First National CEO comments on improving market outlook

May 2, 2013 Leave a comment

Reblogged from First National Real Estate - Australian Property Blog | Melbourne, Sydney, Brisbane, Darwin, Perth, Adelaide, Hobart:

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This month, First National members gather for our network’s annual National Convention.

As always, we’re working hard to stay at the forefront of property services so a raft of new technologies and consumer focused strategies are scheduled for introduction to our members. These are aimed squarely at improving customer experiences and maintaining the quality of results we deliver to the many clients who choose First National Real Estate each year.

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MAKE A SPLASH THIS SUMMER WITH PROPERTY

January 4, 2013 Leave a comment

Selling in Summer

Selling a home in summer can be tricky for some but rewarding for many.  First National Real Estate Lakeshores Principal, Mark Millington says it all comes down to getting the details right.

“Pretty gardens, spectacular views and a well-presented home will only go so far, especially in a market where buyers would rather be relaxing with a cool drink instead of house-hunting in the heat,” Mark Millington said.

“It is essential home sellers price their property correctly, choose the most appropriate sale method and market it appropriately.  Real estate agents can make a lot of difference here as they have the necessary knowledge and experience to maximise the value of your property.”

Mark Millington said that when it came to pricing the property, home-owners need to consider the market and buying conditions.

“Summer is a time when buyer numbers plateau – particularly during the holiday period – but the current market conditions of low interest rates and affordable prices will prove too tempting for many to pass up,” Mark Millington said.

“So it requires real skill to set the price at a realistic level where both the buyer and seller feel comfortable that they have paid and received a fair price.”

One of the biggest dilemmas summer sellers face is whether to go to auction or sell their house through private treaty (for sale).  In making this decision, there are a number of factors that should be considered such as location, style of property, level of demand and timing of the sale.

“Private treaty sales offer the advantage of a clearly stated price. This can be powerfully attractive to buyers who sell their property just prior to Christmas and are facing settlement in early January Mark Millington said.

“When you have properly priced your property, these types of buyers can be super motivated to make strong, fair offers, with a minimum of negotiation, but it’s essential to have your price right in the first place if you’re going to do business.

‘On the other hand, auctions allow the market to determine the price and competitive bidding can push the price up. Auction also offers the seller certainty that once the reserve is reached, the property will be sold, and there is no Cooling Off Period so the sale is secure – the buyer can’t change their mind. However, the timing of an auction is crucial so it’s best to have auction campaigns completed before the holiday period gets underway.”

When it comes to auctions, Mark Millington said there are two types to be considered: in-room or on-site.

“At an on-site auction, buyers can actually touch and smell what they are buying, which can provide a stronger emotional connection to the property,” Mark Millington said.  “Also, there is an argument to be made that suggests when it comes to those final bids, and the buyer is standing in what is to be their new home if they are successful, they are more likely to go that little bit further to secure their new home.

“However, in-room auctions are not affected by the weather or other environmental factors and when the market is running hot, the enthusiasm for other properties offered by auction at the same event can positively influence the bidding on your own property.

According to Mark Millington, the soft market of recent times is showing a trend towards private sales over auctions, with sellers more inclined to take that route than what they perceive as the uncertainty of the potential outcome on auction day.

“My advice would be to discuss all the options available with a real estate agent, who will help determine which method of sale best suits your individual circumstances and the likely degree of demand for the type of property you’ll be offering the marketplace,” Mark Millington said.

“The agent is there to help weight up the benefits and costs and pro’s and con’s of each scenario and to support a seller through the sale process.  They can only do that if the seller is open and honest about their feelings and share their concerns.

“At First National, we are there to put our clients first, which is why we lead our industry.”

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Issued by: First National Real Estate

For further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 02 4359 1555

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POOLS MAKE NICE BEDS FOR BUGS

January 3, 2013 Leave a comment

Pool

Pool

As the weather starts to warm up, pools becoming enticing beds and breeding grounds for bugs, so make sure to take the time now and check the pool to enjoy safe and healthy swimming this summer.

Recent research showed that 96 per cent of Australian pools take a dive in health during the cooler months, leading to a build up of harmful bacteria which could pose serious health risks for those swimming in it, like diarrhoea, ear infections and eye and skin irritations.

Out of more than 1000 pool water samples recently taken across the country, just four per cent of pools showed a healthy pH balance and only one in five were properly chlorinated.

Using the services of a professional technician, such as the pool and spa care experts at PoolWerx, to conduct regular water health and safety checks makes sense and may prove more affordable than it would be to seek help once the water has turned ‘green’ from flourishing bacteria.

Not to mention the reduced emotional stress and costs associated with a loved-one, friend or tenant becoming sick through infected pool water.

