Bidding at auction is a nerve wracking experience for most people. We have helped hundreds of our clients successfully purchase at auction and have put together a list of useful tips and strategies to ease the stress and help you feel confident bidding on auction day.
Visit our blog for information on the Sydney Real Estate Market – General information on prices, taxes, legislation and other important issues.
What is Underquoting?
Underquoting is when a selling agent states or publishes a price for a property that is less than their reasonable estimate of the property’s likely selling price contained in the agency agreement with the seller. It is used as a tactic to increase interest from buyers and ultimately result in a higher selling price for the vendor.
” quote them low, watch them go… quote them high, watch them die….”
Underquoting can cause interested buyers to waste time and money on inspecting properties, getting reports and attending auctions based on misleading estimates of the selling price. It’s also illegal.
Buying a property is likely to be the biggest financial investment most people will ever make. It’s a stressful time and buyers have the right to expect that a real estate agent will market a property ethically and professionally.
Underquoting Reforms for NSW residential property
To better protect consumers from the practice of underquoting, on 1 January 2016 Fair Trading introduced new laws. These laws require selling agents to use their skills to make a reasonable and fair estimate of the likely selling price.
Under the legislation agents are required to base their estimated selling price on evidence, such as recent sale prices achieved for similar properties in the area also taking into account factors like location, architectural design, potential future use of the property, current market demand and market conditions. They are no longer allowed to use vague price statements like “offers over” or “offers above” and they must also keep a record of all the prices they have quoted for a property. If the agent has new evidence indicating a change in the estimated sale price they are required to update the estimated selling price in the sales agreement as well as all advertising, communications and marketing materials.
When real estate agents are inspected by Fair Trading officers they must provide appropriate documentation to show they have complied with the laws.
The role of the seller’s appointed agent to achieve the highest possible price on the property owner’s behalf does not mean they should manipulate buyer interest with false price information.
Agents who commit an underquoting offence may be fined up to $22,000 and could lose their commission and fees earned from the sale of an underquoted property.
Be aware that, simply because a property sells for more than expected, this does not mean underquoting has occurred. Sometimes competitive buyer behaviour can result in a much higher sale price than what an agent could have reasonably estimated. However, the law now requires an agent to be able to show that their estimate was reasonable, up-to-date and evidence-based.
How to protect yourself from Underquoting
- If the selling agent provides an estimate, don’t take it as gospel. You need to do as much research as possible. Visit as many open homes as you can. Attend their auctions and get a feel for the level of competition and the actual selling prices achieved. Compare this to the estimate given to you by the selling agent. Extensive research is key to understanding the market and to developing a good understanding of a what a property is actually worth. The more research you do, the more able you will be able to determine if an agent is underquoting.
- Consider hiring a Buyers Agent to guide you through the sales process. Buyers Agents are experts in estimating what a property is worth in the current market conditions and will be able to
What you should NOT do:
- Don’t rely on prices that seem too good to be true. If the price seems to good to be true, it usually is! This is where your knowledge of the market (gained above) can help you.
- Don’t rely on one person’s judgement. You need to talk to other buyers and licensed property professionals and do your own research.
Engaging Homesearch Solutions Buyers Agent is a good way to protect you from underquoting. Our extensive experience and property databases ensure you will have the most up to date pricing and market information available.
NSW Office of Fair Trading Property Industry Reforms
Property Industry Reforms set to rule out understated property prices
Agents will have clearer requirements to adhere to as a result of underquoting reforms as part of the proposed property industry reforms. The proposed laws announced by the Minister responsible for Fair Trading seek to prevent prospective buyers wasting time and money on inspections because a property price has been underquoted.
The reforms will restrict agents from advertising or communicating (in writing or verbally) any price for a marketed property that is less than their evidence-based estimated selling price recorded in the agency agreement.
About the requirements
Under the new laws, agents will be required to:
- include their estimate of a property’s likely selling price in the agency agreement
- record the evidence that informed their estimate and provide the vendor with this evidence in writing
- ensure a price range is no greater than 10% of the bottom figure (eg. $500,000-$550,000)
- ensure advertising does not include any imprecise or unclear statements such as ‘offers over’ or ‘offers above’ or $XXX,000+. Importantly, an agent must never include any price in an advertisement that is less than the estimated selling price in the agency agreement
- record all quotes provided while a property is marketed
- notify the vendor if the original estimated selling price is revised. The agent will be required to provide the vendor with evidence (eg. market feedback) for their revised estimate and amend the agency agreement. Agents will also need to update any marketing for the property as soon as possible to ensure that no price is communicated that is lower than the new estimated selling price for the property.
