Spring 2016 Chapel Hill & Kenmore Property Report COURTESY OF RAY WHITE METROWEST
WHAT S HAPPENING IN YOUR MARKET Chapel Hill and Kenmore have experienced unprecedented growth and invigoration recently. We expect the momentum to continue throughout Spring. Empty nesters are selling up, allowing for sub-divisions, brand new builds and renovations. The current competitive market offers a terrific opportunity for us to add value to our local communities by raising house prices. It is common for us to see between 20-40 groups through our Open Homes. There are definitely more buyers than there are properties available right now! The excellent reputations of our local schools is a deciding factor for many families. Naturally they will pay a premium to either buy or rent the right address. Just last week we had a family decide to pay $15 per week more than the asking price so they could rent in the Chapel Hill school catchment. You may be able to increase your rental yield by following Krista s simple guide. For more information, or to find out the new value of your property now please get in touch. Craig Sharp Principal Ray White MetroWest Krista Sharp General Manager
WHAT CAN YOU EXPECT FROM YOUR PROPERTY MANAGER? If you own real estate in Australia, you may consider placing the responsibility of your rental in the hands of a registered property manager, employed by a licensed real estate agency. This can help you avoid the day-to-day worries of rental properties, thus making your life easier. In light of this, what can you expect from your property manager? Here is a guide for both landlords and tenants. WHAT DOES A PROPERTY MANAGER DO FOR YOU AS A LANDLORD? Their primary duties are to market your rental, choose tenants and then, as the name suggests, manage your property. You can assign a manager to do one or more of these main responsibilities, depending on your needs and agreement here are a few of the more specific tasks. Negotiate and collect an appropriate rent Prepare a tenancy agreement Lodge and collect bond payments Carry out regular inspections Arrange for repairs and/or maintenance Provide relevant notices and financial statements to the landlord Pay council rates and taxes (from the rent) Issue termination notices to difficult tenants An experienced manager will have a good understanding of the local market, and how potential changes could affect your investment. WHAT DOES A PROPERTY MANAGER DO FOR YOU AS A TENANT? Their commission is paid for by the landlord, therefore the service is completely free for a tenant. Provide a selection of houses for rent Prepare a tenancy agreement Collect all payments Receive requests for maintenance, damages, noise complaints and the like Act on these promptly Respect your peace and privacy Having a manager dedicated to your property will assist you too, as all demands should be met swiftly and effectively. HOW DO YOU CHOOSE? The days when the management of rental properties just entailed collecting money are well and truly over. Besides being well-trained and highly skilled, one of the main things you should be looking for in a property manager is experience in the industry particularly a deep knowledge of the area you re looking to invest in (or have already invested in). When asked, they should be able to give you a detailed record of all the services they offer, including fees. The Real Estate Institute of Australia recommends asking questions like: What are your processes in choosing good tenants? Can you explain your charges and how much exactly I will be paying? How will you assist in maximising my return and optimising capital growth? How much would you market the property for, and why? Provided that the answers supplied are satisfactory, you may have found the manager for you. But just like any relationship, don t feel the need to rush into anything.
RECENT SALES IN YOUR AREA SOLD $697,000 SOLD $1,600,000 SOLD $890,000 SOLD $919,000 SOLD $845,000 SOLD $685,000 SOLD $685,000 SOLD $892,000
FAST FACTS - CHAPEL HILL The median sales price for houses in Chapel Hill now sits at $755,000. Compared to five years ago, the median sales price has increased 21.8% which equates to a compound annual growth rate of 4%. 1. $800K $700K $600K $500K 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10 YEARS 2. 25 90% Houses sold last quarter House auction clearance rate 3. HOUSE AVERAGE DAYS ON MARKET 44 CHAPEL HILL 4. SALES LOWEST $470,000 $755,000 HIGHEST $1,455,000 HOUSES 5. LEASE $500 HOUSE RENT Source: Pricefinder 1 May - 31 July 2016
FAST FACTS - KENMORE The median sales price for houses in Kenmore now sits at $695,000. Compared to five years ago, the median sales price has increased 31.8% which equates to a compound annual growth rate of 5.7%. 1. $700K $600K $500K $400K 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10 YEARS 2. 33 5 42% Houses sold last quarter Units sold last quarter House auction clearance rate 3. HOUSE AVERAGE DAYS ON MARKET 64 KENMORE 4. SALES LOWEST $500,000 $695,000 HIGHEST $1,085,000 LOWEST $420,000 $476,000 HIGHEST $612,000 HOUSES UNITS 5. LEASE $535 HOUSE RENT $368 UNIT RENT Source: Pricefinder 1 May - 31 July 2016
A WORD FROM OUR CLIENTS KYLIE MUSSON I used Ray White Metrowest when renting out my property. They found quality renters and completed regular inspections. When the renters had an issue, I was alerted immediately. Ray White Metrowest have their own contacts with tradies to help sort any property issues as soon as possible. They are the best Real Estate people that I have dealt with for renting a property, and I would highly recommend using this agent. THOMAS HO When putting your property up for lease we look for certain key criteria. Ensuring the tenants are of high quality, that the property is leased out with minimal vacancy at the correct rate and that when issues arise they are dealt with swiftly. Krista and the property management team were extremely responsive and met all of our needs. We couldn t be happier and highly recommend them. SIOUXSIE MCGUIRE The guys at Ray White MetroWest in Chapel Hill gave me the best experience I could possibly have as a first time property purchaser and now as a landlord for that same property. I rang Craig Sharp as soon as I saw the unit I wanted, he gave me the right professional advice, helped me find a brilliant broker (whom many of my friends have now used) and made buying a property a breeze and enjoyable through his upfront, honest professional manner and great sense of humour. At a later date I needed to rent my unit and find a tenant, something I had never done before, of course my immediate choice was to contact Krista. Her pleasant, friendly manner and personalised service made me feel like I was her number one client. The unit was leased out quickly and for a higher price than expected! Krista and her team are always available to help, they return calls and emails promptly, any issues with the tenant have been dealt with immediately, professionally and with sensitivity. I would recommend Craig and Krista Sharp at Ray White MetroWest to anyone wanting to buy or rent property, what an awesome team!
YOUR RAY WHITE TEAM Craig Sharp B.Bus LREA Principal 0408 887 169 craig.sharp@raywhite.com Krista Sharp LREA JP(Qual) General Manager 0419 656 808 krista.sharp@raywhite.com BRENDA CHEERS Experience counted for everything - he was confident that every move he took would be in the best interests of our sale. He was right. Our property sold within a few days of being listed. If there was a place where I could vote for Real Estate Agent of the Year, I wouldn t hesitate to enter Craig s name. A wonderful agent and also a very nice person. HAIFUNG HU Krista helped me find and pick the tenant carefully, the process was smooth and quick. Multiple communication methods are available, I choose email communication and I always get quick and clear response from Krista. I feel happy to have Krista as my property manager in Ray White MetroWest. PETER ZHANG At a previous real estate agent, our property still wasn t leased after 8 weeks. We changed to Ray White MetroWest in Chapel Hill and it only took them a week to find a tenant. The staff are extremely friendly and caring and gave us professional advice at all times. They kept us well informed about the situation and we are very glad we chose Ray White to manage our property. RAY WHITE METROWEST 620 Moggill Road Chapel Hill QLD (07) 3737 0000 raywhitemetrowest.com.au