M A R K E T
O c t o b e r
P U L S E
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C21
PUBLISHER Century 21 Australia Pty Ltd
CONTRIBUTORS Tim Lawless Chris Gray YourPorter Chantelle Groben
EDITORIAL ENQUIRIES Century 21 Australia (02) 8295 0600
ADVERTISING ENQUIRIES Century 21 Australia
WELCOME TO THE
October 2023 ISSUE OF
C21 MARKET PULSE
(02) 8295 0600
DISCLAIMER We have in preparing this information used our best endeavours to ensure that the information contained therein is true and accurate, but accept no responsibility and disclaim all liability in respect of any errors, inaccuracies or misstatements contained herein. Prospective buyers and sellers should make their own enquiries to verify the information contained herein. All information contained in the CENTURY 21 Australia Pty Ltd website is provided as a convenience to clients. All links to property prices displayed on the website are current at the time of issue, but may change at any time and are subject to availability. For more information on our Privacy Policy please refer to: www.century21.com.au/privacy
Cover image: Brian Zajac on Unsplash
C O N T E N T S O cto b er
PROPERTY MARKET UPDATE
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SELLING YOUR PROPERTY
Home Value Index up 0.8% in September as
Picture perfect: Preparing your property for
demand/supply imbalance continues to push
professional photography
values higher
CELEBRATING COMMUNITY
CoreLogic Head of Research, Tim Lawless
BUYING PROPERTY
04
Your Empire CEO, Chris Gray
ENERGY EFFICIENCY
How do you determine the right asking price for
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a property? Century 21 Platinum Agents, Chantelle Groben
Mastering energy efficiency: Taming power‑hungry appliances Your Porter
C21 MARKET PULSE
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Century 21 paves the way for athletic excellence
ASK A C21 AGENT
Only four weeks left for 2023
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CENTURY 21
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WHAT WILL HAPPEN TO PROPERTY AFTER FREEDOM DAY?
KNOW YOUR PROPERTY’S VALUE IN AN INSTANT Access an instant property report now. Click here to begin.
C21.com.au/property-report/
P R O P E R T Y M A R K E T U P DAT E
HOME VALUE INDEX UP 0.8% IN SEPTEMBER AS DEMAND/SUPPLY IMBALANCE CONTINUES TO PUSH VALUES HIGHER Utilising a fresh model upgrade, CoreLogic’s national Home Value Index (HVI) recorded a 0.8% rise in September as the recovery trend moved through an eighth consecutive month of growth. The rise follows a 0.7% lift in August (revised down from 0.8%) taking the quarterly pace of growth in national home values to 2.2%. Quarterly growth has eased from a 3.0% gain in the June quarter, reflecting a
BY T I M L AW L E S S , HEAD OF RESEARCH, CO R E LO G I C
the underlying supply dynamic. “The
Delving into the detail, the upper
three capitals recording the highest
quartile of the capital city housing
capital gain each have advertised
market has led the slowdown in
supply levels that are around 40%
the pace of growth. After leading
below their previous five-year
the recovery cycle, the premium
average. Advertised supply levels
housing sector might be losing
across Hobart, where values are still
some steam, with the quarterly rate
trending lower, have been holding at
of growth across upper quartile
above average levels since June last
dwellings easing back to 2.3% while
year and were almost 40% above its
the lower quartile growth rate
five-year average.”
accelerated to 3.2%.
Since finding a trough in January,
“This shift is partly attributable
the national index has recovered by
to the lower value capitals such
6.6%, however home values remain
as Perth and Adelaide recording
1.3% below record highs recorded in
a faster rate of growth, however
April last year.
even in these cities it is the lower quartile that has outperformed,”
slowdown as advertised stock levels
Tim Lawless noted at the current rate
rise, helping to take some heat out
of growth, we are likely to see the
of the market.
national HVI recover to a new nominal
In the more expensive cities,
high by the end of November.
