Each week we provide buyers with insights into the world of purchasing property. As buyers’ agents, we have made it our daily mission to search, inspect and assess property and we want to share our tips and hints with buyers who don’t have the luxury of being in the property market full time.
Our weekly videos delve into the fundamentals of what buyers need to know in this first series, covering 10 topics over 10 weeks. If you haven’t yet had the chance to watch our videos, here is a summary of our most watched videos to date:
Video 1: West Connex
WestConnex is Australia’s largest road infrastructure project in Australia. Its key benefits include: improving connections to Western Sydney and key employment hubs across the city, moving traffic underground, reducing noise on local streets and creating opportunities for urban renewal.
WestConnex is being delivered in four major stages:
1.The New M4, which opened in July 2019. The WestConnex M4, connecting Haberfield to Parramatta and the M4.
2.The M8, which opened in July 2020. The M8 connects the M5 at Kingsgrove to a new interchange at St Peters. The tunnels will cut up to 30 minutes off a trip between Liverpool and the southern CBD.
3.The M4-M5 Link Tunnels, opening in 2023, will be 7.5km tunnels linking the New M4 at Haberfield with the M8 at St Peters, with connections to the Anzac and Iron Cove bridges via the Rozelle Interchange.
4.The Rozelle Interchange, which is due to open in 2023. This Interchange connects the M4-M5 Link to the Anzac and Iron Cove bridges, and the future Western Harbour Tunnel and Beaches Link. The majority of the Rozelle Interchange is being built underground which is making way for a new 10 hectare park.
Video 2: Price Guides
Agents are required to quote an estimate selling price to the owner. This is a reasonable estimate of the likely selling price for the property. This is expressed either as a single price or a 10% price range.
Agents cannot quote a price that is less than the estimated selling price when marketing the property. These prices are based on comparable sales, market conditions and the property features.
We asked Rosalie Gordon of Planet Properties what’s happening with price guides vs sale prices in this cooler market. Rosalie says that buyers are prepared to pay up to the price guide, whereas last year the competition was so fierce and prices were rising by the day that price guides at times, became irrelevant. Rosalie’s advice to buyers: It is important no matter what market to stick to your guns and do your comparable sales homework.
We assess guide prices with a similar ethos. It’s important for buyers to do their homework and look at comparable sales and assess the merits of the individual property. This includes enquiring with the agent about the ‘feedback’ on price and the vendors’ expectations. These factors combined are more likely to indicate the property’s worth than just relying on the agent’s price guide.
Video 3: Natural Light
One of the most important features of a property is access to natural light. Natural light is important to enhance livability, save on energy costs, improves the aesthetic of the property and even creates positive health impacts.
Aspect or orientation is the direction a property faces. It’s important because the direction of the property tells us how much light we can expect in the property.
Firstly, consider the design of the property. Check if the property is designed to maximise natural light. Look for features such as skylights or lightwells, thoughtfully positioned windows and seamless indoor to outdoor connection.
Secondly, check the surrounds of the property. Check if the property is on the high side or low side of the street. Consider if there are any neighbouring buildings or trees blocking light.
Experienced Buyer’s Agent, Nick Viner can assist you in finding the best property for your needs, saving you time and money. If you are searching for a residential unit or house, investment or commercial property, contact Nick on 0405 134 645.