Together, the requirements provide a level playing field for agents in a competitive market. They also preserve the vendor’s opportunity to work with the agent to gain the best price possible for their property. Fundamentally, they will enable true competition between buyers whose interest in a property is not solicited on the basis of an agent’s understated price assessment.
The reforms to the Property Stock and Business Agents Act 2002 will be before Parliament in the coming weeks. They are expected to commence in early 2016. In developing the reforms, NSW Fair Trading assessed comparable laws in other jurisdictions and consulted with key representatives from the real estate sector.
To help address questions you may have about the reforms, we have included further details on our Underquoting reforms page. You should also refer to the Agents – questions and answers section on this page to gain a deeper understanding of the changes and how to comply.
We will be providing additional information to support agents and consumers in understanding the new requirements closer to when the reforms will commence.
You can read more about these reforms by visiting the Fair Trading website – click here.
Underquoting Real Estate
Written by Sean Nicholls for the Sydney Morning Herald on 4 September 2015
In moves to stop underquoting real estate, agents will be forced to nominate a property’s estimated sale price and adhere to that figure in advertising or face losing up to tens of thousands of dollars in fees and commissions.
The estimated selling price will be set in a formal agreement between the seller and the agent as part of a NSW government crackdown on the practice of under-quoting.
Advertisements containing the phrases “offers over” or “offers above” or any similar phrase will also be prohibited, and a hotline will be established for complaints.
The new rules are contained in amendments to the Property Stock and Business Agents Act due to be introduced to parliament next week as the spring property market gets under way.
The Minister for Better Regulation, Victor Dominello, said the new laws – which fulfil an election promise – would provide “clarity” for agents, sellers and buyers and strengthen consumer protection. “Under-quoting is illegal and misleads potential buyers looking for their dream home,” he said. “This legislation will help NSW Fair Trading identify and catch the rats in the ranks.”
The Department of Fair Trading defines under-quoting as making “a statement in the course of advertising a residential property for sale that is less than the agent’s true estimated selling price as recorded on the agency agreement”.
Fines of up to $22,000 already apply to agents who deliberately “falsely understate the estimated selling price” of a property. Only one under-quoting prosecution is now under way, against Bresic Whitney in Darlinghurst. There have been no successful prosecutions under the current act.
Data released by Mr Dominello’s office shows 263 complaints about under-quoting were lodged against agents in the past two financial years.
The most complained about areas were Castle Hill with 18 complaints, Epping with 14 and Neutral Bay with 13.
The small numbers are believed to be a consequence of consumers not being aware of what constitutes under-quoting and therefore not contacting Fair Trading.
Malcolm Gunning, president of the Real Estate Institute of NSW, said the government had consulted the industry to ensure the new rules would be “clear and, we think, effective”.
Written by Sean Nicholls for the Sydney Morning Herald on 4 September 2015
Top 10 Most Expensive Homes in the World
10. Rybolovlev Estate – $95 Million
This house is the most expensive single family home in the country and, since it was owned by Donald Trump, it’s obviously the most expensive home ever fought over in a divorce case. The 33,000 square foot oceanfront mansion has become a key part of the proceedings since Trump’s ex-wife Elena Rybolovlev demanded jurisdiction due to infidelity.
This home has 18 bedrooms, 22 bathrooms, and retails for $95 million, making it the most expensive single-family house in the nation…weird, we’re pretty sure we found nine more for this list. Unless we’re suddenly on TopOnez.Net
Originally on sale for $125 million, it ended up being haggled down to a mere 95. We guess the economy is hurting everyone these days.
9. Silicon Valley Mansion — $100 Million
As the most expensive single-family home in the US, this house… wait, didn’t we just say that the Rybolovlev Estate was the most expensive single-family home ever? Well, okay, this one went for 100 million so I guess it wins.
With 5 bedrooms and 9 bathrooms, and an indoor and outdoor pool (in case it rains, we guess), it’s all-in-all a pretty fancy house.
