Thursday, November 23, 2017

Real estate tech-talk

The real estate tech sector is constantly being shaped by shifting market conditions and changes in consumer behaviours, forcing traditional real estate firms to rethink their core business models and embrace digital-first innovations. 

We know that Australians are some of the most tech savvy people in the world and as a nation we love buying property and living 'The Great Australian Dream'. With half of the world's population online, digital connectivity is helping to improve people's lives, and in real estate we are seeing that buyers especially, are savvier than ever. New digital tools are making the process of buying and selling property faster, simpler, more engaging and accessible than ever before.

Buyer's expectations are also much greater than they used to be... they want information, quickly and easily, and it needs to be up-to-date and available, whenever and wherever. A study conducted last year by 
found that 78 per cent of consumers were accessing property listings and information online - rather than through traditional methods alone
- using smart phones, laptops and tablets.

Team Toop is seeing first hand that new technologies are giving buyers the power to shape their property-seeking journey rather than passively absorb what they are being given. They are using their mobile devices to interact with properties more than ever before and prefer digital platforms like virtual inspections and live-streamed auctions.   

Earlier this year we launched ToopCreate, a new suite of property marketing tools for our Toop&Toop clients, and we have seen our new digital features generate a buzz in the marketplace transforming buyers' experience and sellers' results. These tools include:

 - Designed for iPads and Desktops, ToopFurnish gives potential buyers the power to digitally furnish and decorate their perfect living space.

 - Using an iPad or computer, buyers are able to digitally customise the interior of a home by selecting exciting new colours and textures for walls, flooring, countertops and cabinets.

 - Potential buyers from anywhere in the world are able to walk through a property online, and stop, look, and feel how that space would work for them - as if they are really there.

Technology and innovation continue to hold the key to reshaping and improving our real estate industry and we can't wait to see where it takes us next.

If you would like to know more about ToopCreate, the other technologies that 
Team Toop can offer, and how they can help you achieve the best result for your home, 
we would love to hear from you! 

Thursday, November 16, 2017

The rise of the fur babies… now impacting tenancy rights

We now live in a world where Doggy Day Care is becoming the norm and households are spending more and more on their pets... $12.2 billion annually in fact! So it's no wonder this trend has crept its way into the rental market, and there are now new laws in place surrounding a Tenant's rights to have a pet.

Last month in Victoria, new laws were introduced where a Landlord can no longer apply a blanket 'no pets' clause in their rental leases. If a Tenant applies with a pet, Landlords will have to grin and bear it, or they may face going to the Tribunal. Landlords will still need to provide consent 
to the application, however they can only deny a request in certain circumstances. 

So what if this was to also change in 
South Australia?

For the 'glass half full' kind of people, this is not all bad. If 83% of people own pets, you will be (by default) increasing your Tenant selection pool dramatically. With more applicants interested in your property, you could expect to see your rental amount rise and your returns improve. 

The risk of course is how well behaved the fur baby is, and what damage could be caused to the property. It is not uncommon for pets to cause stains to carpets or curtains, and scratch wooden floorboards or window frames if left inside for long periods of time. Another challenge, is whether the bond amount collected would be enough to cover any possible corresponding damage at the end of the tenancy. 

Re-introducing Pet Bonds (currently these are not allowed in South Australia) or agreeing on additional inspections at a rental property upfront, are options that may help find middle ground so Tenants and Landlords both feel comfortable with the arrangement in place.

These laws are not here yet, but if you are considering allowing pets in your rental property, we suggest adding 'pets negotiable' on your property advertising. You might also want to ask that any Tenants applying with pets include a photograph of their pet(s) at the application stage. This will ensure that you know what type of pet you are agreeing to. 

If you are diligent with routine inspections and your Tenant is made very aware of their responsibilities to maintain the property, having pets in a rental property is definitely doable, as long as the right checks and balances are in place.

Thursday, November 09, 2017

The Adelaide property market is heating up!

