March Auction Results!

Last week we had our second in-room auction event for March, held at the Rydges Hotel in Campbelltown. 

The auction event achieved great results, with an impressive 54 people in attendance. Our team performed admirably, selling 3 of the 5 properties submitted for auction...that’s a 60% clearance rate! 

PRESTONS, 2 Weja Close – SOLD BEFORE AUCTION!
ESCHOL PARK, 8 Epping Forest Drive – SOLD!
AMBARVALE, 52 Georgiana Crescent – SOLD!
APPIN, 20 Rixon Road – NOT YET SOLD!
CAMPBELLTOWN, 57 Raymond Road – NOT YET SOLD!

MARCH AUCTION EVENT STATISTICS:

• 100% of the properties SOLD achieved above our sellers’ reserve prices.
• Of the properties SOLD, our team achieved an average of $9,500.00 above our sellers’ reserve selling prices.
• Of the properties SOLD, each property had on average 3 registered bidders. 
• Of the properties SOLD, our team achieved an average of 21 buyer inspections per property during the intensive 21-day marketing campaign.

The auction event was another brilliant effort by the Dougmal Harcourts team. We worked hard to deliver the very best results to our clients. 

Congratulations also to our successful sellers and purchasers! 

Thanks again to our Auctioneer, Paul Casarotto, and the wonderful support from Domain, The Macarthur Advertiser and Harcourts NSW.

NEXT IN-ROOM AUCTION EVENT WILL BE HELD ON THE 15th OF APRIL, AT THE RYDGES HOTEL, CAMPBELLTOWN.

Investment Property Tax Tips

Tax time can often be confusing for landlords as to what can and can’t be claimed. Landlords should obviously aim to claim the maximum amount of expenses that are allowable against their investment properties. 

To help you get started, below are the more common items that landlord’s claim: 

• Capital works deductions – extensions, alterations and structural improvements can be claimed, but not the land itself as this is subject to capital gains tax.

• Some depreciating assets such as curtains, blinds, stoves and hot water systems can attract a tax deduction.

• Repairs and maintenance such as replacing guttering, repairing electrical equipment, painting, cleaning or plumbing are all deductible. Check the ATO website as there are certain time frames in which these claims can be made.
  
• Travel to and from your rental property for inspections is tax deductible.

Other smaller items that are deductible include: advertising costs, body corporate fees, council rates including sewerage and water, gardening and lawn-mowing costs, insurance (including landlord insurance), pest control and property agency fees.

You should remember that you can only claim expenses relating to your rental property for the period that your property was rented or available for rent. Remember to keep all documentation and receipts for claimable expenses. 

For more comprehensive information, visit the ATO website at http://www.ato.gov.au/Individuals/Income-and-deductions/ (look to left margin to ‘Investments, including rental properties’) and consult with your accountant.

Top Five Risks of Renovating

Renovating has become a bit of a national past time, and popular television shows like The Block continue to fuel our love of renovating. In 2012, Australians spent $6.35 billion on renovations according to the Australian Bureau of Statistics.

Sure, renovating can be highly satisfying and profitable; however there are many risks in the renovating game that you should keep in mind.

Budget blowout
It is probably no surprise to learn that renovations rarely come in on budget. To avoid a massive budget blowout, you should engage a quantity surveyor to estimate the cost of construction before lodging a development application with council – this will ensure you don’t end up with approval for a renovation you can’t afford. The quantity surveyor’s fee of $5000 could save you tens of thousands later on.

Overcapitalising
This is the biggest risk of renovating and it occurs when you spend more on the renovations than the profit those improvements could be expected to bring if you were thinking of selling in the future. If you are planning to live in the home “forever”, this may not be a problem, although it’s worth remembering that you never know when you may have to unexpectedly sell.

A reputable real estate agent can show you how the current market is performing for comparable properties. Use this information in the decision making process.

Devaluing your property
You must keep in mind that any renovations you undertake are completed to a high quality standard and have wide appeal - otherwise you could be losing money, instead of increasing your property’s value.

