Removing yourself from public life-surrendering to old age bereft of the pressures of the modern world-is a reward for all that you have done in your younger years. Despite the things that you may have missed in your youth’s seemingly endless pursuit, living in quiet contemplation provides you perspective, resolve, and hopefully, closure. And what better place to do it than your own home?

But for some, staying at an emptier property, (as their kids might have already left it to build lives of their own) might only espouse despondency. This may leave them thinking that selling their home might be a good idea. From downsizing to living in a special home, retirees are led to various decisions that might not always reap the best benefits. If you are among those who are in deep contemplation on whether or not you should be letting go of your property, then this article is for you.

Should You Sell Your Home After You Retire?

It’s a valid question. 

It is not without incident as you may have already heard that retirees are eligible for several economic benefits should they choose to put up their properties for sale. And while there is a sound basis for this, this is not always the case.

The first thing that retirees need to bear in mind is that selling their property depends wholly on the status of their finances. On top of that, knowing the actual value of their home is crucial. This entails knowing and understanding how their property is performing in the market or more so, how the housing market is faring at present. These factors contribute in determining if the conditions are ripe for a sale.

However, there are other pertinent factors that should contribute to the sale. That said, a thorough evaluation is necessary. 

If you are retiring and thinking of selling your property, then this article is for you. This piece was written to help retirees determine the things to consider in the event that they would decide to sell their home.

Assessing The Situation

First things first. You need to look into your housing and financial situation before putting your house up for sale. For this, you will have to ask yourself a couple of questions. Here are the more important ones:

How much is the property’s worth exactly?

Now this might go both ways. You need to know if your home is actually worth the value you perceive it to have or if it is actually worth more. Either way, selling it might prove the best solution so you may benefit from your property after retiring.

Are you still paying the mortgage? If so, how much is your remaining balance?

Selling you home means having to pay your mortgage in full. If you have already done so within your years of residing in it, then you are entitled to more after-tax funds.

How does your home currently look like? What is its physical condition?

Your home’s current conditions might either attract or repel your intended audience. A well-maintained home (or at least a well-staged one) will win their attention. It becomes especially attractive if it is already ready for occupancy. 

Apart from these, it is also important to determine:

The Real Estate market’s overall situation

Remember that the Federal Reserve controls the interest rates and how it affects the housing market. Knowing the monetary policy that governs selling homes is significant knowledge. In general, you should treat your property like any other asset: hold on to it until it reaches the highest possible rate in accordance with the behavior of the real estate market.

Your Planned Timeline for the Sale

Your timeline for selling your house is dependent on several factors. The most decisive ones are the urgency to sell it and your emotional preparedness to let it go completely. These being in the cards, you must know exactly when you are ready to part from your property.

More Info To Come

While these are all sound considerations, probably the most crucial one is your motivation in selling your property upon retirement. There are a number of reasons, all of which may be valid with consideration to their relevance to the retiree’s life. 

For the second part of this feature, we will take a look at these motivations. The next segment will also go into the details of the benefits of selling your house to fund your retirement.

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Having the experience of selling properties in the same building, Stefan knows exactly the type of demographics to target. “In my prior experience, the typical demographic for a one bedroom apartment in this particular building is usually a first time buyer/young couple.” says Stefan. True enough, this modern Northcote apartment is perfect for first time buyers/couples who do not want to miss the action. Within a 6 km radius of the property are trams, cafes, gyms, parks and of course, High Street and Welcome to Thornbury.

As far as the analytics goes, the online presence of the property garnered 12,000 views on Facebook alone. It was also a hot property on REA and Domain with 5,000 combined views. The figures are impressive and you’d think that the agent already got this in the bag. However, the demographics targeted are not really specific about the total space they require, more so of the location. The property was on the market for roughly 60-70 days which is quite longer than Stefan’s previous sales experience.

To top it all off, the seller also wanted to maximise the rental return. Hence, the property was still occupied by a tenant when they shot all the photos for advertising purposes. “We took an unconventional approach in order to market the property because we had the tenant in there at that time. We really wanted to maximise the rental return so we marketed the property with the tenant inside. Luckily, they had really nice furniture and that really worked.” Stefan mentioned.

After entertaining 25 inspection attendees, they were able to receive 2 offers. The negotiation period was a tough one that lasted for a week. After that, both the purchaser and the vendor were able to settle with a price they were both mutually happy with via the private sale method.

The purchaser who ended up buying the property was looking for exactly what the property had to offer. After several days of finding the perfect match for the property, it has finally found its perfect fit.

