96 Lake Heights Road Lake Heights NSW 2502 by MMJ Real Estate

MARKET APPRAISAL Prepared for Peter Maissin Lake Heights NSW 2502

UNPARELLED, MARKET LEADING REAL ESTATE SERVICES

96 Lake Heights Road,

WELCOME

23/06/2022

We wanted to personally thank you for giving us the opportunity to submit our market proposal and recommendations for the sale of your property. At MMJ Real Estate we provide unrivalled knowledge and skills in the delivery of market leading real estate services, to achieve the best possible result for our clients. We have been providing opportunities, solutions and services to the Illawarra property market for 60 years. You’ll find a detailed report outlining several key considerations which will assist you with your decision making and highlight our customised service and sales strategy for you in the marketplace. We look forward to bringing you the experience, energy and expertise required to achieve a great outcome. Should you require any further information please do not hesitate to contact us.

DANIEL HASTINGS Director 0416 283 876

Daniel.hastings@mmj.com.au

What our clients say. Absolute professional! Daniel is a true professional. I appreciated his straight down the line, no nonsense approach to our house sale. I would absolutely recommend him as an agent & will definitely use Daniel & his team when we next need the expertise of a real estate agent ____

Our family selected Daniel to be the listing agent for my mum and dad’s home of 54 years. Daniel demonstrated an extensive knowledge of the market, particularly in this unique climate. He expertly guided us on how best to present our property and was extremely sensitive the circumstances of the sale. He displayed a professional attitude in every aspect including the appraisal, planning the best possible advertising campaign and dealing with my family, especially my dad. A significant strength of Daniel is his ability to communicate effectively, including us on all areas of the selling process. I was particularly impressed by his prompt replies to any queries we may have had and providing us with detailed information about all people who visited during the open house inspection. ____

Dream home secured

Daniel has been fantastic to deal with he has been in touch through our whole purchasing process and has remained accessible for any queries we have had. Nothing was too much trouble and he went out of his way to make sure our purchasing experience was nothing but positive

THE MMJ DIFFERENCE

127,600

MMJ have been in business since 1960

Specialist Departments

National Database.

In-house marketing team

$140,656,04 0 Worth of real estate sold in the Wollongong Office the last financial year

150+

Consecutive years as agency of the year, Wollongong

Staff across the nation

60+

REGIONAL MARKET OVERVIEW

Demand primarily declines as a result of rising interest rates or a slowing economy in general. Ultimately, for rising interest rates to soften home values, we would need substantially less demand and far more housing supply than we presently have.

Wollongong’s Property Market What’s Positive With the median price for houses at just under $1 100 000 and strata at $680 000, Wollongong has welcomed a total increase of 34.9% over the past 5 years. Wollongong has all the hallmarks of a great investment: the energy of a revitalised economy, relaxed coastal lifestyle, strong employment and infrastructure spending. The Wollongong Local Council area has a population of 222 000 and is forecast to grow by 14.5% over the next 15 years to 254 000. Remember that COVID is affecting our economy in fundamental ways, including a profound slow-down in overseas and interstate migration, tourism, education and, of course, jobs and growth.

Remember: real estate is governed by social and political factors and the COVID-19 virus will continue to affect our economy and marketplace for some time to come.

Reports are now indicating that property prices in the Wollongong regional area have stabilised in 2022. It is a similar story for other locations in the Illawarra, with Kiama and Shellharbour median prices experiencing a similar slow-down amid the community’s hesitation about real estate. From late 2021 to early 2022, NSW market conditions had peaked with many experts indicating that further growth is not expected throughout all of 2022 and possibly into 2023. The real estate market experienced a near-perfect storm, with recent fires and floods, the COVID-19 virus, high inflation, an election, and a war overseas, all of which put pressure on the Reserve Bank of Australia to increase interest rates. Despite these signs of a slowing market, it remains steady for homebuyers and sellers, and currently the market has just levelled out.

