Welcome to this edition of Eagle Eye Property Insights, where we share key tips to help you navigate the property market with confidence.
When recently viewing photos of a local property on the market, I saw photos of the real estate agents sitting down at the property having a cuppa! I’ve seen a lot in real estate over the years, including real estate agents putting photos of their brand-new luxury cars in the advertising, but nothing quite like this. It made me think how this may be portrayed by not only prospective buyers but also property owners looking at who they can use to sell their property in the future.
If you’re a seasoned property investor, you will no doubt have been in a multi-offer situation when purchasing a property. I liken it to a lucky dip – you win some, you lose some! So, what are some strategies you can use to give yourself the winning edge? After all, no one wants to overpay for a property. In a hot market where there are fewer properties for sale, the highest price is likely to win the race. An offer with fewer conditions, such as a cash unconditional offer or one excluding a builder’s report, will also be more attractive. Another often-overlooked consideration is the tenancy aspect. Will you be buying the property with vacant possession or taking over the tenants if the property is already tenanted? This will determine how quickly the vendor receives their money, so it can make a huge difference to the vendor. It’s important to know that if you’ve submitted your offer, you can alter the price and terms if it then becomes a multi-offer before the offer is presented.
The1st of July 2025 is approaching fast. What’s happening on this date? All private rental properties must comply with Healthy Homes Standards by 1 July 2025. Any landlords who are not meeting their obligations can be fined up to $7,200 under the Residential Tenancies Act 1986. MBIE’s Compliance and Investigation team are actively contacting landlords and property managers for evidence that properties are compliant. The random nature of these checks means it’s not worth the risk of not complying.
Note: The above comments are for general information purposes only and do not constitute financial advice. We recommend consulting a registered financial advisor when considering your mortgage options.