THERE'S NO PLACE LIKE HOME

I think it was Dorothy from The Wizard of Oz who said it best: there’s no place like home.
For most of us, a home is much more than a dwelling. It’s a place of memories and shared family experiences. It offers security and familiarity, and for the homeowner, there’s just no place like it.

But this emotional connection we have with our homes can create challenges when it comes time to sell up. As much as we might consider our homes to be one of a kind, the fact of the matter is that no property exists in isolation. Buyers will always compare a property with others.

While some properties have unique features, on the sales market every property has its competition. Competing properties may include similar properties in the area, but also those in other areas offering a comparable lifestyle.

Buyers will assess the value of a property not just based on what the property offers, but what other properties offer. It’s the market that determines value, not the seller or agent. While an owner may think their property is well-priced, the market could easily say otherwise.

So, while it’s important to analyse recent sales when determining a price for a property, it’s equally important to understand what is on the market – in competition with the property.

For buyers, there will always be more than one place they can call home.

POWER IS A FOUR LETTER WORD

There’s a four letter word that has immense power in all sorts of situations, but particularly when it comes to buying real estate.

C-A-S-H.

A cash offer is the ultimate sign of buyer strength and can be difficult for sellers to ignore. It shows a confident buyer who is willing and, importantly, able to secure the property. And we saw a perfect example of this over the weekend with a beautiful Mosman Park property.

This property hadn’t yet been launched to the market but our unique selling strategy ensured 6 groups attended the exclusive Sneak Preview. With 2 offers received and after a fair amount of negotiation, the seller couldn’t go past a cash offer of over $2million, which left the unsuccessful buyer disappointed.

While not everyone is in a position to make a cash offer, there’s definitely something to be said about putting your best foot forward.

This Mosman Park sale was one of the highlights of a weekend which saw good numbers through most of our properties. Our team continues to achieve excellent results for our clients, particularly above the $1million mark, including a recent sale of over $1.8million in Swanbourne and several other cash sales.

Time will tell how the recent drop in interest rates affects the market, but if you are looking for a good value property, we have some excellent options currently available - visit our website today.

RENOVATOR'S EYES

Can you see it?

It’s not obvious but it’s definitely there. You’ll have to look beyond the out-dated kitchen and worn out carpets. I am talking about potential.
Some people can see it easily; they’re the ones who walk into a home open with tape-measure in hand and instantly declare “this place has massive potential”. Others struggle to see it.

If you’re one of those buyers with renovator’s eyes, you’re in luck because now is a particularly great time for buying a renovator. There are many properties around in blue chip locations that are being sold for near land value.

These properties aren’t dumps; they are solid, well built homes that simply have out-dated features. With the right vision and a little hard work (or in some instances, a lot of hard work), these properties can be transformed into spectacular homes – either as an addition to your investment portfolio or a home to move into.

Given that prices are at their lowest level in years and we’re seeing early signs of market improvement, buying a renovator could prove extremely rewarding in the future. But it’s not only about building equity; renovating also gives you the opportunity to finish the property to your exact requirements, which in itself is extremely valuable.

And when the market recovers and you eventually decide to sell the property, rest assured there will be plenty of buyers out there who will be happy to pay a premium for a renovated property… but only after they see it first.

WELCOME TO NOVEMBER

It’s an age old cliché, but time really does fly. November has crept up on us, which perhaps isn’t surprising given the eventful year that has past.


Key parts of the world have experienced, and continue to experience, significant economic woes and our own sharemarket has reflected the widespread nervousness felt by many investors and consumers. It’s not surprising that our real estate markets have largely underperformed, even with strong employment conditions and a booming local resources sector.

On a positive note, for anyone planning to sell their home, we are in the midst of a prime selling period. The summer months typically coincide with an influx of visitors to Perth as many expats return for a well-earned holiday and this can throw up some excellent opportunities.

At Caporn Young, we have developed a sales strategy that specifically targets the expat market, many of whom are keen to settle back in Perth. These buyers typically don’t view many properties and are in a position to make strong cash offers.

Our unique strategy provides a very cost-effective way to expose property to this market, which gives sellers the opportunity to achieve a quick sale without investing in a full market launch. However, to be most effective this strategy needs to be commenced within the next few weeks.

DO YOU LIKE IT SWEET?

When it comes to hearing feedback about your property, do you have a sweet tooth? Would you rather your agent passed on the buyer feedback exactly as it was received, or would you rather hear the sugar-coated version?