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After a big work week, there’s nothing more rewarding or enjoyable than a drink or two with friends. If you find yourself in or around the Thornbury area, we’ve got you covered with some great bars.

So if you are out and about on a Thursday, Friday, Saturday or Sunday and you’re looking for a place, we have your back.

Here are 3 of the best bars in Thornbury bound to pick you up.

Pallino Bar & Bocce

790 High Street, Thornbury

Owner and Thornbury local Louise Zelencich says she opened because she needed somewhere decent to get a drink. And once she found a space, her landlord described the bocce tournaments that used to take place in the building. Then Zelenich knew she had her angle.

Architect Tarryn Joyce used the bocce pitch as inspiration for Pallino’s layout. There is a long, straight, run down the space, with space for spectators on one side of the bar and a big long space down the other. The team also used warm timber, brass, white marble and a light fixture put together by local steel worker Peter Drofenik, to echo the original terrazzo floor which was installed in 1956 when the venue was a restaurant.

Italian-made cheese, buffalo mozzarella and charcuterie plates, Pallino is serving panini and pizzas delivered fresh from The Moor’s Head. Wine wise, it has a short Australian list with sangiovese, pinot grigio, sav blanc, muscato, and rosé, along with seven crafty beers on tap, including Mountain Goat’s Cross-Breed Red India Ale.

Classic cocktails, however, are the focus. Expect Manhattans, Aperol spritzes, Negronis, and a lot of espresso martinis.

Carwyn Cellars

877 High Street, Thornbury

Acquired as a bottle shop in 2007, Ben Carwyn flipped it into a bar offering a variety of well-crafted drinks. Clients are treated to local wine, 200 beers, whisky and mezcal, a selection of flavored bitters, and Mexican groceries.

And while his beers are the most expensive in town, pegged at $20 a pint, it is for good reason. Locals consider Carwyn’s beers as the best ones in Melbourne.

3 Ravens

1 Theobald Street Thornbury 3071

3 Ravens are set against a backdrop of automotive shops and residential units, 3 Ravens is the place to be for a Friday night out in town. 

Inside 3 Ravens is the Pleasure Palace, an industrial brewery and warehouse hybrid where local beer lovers can hang out.

A collection of beer bottles, cans, and labels that line up the steel girders are definite conversation pieces.

The bar offers 10 taps of pour beers from Mash Brewing and 3 Ravens Brewery. Together these breweries offer American IPAs, English mixes, and barrel-aged ales. They all brew the beer and craft their spirits and wines in the pub. 

Apart from these, 3 Ravens also accommodates makers markets that feature local products.

A Gnarly Time, Guaranteed!

The days may have been tough, but you know who’s tougher? You! But sometimes you need a little push to keep you going. So whether you’ve had a tough week or an amazing one, visit these five pubs in Thornbury and be assured of a gnarly time. 

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How The Australian Housing Market Is Shaping Up To Be Towards 2023

Many news agencies anticipate a shift in the Australian Housing Market by 2023.

The Reserve Bank of Australia (RBA) has been increasing the interest rates gradually over the past couple of months. They could continue doing so well into the following year, leading to the following scenarios:

• Interest rates increase. Mortgage holders will receive the brunt of the increase.
• Mortgage repayments will soar by a significant percentage.

Analysts expect a tight market for buyers and sellers next year. However, by 2024 the situation hopefully eases. According to ratecity.com.au, property prices are tipped to lift in capital cities in 2024 but will be substantially lower in 2023 than they are today.

What Does This Mean For Home Buyers and Sellers?

First, we should keep in mind that sellers are also homebuyers. If a seller decides to liquidate their asset, they would still need a place to live. Considering this, let’s break down the implications that it could mean for both:

1. Homebuyers who bought their properties last year will probably owe the bank more than what their home is worth by the end of the following year.
2. If you plan on buying a property soon, you will pay significantly higher interest rates than today.
3. Property owners who made low deposit payments might find it difficult to refinance in the coming months. This might put them into a situation called “mortgage prison.” When homeowners are trapped in mortgage prisons, they are stuck in one mortgage, preventing them from getting another.
4. First-time home buyers who have availed of the government’s low-deposit scheme will also be affected.

Are We in a Housing Market Crash?

