Welcome to
Australia's online real estate
auction
site.
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News |
| Geewizauctions.com. Steadily gaing popularity |
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- Sunday, 31 January 2010
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| Online real estate sales and auctions are steadily gaining popularity in Western Australia. There is even more reason for sellers to embrace this method of sale as real estate agents are finding it increasingly difficult to price property. Stock are at low levels with strong demand and competition from buyers making it the perfect way to sell and get the best price.
Dorothy Lowrey the principal of Australian National Real Estate Services (ANREPS) in Western Australia said "The old conventional auctions don't have the flex ability nor are they able to cope with interstate and overseas interest in the same way. We are finding buyers and bidders appreciate the transparency, the time and the opportunity to be involved without being present at a particular time. They can just go online and do their business when it suits them. Just recently strong interest from South Australia and Queensland produced a great result for a client. We no longer think locally. The world is the new market place when it comes to selling property" |
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| Australia ‘best for property investment’ |
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Thinking Australia - Friday, 03 July 2009
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Financial experts have voted Australia one of the best countries in the world for property investments, writes Nick Gibson.
A new survey of investors showed that 64 % of fund-of-funds managers listed Australia as their preferred location while 41 % rated Australian office investment as their preferred choice.
The Asian Real Estate Association and European Association for Investors report reveals that investors are this year now regularly getting on a plane and taking their money to Australia. Australian office and retail properties were viewed as ‘core assets’.
The respondents expected the market in Australia to recover next year, with some expecting to see signs of recovery starting this year.
50% of US respondents, compared with 30 % of European respondents surveyed, plan to increase their allocations in Australian and Asian unlisted real estate over the next 12 - 24 months.
"There’s never been a better time invest in Australian property, be it commercial, retail or housing,” says Darrell Todd, ceo of ThinkingAustralia.com
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| Australia's Jobless Expected to Swell |
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www.news.com.au - Thursday, 11 June 2009
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OFFICIAL job figures due out today may see the unemployment rate climb as high as 5.9 per cent.
While business confidence improved last month, most economic commentators predict the Australian Bureau of Statistics (ABS) figures for May will reach a new high after dropping in April.
National Australia Bank is forecasting the May unemployment rate will rise to 5.6 per cent while TD Securities predicts the jobless rate could climb as high as 5.9 per cent.
Unemployment was expected to hit 5.7 per cent in April but instead the figures surprised pundits by dropping to 5.4 per cent. In March, the rate was 5.7 per cent, which translates to 650,900 people out of work. . . .
However . . .
According to the Manpower Employment Outlook Survey, employers in the Northern Territory were the most optimistic about making new hires while Brisbane employers were the most pessimistic followed by those in Melbourne and Hobart.
Across industry sectors, hiring expectations were strongest amongst employers in the Finance/Insurance/Real Estate sector and weakest in the Manufacturing sector followed by Transportation and Utilities.
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| Property Industry Market Wrap |
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RP Data - Thursday, 14 May 2009
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The big news this week was the announcement of the Federal Budget. In its most basic form, the budget is likely to provide some clarity to potential buyers about how the government will treat them in the new financial year.
Leading up to the budget there was a great deal of speculation about the future of the boost to the First Home Buyers Grant; what (if any) incentives or concessions might be introduced for non-first home buyers and investors and how the government expects the national economy to travel over the next year. The budget has provided more certainty to the market which is likely to have a positive flow on affect.
RP Data was expecting that the Government would maintain the $21,000 boost for new dwellings and wind back the grant for existing dwellings to $7,000. The logic being that it makes sense to focus the greatest stimulus on areas of the housing market that will provide the greatest benefit to the economy.
A focused stimulus on new dwellings would have a substantial multiplier effect, creating jobs and stimulating demand for buildings products and services as well as home appliances, furnishing and providing benefits to a wide range of other peripheral industries. In addition, more new dwelling sales will assist in alleviating the chronic housing undersupply Australia is facing.
Another announcement in the budget that is likely to impact on the property market is the $22 billion allocated to infrastructure spending. The key benefactors of the infrastructure fund will be regions located along the Eastern Seaboard, particularly South East Queensland.
Perhaps the greatest and most immediate requirement, however, is to establish much needed linkages between the outer fringes of the nations metro areas where the large proportion of Australia’s population growth is concentrated. Many of these regions are in desperate need of transport infrastructure improvements and public transport options. This is where the most affordable land is located, yet few people desire to live where travel routes are congested or are substandard.