Sydney and Melbourne, the broad
The September quarter saw
Mr Lawless said.
middle of the market is now
Adelaide recording the highest
“We have already seen dwelling
capital gain at 4.3%, followed by
values reach new record highs
Brisbane at 3.9% and Perth at 3.6%.
in Perth and Adelaide. Brisbane
At the other end of the growth
looks set to reach a new record
spectrum is Hobart where values
high in October, with home values
“Possibly we are starting to see
were down -0.2% over the quarter,
currently only 0.6% below their
renewed affordability challenges
taking the southern capital to a new
previous peak. Hobart and Canberra
deflecting more demand towards
cyclical low.
have the furthest to go before
the middle of the market where
staging a nominal recovery, with
barriers to entry are lower,”
dwelling values remaining 12.4%
Mr Lawless said.
CoreLogic’s research director, Tim Lawless, notes the performance of the housing market in each city reflects
and 7.0% below their cyclical highs from last year.” C21 MARKET PULSE
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recording the highest growth rate after previously being led by the upper quartile.
Click here to read the full article
BUYING PROPERTY
ONLY FOUR WEEKS LEFT FOR 2023 B Y C H R I S G R A Y, C E O, YO U R E M P I R E
There might be eleven weeks till the end of the year, but there’s only about four weeks left for new listings to come on the market. So, no matter whether you’re a buyer or a seller you’ll need to get your skates on if you want something to happen this year. A typical marketing campaign for
flow their properties and aren’t forced
a property is around four weeks
to sell.
and there’s no guarantee it will sell in that time. As such most agents will probably suggest having six to eight weeks up your sleeve and that means starting a campaign by the end of October at the latest. Most agents work very hard during the year, so by early to mid‑December, they’re ready to sell their last listings and take a break. As not a lot happens in January, this time of year is a good chance for them to get away. We’ve had our fourth consecutive month of no interest rate rises and so whilst some economists are predicting one more, the majority of experts are suggesting that this is the peak for the current cycle and if anything, we might see some drops in the later part of 2024. All the talk about mortgage cliffs seems to have disappeared and whilst an extra 4% of mortgage interest rates are hurting most borrowers’ pockets, most homeowners and investors do seem to be able to cash
2. You can buy a great property in a great location at a great price and
CoreLogic have been reporting increased property prices for much of this year and many places are back to their previous peaks. Just last month we had a 0.8% national increase which equates to $8,000 on a $1M property.
3. You have the spare cash to hold on for the short to medium term. And just remember, every time we’ve surveyed our database of clients, most people regret not buying more property, sooner.
These changes, along with a continued lack of supply is likely to lead to further increases in prices for the rest of this year and 2024. It’s often been consumer sentiment that has been the biggest driver of property growth rather than the physical drivers of interest rates,
ABOUT THE CONTRIBUTOR
rents, and immigration. If people
Chris Gray is CEO of Your Empire, a buyers’
are motivated to buy, they will often
agency that buys homes and investments
find the money, just like if interest
for time-poor professionals – searching,
rates rise beyond affordability, they
negotiating, renovating and managing
still find a way to avoid being a forced seller.