Recent Sales 1

11 HASSAN STREET LAKE HEIGHTS NSW 2502 3 Year Built

Sold Date

Sold Price 537m2

$945,000

1968

DOM

11-Feb-22

Distance

0.11km

First Listing Auction Last Listing Auction Notes from your agent 2

Located around the corner from subject. Low side of the street, as per subject. More accommodation than subject. Stronger overall presentation than subject. Lesser land area compared to subject. Slightly superior views of lake Illawarra than subject. Sold prior to rate rises, which has since seen buyer activity lessen. Overall Superior

84 LAKE HEIGHTS ROAD LAKE HEIGHTS NSW 2502 3 Year Built

Sold Date

Sold Price

575m2

$720,000

104m2

1950

DOM

17-Feb-22

Distance

0.21km

First Listing Auction Last Listing Auction Notes from your agent 3

Same street as subject, around the corner. Slightly more accommodation than subject. Less modernised than subject. Lesser land area than subject, sloped as per subject. No notable lake view, unlike subject. Sold prior to rate rises, which has since seen buyer activity lessen. Overall Comparable

31 NOBLE PARADE LAKE HEIGHTS NSW 2502 4 Year Built Sold Date

Sold Price 961m2

$860,000

237m2

1957

DOM

07-Apr-22

Distance

0.4km

First Listing Price Guide: $850,000 Last Listing Price Guide: $850,000 Notes from your agent -

Closely located to subject. More accommodation than subject. Less modernised than subject. Lesser lake view than subject.

DOM = Days on market

RS = Recent sale

UN = Undisclosed Sale

data point was edited by the author of this CMA and has not * This been verified by CoreLogic

Recent Sales - Larger land area than subject but shaped tri-angular. - Sold prior to rate rises, which has since seen buyer activity lessen. - Overall Superior 4

28 HASSAN STREET LAKE HEIGHTS NSW 2502 3 Year Built

Sold Date

Sold Price 721m2

$700,000

141m2

1980

DOM

10-Mar-22

Distance

0.18km

First Listing $689,000 Last Listing Under Contract Notes from your agent 5

More accommodation than subject Less modernised than subject Lesser land area compared to subject Located just where the split in the road begins, unlike subject which is a traditional street Slightly superior views of lake Illawarra than subject Sold prior to rate rises, which has since seen buyer activity lessen Agent feels property may have been under sold Overall Superior

103 WERINGA AVENUE LAKE HEIGHTS NSW 2502 3 Year Built

Sold Date

Sold Price

556m2

$710,000

104m2

1964

DOM

21-Jan-22

Distance

0.48km

First Listing Contact Agent Last Listing $739,000 Notes from your agent 6

More accommodation than subject. Less modernised than subject home. Smaller land area than subject but less sloped also. No notable lake view like subject has. Sold prior to rate rises, which has since seen buyer activity lessen. Overall Comparable

90 HASSAN STREET LAKE HEIGHTS NSW 2502 4 Year Built Sold Date

Sold Price 817m2

$950,000

177m2

1980

DOM

25-Jan-22

Distance

0.56km

First Listing Price Guide $950,000 Last Listing $950,000 Notes from your agent - More accommodation than subject DOM = Days on market

RS = Recent sale

UN = Undisclosed Sale

data point was edited by the author of this CMA and has not * This been verified by CoreLogic

METHOD OF SALE PRIVATE TREATY

PUBLIC AUCTION

Disclose Price + Invite Offers

Create Competition + Bidding.

A standard residential property transaction is known as a Private Treaty sale. This is when you set the price you’d like your property to sell for, and your real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.

Benefits • Sense of Urgency; Auctions generate a sense of urgency amongst buyers. This sense of urgency is due to there being a set ‘end date’ for the sale of the property and this compels potential buyers to make a decision on the day. • Competition Amongst Buyers; At an auction, competitive bidding amongst potential buyers means that the selling price often exceeds the expected value of the property, maximising the sale price for the seller. • Reserve Price Protection; An auction provides sellers with protection in the form of a reserve price. This means that your property will not sell unless bidding reaches a pre-agreed level. Further, there is no ceiling price, so you have the opportunity to achieve a price well above your expectations especially if there is a competitive crowd. • Set Terms; Auctions are suited to situations where the owner wants an unconditional sale (no cooling off at auction) or wishes to set specific terms of sale, such as settlement terms to suit the vendor.

Benefits• Greater flexibility for negotiation. For instance, a contract can be signed ‘subject to' certain conditions such as a report, inspection or finance approval. • Flexibility regarding the length of time your home is listed for sale: unlike an auction, you are not working towards one specific date. • Cost savings on the marketing and promotional expenses is debatable subject to how long the private treaty sale goes for.

Our recommendation is a sale by Private Treaty or Auction.