Source: RP Data Property Pulse |
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| Geewizauctions on Twitter |
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- Tuesday, 12 May 2009
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Being at the forefront of online technologies we felt we really should embrace the social networking sites that are changing how people communicate around the world.
Geewizauctions.com can be found on twitter @geewizauctions and also has a group on Facebook |
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| First Home Buyer Grant To End Jun 30 |
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smh.com.au - Thursday, 23 April 2009
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The boost to the first home owners grant will not be extended beyond June 30, Prime Minister Kevin Rudd says.
"The first home owner's boost, as you know, we have indicated that will conclude within a very fixed and finite time frame," he told reporters in Perth.
"It's had strong useful results so far, but I have got to say all good things must come to an end."
The grant was raised from $7000 to $14,000 for existing dwellings and from $14,000 to $21,000 for new homes as part of the Government's $10.4 billion stimulus package last year.
Mr Rudd said the Government was still measuring the full effects of the boost but it was important the community understood deadlines were imposed for a particular purpose.
Official data has shown first home buyers have been rushing into the housing market to take advantage of the grant, as well as low mortgage rates with the Reserve Bank of Australia's cash rate at a 49-year low of 3 per cent.
First home buyers account for a record 26.9 per cent of all new home loans granted as of February.
Read article http://bit.ly/5NC0S
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| Online Bids Get Results |
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The Sunday Times - Sunday, 12 April 2009
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Taken From The Sunday Times Real Estate section 12th April 09:
Three recent Perth home sales have lifted the profile of a real estate auction website. Two of the successes were acheived during a five-week set marketing period on www.geewizauctions.com, with buyers firing in bids in the final hours of the auctions.
The other property sold soon after the close of the auction. Director Tony Wiles said the results on geewizauctions.com highlighted the benefits of an online auction, including a much quicker sale than usual.
"The set marketing period of five weeks is attractive to sellers who don't relish the prospect of potentially sitting on the market for several months," he said.
The sold homes in Canning Vale and Girrawheen were listed by Supersell Real Estate. Laura Grimes, who listed the Girrawheen property, said: "I didn't have to sell the Geewiz auction idea to my client as he had seen the website and was excited to try something new in a challenging market."
On geewizauctions.com, offers can be made in a comfortable environment rather than in a stressful face-to-face negotiation, or at a high-pressure auction amongst strangers.
Potential Buyers who do not have computer access, or who may prefer to make a written offer, are not excluded. |
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| Banks Threaten Monetary Policy: Wayne Swan |
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The Australian Online - Sunday, 08 March 2009
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TREASURER Wayne Swan has stepped up his attack on the banks over interest rates, warning they are threatening monetary policy by refusing to pass on cuts.
The National Australia Bank has refused to pass on any of the 25 basis point cut in the cash rate announced by the Reserve Bank yesterday, while the Commonwealth says it will only pass on a cut of 10 basis points.
"It is not helpful when we are trying to get everyone in the community working together to deal with this global financial crisis," Mr Swan said. He said the Prime Minister had asked the two banks to reconsider their position.
"Certainly I am pretty disappointed with their decision or the decisions that have been announced so far," Mr Swan said.
In a rare show of political non-partisanship, Opposition Leader Malcolm Turnbull today backed Mr Swan's warning.
"The rate cuts are only effective in terms of stimulating the economy if they are passed on by banks," Mr Turnbull told the ABC. "The least they can do is pass on these cuts in official rates."
Mr Turnbull said the banks had received enormous support from the government, through the deposit guarantee and a wholesale funding guarantee.
"The banks are doing very, very well at the moment, particularly the big four, they are doing well competitively and in every other way," he said.
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| RP DATA Update |
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- Wednesday, 01 April 2009
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Confused?? I am. Statasticians, Pollies and our own globe trotting Prophet really have me in a whirl. TW
RP Data – Rismark Property Value Index Release
Released 31 March 2009
Property Value Index Release
For expanded Media Release click here to view the PDF document (160kb)
Residential Property Market Back in Black as Property Values Bounce Back
The release today of the RP Data-Rismark Hedonic Property Value Index heralds some exciting news for the Australian residential market. According to the latest monthly indices, property values are experiencing a recovery from the modest 3 per cent falls seen in 2008. The findings confirmed that over the first two months of 2009, national dwelling values increased by 1.1 per cent with most of the capital gains coming in February (refer attached tables).
