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So let’s get to it.

Different report providers give the same reports different names. You will find here all the possible names of the reports that are essentially the same, and will be able to easily recognize them on the provider’s website.

Individual Property report (or Property Report)

What’s inside?

Property-specific information

This report includes information about just one property. It may include
- Pictures of the inside / outside (probably taken last time that house was for sale),
- A price estimate and information whether it’s above or below the median price for its suburb,
- A forecast what the house will be worth in one year - based on the estimated growth for the suburb / postcode that property belongs to,
- The amenities that property is close to (schools, shops, etc) and the distance,
- When the house was listed for sale (how long has it been on the market),
- How many times it was advertised and what was the asking price every time,
- How many times it was sold, via private sale or auction, and for how much.
- A list of “comparable” properties that were sold within the same area with prices and dates of sale.

Area-specific information

- How many houses were sold in the last year, the highest price, the lowest price and the median price,
- How many were advertised for sale, the highest asking price, the lowest and the median price and more general information of the same kind.
- Market trends of the suburb / postcode, meaning the movements of the median price during the last 10 years and the percentage of the change.
- Some statistics about the suburb, age of population, nature of occupancy (renters / owners), etc.

For a sample Property Report click here

What can I do with this information?

First, let’s filter away the fluff.

If you’re considering buying or selling a house in a specific area, the number one thing you do is get the free suburb profile online - which covers the median prices, their trends, suburb statistics for age, occupancy and household income, in other words 30% of the information in the report. So these are the pages you don’t need to look at in your report. They are not the reason you bought it in the first place.

Next, let’s move on to the information you didn’t have before.

Frankly, if I was a seller - I would think twice before buying this report. I know what my house looks like from inside and outside and what amenities it’s close to because I’ve lived there for some time. I know what I paid for my house and can calculate the future price in a year on my own, using the projected growth for the suburb, which is available for free in many websites. The only reason for me to still buy this report would be to find out what my neighbors sold their houses for (if their houses are similar to mine).

But if I was a buyer - that’s a different story. Even though I would have probably known about the amenities this location offers and the median prices and trends - the information about the number of times this house was sold in the past years is very useful. If the house was changing hands frequently, then it would suggest that no proper maintenance was done there for a while, therefore I would be expecting expenses.

Knowing what price it was sold last time for, I could calculate the current price (using the known median price growth for the suburb), and from the prices of other similar houses sold in this area I could work out the top and the bottom price limit for my negotiation. From the past asking prices and past selling prices I could work out “the gap” and it would give me an idea how much to offer.

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Let’s begin.

If I had to name just one reason to purchase property reports when considering buying or selling a house, it would be the time saving. If I had to name one more - it would be the peace of mind from the knowledge that you’re getting or paying the right price for your house.

Property reports will save you time that you’d have to spend searching for free sources of property sales data. Many real estate websites will display a small number of sold houses with prices in almost any area, but to gather this information and put it together in an orderly manner will take a lot of time and patience (speaking from experience).

Before we move on to detailed comparison of various property report types, let me explain more about WHY you would need a property report for your street, suburb or area and how it can help with your decision on a price and timing of the purchase or the sale.

Home buyers - 3 more reasons to purchase a property report

1. If you’ve already decided on a suburb you want to buy in, there are more expensive and less expensive areas within the same suburb. Looking at your property report you can map those areas and see what is within your price range and what isn’t.

2. If you’ve already decided on a street or an area within a suburb, using a property report you can see what would be a reasonable price for a house in that street.

You could choose similar houses in the same street (with the same number of bedrooms / bathrooms and similar features) and compare their prices to the asking price on your house to see whether the asking price is fair.

If the house is being sold via auction, you can use the highest sale price in that street as your “stop limit” when bidding to avoid over-paying.

3. Property report will be a useful tool in the negotiation process, if you want to negotiate the price down - it will show the agent that you’ve done your homework and can’t be fooled.

Home sellers - why purchase a property report

You can use the sales data to set a reasonable price-range for your house. Why not just listen to your estate agent? Well, to win your listing an agent might give you a much higher estimate for your house price than what you’d get eventually.

But if you have a list of comparable houses in your area with the prices they were sold for, you would be able to double-check what your agent says - which, in turn, would help you choose an honest agent!

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“As an older Australian (age 68), I remember well the introduction of the word ‘apartment’ in the early 1960s, just as I was looking at buying or renting a flat. The word is USA based and was introduced to mean a luxury flat rather than something that was bigger than a flat, though you are correct in that an apartment was (generally) bigger.

Most times it was used as a selling tool to advertise a flat for a higher price. If you called a flat an apartment, you got a better price!”

So there you go, another example of how a fancy word is used to add a non-existent value to a product!

