PIPA In the News

Tue
19 Jun
2018

Double agents: Conflict-of-interest fears over 'double dipping' real estate agents

Double agents aren't solely the domain of James Bond films, as property industry insiders sound the alarm over "double dipping" real estate agents leaving consumers vulnerable.

The Real Estate Buyers Agents Association (REBAA) has warned of "potential conflicts of interest" from "double agents", as major real estate agencies seek to extend their services to include both selling and buyer's agency divisions.

Despite laws prohibiting selling agents from acting as buyers' agents on the same transaction, industry insiders allege that the lines are increasingly being blurred by "double dipping" real estate agents with undisclosed financial incentives who operate out of self-interest.

This industry's lack of independence and transparency leaves consumers vulnerable to misleading advice, with little means for recourse, the REBAA said.

Mon
18 Jun
2018

Gentrification coming to these suburbs in your city

AT LEAST 12 suburbs across Australia are early stages of gentrification, according to research by the Property Investment Professionals of Australia (PIPA).

The research, by PIPA chairman Peter Koulizos, looked for similar signs that could help homebuyers and investors pick the next suburbs to gentrify.

Koulizos said his research was a valuable tool for homebuyers and investors to maximise their capital growth potential from purchasing early in gentrifying locations.

"If you had this knowledge a few decades ago, you would have bought in suburbs such as Balmain and Paddington in Sydney before they became highly sought-after and expensive.

"Likewise, in Melbourne, where you would have invested in Richmond or Collingwood before they became really popular and pricey," he added.

Mon
18 Jun
2018

PIPA reveals next suburbs set to gentrify

New research released by the Property Investment Professionals of Australia has revealed the next city suburbs around Australia set to "gentrify".

Research undertaken by PIPA chairman Peter Koulizos has uncovered particular signs that could help homebuyers and investors pick the next booming suburbs.

Inevitably, a suburb will often gentrify due to its proximity to the CBD, picturesque views or seaside location, but there are a number of other factors that can help accelerate the process.

"If you had this knowledge a few decades ago, you would have bought in suburbs such as Balmain and Paddington in Sydney before they became highly sought-after and expensive," Koulizos said.

"Likewise, in Melbourne, where you would have invested in Richmond or Collingwood before they became really popular and pricey."

Mon
18 Jun
2018

Next big property markets set for high levels of demand

Looking to find the next up-and-coming suburbs? New data from the Property Investment Professionals of Australia has identified which suburbs will see a makeover in the near future.

The research, according to PIPA chairman Peter Koulizos, identified four demographic factors to determine if an area is in the early stage of gentrification.

"If you had this knowledge a few decades ago, you would have bought in suburbs such as Balmain and Paddington in Sydney before they became highly sought-after and expensive," Mr Koulizos said.

"Likewise in Melbourne, where you would have invested in Richmond or Collingwood before they became really popular and pricey."

Mon
18 Jun
2018

Online dangers for property investors

I understand the irony of writing an online article about the dangers of internet information, but bear with me, because property investors need to heed some advice about self-education via the internet.

The net has heralded a brave new world in all aspects of life, and the trading of real estate is no exception. Most property pundits love having easy access to a wide range of data and opinion, but if you park your scepticism entirely and walk blindly into cyberspace, there are hazards afoot.

Fri
15 Jun
2018

'No pets' rental rules forcing owners to give up their animals

It started with a rude note slipped under her door and neighbours complaining in the hallway and it ended up with Stephanie Warzecha giving up her cat.

"I got some very rude notes and they were threatening my cat," said Ms Warzecha.

Despite having her landlord's permission to have pets in her apartment, the 32-year-old felt bullied by the strata committee and neighbours so she gave away her cat before eventually leaving the apartment. She now rents a converted garage studio from friends, so she can keep her dog Falkie.

"If you can find a good tenant then I don't understand why you can't let them have pets. It would make them a lot happier. Why would you take someone's happiness away?" she said

Finding an affordable, pet-friendly rental property was difficult for Ms Warzecha who is on a single, low income, and she's not alone

Wed
13 Jun
2018

Consumers vulnerable to real estate 'double agents'

Growing concern consumers are increasingly vulnerable to conflicts of interest due to major selling agencies opening "buyer's agency" services, has been voiced by leading industry heads.

The concern comes after major real estate brands have launched their own dedicated buyer advisory division, which the Real Estate Buyers Agents Association described as creating the potential for "double agents" acting on behalf of both the seller and purchaser.

REBAA president Rich Harvey said these scenarios make it possible to mislead clients in believing they're receiving independent real estate advice.

"An independent advisor cannot operate on both sides of the transaction," Harvey said.

"Professional advisors, such as licensed independent buyer's agents, have a fiduciary duty to put their clients' interest first."

Tue
12 Jun
2018

How to double the power of your deposit

In modern Australia, the housing affordability musings attract more newspaper column inches than a royal wedding.

For most, the biggest challenge isn't being able to afford the mortgage repayments – it's putting together a deposit for the purchase. Let's face it, if you're trying to save a ten to twenty per cent deposit to buy a median-priced house ($1,033,892) or apartment ($878,325) in Sydney, you've got your work cut out for you.

But for those who reside beyond the Harbour City and / or are prepared to explore the increasingly popular rentvestingstrategy, the options to purchase a piece of Oz are well and truly on hand for those with an open mind.

Fri
08 Jun
2018

Ask the experts: How can young parents get ahead financially

NAME: Jennifer and Toby

STATUS: 32-year-old married couple with a two-year-old daughter, Emily.

QUESTIONS: How do we accelerate our wealth? Should we continue to build our savings in our 100% mortgage offset account or should we invest in a portfolio of listed shares, ETFs and bonds? What is the outlook for our two Perth properties?

ANSWERS: Pay down your property debt and diversify your wealth into other investments. Don't sell your Perth properties and you can consider buying a Hobart property.

Mon
21 May
2018

Help! My property manager is stealing rent

The banning of a Sunshine Coast property manager for stealing nearly $47,000 in rent has raised questions around what investors can and should do in similar situations.

We asked an expert to find out.

Elizabeth Anne Provan, director and former principal licensee of Dicky Beach Real Estate Pty Ltd, was found guilty of wrongfully converting trust money and acting as unlicensed property agent after charges were brought by the Office of Fair Trading (OFT) for breaching the Property Occupations Act 2014.

Ms Provan, who did not appear at the Caloundra Magistrates Court, was fined $25,000 after converting rent money for her own use and asking tenants to place rent money into her own personal account, which totaled $46,793, from January to July 2017. She was also banned for 10 years.

 

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