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Welcome 2024, the “8” Year

Goodbye 2023 – so glad you’ve moved on Let’s face it, last year was pretty cruddy for everyone and for me it was one of the worst years ever and that was due in a large part to losing my best friend. She had been fighting with triple negative breast cancer for over 3 years and  had dealt it some serious blows. She became an expert on every kind of treatment available and she left no stone unturned in her crusade to kill the beast. She fought like no other.  And I really thought she was going to win, if anyone could, it was her.  But in August it had taken such a toll on her that she finally chose to surrender the fight. Her light is gone from this world and I for one, will never be the same. She was so much more than just my Best Friend. She was a beautiful, leggy blonde and if she’d ever met Rod Stewart he would have married her in a heart beat. She was funny, talented, creative, impulsive and mercurial. She lived life to it’s fullest and she never let anyone or anything stop her from achieving her goals.  She was inspirational and she lived life her way. I miss her every day. Bring on the “8” Year! Quite a few years ago I started learning Numerology, it’s true what they say the more you practice it, the better you become. I don’t get much time to practice these days, but the basics are still with me. Last year was a world “7” year. One of my least favorite numbers is the 7. It’s all about “learning and teaching”; and last year was definitely all in the “teaching”.  But this year is a world “8” year and that’s much nicer (in my opinion!). No 8 represents wisdom and independence and it has a strong influence on money.  Basically we need to think hard on all the lessons we learned from last year, they provide the wisdom to create our independence this year and, if we do things right, attract the required money to get us where we want to be. One of the many lessons I learned last year, was that I must stop avoiding the open door in front of me. That door opens to Property Sales, and I’ve been sidestepping it for 3 years now!  I’ve been asked many times if I would sell properties for people and I always say No.  But last spring (just after my dear friend left me) ????, I was introduced to eXp Realty and that, has changed everything for me. eXp is a Global Real Estate company with over 89,000 agents worldwide. I joined The A Team an awesome group of Agents who do things differently. So I’ve stepped through that doorway now, and this year I am taking on a small amount of Sales Clients. Be on the lookout for my distinctive bright pink & white signage and check out Our Properties page to see what we have available. If it’s been a struggle for you too, just remember to take a hard look and the lessons from last year and use the wisdom you gained to reshape this year, make it be the way you want it to be. You choose the path. 2024 is going to Rock! https://www.bcg-ptyltd.com/storage/Tam-Cartwheel.mp4 R.I.P. Kitty Kat

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Do you have The Impossible Dream?

Do you have ‘The Impossible Dream?’ A few years ago my friend and I were having a drink outside her Real Estate office in New Zealand when a man and his wife came up to look at the listings in the window. After perusing for a few minutes he turned and asked if my friend had any other listings coming up because none of these matched what he was looking for. My friend asked: “What exactly are you looking for?” and his reply was “The Impossible Dream” Actually the property that he wanted wasn’t impossible to find, but he had been looking for a long time and so to him, it seemed Impossible. Unfortunately there were no Buyers Agents around at that time and most Sales Agents only deal with the properties they have to sell, so there was no help for him. But if he came to me today, I wouldn’t call his dream property ‘Impossible’. I would throw all my energy into finding it for him, and that’s the key difference in what we can do for you. When someone comes to me with The Impossible Dream, I can’t wait to get started, this is my favorite type of client! Now you may be thinking that these dreams are expensive and that’s why I love them, but not necessarily. I had the pleasure of working with a young couple from NSW last year, their dream property was acreage and their budget wasn’t big, but they were happy to do renovations as long as they weren’t too extensive.  We actually found them several to choose from and they were all off market, all within their budget and all ticked the boxes. The Property Detectives  specialize in finding Dreams for our clients, no matter what your dream is, if you’ve been having trouble finding it and it has started to seem Impossible, come and talk to us; we’d love to find it for you.  

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Let’s Talk about Off Market Properties

Let’s talk about Off Market Properties. One question I’m asked a lot is “What’s the deal with Off Market Properties”. Since this is the area I spend most of my time in, I decided to be brave and put up a video.  I know videos are totally commonplace these days, but I really  hate doing them, so please excuse my nervousness! https://www.bcg-ptyltd.com/storage/2023/04/Off-Market-Properties.mp4 I also help people sell their properties Off Market, I don’t do this often and it really depends on the property in question and whether the seller’s perspective is aligned with my own.  But it can be a good solution if you don’t want signage or a public listing on RealEstate and Domain.