Considering the figures ahead of us and their looming implications, a question might cross your mind: “Are we in a housing market crash?” We are in no position to predict or forecast what could happen. However, there are some considerations outside of the housing market worth looking into:

1. The possibility of housing demand is just around the corner. Driven by international immigration, there might be an increase in housing demand to accommodate population growth.
2. As of writing, the employment level in Australia is thriving. Jobs are available to anyone who is looking for them.
3. Our banking system has established criteria for lending, thus noting low non-performing loans.
4. The government is continuously encouraging and formulating ways to assist first-time home buyers.

What Should We Do?

While the situation appears dire, we can still resort to measures that will help weather the threats. Here are two things home buyers and sellers can do:

• If you can afford it, consider advance payments.

Interest is calculated on the remaining balance you have to pay. By making extra payments, your balance and interest are recalculated. The faster we pay off our home loans, the easier it will be for us to focus our resources on other things we want to buy and experience.

• Carefully consider the right suburb.

We should have learned during the pandemic that the suburb we’re in plays a crucial role in our holistic health. If you are to pay a premium on housing, make sure that it allows you to work, live and play with less stress and hassle as much as possible.

The Takeaway: Focus On The Things You Can Control

While there is no certainty as to what will happen in the coming months, one can always be prepared by focusing on the things one can control. In this case, be prepared by keeping your finances in check. Prioritize the things you hold important. It also pays to be updated with the latest news and possible government aid and efforts.

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Collingwood is known to be one of the oldest suburbs in Victoria. Before, it was a popular industrial site for the large factories of shoes, spinners, wool carders, and scourers. Over time, the industrial locations transformed to fashion entrepreneurs to cater to the changing demographics of the suburb. Along with the transformation of businesses were old buildings refurnished into art galleries and independent radio stations.

Walking around Collingwood, you can still see remnants of history through the few preserved remaining architectural infrastructures. Here are some of the Collingwood infrastructures that definitely tell stories:

Collingwood Town Hall

During the war in the late 19th century, Collingwood Town Hall has been a go-to place for people to dance to. On the early years of the 20th century, a part of the building was converted into a makeshift cinema.

Former Collingwood Post Office

This infrastructure was established at 174-180 Smith Street in 1868 having been relocated from its previous location on the north side of Peel Street. This former post office has served the people for many years until it was redevelopved as apartments.

Doll’s House 

This is believed to be the smallest house in Victoria. With its size of 8 feet and 6 inches, Doll’s house has still managed to have two rooms. Despite of its size, it has served as a dwelling for many families for over a century. The Doll’s House was later on registered by Heritage Council Victoria.

History is who we are and why we are the way we are. Surely, Collingwood had gone through a lot of changes and it continues to progress over time. But the stories of the past have made a great contribution to what Collngwood is at present: a quirky and creative suburb with its own effortless charm.

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As landlords, you need to be prepared for the maintenance that comes along with leasing your property.  Making sure that everything’s in place does the following:

• saves you from big financial loses
• helps you with tenant lease renewal
• helps you with justifying future rent rises

Educate your tenants with the proper maintenance of the property. Establish good communication from the outset and lay down the regulations. It is true that the tenancy law protects both the tenants and landlords; Renters are entitled to use and enjoy the property but it is also their obligation to avoid any possible disturbances and damages to the property.

In this blog, we will tackle the common apartment problems and the ways both tenants and landlords can prepare for them:

Bugs and Rodents

Address the problem as soon as possible because once a pest has found a safe and comfortable home for itself, it isn’t likely to leave. Keeping the property pest-free is essential as pests can cause numerous problems.

• rats can cause electrical problems
• bees can start their hives around the exterior of the property
• ants or beetles can chew through wood until they cause structural damage

Seal up any holes, no matter how small they are. Holes offer entryways to pests and rodents.

Of course, monitoring for pests would be difficult if you are the landlord. Send out seasonal reminders about pest infestations to tenants. These reminders would especially be useful to those who have just started living independently so they can take preventive measures and watch out for warning signs.

Leaks and water damage

Most water damage issues come from faulty appliances, broken pipes, and worse: forgetful neighbours. Water damage can be detrimental to a property if left unchecked. It results to destroyed wood, drywall, and flooring. Be keen to look for areas where mould could possibly grow. To prevent this, make sure to insulate exposed pipes. Check water leaks under sinks, faucets, toilets and roofs.

When a tenant reports a water problem, address this immediately.

Electrical Work

Out of all the common problems in an apartment, electrical work is the most dangerous one as it can start a fire. Flickering lights and soaring electricity bills are indicators of electrical problems. During your scheduled routine maintenance, ask your tenants if they have observed occurrences like this and make sure to take note of them.