8. Fleur De Lys — 125 Million
Despite being marketed as the world’s most expensive house, the Fleur De Lys somehow only falls on number 8 on our list. Wow, that’s weird, huh? It’s almost like people on the Internet are wrong.
Fleur De Lys has 41,000 square feet and 15 bedrooms, but apparently no bathrooms, which we think is a huge oversight either by the architect or the person writing the articles we’re using as sources.
7. The Manor — $150 Million
Here we are, finally, the most expensive residential real estate listing in the US, according to Wiki-freakin’-pedia. $150 million. Feels pretty good to put that part to rest, doesn’t it? Thanks, Aaron Spelling, for having the (7th) most expensive house in the world.
This house features 56,000 square feet, 123 rooms, a bowling alley, an ice rink and allegedly an entire wing devoted to Spelling’s wife’s wardrobe.
6. The Pinnacle — $155 Million
Owned by Tim Blixseth, in Montana, this house is unique for two reasons: it has a private chair lift directly from the house to a nearby ski-resort (which Blixseth owns), and is the only house on this list so far named that doesn’t claim to be the most expensive in the world.
Also, we’re gonna call it right now: best back yard. Because it’s a ski resort.
5. Franchuk Villa — $161 Million
This five-story, freestanding 10-bedroom Victorian Villa also features an underground indoor swimming pool, panic room, and private movie theatre. It’s also the world’s most expensive home (yeah, sure it is), at $161 million.
How fancy is this place? Allegedly, during some remodeling, the noise made the Mayor of Moscow angry. The house is located in London. That’s right: the house is so fancy it doesn’t make sense.
4. The Hearst Mansion — $165 Million
Top Three Facts about the Fourth Most Expensive House in the World: it was used in The Godfather, JFK spent his honeymoon there, and (holy crap, get this): it’s the most expensive home in the US!
It features three swimming pools, 29 bedrooms (you have to supply your own horse heads har har har), movie theatre and, for some reason, a disco.
3. Fairfield Pond — $198 Million
Currently valued that way due to its property taxes, this 66,000 square-foot main house has a basketball court, bowling alley, and a $150,000 hot tub. The most valuable home in the US (again, according to Wikipedia).
2. Villa Leopolda — $736 Million
Wow, that’s a big jump in price. Built by King Leopold II of Belgium in 1902 and located on the French Riviera, this home was purchased by Russian billionaire Prokhorov, who is so rich he lost billions to the latest economic collapse and still had enough fun money to buy himself a three-quarter-billion-dollar summer home. It has 27 stories, 19 bedrooms, and a rumored 50 full-time gardeners.
1. Antilla – $1,000,000,000
This is it. The one you’ve been waiting for. The grand finale. The one billion dollar home. We give you…Antilla.
Located in Mumbai, Antilla challenges pretty much everything you’d expect about “what is possible in a home” and “what is possible for architecture.” The 27-story house features six floors of parking, a health level with a jacuzzi, gym, and “ice room,” a ballroom level (for dancing?) several floors of bedrooms and bathrooms and even a four-story garden — because, yeah, we guess that’s possible.
The architecture is based on an Indian tradition called Vastu Shastra, which is supposed to be conducive to the movement of positive energy. In keeping with this, each floor has not only a unique design, but an entirely unique set of materials and aesthetic design — meaning each room is meant to look like it’s from a different house.
Basically, this house has everything — things you can imagine, things you can’t imagine, and things you never thought to imagine but are now imagining because they sound like the greatest thing you’ve ever heard of.
Written By JF Sargent for toptenz.net
At an early stage in your house-buying plans you will need to make numerous decisions. In order to help you, I have broken down some tips for what to look for when buying property that home buyers and investors need to take into consideration.
Subject to your budget, choose a suburb and property that suits your lifestyle or investment needs.
Residential home buyers
Choosing the type of house you want requires you to determine what you actually need and what your long-term goals are. You will need to think about the following:
Is this your dream home or a stepping stone?
Realistically, how long will you be living in the house?
Are you planning to have children?
Is the distance to work more important than having a garden or a big house?
Do you have the time, skill, patience and money to renovate or build a new house?
There will always be a trade-off between your needs and wants. Think carefully about what you really need and be honest about your own lifestyle and capabilities. All members of the household should be in agreement on basic needs.
