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Episode 360 | The XYZ of Property Pricing: Getting The Rules of Engagement Right

Imagine this…

You found your ideal property in the perfect location. You’ve inspected it, you know exactly what the purchase price is going to be AND you’re pre-approved for that budget. You’ve spoken to the selling agent and is crystal clear with the vendor’s motivation. You negotiated some terms and put your best offer forward and BAM!! it got accepted right away. Happy days!

Unfortunately, it’s probably NOT going to happen in the current market.

When it comes to property prices, getting it exactly right would be perfect for buyers. But in a hot market, it’s very very hard for most buyers to nail it right away. Unless of course you’ve got a lot of spare time in your hand or you’ve engaged a professional to help you out. In today’s episode, we will share the XYZ of property pricing that our own buyer’s agent team are practicing and some of the tips that you can implement right away to get as close to the selling price as possible.

But… are you wondering if it’ll work in the current market and with all these new ways of transacting?

On top of that, with lockdown restrictions, how are you going to inspect properties and if you can’t, should you buy sight unseen?

That’s exactly what we are going to unpack today.

PLUS Bryce and Ben will also be addressing the big old Fixed Rate vs Variable Rate question. With the impending lending requirement changes (check it out in Ben’s RBA update), it’s probably best that you get your loan questions answered sooner rather than later!

Tune in now for the gold!

Q’s we answer further below 👇

 

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The Questions We Answer

Question from Mark about Buying in Covid Lockdowns

I’m currently looking for a home in Melbourne to live in.
Over the last month because of COVID you haven’t been able to inspect any properties however in the last month there’s been about four properties in the same suburb that have sold sight unseen for about $50 to $100,000 above asking price.
Is there any way you can explain this behaviour and give me any advice on how to could compete against these people.

Recommended episodes for Mark:

 

 

Question from Tracey about Best Questions to ask a Real Estate Agent

Hi Property Couch Team!
Thanks for the podcasts it’s really driven myself and hubby and has given us the confidence to buy investment property, so much now that we’re looking to buy a second one and this one I’m looking at the Gold Coast.
My question is I have a good handful of properties that I’m looking and interested in but they’re nearly all at auction and I live in northern New South Wales.
When contacting a real estate what are the the first best questions to ask when you can’t go to view the property and you wanna see if it’s in your price range.

Recommended episode for Tracey:

 

 

Question about Interest Rates – Fixing Your Loan before buying an IP

Hi guys, first of all thanks for the great podcasts. I’ve been listening for a little while and super inspired with all the informative information.
Just a quick question about interest rates and whether or not I should lock in an interest rate before planning to buy an investment property.
So I’m about to buy an investment property within three months. What are your thoughts on locking in a fixed interest rate today rather than waiting for three months?

Related episodes:

 

 

Question from Rhys about Buying Off the Plan and Co-Living Spaces

Good day Bryce and Benji, Rhys here I just want to ask two questions if that’s OK?
First question relates to property advisors/buyers agents. The guy who I’ve been recommended by a friend I’m a bit skeptical of because he doesn’t charge outright and so he takes Commission from the sale of properties and these properties tend to be building like off the plan from developers or builders.
Second question relates to this, he’s really big on co-living spaces, you know for young professionals or whatever, who are seeking out shared living space just because of the rental yield.
I’d love to hear your thoughts on this. I love your show guys thanks for that

Related episodes:

 

 

Episode 034 | Q&A – Investing in Commercial Property, Fixing your Loan, Using a BA and Estimated Growth & Returns for Property Plans

It’s another Q&A episode! We are loving these Q&A episodes. If you have a property related question that you couldn’t solve or needs an opinion on, please do not hesitate to let us know here. In this episode, Bryce Holdaway and Ben Kingsley will be addressing some topics on:

  • Using a Buyers Agent question from Tim : For a person that is looking to purchase an investment property where they’ve already educated themselves on property investment from Podcasts, read property investment books and attended seminars and they’ve done all their due diligence from getting the right loan structure, finding the right location with all the growth drivers, will there be any benefits to engage a Buyer’s Agent?
  • Fixed loan question from Jonathan : Due to interest rates have been low for a few years now and flexible loans are good, when is the best time to fix them? When the interest rate reaches a point eg, 6%-7? Do you refinance your home and do 50% fixed and 50% variable . What is the rule of thumb on this topic?
  • Investing in commercial property question from Hany : What are the discussions of the pros and cons of investing in commercial property?
  • Estimated Growth and Returns for Property Plans from Josh : My question is around Bryce’s publications and the extent yield and growth percentages are applied. Exploring these publications I have found that the sum of both the yield and the growth figures never exceed 12% to 13%. Is this a rule of thumb? If so, to what extent can you divide these figures up when building an investment plan? is this constrained by property value? What is considered average, exceptional and using a Buyers Agent, what can be expected?

 

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