RP Data National Research Director Tim Lawless believes this turnaround in market conditions has largely been created by mortgage rates being at their lowest levels since 1970 and as a result, providing a significant boost to affordability. Mortgage rates peaked at 9.6 per cent in August 2008, and have fallen to 5.8 per cent with the prospect of more cuts when the RBA Board meets this coming Tuesday.
According to Christopher Joye, CEO of Rismark International, “The recovery in prices over the last quarter has been driven by the 40 per cent reduction in mortgage rates, the boost to the first home owners grant, the Government’s fiscal stimulus and a significant housing shortage. It is now clear that the boost to the first home owners grant has been one of the Government’s most successful policy measures - this price strength will hopefully encourage developers back into the market.
“The resilience of Australia’s housing market has also been underpinned by our robust banking system, which CBA recently reporting that its 90-day mortgage default rate was a stunningly low 0.38 per cent.
“Despite doomsday rhetoric from some, housing finance volumes have been strong with AFG disclosing that approvals in February 2009 were the best seen since November 2007.
“The improvement in home values in 2009 following modest 3 per cent falls in 2008 highlights the absurdity of the sensationalist predictions by one or two economists in 2008 that prices would fall by 30-40 per cent.
“These index results also vindicate statements last week by the RBA that it expects to see a measured recovery in Australia’s residential property market,” Mr Joye said.
The latest ABS housing finance data suggests real estate investors have yet to make a return to the property market. The value of investment loans has not been this low since 2002, reflecting the low level of investor confidence across all asset-classes.
RP Data’s Mr Lawless suggests the prospect of positively geared property is likely to lure more investors back into the market.
“More and more, properties are showing ‘positive cash flow’. In fact, assuming an 80 per cent loan to value ratio home loan and a discounted 5.4 per cent interest rate, investors in apartments are likely to find that rental income goes a long way towards covering mortgage repayments across every capital city.
“Another interesting dynamic over the last year has been the reversal of the ‘two tiered’ market that was evident between 2003-07.
“During this period affluent areas had a tendency to perform best as the financial services industry boomed. At the same time, the mortgage belts suffered from low sales volumes and declines in values. South West Sydney was a classic case in point - in today’s market it is the opposite. The top 10 per cent of homes in Sydney and Melbourne are off by more than 12 per cent while more affordable homes around the $450k mark have recorded price growth.
“People sometimes forget that homes worth more than $1 million account for less than 5 per cent of all sales. Their performance has therefore little impact on the broader housing market where 80 per cent of all sales occur within the $200k to $600k price bands” Mr Lawless said.
Ends. Detailed tables available in the PDF.
NOTE:
*RP Data and Rismark recommends that caution be used when interpreting property indices results as these results can
vary depending on the methodology used and sample size.
In all RP Data and Rismark published indices, methodology is clearly indicated. More information on the RP Data-Rismark indices can be found here: http://www.rpdata.net.au/indices/
For media enquiries contact:
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| Property Pulse Professional Edition |
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- Thursday, 19 March 2009
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| send to a friend | 19 March 2009
Weekly Property Pulse Professional Edition
This week's edition covers
Industry Market Wrap
Article: Rents are going up and up and up...
Industry Market Wrap
Demographic data released this week showed that Australia’s population continued to grow through the September 2008 quarter. Across the 12 month period Australia’s population increased by more than 354,000 persons with a very impressive net overseas migration figure of more than 208,000 persons. These results may have been tempered somewhat by the announcement earlier in the week of cuts to skilled migration numbers in order to try and shore up Australian jobs. Whilst this may result in net migration numbers declining somewhat, much of the impact will be offset by the fact that it is likely fewer Australian’s will be leaving our shores for jobs in the US and Europe as prospects are stronger in Australia than they are within these markets.
Much of the property media this week has also surrounded the looming deadline for the end to the increase of the First Home Buyers Grant. The Government only ever stated the grant would be available until June 30 2009, the short time frame of the incentive has had the desired effect and seen First Home Buyer finance commitments increase to their highest ever level. Given that first home buyers have enjoyed this stimulus, the Government may now look at ways to stimulate other sectors of the housing market post June 30. Stimulus for investors or for second and third home buyers would be very welcome.