over 10 years as the host of ‘Your Property Empire’ on Sky News Business channel, where
So, as I’ve said for many years, buy when:
he’s interviewed various heads of property research companies and major industry figures. Chris is a qualified accountant,
1. You have the deposit and can get a mortgage from the bank. C21 MARKET PULSE
property on their behalf. Chris has spent
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buyers’ agent and mortgage broker. For more information, visit www.yourempire.com.au and follow Chris on Facebook: @ChrisGraySydney
Ceiling $168 Lights $290
Ceiling $168 Lights $290
Cabinets $295 Door $52
Rangehood $184
Cabinets $295
Door $52
Stove $377 Bench tops $110
Plant and equipment deductions
Bench tops $110
Dishwasher $462
Stove $377 Flooring $442
Capital works deductions
Dishwasher $462
Flooring Example of typical tax deductions found $442 Plant and equipment deductions in an investment property Capital works deductions
Reduce d fee
$715
includin
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ENERGY EFFICIENCY
MASTERING ENERGY EFFICIENCY: TAMING POWER‑HUNGRY APPLIANCES
moving made
YourPorter specialises in conne ensuring B Y Yyour O U Rmoving P O R T E Rexperienc
As the cost of power continues to rise, Australian households are grappling with escalating energy bills, particularly due to the insatiable energy appetite of some household appliances. However, there are strategies you can put in place to rein in those power bills without sacrificing your modern conveniences. 1. IDENTIFYING THE ENERGY CULPRITS
For example, consider the potential
So, once you've identified the
savings when selecting a 55-inch TV
energy guzzlers in your home,
Your journey to save energy starts
with a higher star rating, assuming
it might be time to gradually
with pinpointing the appliances
an electricity cost of 28 cents
replace these appliances with more
silently devouring your electricity.
($0.28) per kWh:
energy-efficient counterparts,
Conducting a home energy audit may seem daunting, but it's simply about getting acquainted with where your hard-earned energy and money are going.
setting the stage for significantly
• A 7-star rated TV, consuming
lower bills down the road.
213 kWh annually, would cost approximately $60 to operate
3. UTILISING APPLIANCES STRATEGICALLY
each year. • In contrast, a 3-star rated TV,
Energy Star Ratings
using 520 kWh annually, might set
Begin by checking the energy star
you back around $146 annually.
ratings of your appliances. Most modern appliances bear a label that displays their star rating, usually ranging from one to six stars and sometimes up to 10 stars. The more stars an appliance has, the more energy-efficient it is. Calculating the annual cost of running an electrical appliance with a star rating is straightforward— multiply its annual kilowatt-hour (kWh) usage (found on the Energy Rating Label) by your specific electricity rate, available on your electricity bill.
Now that you're acquainted with your power-hungry culprits, it's time to adopt smart usage
The same calculation can be
strategies. Adjusting your
applied to any appliance. For
appliance usage, such as running
instance, a 500L fridge with a
washing machines during off‑peak
2-star energy rating will have a
hours, optimising your fridge's andYOURPORTER using the WHY temperature, CHOOSE
yearly running cost of $163, while
a similar-sized fridge with a 4-star
dishwasher only when it's full,
rating will cost only $96 to run.
can help keep your energy bills
Independent – we are not aligned with in check. 2. INVESTING IN ENERGYpanel of providers to compete for you Other tips to reduce power EFFICIENT ALTERNATIVES Freedom – stay in total control, makin consumption include: While it may seem counter-intuitive or supplier preference • Opting for LED or LCD TVs, which to spend money in order to save, Simple – use our easy, online signup are more energy efficient. investing in energy-efficient appliances can be a wise move for Our service comes at no cost and no o Continued your financial future. Based in Melbourne, weover arepage 100% Aus C21 MARKET PULSE
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CONNECTING SERVICES HAS NE
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STEP 1
STEP 2
Continued from previous • Reducing the brightness of your TV screen. • Investing in a front-loader washing
dryer, dishwasher, and pool pump)
Phantom power consumption, as
during peak sunlight hours.
highlighted by Energy Australia, can be responsible for up to 10% of your
5. MAINTENANCE Well-maintained appliances ensure
machine, especially if you use hot
they're not stealthily consuming
water.
more power than necessary. Regular
• Washing your clothes with cold water.