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Why You Shouldn’t Worry About a Recession.

Why Shouldn’t You Worry About a Recession? There’s a lot of talk lately that we are going to have a recession and many people feel that this will make the housing market crash, so they are sitting back waiting to see if they might grab a property bargain. Certainly we have a lot of interesting factors at play, especially in Qld so should you worry about a recession? We need to be a bit more practical, everyone seems to get very excited these days. I found a very well thought out article on Finder.com.au by Richard Whitten; practical, thoughtful and analytical it puts things into perspective. If you were asked, did the housing market suffer during the recession in 1990’s what would you say?  It’s rather interesting to note that the property market continued to rise! And this was during the worst period of time since the Great Depression. Don’t take my word for it, you can look it up on the Australian Bureau of Statistics website.  And in 2008 when we avoided a recession altogether, what happened to the property market? We had a small dip in 2009 before it came right back in 2010.  Of course this doesn’t mean there won’t be any affects felt, but most likely it won’t be anywhere near the gloomy predictions you’ve probably been reading about.   Read the article yourself on Finder.com.au No doubt the Banking Royal Commission and APRA put a lot of pressure on lenders to stop the over-borrowing and this has made mortgages more stable as many homeowners have managed to get ahead on their repayments and have the capacity to absorb the interest rate rises.  There’s plenty of stories out there saying the market is crashing, but it seems more practical to say it is correcting itself after such huge increases. Certainly in Hervey Bay, we are not seeing any crash, prices are still holding steady, supply is still low and demand is still high. If you are waiting for a crash to grab yourself a bargain, you may miss out altogether; unless the unemployment levels rise, then we will see property owners in distress and selling cheap. Personally I hope to never see this, with our massive housing shortage already taking a toll on many families, the results would be devastating for so many.

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It’s Spring and the Qld Govt have hay fever?

We’re Talking Qld Rental Reforms and the Land Tax Regime Have you been watching the goings on and shaking your head? You’re not alone. First we have the rental reforms which come into effect next month and with their announcement we are seeing landlords hurry to convert their properties to Air BnB. If you are unaware of the changes you can have a read on the RTA Website  and or a quick summery can be found on this brochure:   Straight up maybe you don’t see the effects this will have to Landlords, so let’s dig in. Some of the scariest points are: * Periodic leases will become lifelong tenancies. The Govt want Tenants to feel like “they own the house”.  This is not explained fully, one must draw their own conclusion on what a “Lifelong Tenancy” means. Effectively you won’t be able to evict a tenant unless you have “valid” reasons: you wish to occupy yourself or you need to undertake renovations.  Potentially if you sell the property, the new owner will have the tenants as “life long” as well unless they choose to occupy the home themselves. Property Managers are advising Landlords that they need to put their tenants onto fixed term contracts to adhere to these new laws before October 1st. * Landlords cannot decline pets. And if the tenants decide to get pets after they have moved in, you have to have a “valid” reason for saying NO, eg: it’s not lawful. I’ve been observing the reactions to these new laws from both sides and it’s not good.  One landlord’s story: tenants vetted by REA moved in, immediately provided a list of “emergency repairs” and they refused to pay rent until the items were fixed. A month later, the landlord had spent $7000 getting the repairs done only to have the tenants decide to up and leave without paying one cent in rent! Yes, there can be a problem with properties that have been poorly maintained by the Landlord, but they won’t be the only ones that get punished under these new laws. I’ve seen a lot of Landlords commenting that they will be removing things like dishwashers, air conditioning units and remote garage doors to avoid losing rent – that’s the ones who aren’t saying they will switch to Air BnB to retain some control over their investment. These new laws also mean that a tenant could decide to paint your house any colour they chose and there’s nothing you can do about it, they have all the control. I’ve also seen a lot of tenants talking about getting pets after October 1st, they understand the power is in their hands, and I can imagine the long lists of “emergency repairs” with 4 weeks rent holidays that will be stacking up on every Property Manager very soon. And then there’s the Land Tax Madness The REIQ describe it as “Illogical” and have been advocating against the new laws. If you are unaware of what’s about to happen you can read the article by the REIQ here: Land Tax Regime and the Financial Review have written a really informative article on the subject. Basically Qld is going to see more property investors selling off their assets and investing elsewhere, higher rents and a further burden to the housing crisis so the Qld Govt can fill their coffer. Under the existing rules if you purchase property in Qld under $600,000 you are exempt from land tax.  But under the new rules Qld Govt will be assessing the total property ownership across all states, and if your total portfolio in Qld is under $599,999 but you have investments in other states, you will be paying land tax to Qld Govt. And the final bit of madness is coming from the Greens party, I don’t usually talk politics but this one affects Landlords and Potential Landlords… We’ve seen a lot of crazy stuff over the last coupe of years and looks like there’s more to come. Watch this space. 26th September… UPDATE An excerpt from this mornings Daily Telegraph: The Daily Telegraph can reveal that Premier Dominic Perrottet is set to stonewall his Queensland counterpart’s attempts to reach over the border and tax potentially thousands NSW residents more, by refusing to share crucial data required to implement a controversial land tax policy. It can also be revealed that the Queensland government has not yet made any data sharing requests with Revenue NSW in order to get access to the data they need to implement the tax. “We will reject any request from Queensland Labor to help facilitate this lazy policy,” Premier Dominic Perrottet said.  “Labor don’t support first home buyers in NSW and now the Queensland Labor Government is reaching across the border to tax NSW properties and hard working residents.” That’s despite Queensland treasurer Cameron Dick two weeks ago claiming he had communicated with other states.“We work across jurisdictions and we work with revenue officers,” he said.  Under controversial tax reforms set to come into effect from June next year, NSW residents would face a massive hike in the amount of land tax they pay to the Queensland government if they have investment properties in both states. A Queensland government fact sheet states that land owners will need to “declare” interstate holdings.It is believed the scheme will rely on other jurisdictions – like NSW – to share taxpayers’ data with Queensland so that the new tax can be enforced. Hopefully other States will follow the example from NSW and the Qld Govt will have no power to implement this new scheme. However, the Govt haven’t missed a beat and some property owners are already receiving letters that look like this one: Can we help you?