In their recently released March 2009 Property Outlook, ANZ highlighted that underlying dwelling demand for Australia sits at 180,000 new dwellings annually, whilst dwelling commencements sit at around 150,000 pa. With building approvals falling recently, commencements may be next. As fewer dwellings continue to be built, further pressure is created on prices of existing properties, whilst rental market shortages are also exacerbated and owners take advantage by lifting their asking rents. Perhaps the Government should look at cutting the charges associated with new development as a way to stimulate housing market activity and to truly deliver more affordable housing product.
APPROXIMATE COMMISSION:
Based on the median dwelling value of $449,993, we estimate the total amount of available commission to be $1.48 billion available across the Australian mainland.
Rents are going up and up and up...
With median values falling in many areas of Australia during 2009, one strong aspect of the property market has been the exceptional growth in weekly rental rates across houses and units.
Across the mainland capital cities all property types across each city recorded growth in weekly rental rates through 2008. On average, rents increased by $41/week for houses and $35/week for units, indicating very strong rental growth.
Darwin has been the standout performer in terms of rental growth during 2008 and surprisingly it was also the best performer in terms of property value growth over that period. Weekly rents for Darwin houses climbed by $70/week (18%) and unit rents climbed by $60/week (19%). Although Darwin’s property values recorded the greatest increase through 2009, it is interesting to note that Darwin maintains the country’s best rental yields at 6.25% for houses and 6.44% for units.
Just behind Darwin was Sydney where median house rents increased by 18% over the year and unit rents climbed by 14%. Following close behind Sydney was Melbourne where rental rates for houses increased by 17% and units increased by 14%.
Adelaide and Canberra were the two cities which underperformed. Adelaide house rents climbed 5% during 2008 and unit rents increased by 4%. Canberra’s median weekly rental for houses increased by 4% and units by 6%. It is important to note that along with Darwin, Adelaide was the only other capital city market to record positive value growth during 2008. As this growth is likely to slow during 2009, we would anticipate further rental growth for Adelaide during the year.
Throughout Australia’s Local Government Areas (LGA’s) some regions performed particularly strongly during 2008 in terms of rental growth.
Across houses the top three positions are held by mining and resource areas with Belyando and Broadsound LGA’s in the Central Qld mining areas and Port Hedland located in Pilbara Region of WA. Belyando and Port Hedland in particular, have seen astronomical growth in rents through 2008, largely driven by a shortage of supply of housing within these regions.
Outside of the mining and resource areas it has been the more affluent areas of inner Sydney and inner Perth which have witnessed strong increases in weekly rental rates. This has occurred despite the fact that many of these areas have recorded value falls and have been hampered by a slow rate of sales coupled with significant increases in property listings during the latter part of 2008. The results show that quality inner city property will continue to witness strong long-term demand for both owner occupation and rental occupation.
Across the unit markets, the list is almost exclusively populated by inner city areas and high quality waterfront precinct close to CBD’s. The two exceptions are Kalgoorlie-Boulder which is a mining area in WA which has seen strong housing demand result in a significant increase in weekly rents and Bassendean located to the east of the Perth CBD. The other interesting point to note is that the list is dominated by suburbs within Sydney and Perth, with Kalgoorlie-Boulder and Darwin the only LGA’s located outside of these areas.
Throughout 2009 it is anticipated that rental growth will continue to be strong, although it may not be as strong as that witnessed during the last 12 months. Rental vacancy rates throughout the country remain tight and although the Government is offering up attractive incentives for first home buyers currently, many are still not in a financial position to purchase.
The tightness of the rental market is highlighted within recent data from the Real Estate Institute of Australia (REIA) which shows that vacancy rates throughout all Australian capital cities except Perth (2.4%) and Canberra (2.3%) sit at levels below 2%.
Recent estimates from ANZ bank suggest that nationally underlying demand for housing sits at 180,000 new dwellings annually, in the year to Sep-08 approximately 150,000 new dwelling commencements occurred (an under supply of 30,000). This ongoing under supply, with commencements likely to start trending downwards as have approvals, is likely to result in tighter rental markets and additional upwards pressure on rental rates. This will be particularly felt in capital city markets and in particular, desirable inner city locations.
