Nine’s new reality TV show
Our Co-Founder & Director Mark Errichiello along the team at Master Advocates had the pleasure of assisting Rich Harvey with the Buyers Advocacy Services for the purchasers of the properties based in Melbourne on this great new reality TV show.
Always a pleasure assisting buyers achieve their property dreams.
Choose a REBAA Accredited Buyers Agent – Buy With Confidence
REBAA president Rich Harvey made his television debut as one of the lead presenters on Nine’s new reality TV show, Buying Blind. Rich will join celebrity designer Shaynna Blaze and builder Marshal Keen in the quest to find six couples their dream home. Well done Rich, can’t wait to see the show #BuyingBlind
What Rich Harvey says about Master Advocates: “Mark Errichiello is a long term colleague and fabulous buyers advocate that has assisted many of our Melbourne based clients in the past.
He and his company have excellent connections to find you a suitable property to match your budget and requirements. (Mark also assisted me with research for the Buying Blind TV series!)”
Would you hand over your life savings and buy a house you’ve never seen? #BuyingBlind Launched TUESDAY MAY 29, 2018 on Channel 9.
Master Advocates Real Estate Services
Our strength is our true personal focus to deliver excellence across Buyers Advocacy, Vendors Advocacy and Property Management services.
At Master Advocates, we don’t just set records in the real estate arena, the DNA of our Founders is hard wired with a champion mindset through the motivation and leadership of Co-Founder Michelle Errichiello, an Australian Paralympian and local resident born and raised in Essendon, who after losing her leg in a traumatic work place accident at the Raine & Horne Ascot Vale real estate office in 2007, went on to win Gold medals and break both a 100m and 200m T42 sprint World Records on her journey to represent Australia at the 2012 London Paralympic Games.
Mark and Michelle Errichiello co-founded and established Master Advocates in 2014 as a husband and wife team focussed on Buyers Advocacy Services after working together for many years at Raine & Horne Real Estate Ascot Vale.
State Of The Property Market Update
Following the Reserve Bank meeting in April 2018, the cash rate was
left unchanged at 1.5 per cent, as it has been since August 2016.
On the 1st of May the Board decided to leave the cash rate unchanged again at 1.50 per cent.
The global economy has strengthened over the past year. A number of advanced economies are growing at an above-trend rate and unemployment rates are low. The Chinese economy continues to grow solidly, with the authorities paying increased attention to the risks in the financial sector and the sustainability of growth. Globally, inflation remains low, although it has increased in some economies and further increases are expected given the tight labour markets. As conditions have improved in the global economy, a number of central banks have withdrawn some monetary stimulus and further steps in this direction are expected.
Auctions experienced a record March, with 5,089 auctions held. This
is the 3rd highest month for auction volumes on record, the largest
number of auctions held since November 2015. A total of 3,405 of these
sold representing a clearance rate of 66.9 per cent. 3,405 auction sales
represent the 8th highest month for auction sales on record.
There have been 8,512 auctions held in Victoria in 2018, with 69.3 per cent
Victoria’s vacancy rate stands at 2.0 per cent in March 2018. The
weekly median rent for houses in metropolitan Melbourne remained at
$450 in March. In regional Victoria, the weekly median rent for houses
dropped by $10 to $310 per week in March. The weekly median rent
for units remained at $420 per week in metropolitan Melbourne while
the median rent for units in regional Victoria increased $10 to $250 per
In the four weeks to 15th April, the RMX rose by 2.7 per cent. House
prices are up 0.5 per cent in the weeks leading to 15th April. For units,
the index has risen by 1.5 per cent in the weeks leading to the 15th April
and are now back to December 2017 levels.
There were an estimated 11,539 house and unit sales transacted in
Victoria in March 2018, and about 132,239 sales in the past 12 months.
Based on these estimates, the share of auctions sold as a percentage of
overall sales was 25.0 per cent in the 12 months to March 2018.
MARKET OUTLOOK FOR 2018
• Low interest rate environment to continue
Low interest rates with precautions set by APRA which are imposed on the banks and financial lending institutions. APRA and investing since March 2017, the Australian Prudential Regulation Authority (APRA) announced new measures around residential mortgage lending in order to curb investor borrowing.” These industry-wide regulatory changes apply to all lenders in the industry and potentially all property investment loans.
• High auction volumes across Melbourne
• Population growth to remain key driver of demand
• Price growth citywide expected to moderate
• Strong competition at affordable end of the market
• Owner-occupiers active
• Reduced participation from investors
• Vacancy rate 2.1%
• Rents trending upwards
• Period of substantive review and change for property
• Increased scrutiny of industry
• Underquoting legislation implemented in May 2017
• Key reviews at present:
– Residential Tenancies Act
– Estate Agents Act
– Sale of Land Act
– Owners Corporations Act
– Conveyancers Act
FIRST HOMEBUYER INITIATIVES
• Affordability a key focus for Government
• Initiatives introduced 1 July 2017
• New and established properties
• Removal of stamp duty below $600,000
• Scaled duty concessions between $600,000-$750,000
• First Home Owners Grant increased to $20,000 in
regional areas for new homes below $750,000
• Long-term leases announced as part of affordability
RESIDENTIAL TENANCIES ACT (RTA)
• RTA under review since 2015
• 14 reforms announced in October 2017
• All proposed changes favour tenants
• Reforms include:
– Removal of the 120 day Notice to Vacate for ‘No Specified
– Limiting the use of ‘end of fixed term’ Notices to Vacate
– Bond capped at one months’ rent for all tenancies less than
– Loss of right to consent to pets and property modifications
• REIV has established ‘Rentfair is Unfair’ petition
• Discussions with Minister for CAV
• Shadow Minister for CAV and Crossbenchers
SHORT STAY ACCOMMODATION
• Airbnb/short stay sector unregulated
• Tenants illegally sub-letting
• 2016 legislation would see:
– Guests facing fines of up to $1100 for conduct breaches
– Property owners to pay compensation to neighbours
• Legislation stalled in upper house
• Government to reintroduce measures as part of reform
of Owners Corporation Act
• Councils passing their own By-laws
PROPERTY TAXATION INCREASES
• Current Govt introduced 14 new taxes on property
• Off-the-plan stamp duty concessions axed
• Land tax
• Vacant residential property tax
Budget 2018: Winners and losers
Explore who wins and who loses as a result of Scott Morrison’s 2018 budget.
As reported by ABC News
News update by:
Supportive information sources: REIV, REBAA, ABC News, Core Logic RP Data, Reserve Bank of Australia, Herald Sun, Channel Nine, Buying Blind, RealEstate.com.au and Master Advocates Real Estate Services published May 2018