One of the challenges of selling a property is hearing constructive and sometimes negative feedback about your property. How dare buyers criticise your beloved home or insinuate that it is overpriced.

It can also be difficult hearing about the actual state of the market, especially in slower times when prices may be dropping.

The situation isn’t helped by agents who would rather be liked than fulfil their professional obligations. They tell owners what the owners want to hear, perhaps out of a fear of rejection.

But this isn’t helping anyone. How can sellers make informed decisions about the sale of their property if they don’t know what’s really happening in the market or what buyers are really saying about their property? Anything other than the truth will compromise the communication between agent and seller.

Marketing a property is a dynamic process and buyer feedback is critical in steering the campaign towards a successful outcome. Any distortion of the truth, either intentional or unintentional, will be detrimental to the sale of the property, extending its sale time and risking overexposure.

For sellers in any market, clearly a strong dose of reality is almost always the best medicine. Even if a spoon full of sugar helps to make it go down.

HOW MUCH IS THAT WATCH?

You’re shopping for a new watch with a strict $500 budget. Despite your better intuition, you stroll into an expensive boutique filled with high-end luxuries. There is an alluring glass case in front of you and within it sits a beautiful timepiece that you simple must have.


Your retail dreams evaporate, however, when you notice the $30,000 price tag. But wait! There is another watch of the same brand for only $1,500! You instantly draw the credit card and make the purchase satisfied you scored a bargain.

Clever retailers have used this strategy for years; include some exorbitantly-priced items in your store to make others look better value. And many vendors in today’s real estate market are inadvertently doing the same thing. Overpricing a property not only severely hinders its sale, but it also helps competing properties to sell. Buyers see the overpriced property as proof that the lower-priced property offers great value for money and then feel confident purchasing it. The vendor of the overpriced property not only misses out on the sale but also helps to remove a buyer from the market.

As charitable as it might sound, no vendor would willingly help other sellers to achieve a sale at the expense of their own. This is why our recommendation to vendors in this situation is to withdraw the property from the market, rent the property or realign the price according to current market expectations.

It may sound a little harsh, but this is a reality of the current market where many buyers are lacking urgency and will quickly walk away from a property that doesn’t offer good value.

PLAYING NICE IS BETTER

You’re in a room of pre-schoolers and two energetic children are in the middle of an almighty tug-of-war with a worried-looking teddy bear at the centre. Over the shouts of “Mine!” you hear an unmistakable ripping sound and teddy’s fate is sealed (or is that unsealed?).

Now, nobody gets to play.

Although sharing is a lesson most of us learn at a young age, within many real estate offices around Perth, this important lesson has been largely forgotten. And in this case, the “toys” are the buyers.

At Caporn Young, we have an open database policy which means that our comprehensive buyer database is shared amongst our entire sales team. When we list a property to sell, we can easily power-up the database and search for potential buyers. Then, we contact the best buyers to tell them about the property, even ones that may not be specifically looking in the area.

In other agencies, individual agents are very protective over their buyers and are reluctant to share them with others. This, in my mind, is very short-sighted and does not consider the interests of the seller.

Our goal is always to get the best possible outcome for our sellers and in order for this to occur we need to introduce as many qualified buyers as possible. Buyers who register with us also benefit as they often get to inspect quality properties before the general market does. I think it was Covey who coined the term ‘Win Win’!

With 1,829 hot buyers currently in our database (changing daily), you can easily see why sharing and team work is the best policy.

HAVE WE REACHED IT?

There is a funny thing about bottoms…. They are notoriously difficult to recognise.

I am talking, of course, about the cycles of the real estate market and the difficulty in knowing precisely when the market has bottomed out. Generally, it’s only when the market reaches a solid growth phase that you can look back at the data and recognise where the bottom has occurred.

Now, I am not suggesting we have reached the bottom of the current cycle, but I can say that at Caporn Young we’re seeing some very encouraging signs.

According to recent figures released by REIWA, the number of properties listed for sale in Perth has dropped to around the 15,500 mark. This is significant given that for most of the year the level has been above 17,000 peaking at 18,200 during April.

It’s also reassuring to hear that talk about short term interest rises seems to be fading with some commentators even predicting the RBA may reduce official interest rates.

And locally, we’re seeing a greater number of under offer and sold stickers across our core suburbs (many of them our own), evidence that correctly-priced property is definitely selling in reasonable time-frames.