Please note:
RP Data has only recently started capturing Tasmanian rental data and the data set is not yet complete. Tasmanian rental data will be available in the coming months; and
Qld LGA’s are based on boundaries prior to the recent council amalgamations.
How you can use the RP Data Property Pulse
As a participating RP Data subscriber, you are authorised by RP Data Limited to, at your choosing, forward this content to your customers or publish as editorial content on your website and newsletters in an unedited fashion provided that RP Data is appropriately quoted.
Conditions of Syndication
You should not rely upon the opinions expressed in this report for any investment decision. RP Data will not be held responsible for any loss or damage suffered as a result of relying upon the opinions and information contained in this report. You should always take specific advice from a professional advisor so that your particular circumstances can be assessed and an investment decision appropriate to your circumstances can be determined.
You may not under any circumstances take a whole or part of the content and forward to any media outlet at any time.
You may not re-publish this content as your own without our express written permission. All Intellectual property used in the creation of the RP Property Pulse remains with RP Data Limited. The research and opinions expressed remain those of RP Data Limited. If you have any questions about syndication obligations, please firstly speak with the RP Data Research Division on: 07 3114 9999.
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| Good Reasons To Consider An Online Auction |
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- Thursday, 19 February 2009
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The recent successful online auction promoted by SuperSell Realty on Geewizauctions.com. highlighted the benefits of this style of auction with a much quicker sale than the average time taken to sell property.
The immediate benefit was the identification of serious buyers and establishing market value
When sellers elect to auction their property it tells the market they are serious about selling. Serious sellers attract serious buyers.
The owners realised that by starting with a low bid they would encourage these buyers to show their hand.
That is exactly the way it worked with several bidders going toe to toe.
The winning bidder required finance. The seller was quite comfortable to accept this finance condition.
This demonstrates the flexibility of the auction site. Anybody can bid. You don’t have to be a cash buyer
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| A First for Western Australia |
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- Tuesday, 17 February 2009
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MEDIA RELEASE
A Western Australian First
Western Australia’s First -Successful Online Real Estate Auction
Perth WA 16th Feb 09 - Geewizauctions.com achieved its first successful online real estate auction which, during a five week auction period, saw three separate bidders fighting it out.
The modest property in Girrawheen, a suburb of Perth, Western Australia, was listed on www.geewizauctions.com, by Laura Grimes of Supersell Realty. It had buyers out-bidding each other in the final hours before the auction closed. The highest bid failed to reach the reserve price, but Ms Grimes negotiated with the bidders to secure a successful contract of sale.
Ms Grimes of SuperSell Realty said “ I didn’t have to sell the Geewiz Auction idea to my client as he had seen the website and was excited to try something new in a challenging market. The seller’s low ball opening bid created huge interest. All I had to do was to download the pre-prepared contract from the site and see the highest bidder to complete the deal. I loved the transparency, the seller and the bidders felt the same and in the end the best bid won. There was a huge saving in costs for the seller. Result? A happy seller, a happy buyer and a very happy agent”
About GEEWIZ AUCTION
Bid and Buy Real Estate Online
West Australian company Geewizauctions.com is a dedicated online real estate auction site. Auctions run over 5 weeks. Local, national or international, bids are in real time in a safe, open and transparent forum.
“Geewiz” brings a new level of transparency to real estate sales. Each property displays an Integrity Rating, determined by the information shared by the seller to bidders. Bidders can also view the contract, title documents and encumbrances if applicable as standard. Transparency also translates to the bidding process. All bids are displayed on screen immediately. Bids are validated with fully refundable bidding deposits. They are not part of the purchase price.
Any bid made within 15 mins of the auction close time automatically resets the clock to close in 15 mins.
International buyers are catered for with a quick search option that identifies all properties that are particularly suitable for them.
IN ANOTHER AUSTRALIAN FIRST Geewiz caters for Cash bids and where bidders have to obtain finance or sell their property creating bidding opportunities for all.
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| The WA Law Society and REIWA restrict real estate agents from transparency |
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- Thursday, 15 January 2009
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The Law Society of WA and REIWA have made a decision to restrict agents from publishing the Joint Form of General Conditions of Sale on this and presumably any other website on the grounds that the General Conditions can only be accessed and consequently read by way of purchase.
Read all about it in the following correspondence between The Law Society and Geewiz
11/07/2008
Dear Andrea
I was directed to address my request to you by the person at the Law Society switchboard. If I have contacted the wrong person I would appreciate it if you would pass this along to the appropriate person and let me know.