But jokes aside, I realize that for many of you English is not your first language, and that my British readers have never had a reason in their life to call a flat “an apartment”, so I decided to continue this linguistic quest and get more answers to what the difference between flats and apartments is.

And summarizing the information that I found, here are the other differences between flats and apartments:

• A flat is on a single floor - an apartment can be a duplex (2-story) apartment
• A flat has its own street entrance - an apartment can be only entered from inside the building
• A flat has the entire floor to itself - apartments are many on one floor.

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- Who else hates a cluttered house?
- I do! I do!
- So why don’t you do something about it?
- Because… I don’t know where to start.

So here are a couple of ideas.

Before we begin, this is not your regular tutorial on de-cluttering the whole house - it would take a lot of time and would not serve the purpose of selling your house faster and for a better price. This post is about “cosmetic” de-cluttering, meaning you deal with visible areas only. Anything that you can hide and lock stays put.

Let’s begin with surfaces in your house, because they seem to attract clutter like a magnet. Usually these are kitchen tables, kitchen benches, coffee tables, desks, book shelves, etc. Believe it or not, simple clearing of these surfaces will make your home look and feel bigger and nicer.

What works? Get a big cardboard box. Approach each surface. Dump everything in the box. Wipe the dust and smile, because it looks SO much better already. Now what do you do with this box full of, ahem, stuff? Put the family photos and any of the stuff you’re proud to display back. The rest - I am confident you will find a place for it. Just in case you were running out of ideas, think about donating things, selling them on eBay, giving them to friends or tossing them out.

Now let’s proceed to kids’ stuff. When people come to inspection and walk into your little one’s room, a pile of soft toys looks very cute - it won’t look as cute in your living room, and the same goes for the rest of the toys. Get some plastic or cardboard boxes that you can store under the child’s bed, put the artwork, pens and pencils in one box, toys in another, books in the third box.

The bedroom. If you have a night stand, hide all the medicines, the remote, everything that looks messy, in its drawers. Leave the night light and a couple of books, if you’re a reader. If there is no room in the nightstand, get an under-bed box.

The study. If you’re a creative-mess person, this will inconvenience you - but remember, it’s all for a good cause. Let’s begin with your desk - pencil-holders are essential, all the papers need to be put in neat piles, and while you’re at it - get some light drawers to sort the bills, the invoices, the mail once and for all. As a rule of thumb, free up 70% of your desk surface to make it look good. Tie all the wires hanging down from your PC together, use a braided sleeve or a Velcro fastener; they will look much tidier this way. Put all the CDs and DVDs in one place - even a plastic box will do.

Are you still here? The clutter is not going to sort it self out

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1. Ask your friends what they like and dislike about your house. The reason why is that you can’t be objective about your own house, so you need a “second opinion”. Think how you can enhance the areas they liked. Think how to make areas they disliked look more attractive.

Example 1. You ask your best friends Fred and Linda what they like about your house. They say it’s your deck. Buy some flowers in hanging baskets and hang on the deck to make it look like a little piece of paradise, buy a nice candle holder and a beautiful scented candle and put it on the table to make the place look more romantic. These are just a few ideas, I am sure you can come up with more.

Example 2. Fred says he doesn’t like your ugly coat rack and shoe rack by the front door. You remove the coat rack and hang a picture to hide holes in the wall. Instead of the shoe rack, you decide to put an plant in a pot by the door. Again, when you think of your specific home, this may seem as a silly idea, but it’s only here to emphasize that you shouldn’t be afraid of moving things around.

2. Go to inspections of other houses in your area. Make a list of all the negative things that you notice there, and then compare it to your property - does you house have any of them? What can you do to fix them or make them less noticeable?

3. Make a list of the good things you notice about other houses for sale in your area, can you make yours look the same?

4. Have your house spring-cleaned (even if it’s the middle of winter). Clean windows will make it look brighter, nicer and well looked-after. Get a cleaner if you’re too busy to do it yourself, but get it done before the first inspection.

5. Have your carpets cleaned (especially if you have pets). You may not notice the smell, but the buyers certainly will. Pet hair is a major turn-off even for people who have pets themselves, not to mention that some folks are allergic to it.

6. Cover ugly spots on the carpets with little cute rugs. Any house with wall to wall carpets will have stubborn stains that can’t be removed even by professional cleaners, but with a little creativity you can mask those using rugs.

7. Put slipcovers on dirty or worn out furniture. This is the a much cheaper alternative to reupholstering. They will make your furniture look so much nicer with so little effort. On top of everything else most slipcovers are machine washable and you get to keep them even after you’ve sold the house.

8. De-clutter. Take this as a general guideline; my next post will have specific tips for de-cluttering the problematic areas of your home.