It is better to be safe than sorry. Don’t touch any exposed wires. Switch off the circuit and put a mark on the wires using electrical tapes before switching it on again. If you don’t know anything about electrical wires and how to resolve electrical issues, don’t risk fixing the problem yourself and ask for a professional’s help.

HVAC

Unusual noise is the tell-tale sign that your HVAC system needs checking. Your unit’s performance can be impacted by the normal wear and tear. Repairing before it causes much bigger issues can be avoided with proper maintenance by a certified service contractor.

Doing regular maintenance also prevents unexpected costly breakdowns, increased energy costs, and poor performance.

Garbage / Waste Disposal

Bad odour is an indicator that your waste disposal is storing rotting or decaying food. Check if something got stuck in your waste disposal and discard them properly. Once you’re sure that everything’s already cleaned up, use cut-up lemons or other citrus fruits to rid of the smell. Place the small pieces in the disposal and run it.

Properties have one thing in common: there will always be issues that need to be addressed. The rental market is getting more competitive. Amenities and property features are the things that are considered by the tenants – but more often than not, it’s the exceptional property management that makes them stay.

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How would you sell a property with the same amenities as the others listed in the market – in the same building?

It takes an experienced real estate agent to approach this situation through a creative manner. “The chosen method of sale was the private sale method. The reasoning behind this was due to the fact that there were two other 1-bedroom apartments currently on the market from the same building.” says Caleb Pikoulas, real estate agent of Collings Real Estate. Private sale method is the best approach for 203/8 Breavington Way, Northcote as its price is a clear reflection of its current market value.

“The property itself was styled by Collings for the duration of the sale campaign. The reason behind this was to give the buyers an accurate representation of the size of the apartment.” Caleb’s approach is brilliant not only because they were able to showcase the size of the apartment, through property styling, potential buyers were also able to differentiate the property against the other similar properties listed in the same building.

The styled property was filmed and shot to arrange a 3D virtual tour. This strategy turned out well and garnered a total of 112,000 views through Collings’ social media platforms.

Even though the sales campaign is quite challenging, the property was only listed in the market for 3 weeks or 21 days. There were a total of 19 groups that attended the 5 inspections all throughout the sale campaign. “There was nothing out of the ordinary about the deal. All of the buyers were pleasant to deal with and offered 30 days of settlement.” says Pikoulas. It helped that units in Acacia Apartments are greatly desired for its location. Situated in a well-positioned area overlooking All Nations Park and with cafes in short distance, units in Acacia Apartments are truly worthy of one’s considerations.

“In this instance there was just one buyer who made an offer which we negotiated with. They were actually from interstate and it was really a smooth process.”

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One of the first things prospective homebuyers notice when looking at a property is its curb. And it is not without incident as it is what leads our eyes to the actual property. So when your curb renders your façade picturesque, you already have a win.

Called Curb appeal, this regard for a property’s aesthetics pertains to the overall attractiveness of a home that stretches from the sidewalk to the front porch.  

So if you are thinking of making a lasting impression on your potential buyers, it would be wise to invest in improving how your curb looks. And contrary to what people may initially think, doing so need not be expensive. 

This article details five ways by which you can increase your curb appeal without breaking the bank.

Coat Your Front Door With Fresh Paint

Painting your door a new colour or blessing its existing one with a fresh coat automatically revitalizes your front area. Depending on the colour or hue you would want to paint your front door with, making the effort revives and brightens up the space, making it more inviting.

Of course, whatever colour you choose should coordinate and complement your exterior’s present paint job. If you have money to spare, you may also opt to align the colour of the entire façade to that of the door.

It is up to you to determine the best colours to paint when selling your home. Colour coordination serves the purpose of not just making your house aesthetic and vibrant, but also attractive to your intended audience.  

Plant a Tree

A move that would serve both your resell value and the environment, planting trees on your lawn is an economic and eco-friendly way of beautifying your curb. 

It is advisable for you to look for fast-growing trees that you will commit to religiously watering and fertilizing according to season. 

And don’t stop with just one. As long as you think it will fit without crowding the view of the curb, you can plant two or more trees to bless your lawn. In addition, cleaning and trimming your lawn is encouraged to complete the look.

Mind Your Windows

Window boxes are great additions to your existing windows. These will give your house a colourful accent. What’s delightful about this idea is that the vibrant hues will come not only from the paint you will choose to coat it with but also from the flowers and plants you will place in them.

Another way to improve how your window looks is by installing window shutters. This will give symmetry to the exteriors, giving them balance, added dimension, and personality. In general, shutters should have the same height as the window’s trim. However, should it not have any function other than for pure design, be sure to have it at 25% to 50% of the width of the window. 