Geewizauctions is a passive online real estate auction website. There is a facility on our website for real estate agents to upload and by reference to reproduce documents over which The Law Society and REIWA hold copyright. The main documents in question are the Joint Form of General Conditions for the Sale of Land and Auction Particulars and Conditions of Sale of Freehold Property.
If and when the Joint Form of General Conditions for the Sale of Land is uploaded to “Geewiz” they are required to be in PDF format as read only. The Joint Form would be watermarked to prevent any further reproduction.
We would like to seek clarification that Geewizauctions.com by providing this facility is not contravening your copyright.
Your comments would be greatly appreciated
Many Regards
Tony Wiles CEO
Geewizauctions.com
From: Andrea Lace [mailto:alace@lawsocietywa.asn.au]
Sent: Sunday, 13 July 2008 6:03 PM
To: Tony Wiles
Subject: [SPAM]RE:
Dear Tony
I will appreciate your answers to the following questions for our consideration.
1. Is the facility to upload the General Conditions available to REIWA members only, or to all real estate agents?
2. Is any fee payable?
3. Has REIWA given its permission?
4. Have you simply copied the General Conditions on to your website?
I look forward to hearing from you.
Regards
Andrea Lace
Executive Manager Policy & Professional Services
14/07/2008
Hi Andrea
Thanks for getting back to me. As I said earlier “Geewiz” is a passive site.
We are just seeking clarification that if agents load these documents and you see it as a breach of copyright on their part that we are not dragged in as an accessory as it were.
The answers to your questions are below.
1. It’s an open upload. We do not discriminate. Just as the Joint form is available to anyone over the counter
2. Do you mean is it a free site? No. Do you mean do we charge for individual items? No. All users of the site (real estate agents, Government bodies, Developers and Banks)) pay a fee to become a member. Members can load as many properties as they wish onto the site. A requirement of an auction is agents must make available certain rules and docs for bidders to see. Because the REIWA General Auction Conditions refers to the Joint Form we have made accommodation for real estate agents to upload that doc as a read only. We could watermark it.
3. REIWA has not given permission at this time. I have spoken with the President Rob Druitt who said he could not see any objection, however he referred me to Craig Bradley to whom I have asked a similar question as the one posed to you and I am waiting for a response.
4. No we have not copied any document for which we don’t have permission or copyright onto the site.
Regards
Tony Wiles CEO
Geewizauctions.com
12 December 2008
Mr. Tony WIIes
Chief Executive Officer
Geewizauctlons.com
By email: tony@geewizauctions.com
Dear Mr. Wiles
Law Society of Western Australia and REIWA Joint Form General Conditions for the Sale of Land (General Conditions) uploading to geewlzauctlons.com
I write on behalf of the Law Society of Western Australia and the Real Estate Institute of Western Australia,
I refer to your enquiry by email of 11 July 2008 to Andrea Lace of the Law Society and Craig Bradley of REIWA Unfortunately It has taken some time to arrange a Joint meeting of the Law Society and REIWA to discuss this matter I apologies for the delay.
You advised that there is a facility on the website www.geewlzauctions.com for real estate agents to upload the General Conditions and you have sought clarification as to whether this facility breaches the copyright held jointly by the Law Society and REIWA.
You have also advised that real estate agents are required by you to Upload the General Conditions in PDF format as read only’
We have accessed the website. The General Conditions were able to be printed. The uploading of the General Conditions by real estate agents is a breach of copyright The Executives of the Law Society and REIWA have given consideration to the General Conditions being uploaded as read only and your suggestion that they also be watermarked. It is apparent that at least some real estate agents have Ignored your stated requirement that the General Conditions be uploaded as ‘read only. In any event the availability of the General Conditions as read only Is still a contravention of the requirement of the Law Society and REIWA that access to the General Conditions should be only by way of purchase unless otherwise authorised by the Law Society or REIWA.
It has been determined by the Law Society and REIWA that no concession can be given to enable the General Conditions to be accessed in any format on your website.
The Law Society and REIWA ask you to please take the following action:
1. Inform all real estate agents using your website that they are not authorised to upload the General Conditions for use in any of their auction advertisements.
