suburbs make CoreLogic RP Data's Million Dollar Club

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Inner Melbourne had a preliminary clearance rate of 68.0% from 253 total auctions, according to CoreLogic RP Data's Property Market Indicator Summary for the week ending 30 August.
In the inner south region, 168 properties went to auction -  a clearance rate of 87.2%.
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Inner Melbourne hits preliminary clearance rate of 86% CoreLogic RP Data

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A bumper 1,000-plus car bays are up for grabs in Melbourne as part of an unprecedented property portfolio sale by Singapore's Lim family.
Colliers International’s Matt Stagg, Daniel Wolman, Oliver Hay and Trent Hobart have been appointed to sell two major commercial car parks at 380-406 Queen Street (corner A’Beckett Street), Melbourne and 16-32 Leicester Street, Carlton.
380 Queen Street is expected to attract interest in excess of $70 million, while 16-32 Leicester Street is estimated to sell for around $40 million.
“It is the biggest car park portfolio to be offered for sale in the Melbourne CBD for more than 10 years,” Mr Stagg said.
“On its own, this portfolio is substantial and unique, but current market conditions elevate the offering to an unprecedented level.” 
380 Queen Street is a large, 3,218sqm site that is home to a six-level commercial car park comprising 556 bays, constructed in 1987.
Situated in a high profile location on the corner of Queen Street and A’Beckett Street, it also includes a 1,917sqm ground floor showroom and office.
16-32 Leicester Street is a 2,040sqm site comprising a six-level commercial car park with 454 bays, on the border of the Melbourne CBD.
“The sale of the two properties comes at a time when the number of purpose-built commercial car parks throughout the Melbourne CBD and city fringe is rapidly reducing,” Mr Stagg said.
The car parks may be be purchased as a portfolio.
 The portfolio is for sale by international expressions of interest closing Thursday 8 October, 2015 at 3:00pm.
The Lim family paid $9 million for the larger six level car park on the corner of Queen and A'Beckett Streets and $4.5 million for the Carlton car park at 16-32 Leicester Street in the early 1990s.
The two car parks failed to sell 1999 when they were listed with hopes above $15 million.
Cox Architects have prepared a development scheme for a 71-storey residential tower with 850 apartments on the Queen Street site and 17-storey student housing block with 250 apartments on the Carlton site, but without any development approvals.
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$100 million-plus Melbourne commercial car park portfolio‏

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Mark Ainsworth, of the Aristocrat pokie clan, is set to emerge as the $7.55 million buyer of a trailblazing Surry Hills warehouse residence.
Gordon Youett and Kerry Yates undertook one of Sydney's earliest industrial conversions in the early 1970s. It last sold in 2004 at $2.5 million to Michael Hayes. 
It still has its heart-shaped swimming pool where Jackie Collins launched her blockbuster novel Hollywood Wives in the early 1980s.
Fashion designer Stuart Membery bought it in 1987 for $750,000 selling later at a heated auction for $1.16 million to his ex-business partner Michael Watson. 
These days it has 52 solar panels that generate $6,000 annual income.
This article first appeared in The Daily Telegraph.
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Mark Ainsworth buys Surry Hills trophy conversion

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Actor Vince Colosimo has sold his Northcote home.
The double-storey terrace, expected to sell for $1.4 million plus, went last weekend for an undisclosed price.
Despite Colosimo's movie credits including the acclaimed Australia-produced Lantana, it was revealed last year Colosimo was working on Melbourne building sites to make financial ends meet. 
<a href="https://www.realestateview.com.au/Real-Estate/86-union-street-northcote/Property-Details-buy-residential-9292976" target="_blank">Nelson Alexander's Grant Leonard</a> was the marketing agent of the Union Street offering. 
It last traded in 2000 at $303,000.
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Actor Vince Colosimo sells in Northcote

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2GB rugby league Continuous Call Team member Mark "Piggy" Riddell, the goal-kicking hooker, hopes to score when his East Hills home goes to September 19 auction.
The modernised three bedroom, two bathroom 1999 family home with jetty is positioned with bush and water views across the <a href="https://www.daystar.com.au/buy-residential-real-estate/house-614-henry-lawson-drive-east-hills-nsw-11342101136" target="_blank">Georges River from its 600 sqm block</a>.
"For those who love entertaining, or simply enjoy the appeal of outdoor living, the resort style yard will impress," the Daystar First National listing agent Michael Sleiman said.
"Relax with friends on a lazy Sunday afternoon, or enjoy a BBQ on a balmy summer evening."
It was bought during Riddell's last year at the Parramatta Ells, before heading to play for Wigan in 2009 where he won the 2010 Super League Grand Final with them.
Riddell, who Riddell retired in 2011 at the Sydney Roosters, has his eyes on something at Wallacia.
The median house price in <a href="https://www.urban.com.au/property-observer" target="_blank">East Hills</a> is $800,000, according to CoreLogic RP Data.
This article was first published in the Sunday Telegraph
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