Whether or not we have reached the bottom of the market or are close to it, buyers should be relatively confident about the future performance of their purchase. And, with spring arriving and current stock levels reducing, sellers who are willing to meet the market can hopefully expect improved competition amongst buyers and an increased likelihood of achieving a sale.

MORE THAN 60 PEOPLE ATTENDED

Another week has passed and we’ve seen further proof that auctions are getting results in the current market.

Over the last 7 days, we have sold numerous properties that have recently completed their auction campaigns, in Cottesloe, Fremantle and Bicton.

One of the highlights was an architectural masterpiece in Fremantle. Located a short stroll from restaurants and cafes and with a first-class entertaining area, this impressive home is as liveable as it is impressive. And with more than 60 people attending the auction, clearly the appeal was universal.

Despite there being 4 strong bidders on auction day, the property was passed in at $1.52 million. However, after post-auction negotiations with the highest bidder, a sale was agreed in excess of this figure.

The statistics regarding Caporn Young auctions are definitely mounting up. Caporn Young has sold 19 of the last 20 properties we have taken to auction – either before auction day, under the hammer or after the auction. Considering the general oversupply of private treaty properties sitting idly on the market, it’s apparent why many motivated vendors are choosing to go to auction.

If conducted by a skilled agent, the auction process will deliver buyers to the property and put those buyers in competition at a given time, flipping the current buyer’s market into a seller’s market. Sellers can then make a simple, informed decision whether or not to sell with the knowledge that the maximum price has been reached in the current market.

Consideration has to be given to the terms of an auction to give buyers maximum flexibility so as not to rule out any buyers.

SPECIAL MESSAGE FROM CAPORN YOUNG CEO RICHARD YOUNG

It’s amazing how time flies. Here at Caporn Young, we’ve just celebrated the anniversary of our tenth year in business. And to mark the occasion, we took our entire team on a company trip to the state’s beautiful South West. This gave us a chance not only to commemorate the milestone but also to reward our team members for all the hard work they have contributed to the business.

I believe we have achieved a great deal since our humble beginnings back in 2001. The road travelled hasn’t always been an easy one but there is definitely a lot to be proud of. It’s extremely satisfying knowing that we have contributed positively to the lives of thousands of people in our community and built a brand that is widely regarded in our industry. We have been honoured on numerous occasions with prestigious awards, including our recent ARERA Agency of the Year (Metro) Award, which is always a humbling experience.

I’m also incredibly proud of the quality of the marketing tools we have developed over the years, from our premium brochures to our weekly email bulletins and this fine monthly magazine. We have also pioneered a number of strategies designed to help achieve a premium sale price for our clients, as well as systems that have increased the efficiency in which we can bring a property to market. 

Looking ahead, I want to continue to lead the market with our initiatives, exceed the expectations of our clients and set new standards in our service. However, it’s equally important to me that Caporn Young remains a fun and vibrant company where each team member is valued for their contribution to our collective success.  While we may never reach perfection, I’m certain that we’ll continue to strive for it.

PICK A NUMBER, ANY NUMBER

When it comes to appraising a property, you could be forgiven for thinking that some agents simply pluck a figure out of thin air. And, sadly, many of them do. Or worse, they intentionally inflate the appraisal price to help win the listing.

At Caporn Young, appraising a property involves a very scientific approach of gathering information and then using local knowledge to arrive at a realistic price range. We follow a step by step process, refined over many years, that includes walking systematically through the property, asking key questions of the seller, and of course researching comparable sales.

The knowledge we gain not only helps to produce an accurate appraisal price, but it is vital when we go to sell the property. Without an in-depth understanding of a property, with its features and unique characteristics, an agent cannot be an effective salesperson.

Having detailed knowledge of the property, as well as of similar properties sold or on the market, ensures buyers don’t catch the agent off guard with important questions about the property.

But it’s not just about overcoming buyer objections. The more knowledgeable an agent is, the more enthusiastic he or she will be when selling the property. And this in itself is a valuable asset.

THE BACKUP BUYER

It’s the perfect insurance policy: the backup buyer.

Imagine you’ve just put your property on the market and to your great pleasure you receive an offer on it almost immediately, which you happily accept. Then, blue skies turn grey when the sale falls over. But worry no more as your hard-working agent quickly resuscitates the situation and presents you with a comparable offer.

That’s what happened recently with a property located by the river in Maylands. After the buyer withdrew from the sale, negotiations immediately commenced with a second "backup" buyer who submitted an almost identical offer and secured the property. Clearly, the job of an agent doesn’t stop when an offer is accepted. A smart agent will do everything possible to stay in contact with other potential buyers until the sale becomes unconditional.