2. Ensure that the General Conditions are not included in any new auction advertisements.
3. Ensure that the General Conditions are removed from any current auction advertisements within the next 14 days.
Yours sincerely
David Price
Executive Director
cc Anne Arnold, REIWA
22I,d Dec 2008-
David Price
Executive Director
Law Society of Western Australia
By email: alace@lawsocietywayasn.au
Level 4, 89 St Georges Terrace Perth WA 6000, DX 173 Perth
Telephone: (08) 9322 7877 Facsimile: (08) 9322 7899
Email; Info@lawsodetywa.asn.au Website: www.lawsocietywa.asn.au
Please address oil correspondence to The Law Society of Western Australia P0 Box Z5345, St Georges Terrace Perth WA 6831
22nd Dec 2008-
David Price
Executive Director
Law Society of Western Australia
By email: alace@lawsocietyway.asn.au
Dear David Price
In response to your email 12th December Re: Joint Form of General Conditions for the Sale of Land (General Conditions).
Thank you for taking the time to address the matter.
I am a little disappointed that a negative decision has been reached based on a requirement that the General Conditions can only be accessed and consequently read by way of purchase. This document is supposed to be given by selling agents to all parties involved in a real estate transaction where the REIWA Contract of Sale is used or when it is referred to as a condition on a Contract of Sale. Consequently displaying the General Conditions as a read only document on the website should not affect revenue.
Refusing agents the right to upload this document for reading purposes only (a document they have already purchased) is to deny them an opportunity of transparency. The General Conditions are lengthy and difficult to understand. At present the only opportunity for buyers and sellers to look at them in most instances is after a contract to buy has been signed.
In cowboy days when it was probably just a few lines of text that might have been seen as reasonable. Today it is a document that often requires legal explanations and certainly not to be read and absorbed in the brief time that a contract of sale is being drafted.
Consumers are entitled to full disclosure about contracts (especially real estate contracts) before they engage in them. One would be entitled to think that the Law Society and REIWA would encourage rather than discourage agents in this way from being transparent in their dealings. There will be occasions when overseas and interstate buyers may be involved. To offer an understanding of Western Australian real estate contract conditions should be paramount. Publishing the Terms of Sale Interstate does not appear to be an issue.
For agents to post the General Conditions as a read only document in WA could easily be resolved either by a concession or compromise by the Law Society of WA and REIWA to their members and the industry in general. The website is simply a passive carrier of information offered by real estate agents, sellers and buyers
I consider your decision to be in the public interest and if you have no objection I would like to pass all of our communications on to the media and Consumer Affairs and other interested persons.
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Apart from the above my initial query was directed as to whether the site was contravening the LAW Society of WA and REIWA copyright by offering an upload facility for the General Conditions? (See my email 11th July 2008)
As you haven’t addressed this point in your reply my assumption is, that it does not.
Regarding your requested action points in your response. As I am currently recuperating from a serious operation I will as soon as I am able
Place a warning on the site addressed to agents that to upload the Joint Form of General Conditions for the Sale of Land (General Conditions) may put them in breach of your copyright.
Forward all of our communications to agents currently using the site so that they understand why the facility has been changed and also their responsibility to remove any current document should they wish to do so.
I trust that you find this satisfactory.
Yours sincerely
Tony Wiles CEO
Geewizauctions.com
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| Agent Sees Benefit of Online Real Estate Auctions |
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Geewiz Media Release - Thursday, 27 November 2008
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The team at Realsell in Wanneroo have discovered a new way to promote their clients’ properties, on www.geewizauctions.com, Australia’s online real estate auction site. They will be at Wanneroo Show on 28th and 29th November to showcase their property services, including Geewizauctions.com.
Ray Perkins, Principal of Realsell, understands the importance of being able to offer his clients the best and latest technology and marketing techniques. To stand out from the crowd in real estate you need a point of difference, and Realsell definitely ticks this box. With a strong emphasis on internet marketing and a philosophy of working closely with their clients to achieve the best outcome, Realsell could see that Geewizauctions.com would fit in perfectly with their marketing mix.