Clean Your Exteriors

The most practical and cost-effective advice from our list, cleaning your exteriors instantly renews how your curb looks. Make sure to clean your lawn, driveway, fences, gutters, or whatever else that looks soiled, old, and neglected thoroughly. You can scrub exterior tiles or concrete with soap and water or if you can afford it, use a pressure cleaner. For driveways, it is advisable to use a degreaser first before performing a pressure wash.

Install Lighting

Be it for mood or protection, installing lights on your porch adds a notable feature to your exteriors. For this, you would want to pick fixtures that are not merely updated but altogether complementary to the style of your house. For cheap sources, you may check out salvage yards or flea markets. These places are great venues to find standout pieces that might add more personality to your home. 

Remake Your Exterior’s Image

Increasing your Curb appeal allows you to add or highlight the value of the property you are trying to sell. But remember, making the necessary additions, changes, or shifts does not have to cost you too much. Provided you have the eye, resourcefulness, and confidence to remake the image of your exteriors according to your vision, you will be able to find alternatives that will surely realize it without breaking the bank.

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Bellfield is a tiny suburb tucked between Heidelberg West on its north, Heidelberg Heights on its east, Ivanhoe on its south and Preston on its west. You can explore the whole of Bellfield in 10 minutes not only because of its land size but also because of its low traffic. 

This up-and-coming suburb has something for everyone. No wonder why it attracts almost every kind of resident. Retirees eye the decently sized blocks with the close proximity to Ivanhoe Village without paying the premium price of being located in Ivanhoe, while the fairly new townhouses appeal better to the younger, first-home buyers and renters. 

Is it the next Ivanhoe?

People are claiming it to be the next Ivanhoe as both suburbs share a number of good qualities: the leafy-lined streets, the peaceful and quiet neighbourhood, the easy access to CBD – among other things.

Bellfield sits just 9kms from CBD, making it an accessible suburb and close to almost everywhere you please to go. While it’s true that Bellfield has no shopping strip of its own, Fairfield, Ivanhoe and Northland Shopping centres are just 5 mins away via driving.

It is one of the nests where investors place their eggs.

Bellfield has been long prepped for renovation and developments. There are a number of projects happening here and there in the streets of Bellfield. Compared to the property prices of its neighbouring suburbs, the real estate market in Bellfield is still quite low. In time, the prices will surely start to pick up as more and more development projects near completion.

At this point, those who want to get their hands at properties in Bellfield are a mix of owner-occupiers and investors. This is a smart move considering how conveniently near the suburb is to the more affluent and developed suburbs in Melbourne.

The residents of Bellfield enjoy the best of both worlds.

The chirpy and accommodating residents of Bellfield enjoy the best of both worlds. They are far enough from the CBD to enjoy the quiet life while also having the access to it. This perk is enjoyed by the mix of residents ranging from singles, professionals, families and retirees who crave to strike the perfect balance between enjoying the inner city excitement and peace of the suburbs while still having access to the glamourous life at the CBD.

Whether you’re looking into buying, selling or leasing a property in Bellfield, Collings Real Estate is here to help you. Our Bellfield real estate agents are equipped with local knowledge about Bellfield to answer your questions and walk you through your specific requirements. Fill out our contact form to start your real estate journey with us. Alternatively, our lines are open at +61 3 9486 2000.

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From all sides, Bellfield is framed by either the lushness of Melbourne’s endemic greenery or the thriving industrial life that defines the country’s modern living. 

Just 9 kilometers north-east from the CBD, Bellfield is predominantly residential but boasts of multiple facilities that lets its residents live a life of utmost comfort. Here, you can find several sporting fields in Ford Park and Liberty Park Reserve and a massive park for the locals to run, walk their dogs, and entertain their kids.

Evidenced by the many new developments and improvements peppered across the suburb, Bellfield is a fusion of the old and the contemporary. While it is absent of a shopping strip, the shopping centers in Heidelberg West, Fairfield, Ivanhoe, and Northland are all just 5 mins away from Bellfield. 

The suburb is also served by bus routes that efficiently bring commuters to Latrobe University and the Austin/Mercy hospitals.

If you’re looking for a suburb that gives you the comforts of modernity and richness of what nature has to offer, make a stop at Bellfield and see what the area has in store for you.

Median home sale price, quarterly price range, median rent, rental yield of Bellfield, VIC as of September 2022. Screenshot from https://reiv.com.au/market-insights/suburb/bellfield.

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