Have you ever wondered if property prices in the Alice ever go down? I’m not talking about a short period of a month or two when prices drop then go back up. I’m talking about overall prices dropping over a sustained period of at least one year.
And the answer is … wait for it …
YES! We have new residential building projects going on in the Alice!
I happened to be driving around town yesterday and thought I’d take a few snapshots and share them with you; show a few of the new projects.
First, I stopped the car long enough for my daughter to take a snap of this block of units going up on Bath Street, opposite Kmart and just behind the Fashion 4 U store.
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And now for some more information from the LJ Hooker Winter 2012 Real Estate Newsletter – the Alice Springs property statistics for the quarter ending June 2012.
The number paint an interesting picture as follows:
- House prices overall dropped by 2.53%. The only area to show a price increase was Gillen.
- Unit prices overall rose by 8%. But, again, there was only one area showing all the gains – Braitling and Stuart! All the other areas show negative or “insufficient data.”
- Average house and unit prices have increased significantly since 2006. For instance, the average house price in 2006 was $307,084; now it’s $484,700. Unit prices have jumped from $203,818 up to $347,994 since 2006! Wow!
If you like numbers and property, you’ll enjoy reading Jun 2012 Alice Property Stats.
Check it out and – as always – Happy Hunting!
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Yes, well priced properties are selling. That’s according to Doug Fraser, LJ Hooker Alice Springs, from his article in the Winter 2012 Real Estate News.
A few quotes from the article as follows:
Even though average prices have stabliised over the past two years they are still well above where they were in 2009 and therefore anyone who bought prior to that time will still be able to enjoy a substantial capital growth.
… sales for the month of June … were up considerably and as such we expect that the forthcoming September quarter figures will show a marked increase.
… sales at Mount Johns have been slow with only eight blocks settling as at the end of June. … buyers are not prepared to pay the prices that are on offer …
The full article Well Priced Properties are Selling is well worth reading if you want to get an idea of what’s happening in the Alice Springs local property market.
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Rent to own … what is it? How does it work?
I’ve uncovered a few insights into the “rent to own” world. Let me share them with you …
- First, rent to own has been around for a long time. It’s not something new.
- It’s a very simple concept. When you combine a normal lease agreement with a “option to buy” agreement, you’ve created a “rent to own” deal. The option to buy is normally called a “lease option” which simply gives the renter the choice to purchase the property – during the option period – for the agreed upon price.
- Normal lease option period is 1 to 2 years.
- The rent to own concept acts as “bridging finance” until folks can arrange for a traditional loan sometime during the option period. It buys time. It gives people time to accumulate money and correct any credit issues in preparation for a traditional loan.
- The lease option is a very powerful document. The buyer can choose to exercise the option or not exercise it. If home prices skyrocket during the lease option period, the buyer only pays the agreed upon price; it’s locked in. If prices drop, the buyer can choose to walk away.
Why do it?
There a many positives to the rent to own concept. Here’s a few taken directly from “lease-purchase-solutions.com.”
Generally speaking, the Lease Purchase contract is the quickest, easiest and least expensive way to buy, sell or invest in real estate.
It replaces the typical adversarial relationship that usually exists between buyers and sellers with a win-win method of transferring real estate ownership. As a result, it is highly sought after by those who know about its powerful features and benefits.
If you’re the buyer you will have minimum cash out of pocket, credit problems are okay, faster equity growth, increased buying power, and peace of mind.
If you’re the seller, you will have a top sales price — even if demand is low, positive cash flow, the largest market of buyers, minimum risk, no realtor commissions, no maintenance, no land-lording and a non-refundable option deposit.
Rent to own; bringing buyers and sellers together.
Disclaimer: I’m offering the property shown at the top of this article under a rent to own arrangement. I feel it has many advantages over other property buy/sell methods.
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