Looking at the past weekend, we expected strong activity and we certainly weren’t disappointed. We spoke with many buyers who have recently entered the market and our team achieved some great results, which rounded off an excellent month for clients of Caporn Young. Our unique selling strategy, which is designed to boost competition amongst buyers and effectively turn a buyers' market into a sellers' one, continues to pay dividends.

GREEN SHOOTS EMERGING

Look closely enough and you’ll see something remarkable... little sprouts of new growth.

It might not be obvious to the untrained eye, but every week we’re seeing clearer and clearer signs that buyer confidence is returning. We’re nowhere near the seller’s market of years past, but there is definitely plenty to be positive about.

We saw a healthy amount of activity over the last seven days, with the majority of our team recording good numbers through their home opens. It’s quite pertinent to note that over the last two weeks, when many were enjoying time off with their children, we managed to achieve some impressive results.

One of the recent highlights was the sale of a stately landmark home in Fremantle, which went under offer for a healthy price in excess of $2.5million. With sweeping views and superior craftsmanship, it’s no wonder that a number of buyers were interested in this elegantly restored home. However, most were left to regret their inaction after one buyer stepped forward confidently and agreed a sale.

Why not get out there this weekend and take a look for yourself. You too will notice the green shoots of a new market emerging.

TROPICAL DESTINATION

While some people are dreaming of a tropical destination at this time of year, others are buying one.

The ink is barely dry but we just negotiated the sale of a beautiful tropical inspired home in Bay View Terrace, Claremont. This 3 bedroom property, with its stunning bathrooms and chef’s kitchen, offers the free-flowing indoor-outdoor living that is reminiscent of being on holiday in a tropical location. Negotiating the sale of this property was no holiday however and it came down to listening and understanding the goals and desires of both the buyer and the owner to achieve a very successful outcome.

Around the traps, it was interesting to see how few properties were opened over the weekend. The agents who did open on the weekend were however rewarded for their efforts by good attendance. Some of our team members reported large number of groups through their homes and the quality was overall very good.

We also received a lot of appraisal requests over the weekend from people getting ready to bring their property to market in spring. Given there is already a fair amount of stock on the market, it will be interesting to see what happens in spring when the normal flood of properties arrives. If you’re waiting for spring to sell your property, consider bringing it to market in August to get an advantage over the competition.

GREAT MIGRATIONS

It’s one of nature’s great migrations. A time when herds of teenagers colonise the local shopping centres and swarms of Perth residents invade Bali’s shores. School holidays are here.

Although the real estate market traditionally quietens during this period, our team is clearly not resting. We are continuing to make the most of improving market conditions by negotiating a number of excellent sales.

One of the highlights of the past week involved a beautiful property in North Fremantle that went under offer at the full asking price. This enchanting executive home, which overlooks a park, captivated buyers with its sublime sun lit interiors and French provincial styling.

The successful buyer was rewarded for being decisive, while other buyers who failed to make a move later expressed their regret at missing out on the property.

While we are expecting buyer activity to slow somewhat this weekend, it’s definitely business as usual at Caporn Young.

If you are planning a great migration of your own during the school holidays, please be safe and I look forward to seeing you back in the market shortly.

PLANNING THE KEY TO SUCCESS

For many would-be buyers, attending home opens involves a lot of careful planning and coordinating. Lists are made, maps are drawn, research is conducted, and journeys are calculated with military precision.

And judging by what we observed over the weekend, it seems that not even extreme weather can interrupt the plans of determined buyers. Despite the almost torrential rain, our home opens were surprisingly well attended and overall we met some motivated buyers and negotiated a number of good deals.

Speaking of planning… now is the perfect time to get the ball rolling for anyone thinking about selling a property during the traditionally-busy spring selling period. You should be thinking carefully about the presentation of your property, both inside and out, and talking with your agent about an appropriate selling strategy for your property.

When spring arrives, buyer activity tends to increase, which obviously makes it a great time to sell. But there is also a lot of competition during this time with many properties coming to market. So, those who can get the jump on spring and, with the help of the right agent, get to market before the traditional spring crowd will clearly be positioned to get the best result.

QUALITY JUST AS IMPORTANT AS QUANTITY

Last time I told you about a property in East Fremantle that went under offer after attracting 30 groups of people to the home open. That was clearly an extraordinary result, but it’s important to note that excellent outcomes can still be achieved without a crowd of buyers necessarily busting down the door.