PRIVATE OFF-MARKET CAMPAIGN

Qualified buyers that MMJ have been dealing with are invited to inspect properties before they are advertised to the public. This gives the seller an opportunity to test what the market response will be like, gain positive and negative feedback and gauge pricing expectations. Offers can be submitted, reviewed, negotiated, and accepted without advertising the property to the public. If there is strong demand for the property, advertising to the public could result in a higher sale price.

YOUR PROPERTY

m2 855m2

Lot 316 DP15174

Zoned R2

WE KNOW YOUR MARKET – THERE IS NO SUBSTITUTE FOR EXPERIENCE Only with decades of local real estate experience can one effectively determine the demographics and the expected price that they will pay for your property. Land, building value and location are the basics of what will determine property value, however the final and absolute top ‘Market Price’ is determined by presentation, reach and communication to the specific type of buyer in the format and language that engages them.

Presenting your property for sale is an important step to master. If done correctly it could help you to achieve a better result.

Ask your MMJ expert about property styling and how it can unlock

hidden value in your property.

YOUR BUYER TARGET MARKET

FIRST HOME BUYERS Younger demographic, new to the real estate market

INVESTORS

Looking for return on investment with potential to add value.

COMMUNICATION

Communicating is important with you and any potential buyers throughout the process – and we want to get it right. We can utilise any platform you require; whether you’d like us to call, email or text, and how often you’d prefer to hear from us.

During your sale campaign, we guarantee to: • Contact you via phone or face to face at least once a week. • Provide phone or text updates after every Open for Inspection • Provide written reports, summarising the week or weeks activity and buyer feedback. • Undertake buyer follow up by phone, to gauge interest and seek feedback • Ensure all buyer enquiries are satisfied within a 24hour period • Undertake all private inspections outside business hours and to suit buyer schedules • Distribute buyer matching emails to our extensive database of contacts.

TIMING IS EVERYTHING During the marketing period, MMJ will manage all aspects of the campaign from concept to completion. We will contact our comprehensive buyer databases which are unsurpassed in our region containing the largest number of active buyers! Coupled with this, our high quality advertising and open houses will ensure we capture 100% of the target market. To keep you informed we will constantly provide updates on activity, offers and feedback from the market. The following timeline is what we aim to adhere to.

Premium Price Zone This is the point you will have the best understanding of the highest price possible. High Risk Zone After this point buyers assume issues with the property or overpricing.

Buyer Zone Highest buyer enquiry volume occurs in the first 30 days

Days 14

Days 21

Days 28-35

Days 36+

Days 7

DIGITAL MARKETING

SOCIAL

WEBSITES

Tailored Facebook and Instagram campaigns to reach the target market

50,000 website views per month

CREATIVE CONTENT

AUDIENCES

TARGETED ADS

Our Social Media Marketing Team (Facebook, Instagram, LinkedIn, Twitter, YouTube, Google +) generate 750,000+ engagements per month

Extensive, well managed lead strategy to generate, capture, nurture and convert leads

80,000+ client database with an automated CRM

In-house content creators and marketing experts

DATABASE

TRADITIONAL MARKETING

BROCHURES

SIGNAGE

NEWSPAPER ADS

Professionally designed and printed property brochures, scripted by a copywriter

Strategically designed signboard to engage with passing traffic

Local, regional and metropolitan newspaper advertisements

AUCTION FEES

PHOTOGRAPHY Profession photography internal & external + floorplans

Booking, content preparation & campaign management

Accredited auction + venue hire

CAMPAIGN MANAGEMENT

VPA PAY BY CAMPAIGNAGENT VPA Pay is a product offered by CampaignAgent, a company that started with a goal of giving vendors choice and flexibility when paying for their advertising. CampaignAgent feels strongly that a property well marketed and presented gets the best outcome for their owners. The product is designed to make sure that vendors can invest in the most effective marketing campaign. CampaignAgent offers marketing funding throughout Australia and gives you the option to pay now or Later.

All vendor's get the flexibility of paying Now or Later If pay later is picked you have 3 months to pay or can be taken out of the settlement funds

Some interest is taken off if the property is sold and settled before the 3 month pay later period is up

YOUR’E IN SAFE HANDS DANIEL HASTINGS

With over 27 years experience in the Illawarra real

Director, Licensed Real Estate Agent

estate industry (Almost all with MMJ), Daniel has

MMJ Real Estate, Wollongong

established himself as one of the Illawarra region’s

0416 283 876

premier agents.