Top five tips for early-season pool maintenance include:

  1. Check the pool equipment to ensure it is in property running order.
  2. Ensure the pH level is within healthy levels.
  3. Make sure chlorine levels are adequate to disinfect all microorganisms.
  4. Vacuum and skim the pool regularly.
  5. Organize a regular professional check up.

It is also a good time to check the pool’s compliance with state laws and regulations as each state and territory in Australia has its own laws governing pool safety.

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First National Real Estate sees renewed enthusiasm for property

October 25, 2012 1 Comment

Reblogged from First National Real Estate - Australian Property Blog | Melbourne, Sydney, Brisbane, Darwin, Perth, Adelaide, Hobart:

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First National Real Estate’s agents are working hard, all over Australia, dealing with renewed enthusiasm for property this spring.

Since the most recent Reserve Bank cut to official interest rates, there has been a sharp rise in consumer confidence. In fact, the number of Australians that think now is a good time to buy a home has jumped 10 per cent since March.

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Which is best – renovate or buy?

October 10, 2012 22 Comments

Current buyers’ market conditions may be weakening, as a result of continued Reserve Bank interest rates cuts, but before making the decision to become a home owner or trade up, consider all your options carefully and make sure you are doing the right thing – it may prove prudent to renovate, says First National Real Estate Lakeshores principal, Mark Millington

“There is no doubt there are some great buying opportunities at the moment with low interest rates and steadying property prices, but for some, renovating may offer more benefits,” Mark Millington said.

“A granny flat, extension, or updating the home to the way you have always dreamed may be more cost effective and allow you to stay in the area you have come to love and appreciate.”

Mark Millington said there are myriad reasons why the current home may no longer be meeting the needs of the home owner including they need more space, their circumstances have changed or they just want a change of scenery.

“But whatever the reasons are, the ongoing uncertainty in domestic and international economies may make renovating more attractive, so my advice would be to weigh up the options, make a list of pro’s and con’s, and look at what your future needs might be,” Mark Millington said.

According to Mark Millington, the top things to consider are budget, location, time and space.

Budget:  there are inherently costs associated with both options.  Renovating is more susceptible to budget blowouts, but the hidden and add-on costs for buying a new home such as stamp duty, conveyancing and removalists can make it much more expensive.  A careful and detailed budget plan will help you weigh up the costs involved in both options.

Location:  consider whether you want to continue living in the area, or is there somewhere else you would prefer to call home?  Also, take the neighbours into account.  For many, relationships are forged with neighbours, and it is important whether you stay or move that you can see yourself getting along with your neighbours.

Time: what time constraints do you have?  Finding the right property that will suit all your current and future needs will take time, as will renovating. Often, house-hunters are required to compromise in some way, but the home renovator should be able to do exactly as they set out to do and have had approved by the relevant authorities.

 

Space:  make sure there is enough room to make the improvements you want, if you are looking to renovate.  If you are going to buy, consider whether you will need to make any further alteration, either now to ensure the new property can accommodate your current needs, or some time in the future to adopt for your changing circumstances. Asking an architect or builder to inspect the property with you can be of enormous benefit.

“Also, if you are looking at renovating, it is easy to let emotions override practicalities, so it is important to make sure you get the right advice to ensure you don’t overcapitalise,” Mark Millington warned.

“A very basic rule of thumb when renovating is to never spend more than 25 per cent of the value of your home.

“But before any final decision is made, look at the real estate market and get an appraisal on your house and look at prices of houses that appeal to you.

“Even consider asking a First National Real Estate agent for advice.  We can often help determine what the best choice is for you and your family by showing new properties and comparing them to what you love and dislike about your current home.”

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Issued by: First National Real Estate

 or further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 0243591555

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Use it or Loose it

September 22, 2012 1 Comment

ImageFirst National Real Estate Lakeshores Principal, Mark Millington agrees with comments made recently by outspoken Senator, Bill Heffernan, that Government needed to make changes to avoid overseas investors owning Australia’s assets.

“Australian governments and business need to act today to realise the value of our natural assets or investors from overseas will do it for us” Senator Bill Heffernan said,  speaking recently at First National Real Estate’s Commercial and Rural Conference in Canberra.

The Senator made a passionate plea for changes to help Australians rather than overseas investors realise the value of our assets.

“By 2070 China will need to feed 50% of their population from outside the country and they are looking around the world to find investments to make that possible,” Senator Heffernan said.

“100 years ago we would never have thought a sovereign power could come and acquire assets here without an army. Now all you need is a cheque book”.

Mark Millington agreed, saying  “Senator Heffernan is right. If we do not find Australian investors, then overseas investors will step in.

“The Foreign Takeovers Act is out of date and we need to make sure, if and when foreign investors come in, that they are competing on the same basis as Australian investors,” Mark Millington said.