9. Each room needs to show what it’s for. If you’re using one bedroom as an office / study, make it look like a bedroom again. Yes, it’s a nuisance, and no, you shouldn’t leave things as they are. Otherwise potential buyers might remember your house as 2 bedroom instead of 3 bedroom - see the difference?

10. Put stylish pictures on walls.

11. Make your bathroom(s) look nice. How? Using colours. Instead of choosing towels and rugs of the same colour as bathroom walls, chose a different colour - the colour of tiles or floors or of accessories, such as soap dispensers etc.

12. Add a stylish touch to your bathroom cabinets - replace the old knobs and drawer pulls to make them look SO much better. Same goes for kitchen drawers and cabinets.

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Let me give you some reasons to be skeptical about the huge rise in sea level by 2100. The climate change report is full of predictions based on assumptions. When I mentioned that people have been building relatively close to the shoreline because the sea level around Australia was pretty stable over the years, I didn’t back that - well, here are the numbers.

Between years 1842 and 2002 the sea level around Australia rose by about 17 centimeters. If you do the math, 17cm divided by 160 years gives us about 1 millimeter per year. Which means that if the sea level continues to rise at the same pace, 100 years later we will have a rise of 10cm - no big deal.

The report also assumes that greenhouse gas emission will continue at the present rate - well, maybe they will and maybe they won’t. The awareness has clearly been created and is being backed up by legislation and regulations of all sorts, to have the emissions reduces, etc.

It is also not a given that we, humans, have caused the global warming and there are quite a few scientists who claim that we’re now going through a natural process of global warming which has been closely followed by Ice Age in the past - in which case we need to worry about icy roads, not flooded houses.

All in all, I would say - if you love the ocean view, there’s still no reason to give up on it, especially if this climate change report affects the coastal property prices and creates some opportunities for you. One thing to bear in mind is that you would be facing difficulties insuring property that can be inundated - probably would be a wise thing to call an insurance company or two and ask about their policy regarding coastal homes.

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Because the ice and glaciers in Antarctica and Greenland are melting. Scientists don’t fully understand the whole mechanism of this melting and can’t predict exactly how and when the sea level will rise; they are estimating it to rise 1.1 meters by 2100.

Why have people been building close to the shoreline?

Because over the last 7000 years sea level around Australia has been stable, and people assumed it will stay the same. But now things are changing and the latest report from the government clearly makes that a false assumption.

What’s the worst thing that can happen?

Right now the benchmark for “nightmare weather” is an event similar to June 2007 when in NSW storms caused 200,000 houses to lose power, thousands of people were forced to evacuate and damage to property exceeded 1 billion dollars.

Where things might get really bad?

According to a graph from the government climate change report, there are 4 areas where the most extensive damage from storm tide is expected: Kingston, Hobsons Bay, Greater Geelong and Wellington. In Kingston the estimated number of existing buildings at risk is between 6500 and 9000, in Hobsons Bay between 4500 and 7500 houses are at rick, in Greater Geelong - between 4500 and 6500, and in Wellington between 3500 and 4000. These numbers are assuming the 1.1 m rise that is expected by 2100.

Where is the “risk zone”?

Have a look at the “before and after” photos below, taken from the “Climate change risks” report.

Here you are looking at Altona (Hobsons Bay area) in 2009.

And now you are looking at Altona in 2100, notice the blue area? Areas covered with water here used to be covered with houses in 2009, photo above.

These next 2 photos are of Geelong. This one is Geelong as we know it.

And this one is a prediction of Geelong after a storm tide in 2100.

That’s it, no more scary photos

Now about the City of Port Phillip. According to the 2100 predictions, properties close to the Elwood Canal, Luna Park, the St. Kilda Baths, the St. Kilda Pier and Marina are at risk from 2 factors - the first is a storm surge, and the second is infrastructure instability.

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“OK, Chris” you say “so the sea levels might rise 1.1 meters by 2100, but what does it mean to us?”

Let’s begin with the big picture. On the country level, between 157,000 and 247,600 residential buildings might be at risk of damage from sea inundation, many of the ports (and therefore our import and export) might be affected and many of the recreational places such as marinas might suffer.

Not only the ports - but also the airports are at risk, as well as the power plants that are located within 500 meters of the coastline. What’s more, there are many police stations, hospitals and fire and ambulance stations located close to the coast.

The climate change risks include not only inundation, but also what scientists call “events of extreme weather” - cyclones and storm surges. They are originated over the ocean and the closer a property is to the coast line, the bigger its chances to suffer from cyclones.

On the state level, considering that 25% of Australian population lives in Victoria, we’ve got a significant number of buildings in coastal areas that is in danger of inundating and storms.