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June 2022

Even in Hervey Bay, I hate Winter! There’s no denying it, I don’t do the cold places with grace! However, winter has brought an end to the constant rain, so I’m slightly grateful for it this year.  Now back to the important stuff, what’s happening with property on the Fraser Coast….. I think we’ve finally hit the plateau! I predicted we would see a rush of new listings as people became desperate not to miss out on the peak market. Well, the flurry of new listings hasn’t become noticeable across all  the price ranges, but there are considerably more in the $1mil plus hitting the market just in the last week. It’s pretty easy to predict doom and gloom and there’s plenty of market crash predictions out there at the moment. However I think that this will be more noticeable in the cities and I don’t expect to see it in Hervey Bay for some time. I could be wrong, but the demand here is still too high and the supply is still too low. At least it seems the massive price rises have slowed, occasionally you see one but it stays on the market longer before settling at a more realistic price.  So is it a good time to buy? Well this is an argument you will hear often. If you have your finances in order and are prepared to cover any interest rate rises then today is always a good day to buy property. Generally speaking, property always goes up in value. Sometimes the market slumps and maybe prices don’t go up for 10 years, but they don’t really go down. Ultimately if you are in for the long game you should always get your money back. Get some professional advice and go in eyes wide open. And if you are looking to buy in Hervey Bay, maybe we can help you achieve your dream. We spend a lot of time researching for our clients, finding off market properties that suit them and really this is the only way to get a better deal at the moment. The seller is happy to take a little off their price as they don’t have to pay agency fees – which means they actually pocket a little more and the buyer is then able to pay a little less and also pocket a little more. There are not many deals to be made from active listings, as you will no doubt find if you are trying to buy at the moment.   This is a beautiful view of the Urangan pier taken by my brother from Closeup Images.

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May Update

May Updates Everyone is asking “has the market slowed yet?”  The announcement that our inflation rate is high and interest rates will be going up steadily is making us all wonder what this will mean for the property market.  Sorry to say, it hasn’t slowed yet. Almost every listing is still advertised as “Offers Over”. And almost every buyer is paying way over asking price, especially in the $400k to $600k range. Competition is still fierce. What we are starting to see is the high end properties are taking a little longer to sell. This is the $800k plus range. They are still fetching high prices, but not so much over the asking any more. It would be good o see the market plateau now. Some people are hopeful that those who have potentially over paid for their property, may now be looking to put them back up for sale, but I think you must remember, no one wants to pay Capital Gains tax, so most people will hold onto their purchase for a least the next 2 years, and they will wait to see if interest rates are going to hurt them. There is potential for concern if you paid say $1.2m for a property that you are only getting $800 p/wk rent on. A good Financial Planer would have laid this out for you and factored in when advising on investment purchases.  So what’s next? I think we will see a lot of sellers quickly putting themselves up for sale. They were holding out for the Peak, which I think we’re sitting on, so now they will be worried they might have missed out.  I also think it won’t be long before the market plateaus.  So is it a good time to buy? Well this is an argument you will hear often. If you have your finances in order and are prepared to cover any interest rate rises then today is always a good day to buy property. Generally speaking, property always goes up in value. Sometimes the market slumps and maybe prices don’t go up for 10 years, but they don’t really go down. And if you are in for the long game you should always get your money back. Get some professional advice and go in eyes wide open. Contact Us

