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The Mercury Real Estate Guide : March 27th 2009
66—MERCURY Friday, March 27, 2009 FINANCE AND CONVEYANCING Trading up can be easier than buying down THERE are plenty of los- ers in the falling market, but the big winners will be those able to pounce on a cut-price premium property. Though the downturn is being played out differ- ently from suburb to sub- urb, properties at the top of the market are hardest hit. Some exclusive sub- urbs had as much as 21 per cent sliced from their median prices in the year to December. Houses in the $500,000 to $600,000 bracket, which have not been as hard hit and have dropped only 10 per cent, are expected to rebound quicker. This means it is possi- RISERS’ MARKET: Formerly million-dollar properties are vulnerable to those who are cashed up. Know the value before you buy. Valuations are critical to every real estate investment. Our experienced certified valuers provide accurate and reliable valuations with prompt turn around times at competitive prices. Contact us today. 5 Audley Street, North Hobart TAS 7000 Phone 03 6231 6688 Fax 03 6231 6788 Email firstname.lastname@example.org a bad time to sell if you have only owned your ‘ Mobile 0417 369 915 Phone 6213 3318 Fax 6234 5171 Email email@example.com 15 Warwick Street Hobart www.fresh-finance.com.au property for a couple of years ’ We’ll fi nd the right home loan for you! We’ll answer all your questions We’ll come to you at a time to suit you At Pure Financial Solutions, we can provide you with information about and access to a range of home loan products including; • • Re-financing • Investment property loans • Construction loans Debt consolidation • Lo doc loans We provide pure financial solutions Call Michael Sherman on 6228 0206 or 0409 091 344 Suite 1, 83 Main Road, Moonah, Tas, 7009 10286113 IAN SEALY Licensed Conveyancer MARGARET MINEHAN Senior Conveyancing Clerk y ABN 28 089 828 562 e a l Professional and experienced service offered in respect of all private home/residential conveyancing Phone: (03) 6223 2054 Mob: Fax: 0419 508 578 (03) 6223 2960 Email: firstname.lastname@example.org Level 1 - 138 Collins Street Hobart Website: www.iansealyconveyancing.com.au CONVEYANCING‘it’s all we do’ • Fixed Price Conveyancing • Personalised Service • Enquiries Welcome Phone 6223 3888 100A Collins Street Tony Robinson ony Robinson 0438 789 493 6231 5600 ble to upgrade to a pre- vious $1 million property for around $800,000, your current $600,000 property having lost, say, only $60,000. Market observers say It’s only that, in the face of the global economic crisis, more and more of these once-seemingly unattain- able houses will be on the market. Margin calls on share market portfolios and job and salary cuts have al- ready seen some moti- vated or desperate sellers in Melbourne suburbs such as Hawthorn and Brighton. People who have good equity in their homes and secure jobs will be in the box seat in coming months. But they will have to judge when the market has hit rock bottom to get the best deal. Buyer’s advocate Paul Osborne says there is no Thejittery property market hasasilver lining for the cashed-up looking tomoveto abetter property, writes ClaireHeaney doubt people looking to trade up are in a good position. He says the downside for people capi- talising on the forced sale of premium properties is that their own properties have also dropped in va- lue. Except for those who bought at the height of the market in 2007, those wanting to sell now will be fine. Osborne, who doubts there will be bargains in the $500,000 price range, is expecting investors to start getting back into the market. ‘‘But if you’re looking to downsize, it may be more difficult,' he says. He agrees that that the biggest drops are in houses priced at $1 mil- lion or more. He says someone look- ing to sell a house in Brighton to move to a two-bedroom apartment in Albert Park will find the price of the house has dropped but the price of the apartment has re- mained stable. Karin Mackay, director of a property buyer, sees it as a great time to buy and a good time to sell. ‘‘It’s only a bad time to sell if you have only owned your property for a couple of years,’’ she says. She recommends qual- ity suburbs such as Haw- thorn, Kew and Balwyn as places to be looking. ‘‘Quite frequently we are seeing distressed ven- dors,’’ she says. ‘‘I can’t tell you the numberof bargains in the past two months.’’ Mackay says that in her own case she bought 12 years ago in Port Mel- bourne for $240,000. At the peak of the boom, she may have sold for $1.1 million, but in the current climate the selling price could be anywhere from $950,000 to $1 million. Mackay says a client recently bought a proper- ty for $150,000 less than the council valuation and that she is now negotiat- ing for a Queensland penthouse at half its orig- inal asking price. She says she has been able to negotiate substan- tial savings for clients because, in several cases, developers keen to move on to their next project have discounted heavily. She says she is starting to see holiday homes hit the market as people try to reduce their non-core assets. A little more economic pressure could see a rush of holiday houses hit the market, she says. HERALD-SUN FIRST HOME BUYERS WE MAKE THINGS EASY at MORTGAGEW RLD OUR EXPERIENCE HELPSYOU ATTAINYOUR DREAMS LETS TALK ABOUT loans, properties, 1st home owner grants, real estate agents, insurance, stamp duty, solicitors, building inspections, valuations, builders, land and more importantly YOUR FUTURE BROKERAGE FEES PHONE 6231 5600 email@example.com purchase price Borrow up to 97% of the Borrow up to 97% of the chase price AVAILABLE 7 DAYS NO UPFRONT take a fresh look at home finance P S . 1106b Lifestyle LIFESTYLE 2090104-LS t I L a n y t W d
March 20th 2009
April 3rd 2009