The quality of potential buyers is just as important as the quantity. And this was highlighted with the recent sale of a Bicton property. As a rear-strata property, it was difficult to predict how buyers would respond to this property despite it being beautifully-designed, offering great privacy and having excellent solar orientation.

A “sneak preview” was held prior to the property’s address and price being advertised and 4 groups attended the inspection, 2 of which had come from the Caporn Young database and the other 2 from the Internet. All buyers were qualified, well-informed about the property and had already established good rapport with our team. These factors helped to ensure that there was considerable interest in the property, which resulted in a strong offer being received and accepted.

The seller was delighted to have sold the property after being on the market for less than a week and was particularly impressed at how Caporn Young’s unique strategy, which is designed to attract the strongest buyers early in the campaign, did exactly that.

BURSTING AT THE SEAMS

Imagine this. The house is spotless. There isn’t a cushion out of place. The family dog is nowhere to be seen. The agent is ready and waiting. And then 30 groups of people arrive for an inspection!

That’s what happened with a delightful character cottage in East Fremantle over the weekend. This lovingly-restored turn-of-the-century property clearly charmed the pants of a lot of people because the place was bursting at the seams! I’ve been to weddings with fewer people.

What was particularly interesting was finding out where all of these potential buyers had come from. There were key buyers from our data base; some had seen the property on the Internet; others noticed it in the local newspaper; and, others still had seen it advertised in The West Australian. This shows, among other things, just how important it is to cast a wide net when marketing a property and why you shouldn’t only target local buyers.

What happened after the home open? Well, the property went under offer after being on the market for only 12 days and both seller and buyer were thrilled with the outcome.

Across the board, our team has definitely noticed improved attendance at home opens in recent weeks and consequently we have negotiated a number of great sales from the weekend activity. While not every property will sell quickly, it’s encouraging to know that even in the current market our strategy is achieving outstanding results.

A BUYER'S MARKET TO A SELLER'S MARKET

The weather may only be kind to farmers and ducks at the moment but we have some hot spots in our market.

Our team reported a definite spike in activity over the past week, which was one of the best in recent months. It’s very encouraging to see some of our quality properties go under offer, though the market continues to lack direction overall.

One of the highlights of the week was a beautifully-presented Federation-style home in Ardross. Despite being meticulously maintained both inside and out and set in a quality location, this property had remained on the market longer than planned. Re-aligning and persistence paid off, however, and a full asking price offer was received to the delight of the seller.

When a property sits on the market for an extended period of time, buyers often have the upper-hand in negotiations. However, this is when it is apparent that not all agents are the same and the skill is transforming a buyer’s market into a seller’s market despite the underlying market conditions.

Interestingly, the eventual buyer of this Ardross property had been looking for a property on the other side of the river. This shows just how important it is for sellers to showcase their properties in widely-read publications such as the CY Magazine which is distributed broadly from Subiaco around the river to Applecross as well as beachside suburbs. You need an agent that can demonstrate a strategy not only to capture local buyers but which will also capture non-local buyers equally.

KEEPING CLOSE CONTACT WITH BUYERS

If you attended a home open that was scheduled during last Sunday’s Western Derby, you would have been quickly reminded about how much West Australians love their football. 

Buyer activity as a whole over the past 7 days was weak, though there was a slight improvement over previous weeks. There are definitely new buyers entering the market but many are still in the research stage of their property hunt. In situations such as this, it is critical for agents to keep in close contact with buyers, understand what they are looking for and suggest property that they might not have considered. 

Keeping track of buyers is such a critical task that Caporn Young has recently introduced a new state of the art database management system that can be accessed by our staff anywhere in the world via the internet. This means we can now connect with buyers and sellers even more quickly and efficiently. 

Our team achieved a number of strong sales recently, including a beautiful Applecross home that went under offer for above the asking price after only the second home open. When buyers and sellers are both realistic about current market values, deals can be achieved in any market.

Looking ahead, I wouldn't be surprised if investment sellers show a greater willingness to negotiate in the coming weeks, given many will want to dispose of their asset before June 30 and therefore avoid another year of Land Tax.  

WEEKLY PROPERTY MARKET UPDATE

The Federal Budget has been announced and, with its mix of “tough-love” measures, the response has understandably been divided. Despite a number of cutbacks, the overall picture is for a strengthening Australian economy, which according to Treasurer Swan is the envy of the developed world.

For followers of the real estate market, one of the key questions will be how various budget initiatives affect sentiment amongst buyers and sellers, and perhaps only time will tell.

