With the final weekend of March auctions now passed and Sydney continues to progress through the change in market from the peak of July 2017 the Epping it is clear that the market of today is a double-edged sword for property owners. Vendors may be disappointed by current prices compared to previous years however, those purchasing more expensive property may find the price gap between their current and dream home has also likely narrowed. This margin can be narrowed further by simple, yet important, strategies such as:
– Ensuring presentation is up to standard and any repairs are already taken care of
– Commit to an appropriate selling strategy/method for your property
– Ensuring peace of mind by selling first prior to buying
– Planning a cost effective and expansive marketing campaign with your chosen agent
Looking at the March results for Epping and North Epping auction clearance rates have shown an increase however, as previously stated should be considered more a sign of better execution of campaigns, and a selling approach that speaks to today’s market rather than a price rebound. The Epping area performed particularly well at the close of the month with a total of 19 (disclosed) recorded sales. A number of the results are yet to be disclosed however, the highest currently released price was attained by 15A Wycombe Street, Epping which achieved a sale price of $2,090,000 which certainly provides evidence of a lively and successful prestige market. As an example of buyer numbers in the market today I recently experienced open home attendance numbers exceeding 20 groups for both 7 Neil Street and 51A Midson Road, Epping. Both properties have very little in common and therefore attract different buyer groups which, in my opinion, showcases a more energized buyer market.
‘Can local council patrol and issue parking fines on a strata property?’ – Contributed by Omega Legal
It depends on whether there is a parking area agreement between the owners corporation and the local council. Currently the Strata Schemes Management Act 2015 allows strata and community schemes to approach their local council to seek the council’s approval to enter into a parking area agreement. Under the Act, the council may erect signs on private property, patrol and issue a penalty notice to any car users who act contrary to those signs. The owners corporation has to pay the council for their services and any revenue from the payment of penalty notices will be returned to the council, not the owners corporation.
The costs and convenience for this arrangement with the council would be more attractive than he owners corporation taking legal actions in the tribunal. Speak first with your strata manager or the strata committee to obtain their support for this arrangement with the local council.
If you are planning to sell your property this year, obtaining legal advice early will help ensure a smooth conveyancing process. Contact Omega Legal at info@omegalegal.com.au or call 0402 990 108 to find out more.