The Wakelin Blog

Despite every street address now available on my smartphone, I admit I am still attached to my physical copy of the Melways. The street directory is my bible in my day-to-day travels through the suburbs of Melbourne. For my past birthday, the office gifted me a special Melways – the 1966 First Edition. My colleague Liz McMahon also has a 1923-1924 edition of the Collins Street Directory and Public Guide. With an ever-growing city, it is interesting to not only see what has changed but what has stayed the same.

Ascot Vale is like several mini-suburbs in one where the problem is finding which mini-suburb is the right fit for you. With its rich history and increasing popularity, Ascot Vale is a great suburb to invest in and to live in as well.

With many weekends hosting over a thousand auctions in Melbourne, it would seem that securing a quality investment grade property would be an easy task. However, a closer inspection shows that this isn’t the case. At Wakelin Property Advisory, we estimate that less than 5 percent of properties make the grade from an investment perspective. A filter is required to isolate the target assets. Indeed, at Wakelin Property Advisory we joke that we are the kidneys of the property world!

Underquoting only used to be a problem for inexperienced buyers. They were the ones that carried the cost when a property was marketed well below the vendor’s reserve price. They wore the expense of building inspections and other research costs – plus precious time wasted – for assets they had no realistic hope of buying. But the landscape is changing, with state governments tightening rules and enforcement. As a result, underquoting is – quite rightly – becoming a problem for vendors and agents who don’t adapt.

Australians love to ‘get away’ from home over the summer break. Sometimes that time away can take an unexpected turn, with some resolving to buy a holiday home. So to make sure you make a considered decision, here are the pros and cons of buying a holiday home.