4. HARNESSING THE POWER OF SOLAR
maintenance, such as inspecting fridge seals and keeping dryers lintfree, is a simple yet effective way to keep electrical costs down.
home's electricity bills. Investing in smart power point adapters that block power when appliances are in standby mode may be worthwhile. Compare Costs for the Power You Need Along with the power saving tips above, regularly comparing your energy plan to ensure you are on a
be significant, outfitting your
6. AUTOMATING FOR ADDITIONAL SAVINGS
home with solar panels can lead
While larger appliances often steal
in keeping costs down. YourPorter
to a future where electricity bills
the spotlight, don't forget about the
are substantially reduced or even
smaller gadgets nibbling at your
completely offset.
power usage. Plug in smart power
While the initial investment can
If you already have solar panels installed, use power-hungry appliances (e.g., washing machine,
strips and timers to manage these devices efficiently, ensuring they don't draw power when not in use. C21 MARKET PULSE
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CENTURY 21
competitive deal will go a long way has made it quick and easy with bill scanning technology that will let you know in less than a minute if there is a better value plan available for you from a wide range of retailers. Try it now to see how much you can save.
moving made easy YourPorter specialises in connecting household utilities ensuring your moving experience is made easy.
WHY CHOOSE YOURPORTER Independent – we are not aligned with or owned by any energy retailer. We have created a panel of providers to compete for your business Freedom – stay in total control, making choices to suit your needs be it cost, product features or supplier preference Simple – use our easy, online signup process or speak to one of our friendly consultants Our service comes at no cost and no obligation Based in Melbourne, we are 100% Australian owned and operated
CONNECTING SERVICES HAS NEVER BEEN EASIER STEP 1 Once referred by an agent, YourPorter will contact you via SMS, email, and/or phone.
STEP 2 Choose your service providers via the online connection platform, or with the help of one of our friendly call centre team.
STEP 3 Tick connections off your moving home list.
Talk to your Century 21 representative or contact us via 1300 400 600 | info@yourporter.com.au | Level 3, 342 Flinders Street, Melbourne, VIC 3000
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SELLING YOUR PROPERTY Image: Spacejoy on Unsplash
PICTURE PERFECT: PREPARING YOUR PROPERTY FOR PROFESSIONAL PHOTOGRAPHY When it comes to selling your home, presentation is key. The right visuals can make a significant difference in attracting potential buyers and setting the stage for a successful sale.
remove garden tools and overgrown
here are five invaluable tips
plants to create an open and
to prepare your home for
inviting atmosphere.
professional photography.
3. ATTENTION TO DETAIL
1. A CLEAN CANVAS
Small details can make a big
A clean home is essential for
impact. Take a moment to
impressive property photos.
straighten up pillows and throws on
Remember, the camera lens
furniture, creating a sense of order.
magnifies even the smallest flaws.
Hide cords, cables, and remotes
One of the most powerful tools
Prioritise cleaning, especially in
for a clutter-free look. Align and
in your arsenal is professional
bathrooms and kitchens. Scrub away
maintain appliances, and ensure
property photography. A well-
stains, wipe down surfaces, and
vehicles are out of view from the
photographed home can leave
vacuum thoroughly. Outside, hose
front of the house or garage. These
a lasting impression, drawing
down your driveway and clear weeds
details contribute to an overall
buyers in and sparking their
to enhance your curb appeal.
polished and inviting atmosphere.
2. CREATE SPACE
4. REMOVE PERSONAL ITEMS
Space is a valuable asset when
While your personal items hold
selling a home. A cluttered
sentimental value, they can hinder
space can make even the most
potential buyers from envisioning
appealing rooms look cramped
themselves in your space. Before
and uninviting in photographs.
the photography session, remove
Begin by decluttering your home,
family photos, personalised
removing personal items like kids'
artwork, and unique memorabilia.
toys, pet bedding, and unnecessary
This allows buyers to project
knick-knacks. Consider rearranging
their own vision onto the space.
furniture to maximise the sense
Clear bathroom countertops and
imagination. To help you make Image: Laura Davidson on Unsplash
the most of this opportunity,
of space, particularly in rooms like the living area. In the backyard, C21 MARKET PULSE
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Continued over page
Image: Alona Gross on Unsplash
Continued from previous kitchen surfaces of personal items. Tuck away pet belongings to create a neutral canvas.
