Monthly Archives: November 2014

Christmas Comes Early For Queensland Real Estate Agents

Posted on November 26, 2014 by | 4 Comments
An article by Tim O’Dwyer, Solicitor and Consumer Advocate On Monday 1st December POA, the Property Occupations Act 2014 (and POA Regulation 2014) come into effect in Queensland, and replace the much-amended-and-maligned Property Agents and Motor Dealers Act 2000 (PAMDA). While real estate consumers (in particular residential sellers and buyers) will find little to rejoice over and less protection of their interests than before (despite one of POA’s expressed objects being “the protection for consumers...

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Victorian election real estate dramas: Underquoting and “election stunts”

Posted on November 26, 2014 by | 0 Comments
An article by Jennifer Duke “In Victoria underquoting is endemic, rampant, it’s grubby, it’s misleading and deceptive and it’s a fraud on home buyers,” explained Rowe. “Consumer Affairs Victoria lacks the necessary laws and resources to police underquoting. Real estate agents enjoy the luxury of loop holes in the rules to bait home buyers into attending auctions which are outside their budget.  This frustrates buyers. Underquoting causes home buyers to waste their time, money and...

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Rental road to riches can be rocky

Posted on November 22, 2014 by | 0 Comments
An article by Mary Holm Even with skill and good luck there are many risks that can make or break would-be property investors. My partner and I have our own home at the moment with a sizeable mortgage, and we’re thinking of starting a property rental portfolio. We’ve been told that it works best to have a few properties, rather than just one or two. Would you be so kind as to give us your...

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Why New Homes Should Be Inspected For Defects

Posted on November 19, 2014 by | 0 Comments
If the house is brand new there should be no reason to have it inspected for defects, right? This article by Reuben Saltzman explains the reasons why a newly constructed home should be inspected by s qualified and independent building inspector. While the article was written for an American audience, it is just as applicable in Australia. One of the newest inspectors on our team is Patrick Brennan, who worked as a project manager for...

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Real Estate Agent Referrals – They’re Not What Consumers Think They Are!

Posted on November 11, 2014 by | 0 Comments
“No one refers more clients to other businesses than real estate agents, so top agents understand the importance of capitalizing on this power by developing real estate referral networks.” So begins an article about the value of using referrals as a lead-generation strategy. What’s forgotten is that the consumer is reduced to being a mere commodity, to be bought and sold by those whose interests are not necessarily the same as those of the consumer....

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Deceptive, unscrupulous techniques in property marketing

Posted on November 11, 2014 by | 2 Comments
An article by Jonathan Barrett – AFR Asking prices for houses in the ­Pilbara town of Port Hedland have dropped 40 per cent, but a local agent tells investors “demand for new dwellings will continue unabated”. In Collins Street, Melbourne, a commercial agent reckons buying the office he is selling represents the “best investment” in the city. Both statements are probably untrue, but are they illegal? Stephen Meagher, from the West Australian government’s Consumer Protection department,...

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ASIC commences proceedings against property promoter Park Trent Properties

Posted on November 11, 2014 by | 0 Comments
An article by JENNIFER DUKE Park Trent Properties Group Pty Ltd, known as Park Trent, is under scrutiny from ASIC. ASIC has commenced proceedings in the Supreme Court of New South Wales, where they seek interim and final orders that will stop the property promoters from carrying on an unlicensed financial services business. Park Trent’s property promotion includes the use of SMSFs to purchase property. ASIC alleges that they are unlawfully carrying on a financial...

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Couple charged for alleged $1.5 million “Ponzi” property development fraud

Posted on November 11, 2014 by | 0 Comments
An article by JENNIFER DUKE Carrum Downs couple Maureen Gael Johnson, 58, and Douglas Gordon Johnston, 71, have been charged with more than 70 offences relating to an alleged $1.5 million property development fraud, following an investigation by the Australian Securities and Investments Commission (ASIC). ASIC investigated two companies: Investman Nominees (USA) Pty Ltd and Small Business Management Pty Ltd, of which Maureen Johnston was a former director and current director respectively. Douglas Johnston was the...

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Victorian politicians’ $136 million of property: What hope is there of housing policy reform?

Posted on November 11, 2014 by | 0 Comments
An article by LINDSAY DAVID , PAUL EGAN & PHILIP SOOS Following our analysis of Commonwealth Parliamentarians’ real estate holdings, our attention now turns to Victoria’s parliament, which is set for an election in November 2014 under its fixed four-year term. Victorians are entitled to ask: what sort of policies and forward direction will politicians and their parties promise with respect to housing? Australia, including Victoria, is in the midst of a chronic housing affordability crisis....

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Are real estate agents overpaid?

Posted on November 11, 2014 by | 2 Comments
An article by Edwin Almeida Over the weekend I saw many social media posts of the number of homes auctioneers auctioned off on the day. Some numbers came in between seven to 11 properties sold by a single auctioneer. Then there were the articles and reports of properties being on the market for as little as 13 days on average across Sydney. I began to once again ponder on the costs involved in selling a...

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