The areas at risk include bayside suburbs Chelsea and Aspendale, Altona (and the City of Hobsons Bay), Geelong, St. Kilda and Middle park.

In my next post I will write in more detail about each of the areas at risk, explaining about the problematic locations and what percentage of houses is likely to suffer in each location. Stay tuned!

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“Can they really do this to me? What are my rights here?”

A couple of days ago I received a letter from a first home buyer who was asking these questions, and decided to write a short explanation of buyer’s and vendor’s rights, because there sure are more people out there, wondering what their rights and options are in a delayed settlement.

Delayed settlement - from a buyer’s point of view

Buyers need to know that most contracts allow the vendors delay the settlement for 14 days past the settlement date without a penalty. There is a particular clause, which you can easily find - if you know what to look for.

Also, as a buyer, you’d want the contract of sale to specify what you’d like to happen if the vendor delays the settlement beyond those 14 days - in case you decide for the vendor to settle, as opposed to taking him to the court or terminating the contract and claiming back your deposit.

Make no mistake - if a buyer delays a settlement, most contracts of sale make sure vendor’s interests are covered, by charging the buyer default penalty rates. There is a specified period during which the penalty interest rates are charged, and after that it gets worse, as a vendor can cancel the contract and sell the property to someone else. To give you an estimate of costs, I have heard of buyers paying from $1000 to $5000 for a delayed settlement.

I’m sure you won’t like hearing this, but there are even more costs a buyer can incur if they are at fault for the delayed settlement - the conveyancers / solicitors can charge a client extra if the settlement doesn’t go through as planned. Some even would go to the extreme of abandoning clients when things are not going smoothly, and while I wouldn’t wish this to my worst enemy, I still feel that people need to know these things.

Have you ever experienced problems because of a delayed settlement? Share your story - leave a comment here.

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As an example, the current weakness of the Pound has proven extremely beneficial for those moving into the UK, however those moving out of the UK have seen a noticeable and negative impact on how far their Sterling will take them. In October 2007 a €500,000 property in Europe would have cost a UK citizen around £348,000. 2 years later, the same priced property will cost you £463,000- an increase of £115,000. This outlines the true extent to which people living or moving abroad can be affected by volatility in the currency markets.

Regardless of this, people still need to make overseas payments and it is therefore crucial that they secure the best possible exchange rate for their transaction. Many people assume their bank to be the best place to exchange currency, unaware that the banks usually offer fairly uncompetitive exchange rates, slower transfer speeds, increased transfer charges and limited access to the various foreign exchange products available.

By using a specialist currency broker you can significantly improve the financial efficiency of your overseas payments, and gain access to products that may be hugely beneficial to you.

Benefits of Brokers

• Usually save clients between 0.5% and 4% on the amount they transact
• Faster international payments (same day in many cases)
• No commission and no bank receiving charges
• Bespoke and professional service with a dedicated broker
• Free rate and market watch service
• Access to products that the banks may not offer

Foreign exchange products available

Spot contracts
If you already have the funds in place, you could arrange a spot transaction. This is simply the exchange of one currency for another at the current market price where the settlement happens within two working days. A broker should be able to get you a significantly better exchange rate for this transaction.

Forward contracts
A forward contract allows you to fix a rate now for a date in the future (up to 2 years ahead). This means the rate is fixed regardless of exchange rate moves, thereby protecting you if the exchange rate moves against you.

Currency options
A currency option, like a forward contract, allows you to exchange one currency for another on a future date, thereby protecting you from negative movements in the exchange rate. However, with an option, if the rate moves in your favour you can still take advantage of this. There are very few brokers that can offer currency options to clients as it requires additional FSA authorisation. One such broker is World First.

Regular Payments
If you will be exchanging a set amount of funds on a regular basis for mortgage payments or pension transfers, you can set up a regular payment order which will automatically transfer the funds on a regular basis.

It is worth noting that most of the above transactions cannot be made through the bank, and you would need to talk to a specialist currency broker to see what would be best for your specific needs. Using a broker will also allow you to receive commercial exchange rates, free market updates and a personal service with professional market knowledge.

Elisabeth Dobson of foreign exchange broker World First warns, “don’t leave your foreign exchange transactions to the last minute. It could leave you exposed to the prevailing exchange rate and you may not have adequate funds to move overseas.

With some of World First’s products you can protect yourself against negative exchange rate fluctuations. The options above are becoming more and more popular especially given the recent volatility and unpredictability of the currency markets. Forward planning will ensure your emigration can go ahead as planned”.

If you would like to speak to a dedicated foreign exchange expert about your individual requirements, please contact World First on +44 (0)207 801 9080. Alternatively you can view their website at www.worldfirst.com

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