“In a challenging market Australians are being cautious and often the only way to sell a property is to look to overseas investors.  We like to get our clients a sale, but it is not in anyone’s interest to get unrealistic prices that then inflate average prices and increase rates.  We firmly believe the market has bottomed out and all we need now is some confidence and then we can see Australians investing in both commercial and rural assets.”

Senator Heffernan agrees. “There will be a lot of opportunities in the future. We need to make sure everyone investing in Australia does so on the same basis and we need to be able to tax foreign investors and make sure all Australians can benefit from our potential as the market garden of Asia.”

“We in Australia are wooden headed, we think agriculture is a mature industry and it is not. We need to get the modern equivalent of soldier settlers to develop the land and develop solutions or someone will come and do it for us,” Senator Heffernan said.

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 Issued by: First National Real Estate

 For further information contact:

Mark Millington Principal, First National Real Estate Lakeshores on 0418 970 591

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CENTRAL COAST PROPERTY MARKET TO TREND UPWARDS

August 1, 2012 1 Comment

Market conditions in New South Wales’ Central Coast region are expected to improve in the second half of 2012, according to First National Real Estate’s 2012 Property Market Outlook Mid-Year Update.

The Update, released this week, is based on a survey of the 400+ member network, and provides an insight on what member agents expect the market to do, drawing on their experience at the grass roots level.

“A number of infrastructure and development projects, reducing interest rates and fewer new listings increasing price competition will support the market improvement keeping it in line with most other areas of the state which are already experiencing an upswing,” Mr Mark Millington, Principal, First National Real Estate Lakeshores said.

“A number of approved land releases and a shopping centre development due for completion in the coming 6 to 12 months will see buyers once again become active, which should see listing levels decrease as a result of the improving marketing conditions,” Mr Millington said.

Sales are expected to increase, while the average number of days a property is on the market should also fall.

“These are all signs the market is set to trend upwards, but economic conditions are still holding consumer confidence at bay,” Mr Millington said.

House prices are expected to head upwards as a result of current lower levels of new listings creating a competitive environment for buyers.  However, limited land availability will see land prices fall.

A shortage of rental accommodation in the region will keep already extremely low vacancy rates, flat.  This will force weekly rental prices upwards and improve investor returns.

Investor activity is expected to increase, driven by reducing interest rates, talk the market has bottomed out, and increasing rental returns.

“Investors will represent the strongest growth in activity for the Central Coast region as they capitalise on better returns based on lower interest rates and increasing weekly rentals,” Mr Millington said.

Interest rates are expected to decrease further in the second half of 2012, which should see buyer confidence improve, especially in the “bargain” market of properties priced below $350,000.

According to Mr Millington, the key challenges for the Central Coast property market in the coming six months will be the unstable economic conditions, unemployment fears and the ability to secure bank funding.

“The market will be further bolstered by land releases in Gwandalan and Catherine Hill Bay, the first in the area for more than 10 years,” Mr Millington said.

“The shopping centre development in Lake Munmorah/Chain Valley Bay will inject some much need infrastructure as well as create local jobs for the community.”

Solar power and energy are the most sought after energy efficient features of a property on the Central Coast.

Issued by: First National Real Estate. 

For further information or to receive a copy of the 2012 Property Market Outlook Mid-Year Update, contact Mark Millington, Principal from First National Real Estate Lakeshores, on 02 4359 1555

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Stamp Duty standing in the way

June 29, 2012 Leave a comment

Stamp Duty Property NSW and AustraliaSupport for the Prime Minister, Julia Gillard, has come from an unusual source today from the local member of First National Real Estate, Mark Millington, who agrees with her call for the review of state based property taxes.

“It is a rare thing for me to say I agree with the Prime Minister, but I believe she has it entirely right when she says State Government based property taxes are standing in the way of economic growth in this country,” Mark Millington said.

“As Australia’s largest independent real estate network, we do everything we can to help people with workforce and lifestyle driven mobility,” Mark Millington says “but the State Governments are not doing anything to help – a fact we have been on the record as raising on numerous occasions over the last 12 to 18 months.”

Mark Millington said research has shown that a lot of city dwellers would like to make a move to the country, but find the costs of selling and buying a home, including stamp duty, prohibitive.

“There is certainly a high level of interest in people moving within a state and possibly even between states for lifestyle reasons”,  Mark Millington said.

“The main thing standing in their way is the cost of buying and selling a home and stamp duty is a large part of that cost,” Mark Millington said. “So, on the one hand State Governments want people to move within their State and the Federal Government needs them to be able to move between states, but the State Governments’ stamp duty is one of the major costs that is stopping that happening.”

Last year, stamp duty accounted for 37% of total property related taxes in Australia and Mark Millington believes the reliance of Governments on property taxes is standing in the way of Australia’s economic growth.