Not getting the right advice
You need to get the relevant experts to tell you what you’re in for with your particular renovation. Doing your homework will avoid unwanted surprises.

Sourcing reliable builders is also of the utmost importance. Don’t just focus on the cheapest quote – go for the person most capable and look at the quality of their work before you hire them.

Risking your health
If you’re planning a DIY job on your renovations, you need to be smart and put your health and safety first. A survey by Sydney’s St Vincent’s Hospital last year found that 61 percent of respondents who had recently completed their own renovations had been exposed to asbestos. Asbestos was used in products such as carpet underlay, walls and floor tiles in homes constructed before 1987.

Electrical wiring, falling fragments of wall, and potential accidents with power tools are also things to watch out for. Taking all necessary safety precautions is crucial.

Hiring a Builder

Making updates and changes to your home are stressful enough without having your builder add to it! If you have never dealt with a builder before, you want to ensure that you have hired the best builder who can do the job right the first time.

Before you hire a builder, find out the following information by asking the builder and making the necessary checks.

Are they a licenced builder?
People often don’t know if their builder is licensed, or go with an unlicensed builder to save money. The results can be disastrous. The N.S.W. Department of Fair Trading has an area on their website where you can check a builder’s licence – www.fairtrading.nsw.gov.au

Does the builder have adequate insurance?
Make sure your builder has Home Warranty Insurance before you pay them anything. This covers you for financial loss, such in the circumstance the builder leaves without finishing the job. Again you should visit the Fair Trading website or call their office to understand required insurance details.

View some of the builder’s recently finished projects.
This will allow you to see if the builder’s workmanship is what you want for your home. Make sure you check out the quality of materials used, and try to speak to their past clients.

Does the builder work in your area?
The builder may not be interested in building where they have to travel a long way. If the builder does not want to travel they may hire sub-contractors that they are not familiar with, and these people may not be up to standard.

How long will the maintenance period last?
A builder should agree to perform building maintenance for a period of time after completion. This would vary according to the project.

Ask who is supervising the construction.
When a supervisor is onsite, higher quality work is performed. Look into this person’s track record including their past experiences and duration with their current employer.

What about their trade base?
A consistent and reliable base of tradespeople is essential for making certain the job will be of high quality and done efficiently.

What other projects is the builder involved with while working on your house?
You don’t want a builder that is spread too thinly over many projects. A builder who concentrates on your job will mean fewer mistakes and on time delivery.Other things you want to know are if builder has ever been declared bankrupt, or if they have any outstanding issues with the Building Professionals Board.

Building or renovating a home is a huge financial and emotional investment, so take the extra time to do a thorough check on any prospective builder, their workmanship, references and credentials.

How to Be a Financially Prepared First Home Buyer

Many of us grow up with the aim of owning a home one day, and with interest rates at their lowest in 50 years, it may be a good time for financially-fit first home buyers to take the plunge. By doing your research and following a few guidelines, it will be much easier to achieve the home owner dream.

Have a set budget
It’s important to establish how much you can afford to pay, and what sort of property and location will fit within your price range before entering the property market. Visiting open homes, talking to real estate agents and viewing past sales results for the areas you are interested in are great ways to get a handle on the market. It is also important to keep in mind that your property is an investment too – access to transport, schools or shopping centres will ensure that if you decide to sell your property it will be appealing to future buyers.

Review your spending habits
List your income and all expenses, including bills, groceries and entertainment on a budgeting spreadsheet before approaching a lender. Make sure you consider other upfront and ongoing costs involved in buying a property, such as stamp duty, conveyancing and legal fees, strata fees if purchasing a unit, and council rates.

Build up your savings account
Many lenders require a record of savings history as part of the criteria for applying for a home loan. Figure out what you can live without while you are saving for your first home. Opening a high interest savings account or term deposit will help you grow your deposit faster.

Pay down debt and tidy your credit history
Try to pay off your personal debts as much as you can before buying a property. Minimising your debts and closing all unnecessary accounts you have will not only allow you to borrow a little more, but also give you a bit of financial breathing space in your budget.