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April 2022

Can you believe it’s almost Autumn? Time waits for no man, so they say. And the last year is proof!  So I thought it must be time to write some more updates on what’s been happening on the Fraser Coast. If you’ve been watching the market and perhaps even trying to get a foot in the door over the last 6 months, you’ll know how much things have changed! One thing that stands out (apart from how the prices have jumped) is how many people have resorted to buying sight unseen in fear of missing out. It’s a lot like buying a car from a dealer, in the ad the car is all shiny, it looks almost new! The advertising tells you how marvelous it is and how much you will enjoy driving it.  You know you can pay RACQ or a mechanic to look over the car first, but it seems like a waste of money, everyone knows their service is designed to suck you in and rip you off. What could they possibly tell you that you can’t see for yourself? You’re no dummy, you can spot an oil leak and bald tyres on your own. Right? So you buy that shiny car and you feel marvelous driving it home. But then you find out they put “stop leak” in the radiator and the tyres are retreads (you would have noticed if you weren’t marveling over how good the stereo was) and the leather upholstery which looked so good… well it turns out they painted it, and not too well else it wouldn’t be sticking to the back of your thighs! Now all these things add up, and while you thought you had a good deal, you now think you overpaid; and you certainly didn’t budget to fix all these things. And how much was it going to cost to get RACQ to check the car first? What’s happening in the property market is just like this times 1000. You are paying hundreds of thousands of dollars, it’s an investment that’s meant to bring you joy and take care of you over time. I feel gutted for people who are buying sight unseen, not only that but some are waiving the Building & Pest report so they can be un-conditional and secure the property! Eeek Here’s a few scary stories that have happened lately: One property sold for $100,000 over asking price to a Kiwi he said he didn’t care, it was worth it to make sure no one could out bid him! Another property went $75,000 over asking, cash buyer, sight unseen. They didn’t know that the painted brick exterior only went 3/4 of the way around the house! Another property had a “lipstick” renovation and was definitely well over priced. On inspection it showed some really dodgy finishes but it looked good in the photos though. Imagine what else was wrong? Yet it sold over the already crazy asking price! Another property was described in such glowing terms you would think it was pretty much perfect. The buyer didn’t know that the “amazing” bathroom was super small, the kitchen was tiny, there were several additions which created different floor levels and the laundry… well I wouldn’t want to do washing for a family in there… and the price? Ridiculous.  Then there’s the one where an interstate buyer waived the building and pest, when he arrived to look at his new property he found termite damage in the garage that had been concealed during the video walkthrough. And don’t forget the freshly renovated property that looked awesome, however investigation showed that the street had 4 Govt housing properties, one being right next door and 3 properties in the street were up for sale! That would have been a nice surprise. And lastly, there’s the property (like so many) presented really well in photos, and it was given it a really nice write up. The price went up about $100,000 from when they tried to sell it last year! It was bought sight unseen from interstate, the new owners are pretty disappointed as there is so much work that needs doing, and a few months later it is back on the market. They have added another $100,000 for the next unsuspecting buyer! Most of us think that if a property is listed at a certain price, the agent has done their research and the price (which we expect to be a little high) is justified. But the current market is called “name your price”. I recently heard someone ask “could you really pay too much in this market?”. Ummm, yes, you can. And when you do, and things go wrong, it will ruin your life. Now I know it’s hard, when the fear of losing out grips you, you just want to do whatever it takes. And there is something to be said for the relief you feel when you finally “win” your property. But be smart, protect yourself. When that “Stop Leak” dissolves, your leaking radiator will leave you stranded on the side of a lonely road, and the relief you felt for finally getting your shiny new car will dissolve faster than the steam coming out from under the hood!

April 2022 Read More »