“We need to stop penalizing people who have saved enough money to buy a house or who are prepared to follow job opportunities interstate.  Stamp duty is an anti-growth tax, and is a lazy way for governments to keep their budgets in check,” Mark Millington said.

Issued by: First National Real Estate Lakeshores

For further information contact:

Mark Millington, Principal, First National Real Estate Lakeshores, on 0418 970 591

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First National Lakeshores The Sure Bet

June 19, 2012 Leave a comment

Winners Professional Services Category - Northernlakes Business Awards

Winners – Northernlakes Business Awards

Local property agency, First National Real Estate Lakeshores, today announced that it has edged out another local real estate agency as well as a finance brokerage to win two award categories in the Northern Lakes Regional Business Awards 2012 – Professional & Finance Business and Business Promotion.

The awards acknowledge and pay tribute to the business community within the Central Coast’s northern region of Wyong Shire, giving them recognition for hard work and dedication throughout the year.

First National Lakeshores director, Mark Millington says the awards are enormously gratifying because they are a genuine reflection of local opinion.

‘Real estate is local so everything we do is focused on building strong community relations and continuously thinking of new ways to improve our customer service’ says Mr Millington.

Over the past 12 months, First National Lakeshores has formed a productive alliance with AFG, one of Australia’s largest mortgage providers, so home financing can be smoothly integrated into the buying process.

‘Having a strong broker relationship has benefited many of our landlords as well. With falling interest rates, we’re now able to offer them a professional service whereby they can compare their current mortgage product with competing offerings, all free of charge’.

Mr Millington also says his agency has worked hard to deepen its social media reach and customer communications processes in the past twelve months.

‘First National Lakeshores reaches out to community using a broad range of mediums including newsletters, suburb profiles, competitions, social media, SMS and email property alerts.

‘We made our first sale through Facebook this year and also use Twitter to keep our customers up-to-date. But we also offered three competitions – a home re-paint worth $10,000 through Dulux, free fuel for a year through Caltex, and our $50,000 Cash Drop competition, which doesn’t finish until August’.

Mr Millington believes that the essence of his team’s success and the reason for both awards comes down to three things, balance, commitment and hard work.

‘Business must balance its customers’ needs against its goals and make sure the two are tightly aligned. Participation in social media makes you more accessible to consumers who appreciate that communication format. However, it’s equally important to maintain other promotional activities to stay connected in your community.

‘Without professional conduct, strong ethics, good salesmanship and hard work, it’s all just academic’ says Mr Millington.

Issued by First National Real Estate Lakeshores.
For more information, contact:
First National Real Estate Lakeshores, Mark Millington, principal, on (02) 4359 1555 or 0418 970 591

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Sold on Social Media

June 2, 2012 Leave a comment

First National Real Estate Lakeshores today announced that it has completed its first sale to a buyer originating from Facebook. The estate agency operates a Facebook page with over 200 active followers and regularly posts updates about new listings, sales, competitions, interest rate movements and community events.

The Facebook sale occurred when a buyer who was looking in a different area engaged in an online conversation with First National Lakeshores Principal, Mark Millington, about the upcoming weekend and the inspections she had planned.

Mr Millington indicated that although he was aware her preference was for a property further south of the Mannering Park/Summerland Point area, he had wanted to share a property in Wyee Point that ‘was one of his favourites at the moment’.

‘It was exactly the kind of house we were looking for but because my partner commutes to Sydney on a daily basis, we didn’t want to buy quite so far north on the Central Coast’ says Christina Haak.

‘But the house looked gorgeous and when Mark pointed out that there was a freeway on-ramp at Morisett and that the current home’s owners also commuted to Sydney, we decided it was worth taking a look’.

After multiple messages back and forth, the couple first met Mr Millington face to face at the Wyee Point property when they inspected it. Following negotiations, they purchased the property.

‘The social media phenomenon has become an important component of real estate marketing in recent years but many real estate agencies have failed to grasp its true value’ says First National Lakeshores Principal, Mark Millington.

‘To ignore the opportunities it presents is to cut off people selling their homes from a vast pool of potential buyers. That’s crazy. There’s a whole community of people using Facebook and other forms of social media to get in contact with each other and share information. Agents need to make sure they are accessible via social media and must be prepared to engage with consumers on their terms.

‘That means when the customer is ready and that’s often not until they’ve made several enquiries via the Internet or via text messages on their mobile phone.

Over 10 million Australians now have a Facebook page and the website has become the most visited on the Internet. Often considered a communication medium used only by young people, Facebook has lately seen its usage by senior citizens and over 55 year olds increase by over 500 per cent.

Mr Millington is additionally a Director of the First National Real Estate cooperative and is responsible for the technology portfolio of the 450-office network across Australia and New Zealand.

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