A helping hand
Find out if you are eligible for a Government First Home Owners Grant. You can visit www.firsthome.gov.au to find out what you qualify for.

February Auction Results

Last week we had our first in-room auction event for 2014, held at the Rydges Hotel in Campbelltown.

The auction event gained outstanding results and enormous community interest, with an impressive 156 people in attendance. Our team performed admirably, achieving our best clearance rate to date, selling 8 of the 10 properties advertised for auction...that’s an outstanding 80% clearance rate!

LEUMEAH, 28 Corunna Avenue - SOLD!
BLAIR ATHOL, 4 Keighran Mill Drive - SOLD!
AMBARVALE, 49 Clerkenwell Street - SOLD!
CAMPBELLTOWN, 12 Lawson Street - SOLD!
LEUMEAH, 11 Bathurst Street – SOLD!
AMBARVALE, 94 Crispsparkle Drive - SOLD!
RUSE, 5 Greenway Street - SOLD!
CAMPBELLTOWN, 72B Broughton Street - SOLD!
BRADBURY, 1 Jacaranda Avenue – NOT YET SOLD!
CAMPELLTOWN, 5/31-35 Chamberlain Street – WITHDRAWN PRIOR TO AUCTION
CAMPBELLTOWN, 67B Chamberlain Street – WITHDRAWN

FEBRUARY AUCTION EVENT STATISTICS:

• 75% of the properties SOLD achieved above our vendors’ reserve prices.
• Of the properties SOLD, our team achieved on average an impressive $28,417.00 above our vendors’ reserve selling prices.
• Of the properties SOLD, each property had on average 5 registered bidders.
• Of the properties SOLD, our team achieved an average of 39 buyer inspections per property during the intensive 21-day marketing campaign.

The auction event was another brilliant effort by our team. The event exemplified our office’s core values of:  People First; Doing the Right Thing; Being Courageous; and Fun and Laughter.

Congratulations also to our successful vendors and purchasers!

Thanks again to our Auctioneer, Paul Casarotto, and the wonderful support from Domain, The Macarthur Advertiser and Harcourts NSW.

NEXT IN-ROOM AUCTION EVENT WILL BE HELD ON THE 4th OF MARCH, AT THE RYDGES HOTEL, CAMPBELLTOWN.

Campbelltown Wins at Real Estate Awards

Our team recently attended the Harcourts New South Wales Quarterly Awards at Doltone House, Sylvania Waters, to celebrate individual and office real estate achievements for the October – December 2013 quarter.

We competed against 66 other real estate offices, 150 sales consultants, and over 60 property management professionals across NSW to gain these highly sought-after awards.

Individual Awards Won:

Property Management Business Development Listing Award
Runner-up, Sarena Rowley

Bronze Sales Achievement Award
Tom Spiljar
Tod Campbell

Silver Sales Achievement Award
Garth Makowski

Gold Sales Achievement Award
Cathy Furness & Shaun Moss
Troy Holmes

Gold Pin
Cathy Furness/ Shaun Moss

Amethyst Pin
Gary Ghassibe

Emerald Pin
Tom Spiljar

Diamond Pin
Garth Makowski

Top Auction Lister
Garth Makowski

Top Sales Consultant – No of Settled Sales        
2nd place, Cathy Furness & Shaun Moss

Top 10 Sales Consultants - Income to Office
3rd place, Cathy Furness & Shaun Moss
7th place, Troy Holmes

Office Awards Won:

Property Management Office Excellence Award - Runner-up

Property Management Office Revenue Award - 1st place

Property Management Business Development Office Award - 3rd place

N.S.W. Top Office (highest gross revenue) - 1st place

Another great result for our team at Dougmal Harcourts – The Property People for receiving these awards. I can’t go past our high achieving property management team, who work so hard every day and truly deserve these awards and the recognition. Another special mention must go to Cathy Furness and Shaun Moss for an outstanding sales quarter.