Daniel.hastings@mmj.com.au

His strong work ethic, resources that are 2nd to none from the region's largest real estate company & a refreshing no non-sense approach

Years in the market

to his business dealings has provided Daniel with people raving about his services to their loved ones. With a professional & personal network the envy of many in the industry, you can be assured that all necessary bases will be covered when Daniel is selected as your agent of choice. Countless MMJ clients have benefited from Daniel’s superior auctioneer skills over the years, but so have many worthy charities. MMJ have lead the way in the art of Auction for decades & Daniel proudly continues that legacy as MMJ’s head auctioneer. Family & sporting activities provide Daniel a life balance outside work hours. Football (soccer) is Daniel's passion but he has also taken part in numerous running events, including 5 full marathons, in the last decade. Wife Kim & their 2 boys have been extremely supportive throughout Daniel's career, especially when he became a Director of MMJ in 2005.

PRICE This represents our opinion on market value at the date of this report based on recent sales, current stock levels, current market conditions and current economic events.

Our Opinion

$680,000 - $730,000

The information set out above is a recommendation based on the agent’s knowledge and considered opinion of prevailing market conditions. This is not a valuation and should not be used or relied upon for such purposes, as a number of enquiries made during the normal course of valuation have not been undertaken. No liability will be accepted on the basis of information supplied. This information is relevant at the date of this appraisal and we reserve the right to review this based on current market conditions.

PERFORMANCE FEE

We propose that the remuneration for the provision of property services shall be calculated at

1.98%

OF SALE PRICE INC GST + ADVERTISING

LET’S WORK TOGETHER

Should we be nominated as your agent the following is a basic timeline of pre-campaign events.

01 Prepare documentation

• Sign and authorise the agency agreement; a copy will be sent to you for your records. • Review, discuss and approve the marketing campaign and schedule. • We will instruct your nominated solicitor to prepare the contract of sale.

02 Prepare your home

• We can help you organise property maintenance (cleaners and other trades). • Co-ordinate property styling • We book photography, copywriting and marketing, as per the agreed timeline.

03 Prepare your marketing

• We will send a preview link with photos, floor plan and copy for your review. • Marketing will be prepared as per the agreed marketing schedule. • Once your property is launched to market, an e-newsletter will be sent to relevant buyers on our extensive database.

If you have any questions about your sale, or anything included in this presentation, please contact us.

DISCLAIMER This document is strictly private, confidential and personal to its recipients and should not be copied, distributed or reproduced in whole or in part, nor passed to any third party. This market appraisal has been prepared by MMJ Residential Sales Pty Ltd (MMJ Real Estate) for information purposes only. In preparing this market appraisal, MMJ Real Estate has relied upon information obtained from public sources and provided to it by third parties, which may not have been verified. This Appraisal has been prepared solely for the information of yourself and not for any third party. Although every care will be taken in arriving at a suggested market price, we stress that it is an opinion only and not to be taken as a sworn valuation. MMJ Real Estate and every person involved in the preparation of this Market Appraisal expressly disclaim any liability on any grounds whatsoever for any direct or consequential loss or damage (whether foresee able or not) which may result from any party acting on or relying upon all or any part of the information contained in the Market Appraisal notwithstanding any negligence, default or lack of care.

PRIVACY MMJ Real Estate understand and respect that protection of your personal information is important to you and are committed to protecting the privacy of personal information in accordance with its obligations under the Privacy Act 1988 (Cth) (the Privacy Act) and in particular, the Australian Privacy Principles (APPs). For our full Privacy Policy head to www.mmj.com.au/privacy

MARKET-LEADING NATIONAL SERVICE LINES

How can we help you? View more information and explore all our services and office locations online. mmj.com.au

PROJECTS Land Subdivision Sales Industrial Strata Commercial Office Buildings Mixed Use Developments Consultation On-site Sales Pre-selling Planning Cash Flow Management

VALUATION & ADVISORY Rental Valuations Property Valuation Feasibility Studies Property Consultancy Market Research Land Tax Objections TOWN PLANNING Property Consultancy/Advice Strategic and Statutory Planning Development Applications Rezoning Applications Master Planning Statement of Environmental Effects Reports

ASSET SERVICES Tenant Placement Expenses Management Repairs & Maintenance Arrears Control Asset Management Strata Management MARKETING Tailored Advertising Campaigns In-house Graphic Designers Bulk Advertising/Discount Rates

SALES Commercial & Industrial Residential & Development Pre-selling Advice Property Sales Sale by Auction Marketing