On a more local level, reports from our team show that activity in the last week was somewhat subdued, with Mother’s Day a key focus for many over the weekend. With signs of pent-up demand, however, we do expect to see increased sales activity during May.

A particularly encouraging sign is the wave of new buyers entering the market, evidenced by an upsurge in enquiries to our office. Typically, new buyers need to view a selection of properties before making a decision and so our team is looking forward to negotiating sales over the coming weeks.

One of the interesting sales in the last week was for a brand new apartment in West Perth, which sold to an astute first homebuyer, who secured the property after noticing it in the newspaper and viewing only a handful of properties. This confident buyer is part of growing band of first home buyers who are choosing inner-city properties that are close to employment and lifestyle opportunities rather than traditional house and land packages on the outskirts of town.

COMPETITION IS THE KEY

REIWA´s latest vacancy data has revealed that the vacancy rate across Perth was 50% higher a year ago than it is today. Demand for some rental homes in Perth is now rising to such a level that renters are prepared to pay above the listed rental price to secure a property.

But even with such strong tenant demand, landlords can´t afford to cut corners with the marketing of their property. Uploading the property to real estate websites is of course extremely important but it needs to be supported with print advertising and signboards.

Professional photography is also critical given that the majority of potential tenants will be viewing your property online and making their shortlist based on photos alone.

Overall, the key to achieving the best possible rental price is to attract the highest number of potential tenants and put them in competition with one another. A skilled agent will be able to make the most of this situation and negotiate strongly on your behalf.

Competition doesn´t need to be a group of 30 people waiting at the front of your property for a viewing. A recent executive property we leased went for above the asking price with only two people interested. As the leasing team say ‘it only takes two to tango!´.

PENT-UP DEMAND COULD CATCH SELLERS UNAWARE

Although monitoring by the Real Estate Institute of Western Australia (REIWA) shows that the number of properties for sale across Perth remains above the long term average, there are hints that stock levels are dropping in certain areas. This is either due to a boost in the number of sales or from owners taking their properties off the market, perhaps placing them onto the rental market where vacancies have been low for some time.

Sales executives at Caporn Young are reporting a shortage of stock in key areas within the Western Suburbs and in and around Fremantle, which is causing frustration amongst buyers unable to find what they are looking for.

There are also signs that there is considerable pent-up demand from buyers, both homebuyers and investors, who have been previously dormant because of uncertainty in the market. Now that the interest rate environment has stabilised and the growth prospects for the market are positive if not unspectacular, many are now preparing to make a purchase.

The shortage in rental accommodation across the market, which seems to be getting more severe, may see disgruntled renters become buyers, further adding to the demand.

Caporn Young is expecting a busy period ahead and given the demand for quality property and the company´s reducing stock levels, there is currently a perfect opportunity for sellers to bring their properties to the market.

SNEAK PREVIEW ATTRACTS SERIOUS BUYERS

With school holidays here and the Easter long weekend fast approaching, we expect to see a decline in the number of buyers attending home opens this weekend. Many buyers will head away on holiday and take a break from their property search. That said, it also means that potential investors may be on holiday in Perth and will use their spare time to scope out a good real estate purchase.

Sales activity in the past 7 days has been a little slow, but there are always some bright spots. One of the stand-out sales for the week involved a piece of land in Claremont. This property had been on the market for 9 months and with 2 other agents before it was listed with Caporn Young. Amazingly, the land sold in the first week of the campaign, before the price and address were even released to the market.

This unique strategy is designed to attract only serious buyers who are prepared to put their best foot forward. And that’s exactly what happened, with many competing buyers attending the exclusive “sneak preview” and the property ultimately selling with a cash offer in the high $600,000s!

Until next week, on behalf of everyone at Caporn Young I hope you and family have a safe and enjoyable long weekend.

ALL REAL ESTATE AGENTS ARE NOT THE SAME

Anniversaries are generally a time for celebration.

But there’s nothing to celebrate when, as a seller, your property has been on the market for an entire year.

This was the situation faced recently by the owner of an Attadale property. However, this particularly story ended on a positive note after the owner finally appointed Caporn Young to sell their property, following a string of unsuccessful relationships with other real estate agencies. The accepted offer, one of 3 presented to the owner, was actually the first the owner had seen in around 9 months. So, you can image the seller’s relief.

In a competitive real estate market, it’s easy to believe that all real estate agents are the same. But there are definite reasons why some agents consistently outperform others. The particular Caporn Young agent who sold the Attadale property achieved a total of 5 sales in the last week alone and is negotiating on 3 others.