With the weather really starting to warm up, cricket season nearing and just a few short weeks until the official start of our 2017/18 summer, we are seeing that Adelaide is certainly hot property right now with the number of homes for sale rising! 

Throughout spring, the number of properties advertised for sale typically climbs as vendors look to take advantage of the warmer weather and gardens in full bloom. The latest statistics from CoreLogic RP Data state that listings in Adelaide are 8.0% higher than a year ago and at their highest levels for this time of year since 2013. Market conditions for buyers right now are excellent, with auction volumes across our combined capital cities also reaching their highest-level year to date! 

The media hype and general buzz around the Adelaide property market is hard to ignore. Interstate and international investors are turning their attention to our city, local investors and developers are well and truly in the market and people who already own property are using their current equity to upsize. 

In the months of September and October, a significant number of our Toop&Toop sales were properties that sold in our ToopVault. These properties were not seen by the public, and were snapped up by our Vault members who were tired of missing out on property. These buyers put their best offers forward to secure homes before they became 'public knowledge', giving them the chance to get ahead of their competition. 

There is no doubt that this is a great market to buy in, but what about those wanting to sell?

In the past week, we have found many clients and potential sellers at our open inspections are asking us if it's too late to do something before Christmas.

The great news is - for those wanting or needing to sell - there is still six weeks left before Christmas to put your property on the market and seven more selling weeks of the year! 

So how long will the buyer demand last? It's always hard to judge. Around this time of year, we always begin to hear stories, predictions and opinions surface for the New Year. 

One thing is for sure... you can never predict the future. Right now the property market is in full swing, there is a strong demand for property, we are achieving some exceptional sale results including suburb record prices, and finance conditions for buyers continue to be the best 
we have seen. The momentum in the market 
is here right now and if you want to sell in 2017, it's certainly not too late.

Give Team Toop a call today to take advantage 
of our current market conditions. We would love to help you achieve a premium price for your property before Christmas!

Thursday, November 02, 2017

Adelaide’s property market is on the move… again!

The latest housing report by CoreLogic RPData has just been released showing positive signs for Adelaide and the majority of capital cities across the country. 

Adelaide continues to be the steady reliable performer and saw a healthy 5% growth in housing prices over the quarter. Nationally, Hobart achieved the highest average pricing growth over the quarter. Sydney and Melbourne are showing signs of slowing down, however have still recorded double digit growth, where Perth and Darwin were the only two cities to record negative growth over the quarter. 

Looking more locally, we've seen a high number of properties record double digit growth in median house price over the past 12 months. Top performing suburbs include: North Adelaide, Walkerville, Semaphore, Prospect, Belair, Woodville South, Fullarton, Somerton Park and Crafers.

This is consistent with what our team are experiencing. Team Toop are seeing between 800 and 900 active buyers each week at our open inspections. The market is running hot... and we don't see signs of this slowing down anytime soon. 

So what are the property predictions for 2018?

Adelaide is looking very strong. Property Analysts expect to see house price growth of up to 9%, ranking ahead of Sydney, Melbourne and Brisbane in terms of the predicted number of growth suburbs.

Those suburbs with house prices sitting around $450,000 (our median house price) are tipped to be the best performers. Over 45 suburbs made the list of areas to watch including Oaklands Park, Findon, Grange and Semaphore Park. 

We expect to see investor activity in Adelaide rise off the back of the slowing Sydney and Brisbane markets. In Adelaide there is a huge upside for Landlords. Here Landlords are reaping the benefits of a stable, yet consistent market of quality returns. Over the past quarter our Property Management team have seen yields of between 3.29% and 5.74% with the highest being achieved in Magill (4.67%), Enfield (5.02%) and Para Vista (5.74%).

Adding to this positive news is the number of projects that are underway in our state to help our resource sector. Looking ahead this will continue to be good news for the Adelaide property market.

We're in the middle of spring and the national Property Analysts agree, the Adelaide market is strong. If you want to make the most of our city's current conditions, give our team a call. We love talking all things property, and especially about the opportunities that exist here, right now, in our state.