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Property Market Report March 2009:

“First Home Buyers in Top Gear in the New Year!

There are positive signs that the increases to the First Home Buyer Grant announced last year are set to stimulate the market. The REIA (Real Estate Institute of Australia) has reported improvement in first homebuyer inquiry since the release of the scheme, which should subsequently translate into reportable figures as purchasing commitments are made.

In addition the industry website www.realestate.com.au recently reported a doubling of searches in their house and land section, while the phones of builders and developers are running hot across the country. The grant, combined with low interest rates and predictions of further decreases, is good news not only for first homebuyers, but also for the building sector and consumer confidence in general.

The short-term increases to the First Home Buyer Grant (FHBG) are due to end in June this year. There are currently also a number of state-based, government incentives, which provide generous concessions to eligible applicants.

Local real estate agent Tony Triglone from Elders Crows Nest suggests, "If you're looking to place yourself in the homeowner's driver's seat, now might be just the time to hit the accelerator".


For information on buying or selling contact Tony Triglone at Elders Real Estate Crows Nest on: Ph: 9901 3333.

Brown & Brown e-Newsletter
by Garth Brown

"Why Pest & Building Reports are essential for House and Town house Purchasers."

A Pest Report is a report that establishes with a “visual Inspection” (only what the eye can see) - whether there “has been past or present Termite activity.” Yes termite Activity; mention this - people can and have run a mile.

Termite activity past or present is usually found under the house, in the walls or in the roof. This is one reason why steel framed houses have become popular.

A Pest Inspection does not cover rats or rodent activity according to Australian Standards.

Interestingly a Pest Inspector in NSW does “not” need Professional Indemnity Insurance and the report is limited to only what the eye can see.

At Brown & Brown Conveyancers we only use Pest Inspectors that carry Professional Indemnity Insurance.

We had a case a number of years ago where a Pest report was carried out on a property; the property was given the all clear. Two years later the House was attacked (near Parramatta); the source was a termite nest the “size of a wheel barrow” located under the house next door. At the time of the inspection the termites had not attacked the purchase we were acting for, as Pest Inspections only cover the property.

The lesson learned here:
The termite activity in the house next door would never have been seen by the Pest Inspection on this property and the Purchasers in this situation were very unlucky.

Some areas noted for termite activity from our experience (but not limited to) are the Hornsby, Cherrybrook, Westleigh, Waitara and Parramatta areas and some of the Beach-side suburbs.

To be honest with all our Readers; All Pest Inspections are visual, no one really knows for sure if termites are in a home except “God”.

There is no Insurance Company that will insure against Termite activity for a House; and Strata Insurance for Apartments or Townhouses does not cover Termite activity in apartments.

TIP: A good suggestion is to find out if the property you are interested in is a home in a high-risk termite infected area as this may affect your decision to purchase, or be prepared to apply the best possible pest control program available to fully comply with Australian Standards and undertake regular inspections and maintenance.

BUILDING REPORT:
A building report is a report that assesses from a qualified Builder whether the structure (the House) has any material or major structural building problems e.g. is the roof sagging? Any concrete cancer? Are Piers sinking? Any major cracks in the brickwork?

A Building Inspector in NSW must carry Professional Indemnity Insurance Policy.

At Brown & Brown Conveyancers we arrange all the Pest & Building Reports to try to ease the pressure when purchasing a home; reports are then emailed to the Purchasers for discussion.

TIP: It is really a good Idea, and we encourage it with our Conveyancing Practice, for the Purchasers to meet (or telephone) the Inspectors on site and discuss the Pest & Building reports and their findings before signing the Contract. Pest & Building reports assist a Purchaser to factor into their Offer(s) an upward or downward movement on the agreed Contract Price between Purchaser and Vendor.

A common question we receive is should a Purchaser carry out Pest & Building reports for an Apartment? We generally would say “No” unless the Strata Report indicated termite or building problems.

We would always leave the final call to the Purchasers themselves.

Townhouses: we recommend Pest & Building Reports.

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TESTIMONIAL

March 2009

Att: Garth Brown
Brown and Brown Conveyancers

“My husband and I have used Brown & Brown Conveyancing for both of our purchases in Sydney. The first was six years ago and the most recent in February 2009. On both occasions we found the services to be of a high quality and delivered in a professional manner. We were kept up to date at every stage of the proceedings and received relevant and timely information which left us feeling that we were in safe hands. Both purchases settled without incident. We would recommend Brown & Brown Conveyancing to others considering buying or selling a property” –

R.W

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Thank you again for your valued custom.

License No: 105584

Our next eNewsletter will feature:
“Understanding Conveyancing and Inspections” – May 2009”.

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