Negotiation skills are critical in modern real estate. So, when interviewing agents to sell your property, make sure you ask them to demonstrate their negotiation techniques.

MAGNIFICENT MARCH!

We’ve just totalled up the figures and it’s now official. We sold more property in March than in any other month in the current financial year. And this steady run of sales has continued during the last 7 days.

One of the stand-out sales in the last week was a City Beach home that sold for a near $2 million before the marketing campaign even began. Amazingly, one of the 2 competing buyers placed an offer on the property sight unseen. That’s confidence!

It’s clear that astute investors and trade-up buyers are definitely active in the market. And when you consider increasing rental rates across the board and the population growth in WA (approximately 47,000 in the last 12 months), we expect stock levels to diminish and prices to experience upward pressure. 

With the RBA leaving interest rates on hold this month, it’s further positive news for home owners and potential home owners.

HEALTHY PRICES CAN STILL BE ACHIEVED

The last 7 days has seen a mixture of results across our core suburbs.

According to reports from our team, home open attendance was a little weak; however, it’s encouraging to note that buyers seem very willing to view properties outside of the typical Saturday time-slots.

Last Thursday, for instance, we hosted a twilight viewing of a Claremont property and had a very strong response with 13 parties attending.

One of the stand-out sales of the week was a property in Cottesloe that, despite being largely block value, sold for over $2 million. Interestingly, buyers were introduced to this property via our Buyer Management System and the sale occurred without the property going to a public campaign.

Overall, although there are a large number of listings on the market, it’s promising to see that healthy prices can still be achieved with the right strategy.

RELATIONSHIPS AND SERVICE ARE CRITICAL

Our close relationships with relocation companies, and our reputation amongst tenants in the market enables us to perpetually achieve great results for landlords. The key to our success is our knowledge and experience in dealing with executive tenants as well as the ability to understand and analyse current market conditions, which are specific to certain areas. In this way we are able to accurately advise and assist our landlords to achieve the absolute maximum rental return and avoid costly vacancy periods.


This is done on two fronts. Firstly our specialist leasing team will negotiate on your behalf and then our friendly and professional asset managers nurture the ongoing relationships with tenants, which may last six months or perhaps six years. It continues to surprise us the number of tenants who change properties because of property managers failing to provide adequate service, which inevitably results in vacancy periods and letting costs.

Fremantle is still experiencing a high demand for both houses and apartments. This month we have also seen a resurgence in demand for furnished inner city apartments with a number leased to corporate clients. The executive housing market started the month slowly, however has ended strongly with demand increasing as new projects begin.

THE VIEW IS GOOD DEPENDING ON WHERE YOU LOOK

It seems that opinion about the current state of the market depends on where you look. On the one hand, there remains a significant number of properties that have been on the market for an extended period of time. However, look elsewhere and you´ll see much more positive signs.

Home opens are being enthusiastically attended and offers are being accepted with many properties selling within the first few weeks of the marketing campaign. In a recent Caporn Young auction for 62 Tuckfield Street in Fremantle, which was attended by nearly 100 people, the property attracted numerous bidders and sold under the hammer for a price well above its reserve price.

This frenzied auction was a clear demonstration of how a concentrated marketing campaign can create healthy competition amongst buyers and drive up the price of the property.

Another stand-out sale was a property on Hammond Road in Claremont which was sold for more than $2 million. Despite a slow start, interest in this property grew substantially as the marketing campaign progressed and, after it sold, the unsuccessful buyers were quick to express their disappointment at missing out.

While the current backlog of stock continues to put a strain on the market, it´s becoming increasingly evident that there are pockets of the market that are still shining brightly.

GOING, GOING...SOLD!

There’s nothing like the excitement of an auction frenzy, which nearly 100 people witnessed on Saturday, to get the adrenalin pumping. The public auction of 62 Tuckfield Street in Fremantle was a clear demonstration of how a concentrated marketing campaign can deliver a number of competitive buyers who will ultimately bid up the price.


The property was announced “on the market” by our in-house auctioneer at $1.5million, but with 7 different bidders it eventually sold for $1.89m. The buyer was clearly determined to secure this fine piece of Fremantle history located near the shores of the Swan River. This auction was only one of the highlights of what was a strong week of sales for our team.


