Changes in the Marketplace

The State Government has been working to provide a consistent platform for residential buyers and sellers to create a more transparent market and provide clear information to all stakeholders.

Changes to price quoting are significant with a revision of the property’s estimated selling price requirements. The vendor may still elect not to market a price indication on their advertising (internet portals, brochures or board signage), but the agent’s estimated sale range for the property must be included with a minimum of three recent comparable sales on a fact sheet handed to buyers at open homes, together with the suburb’s median selling price.

The agent is required to revise the selling range upwards if an offer is received in writing prior to auction that exceeds the bottom end of the range quoted. The use of the words “offers over” or “price plus” are no longer allowable. Agents may use a single selling price or a range (no more than 10% from upper to lower end)

At Thomson, we have been providing a fact sheet to buyers for many years now. This also includes outgoing information, a likely rental rate that can be achieved, title dimensions where applicable, terms of sale and any particular requirements that the vendor advises. Buyers appreciate very much the instant information this document provides.

The winter property market produced some outstanding results for sellers across Melbourne. Record low interest rate levels have been consistent, and many would be sellers have opted to stay where they are, borrow to renovate and extend their time in their current address. Buyers have been forced to compete with smaller choice, and prices have responded with auction and private sale campaigns. We have enjoyed strong results both locally in postcode 3163, and beyond in St Kilda East, Albert Park and Armadale.

In Murrumbeena, 3 Short Street set a new bench mark for semi-detached homes in the area, achieving $1.26 million. This cleverly renovated period home, which enjoys views over Springthorpe Gardens was inspected by 88 parties during the campaign. In Carnegie, 16a Blackwood Street, a two bedroom unit in original condition sold for $983,500 at auction with five keen bidders.

Love Thy Neighbour

Whether it is at your own residence or your investment property there may be a time when you find yourself in a dispute with a neighbour.

Our office has just assisted a client in such a dispute over damage being caused to his property by the neighbour’s tree. The dispute ended up in the County Court and took several days to resolve and, as you can imagine, the legal costs were significant.

If a problem arises between you and your neighbour you should set about resolving it as soon as possible. Here are a few pointers to keep in mind:

Establish the facts and your rights
Whether you intend to take legal action or not, knowing what the law is will help you realistically assess your options, and be able to negotiate your way to a resolution more effectively and quickly.

Communication is key
It is always best to make a concerted effort to meet with and talk to your neighbour about the practical aspects of the problem, how it affects you both and what is required to solve it. Be sure to treat your neighbour with courtesy and respect. Sometimes the solution may be smaller or simpler than you think.

Keep records
Always make notes of your conversations, dates, progress and what each party agrees to do and by when.

Compromise
Be prepared to consider the other party. It is likely the outcome will involve a compromise. It is worth bearing in mind if you take legal action the outcome is out of your hands and not always determined on a point of what is fair and just, but on a point of law. You can’t control the outcome and you might not like it.

Mediation
Free mediation is an excellent alternative to legal action and is well suited to neighbourly disputes. It is especially useful where you are finding it difficult to talk directly to your neighbour, when progress is slow or conflict has arisen. Trained mediators will facilitate the sessions on neutral ground.

Staying out of court will save you a lot of time, stress and expense!