If you work long hours or spend lots of time socialising at cafes or restaurants, a smaller home or apartment close to work may be more suitable than a large house that requires gardening and maintenance. If you are planning to start a family, maybe a quieter suburb close to parks might be more appropriate.
It’s a good idea to make a list of the features that you need and want in your home. You may wish to classify these features into “essentials” and “extras”, or to prioritise the features in terms of how essential they are to you and your family. You will never come across a house with every feature you want, and at some stage you may have to sacrifice one feature to get another.
If you are planning to be in this house long term, say for more than six or seven years, you will need to think about your future needs, especially if you have or plan to have children. Not only will the children like to have their own bedrooms, you may want to have an area into which you can escape, which makes open-plan houses unsuitable for the growing family. If the house has inadequate room, make sure that its floor plan is suitable for modification or an extension.
What sort of property do you want to invest in?
What is your financial position?
Do you want to be involved with an owners corporation?
Do you enjoy organising tradespeople?
Do you want to be able to drive past your property?
Location is essential. Good consistent capital growth is achieved in most areas where there is a stable and diverse economy. For that reason, inner-city areas are preferable to country or regional towns with a small population, and where the economy may be based on a single factor.
Once you have decided on a location, the area should be examined in terms of both the attractions and detractions of the immediate environment. In general, tenants dislike properties that have the following:
Railway at the back fence
Next door to public toilets
Facing a busy road
Small bedrooms with no built-in wardrobes
No off-street parking
Small living area
Small outdated bathrooms
Lack of heating and/or air-conditioning
No balcony or courtyard
Properties should be handy to:
Parks or water
Areas of employment
Within sought-after “lifestyle” locations
In established residential streets
Written by Melissa Opie of Keyhole Property Investments for Property Observer on 30 May 2012.
Interest rates are steady after dropping over the past few months, rental returns are climbing and it’s a great buyers market. But wait, there’s more… there is a way you can increase your return dramatically.
With the Affordable Rental Housing – State Environmental Planning Policy (SEPP) or granny flat initiative introduced by the NSW government in 2009, you can add a granny flat to your investment property and rent it separately, resulting in an increased yield and good depreciation benefits. You can also add a granny flat to your own home if you have a large enough block size.
This strategy allows investors to dip their toe in property developing starting with a smaller project like the granny flat to build their property portfolio.
The Sydney market can be expensive, which is what sent one me further afield to find a more affordable investment area.
After purchasing a few investment properties in Sydney, I found that they were all negatively geared. I needed to find properties that would assist with cashflow not drain me. My research took me to the Hunter region of NSW, and it’s there that I found the perfect fundamentals for an investment market. The local economies are booming thanks to the coal mining industries but also very diverse with wine growing, tourism, manufacturing, agriculture, horse breeding and retail all supporting strong employment. Coupled with massive government spending on infrastructure projects and strong demand for rental properties, I thought I’d struck gold.
Property Bloom now offers a granny flat service along with our other development strategies. We find properties suitable for a granny flat development, usually three-bedroom houses on large blocks, but not just any houses. They need to meet a long list of our criteria. We manage all the fine details, including renovating the house and building the flat, creating a positively geared investment.
Investors will benefit from casflow from the rent on two dwellings and also receive good depreciation benefits on the new flat. This means people can keep moving forward with their investment strategy. Unlike buying a single apartment in a capital city for instance, which is likely to be negatively geared, adding a granny flat to a property that already has an existing dwelling can result in a cash-flow positive situation.
In the past granny flats were only permitted in certain residential zones, but this SEPP has opened up a whole new real estate door. The aim of the granny flat is to boost the supply of affordable rentals by providing housing for the elderly so families can support each other, as well as the younger generation who are living at home and are not in a position to move out just yet.
Government projections show us that single-person households are likely to be the fastest-growing sector over the next 20 years, so demand is definitely there.
Small secondary dwellings are an attractive option for singles and couples who don’t need a lot of room and are the most likely people to be under rental stress. Young people are also staying at home longer, and granny flats can provide extra space for them and be a lifesaver for baby boomers who were hoping to empty their nests sometime soon.
In the Hunter, we are finding properties for around $240,000 and with the addition of a two-bedroom granny flat, which we can build for around $95,000; it’s a really affordable investment for a total cost of around $350,000. These projects are creating a 9% to 10% gross rental yield, and like the northern beaches, the rental markets are extremely tight in the Hunter. This type of development suits someone starting out in developing or an investor looking to create a positively geared investment.