DON’T MISS OUR CLIENT EVENING – there are still a handful of places left for what promises to be an informative and entertaining night at the Royal Freshwater Bay Yacht Club. We’ll be having two high profile guest speakers sharing key information about the property market and the latest selling strategies. Please reply to this email if you would like more information or to reserve your place.

CY CLIENT INFORMATION EVENING

Some sequels are better than the original!


Back by popular demand, we are excited to announce the second Client Information Evening in our series. And you’re invited!


Although the last one was an overwhelming success, this time we have twice the speakers and twice the valuable tips and information. So you’ll have to be twice as quick to book your place.


Don’t miss Gavin Hegney’s insightful update on the Perth property market. Then, our keynote speaker, Phil De Fegely, will reveal the #1 sales strategy currently being used on the East Coast of Australia and explain how it can give WA sellers an enormous advantage.


This exclusive event will be held on Thursday 31st March and numbers are STRICTLY LIMITED. So, please contact sue@capornyoung.com.au to RSVP as soon as possible to reserve your place for what we are sure will be an informative and enlightening evening.


Date: Thursday, 31 March 2011


Time: 6.30pm start, till approximately 8pm followed by drinks and finger food


Place: Roland Smith Ballroom, Royal Freshwater Bay Yacht Club, Keane’s Point, Peppermint Grove


Speakers: Gavin Hegney from Hegney Property Valuations with provide a follow up to his November Client Night presentation on the state of the market. Phil De Fegely from Marshall White, Melbourne will discuss auctions as an effective selling strategy.

STRONG WEEK OF SALES

A week is a long time in real estate. Since our last weekly email update, we have seen a noticeable increase in activity leading to a strong week of sales. Of the 36 properties that Caporn Young opened over the last weekend, our team managed to sell a whopping 22% of them!


One of the stand-out results over the past 7 days was for a delightful property in Beaconsfield. Multiple offers were written for this property, the first within 24 hours of the property being advertised on the Internet. An offer was accepted within 48 hours and the result exceeded the seller’s expectations. The buyer is equally ecstatic having secured a quality property in record time.


If you haven’t yet reserved your place, don’t miss your chance to attend our popular Client Information Evening on March 31. We’ll be having two excellent speakers sharing key information about the property market and the latest selling strategies. Please reply to this email if you would like to reserve your place.

CAPORN YOUNG CELEBRATE 10TH BIRTHDAY BY WINNING NATIONAL REAL ESTATE AWARDS

Leading Western suburbs real estate company, Caporn Young Estate Agents, has celebrated its 10th anniversary in business by winning the award Agency of the Year (Metro) at the recent national awards presented by Real Estate Results Network (RERN).

The RERN is a membership of the leading independent real estate agencies throughout Australia and New Zealand who work in a non-competing specialist network to improve their individual and collective business performance.

At the recent awards ceremony in Sydney, Caporn Young was presented with the award for The Agency of the Year (Metro), Agent Achiever of the Year (Metro) Cam Greig, as well as Rookie of the Year, Stefanie Dobro.

Richard Young, Principal of Caporn Young Estate Agents said he was delighted that the efforts of the agency had been recognised at a national level.

“This national recognition is very timely as the agency was created 10 years ago in 2001.

“Our success over the last 10 years has been based on high levels of service and building a loyal client base.

“Winning the RESN Agency of the Year Award and Agent Achiever of the Year against stiff competition from other leading real estate agencies throughout Australia and New Zealand underscores the high benchmark Caporn Young has now established in the local real estate market for delivery a quality service on a consistent level over many years.

“Our success over the last 10 years has also been based on recruiting, training and retaining quality staff and it is very pleasing that one of our younger staff members, Stefanie Dobro, won the RERN Rookie of the year award,” he said.

 

QUALITY OVER QUANTITY

The past week has seen a drop in the number of buyers attending our home opens. This isn’t surprising really given the amount of distractions that took place over the weekend.

In Perth, we’ve had (and continue to have) a heatwave with daytime temperatures regularly topping the high 30s and hardly ideal for house hunting. We’ve also had the longest open water swimming competition in the world with the Rottnest Channel Swim, which drew massive crowds (and a top ten solo finisher from Caporn Young).

Although activity has been down, the quality of buyers attending home opens was very high. There’s certainly nothing like a 38 degree day to bring out the serious buyers!

Evidence of this was the stand out sale of a property on Marmion Street in Cottesloe that was listed for $2.55 million. After what was only the fourth home open, this delightful property was secured by a local resident who made an unconditional cash offer. An outstanding result for all involved! Ten sales were agreed over the course of the weekend rounding off an encouraging February.