VZ REAL ESTATE

One of the strongest pointers to improving markets is the lift in affordability. Here's why housing affordability is so strong at the moment: the median dwelling price has dropped 5% since September 2010; average weekly earnings have risen ... 7.45% in the same time frame; and the benchmark interest rate has dropped from 7.12% to 6.03%. All three components have moved in the right direction over the past two years to arrive at the best affordability levels in three years.

Buying behaviour has changed forever as a result of technology. This has caused many unintended consequences in the marketplace. One of those is the agency location. The location of the real estate agent’s office is no longer a relevant criteria for home sellers when selecting an real estate agent. The reason? Because it is no longer relevant to a homebuyer where the agent’s office is located. Once upon a time, buyers would walk up and down the main retail strip of the desired suburb looking in real estate agents offices. Research shows that only 2% of buyers now walk into an agent’s office during their property search. Buyers are attracted to properties, not agents. Recent surveys highlight this trend: in excess of 80 percent of homebuyers found their homes on the internet, signboards or by direct agent communication. Print media was responsible for less than five percent of sales. A lot of buyers that use print media also use the internet, making print an unnecessary and exp...