To take advantage of the NSW government’s Affordable Rental Housing – State Environmental Planning Policy (SEPP) the regulations include:
- Granny flat must be no more than 60 square metres in size
- Land must be more than 450 square metres
- Can only be one house and one granny flat on the land
- The land cannot be subdivided
- You will need to comply with the LEP of your council (contact council re building
- It must meet the requirements of the Building Code of Australia
For more information on the Affordable Housing SEPP visit the government’s website.
Source : Jo Chivers, Property Observer. 16 February 2012
What Buyers Want
Source : Your Investment Property. 14 February 2012
The results of a national poll of real estate agents have revealed some interesting insights into what they believe buyers are looking for in a home. Read more
IF you’re worried about the price you’re likely to achieve for your home in a sluggish market, the last thing you’ll want to be doing is invest more money in it before you sell. So is it worth styling a property for sale?
Yes say the property stylists, is exactly what’s needed.As Richard Armstrong, director of Melbourne’s the Makeover Group, puts it: “There’s a popularity contest held every week in the suburbs. They’re called auctions.
“In any market, whether it’s booming or on its knees, if you have genuinely comparable properties sitting next door to each other, then the one that is done well is always going to sell for more and faster.”
Michele Ardon of Michele Ardon Interior Design, a property styling specialist in Sydney’s eastern suburbs, says in a small market vendors simply need to spend money on some degree of property styling.
“They are simply not going to get the return they want if it [their home’s presentation] is average,” she says. “If it doesn’t stand out from the crowd, what is there to attract the prospective buyer?”
In the US they call it “home staging” and the queen is Debra Gould (aka the Staging Diva) who writes endlessly on the subject and runs training programs for people looking to set themselves up as professional home stagers.
As Gould puts it: “A house is a product that has to be packaged and marketed to the right target audience at the right price.
“In a slow or buyer’s market, any house is just one of many for sale in a neighbourhood. Real estate agents may say the only way to sell is to drop the price, but this ignores the positive sales impact of improving the product.”
How to improve the product and how much to spend doing it depends on the particular property, but there are some basic rules.
Ardon says the minimum spend is about $6000 and up to “$30, $40, $50,000”, depending on the value of the home, balanced against the possible return.
Armstrong puts the figure you should fork out at “between 0.5 and 2 per cent of the property’s value”.
“I would say 25 per cent of homes in the Sydney metropolitan area are being styled,” says John McGrath, chief executive and founder of McGrath Real Estate.
“People are wanting a one-bedroom flat styled right through to a four-bedroom house.
“We think there are three key pillars to selling a property and they are pricing, marketing and presentation.”
A lot of properties only need a few thousand dollars spent to get them right, says McGrath.
“Most people spend between $3000 and $8000, and my gut feel is that it adds between 5 and 10 per cent sale value.”
He says it can be as simple as removing or adding furniture.
“An agent should be able to give you advice but we do use outside style consultants, too. At the very least re-styling your property will make it sell a lot quicker,” McGrath says.
“The amount you may need to spend – and the possible return you can hope to get – depends on the value of the home we’re talking about,” says Armstrong, who believes – for the purposes of property styling guidelines – you can divide the Australian market into three broad categories: houses up to $800,000; houses between $800,000 and $2 million; and the $2 million plus property.
To ensure a house, in any category, has the best chance of achieving the best price, the minimum that a vendor should do to their property is “make sure everything is finished”, says Armstrong. “That’s [property styling] at the barest, most basic level. It’s things like cracks in walls, broken windows, broken handles.”
The next things that need to be done with all properties is to de-clutter and decorate in colours that are “warm, neutral and light”, he says. “Make it inviting so that people walk in and imagine themselves living there.”
Sometimes a stylist may go as far as a complete strip out of a client’s possessions.
“If I’m going to be a client’s style police,” says Ardon, “then we need to clear the place out, make it look empty and put in some good quality pieces. Sometimes it’s just a case of de-cluttering and renting a little bit of furniture, putting a few things in that make the place stand out.”
Also crucial is the property’s presentation to the street.
“What people experience at the front of the property will always set their expectations of what they are going to get once they walk in the front door,” Armstrong says.
This can mean giving the front yard “good crisp lines”, tidying, pruning and-or replanting garden beds, not to mention modernising the property’s exterior colours.