5.MATTERS OF LIGHT Lighting is the magic that can transform a room's ambiance, and
and blinds, allowing sunlight to
Your Century 21 agent is here to
stream in and bathe your rooms
guide you through every step of the
in warmth. Keep the lighting
process, ensuring that you achieve
consistent by replacing burnt-out
the result you deserve when selling
bulbs throughout your home. Clean
your property.
windows to maximize the infusion of natural light, showcasing your home's finest features.
it's a key ingredient for captivating
By following these tips, you'll be
photographs. Embrace natural
well on your way to presenting your
light by throwing open curtains
home in the best possible light. C21 MARKET PULSE
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Click here to find your local Century 21 agent today.
Reach more home buyers.
With Australia’s largest home buying audience, realestate.com.au can put your listing in front of more home buyers than anywhere else. Talk to your local Century 21 agent to list your home for sale on realestate.com.au.
Source: Nielsen Consumer and Media View, 2023 Survey 03 National Online database Time period May 22 – Apr 23, Fused Nielsen Digital Content Planning (Text): March 2023, Realestate.com.au vs nearest competitor. Australian Population 14+. “Buyers” are Total Buyers who are likely or very likely to buy a residential property within 12 months.
BUY AND SELL PROPERTY WITH CONFIDENCE
With Openn you always stay informed, can see how many buyers are interested and you’ll never miss out on making or receiving that winning offer. Find a Century21 agent using Openn:
Find an agent openn.com.au
C E L E B R AT I N G C O M M U N I T Y
CENTURY 21 PAVES THE WAY FOR ATHLETIC EXCELLENCE Century 21 recently sponsored the highly anticipated NSW Koori Knockout Aboriginal Rugby League Carnival, which took place on the 29th, 30th September, and 1st & 2nd October 2023, on Darkinjung Country at Tuggerah Central Coast. This carnival is a celebration of
Century 21 was excited to support
Century 21 recognises the
Aboriginal culture and talent in
an event that embodies inclusivity,
significance of actively engaging
Rugby League, bringing together
community spirit, and a passion for
with local communities.
communities from across New South
Rugby League.
By sponsoring the NSW Koori
Wales in a spectacular showcase of athleticism and camaraderie.
James Bell, CEO of Real Estate Century 21, expressed his
Described as a modern-day
enthusiasm for the sponsorship,
Corroboree, the NSW Koori
stating, "Century 21 is proud to
Knockout Carnival was a gathering
support an event that celebrates
of diverse communities converging
Aboriginal culture, sportsmanship,
on Darkinjung Country. It was an
and community unity. It was exciteing
unforgettable experience, with both
to be a part of this event and engage
amateur and professional athletes
with the vibrant communities that
showcasing their talents.
make this event so special."
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Knockout Aboriginal Rugby League Carnival, the brand's aim was to create positive connections within the community. With thousands in attendance, this event provided an excellent opportunity for Century 21 to connect with a wide and diverse audience.
ASK A C21 AGENT
HOW DO YOU DETERMINE THE RIGHT ASKING PRICE FOR A PROPERTY? BY CHANTELLE GROBEN, PLATINUM AGENTS
How do you determine the right asking price for a property, and what factors do you consider when setting this price? Determining the right asking price for a property is one of the
understanding of the area and the
and possessing a thorough
property market. They can provide
understanding of market conditions.
guidance in determining the right asking price, marketing the property effectively and highlighting its unique features and attributes to help you find the best buyer for your home.
most important and fundamental
One way we do this is to perform
elements of the selling process.
a comparative market analysis,
It is vital to work with a trusted local agent who has a deep
which involves comparing similar recently sold properties in the area, analysing their features
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Furthermore, we also consider the seller’s motivations and goals, as well as a potential buyer’s perception of the property’s value. By taking all these factors into account, we are able to arrive at a carefully considered asking price and create a unique marketing strategy to achieve the best outcome possible.