Armstrong had a client repaint the outside of a worker’s cottage in Melbourne’s Fitzroy.
“I honestly believe it added 30K or 40K to the property,” he says. “The heritage colours that were popular 20 years ago – the soft yellow and the Brunswick green – getting rid of that sort of stuff and working to a more modern colour palette says to everyone doing a drive-by: ‘We’ve got modern colours on the outside because we’re modern on the inside too.’ ”
Once inside (at least for homes worth more than $1.5 million) Armstrong advocates spending money on a “lifestyle” revamp to give it the contemporary feel that will appeal to most possible buyers. “You have to make sure the door handles are updated, light fittings are updated and things like dishwashers, stoves and that sort of thing are updated as well,” he says, adding that this stage might also include investing in a stone benchtop in the kitchen or “significant amounts of landscaping”.
Armstrong maintains that for every $1000 spent the vendor can look to add an extra $3000 on the total price achieved.
Ardon is more upbeat about the rewards of giving a property a makeover. “At the bottom end, if you spend $5000, then you can expect to get $15,000 to $20,000 [more],” she says. “At the top end I think [the return] is in the one to five or one to six ratio.”
That said, she also believes the sluggish market means vendors must make sure their home is memorable.
“You use elements of surprise,” Ardon says. All the basic principles of making your home attractive apply, but in a particularly slow market (not to mention one that already may be more property styling savvy, such as Sydney’s upmarket eastern suburbs) you also need to add “something prospective buyers will remember when they walk out”, she adds.
Perhaps a bright colour for the kitchen bench’s splashback or “wallpaper on a wall as you walk in the entrance”, Ardon says.
“They will have seen six or eight houses and they’ll remember the one with the red splashback.”
Gould, the Staging Diva, has likened the process to speed dating. You may see eight houses one weekend but “you’ll reject most and possibly choose one property to go back to for a second look”, she says.
“Home staging or house fluffing is all about creating the best first impression, paving the way for potential buyers to fall in love.”
Source : Guy Allenby, The Australian Newspaper 30 July 2011
A professional buyer’s agent should find out as much as possible about a property and it’s surrounds for their clients before their client exchanges contracts to purchase. An important part of the due diligence process is investigating whether there are any issues with the local council.
The purchaser’s solicitor or conveyancer will examine the Contract of Sale, and review the 149 Certificate that is issued by the local council. However from my experience many solicitors and conveyancers do not have the time or inclination to thoroughly check all of the issues with the local council, and therefore it is incumbent upon buyers’ agents to do those extra checks.
As buyers’ agents, we should independently call the local council and speak to the Duty Planner or Duty Surveyor to enquire whether there are any past or current Development Applications (DA’s) on the property to be purchased, and also for the surrounding properties. Information received may have a negative impact on the property of interest and may affect whether your client is still comfortable to proceed with the purchase.
Previously rejected DA’s may contradict what a selling agent has advised on what is possible with renovating or extending a property. Other issues that may be disclosed are: unauthorised building works, Construction and Occupation Certificates not issued, and also demolition orders.
Many council websites have a DA Tracker section, where you can see a history of Development Applications on any property within the area of that council.
Some recent examples of issues that I have uncovered from local council checks have been:
A federation house was in a Roseville street that the Kuringai Council had recently re-zoned to Residential 2(d3), allowing multi-storey developments. My enquiries through council disclosed that a large new six-storey development would be built behind this house. The client still proceeded with the purchase but the sale price allowed for this issue.
A house in Fairlight was affected by road widening. The client’s conveyancer ran a check through the RTA that stated that there were no road widening issues for this property. However my enquiries through Manly Council revealed that there was a Road Widening order on this property, that had been issued by the council independently of the RTA. The land resumed would have taken half of the lawn and garden space of the house. Our client decided not to proceed with this purchase.
A Maroubra unit, with open views to the city, was to lose those views due to a new development directly in front of this building. We checked the plans of the new development, and the client then decided not to proceed with the purchase.
In summary, it is very important that council checks are done on prospective properties as part of a buyers’ agent’s professional due diligence. Failure to do so could potentially expose you to litigation and liability with clients if adverse issues are uncovered following their purchase.
By Henry Wilkinson – Principal, Homesearch Solutions, for the NSW Real Estate Institute 2011