“Quality Internet marketing and promotion of homes in the current market is crucial and realsell in conjunction with geewizauctions.com offers clients the opportunity to bid for homes online without the outside pressure and influence from the agent. The geewizauction system gives our owners flexibility to allow all offers of purchase to be presented without the high costs associated with a traditional auction campaign. Realsell has embraced the geewizauction.com system with open arms as we can see the benefits available to our buyers and sellers alike and ask that all agents look in to what the geewizauction.com system can provide them and their sellers heading into the future of real estate sales.” Janelle Perkins, Sales and Marketing Co-ordinator. realsell.com.au
Geewizauctions.com brings a new level of transparency to real estate sales. Each property displays an Integrity Rating, represented by stars, that is determined by the amount of information shared by the seller. Buyers can view contract and title documents, and when made available, building and valuation reports. Transparency also translates to the bidding process as all bids are displayed on screen immediately. Nearly all residential properties suit this type of sale.
Realsell will be exhibiting at Wanneroo Show, held at the Wanneroo Agricultural Show Grounds over 28th and 29th November 2008. Or simply contact them on 9405 1488 or sales@realsell.com.au.
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| Online auctions are the next big thing |
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SOLD Magazine - Friday, 21 November 2008
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Change is inevitable and selling real estate is not an orphan in that regard. Technology has really caught up with real estate sales and now we are in for a major change with online auctions. Some are purely auction sites whilst others in reality serve both auctions and private treaty sales just as well. Geewizauctions.com is an example of the latter.
The main thing is online auctions are low cost, low maintenance and will deliver the best possible result for sellers and become a great time saver for the industry.
Variations on traditional auctions are innovative and give added value but a traditional auction is still just an auction tied to time and cash. They cannot hope to compete with the new breed of online auction sites.
When you think of an online auction think of an auction where bidding can be continuous for up to five weeks. Think of an auction where bids can come from literally anywhere . . Think again of an auction where all bids count, whether they are cash, finance or subject to various other conditions (applies to Geewizauctions.com)
This is why they will deliver the very best result. There is flexibility in bidding time and the type of bid.
Flexibility is the keyword today in almost all transactions and that doesn't exclude real estate.
(This is an excerpt from an article by Tony Wiles that appeared in Sold Magazine (Vol 2; Issue 6) For a copy of the full article email lisa@geewizauctions.com
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| Buyers More Confident at Transparent Auctions |
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The West Australian - Monday, 13 October 2008
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Historically, West Australians have been wary of auctions but recent figures indicate that homes sold this way can beat lengthy stays on the market.
Of eight auctions held by the Realmark real estate group last month, four properties sold under the hammer and one sold immediately after the auction. Of the three properties still on the market, two were in what agents describe as the “14-day period”, so called because many homes passed in at auction sell within 14 days.
The Statewide clearance rate was much lower when looking at all auctions, with Real Estate Institute of WA members conducting 53 auctions in the five weeks to October 4. Of those, seven properties were sold at auction and six were under contract within 48 hours.
REIWA auctioneer network chair Barry Litten said listing a home for sale by auction provided vendors with two major benefits; the identification of interested buyers and the establishment of a market value.
Realmark auctioneer Lou Raspa said auctions were also helping sellers overcome the challenge of long sale periods: “In today’s marketplace, the key to selling a home is timeliness and with average days on market close to 80, quick sales are not common or easy.”
Auctioned listings were selling within an average of about 30 days.
“A common misconception is that if a home doesn’t sell under the hammer that the seller is back to square one,” he said, “This is far from the truth.
“The day of the auction is certainly a big part of the process, however we have found that a very high percentage of homes that don’t sell at auction will sell in the weeks after. The reason for this is that the auction attracts serious buyers. Whether they bid successfully or bid at all, they still come out of the woodwork.
“The fact that the seller has elected to auction their property tells the market that they are serious about selling. It’s a simple equation: serious sellers attract serious buyers.
He said the auction process offered three selling chances — before, during and after the auction. “With normal sales you don’t have those phases and trying to attract buyers after the property has been on the market for a long time usually involves price-cutting to try and attract attention,” Mr Raspa said.
Realmark director John Percudani said that today’s buyers played a major role in Realmark’s recent auction success.
“Today’s buyers are very informed about price and about the area they are looking in and they have the time to do the research,” he said.
“So rather then feeling intimidated by an auction because there is no set price, they know how much the property is worth and enjoy the transparency that the auction provides.”
By Sandi Lovatt
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| Official Interest Rates Down 1% |
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www.news.com.au - Wednesday, 08 October 2008
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THE Reserve Bank cut official interest rates a full 1 per cent, its biggest reduction in 16 years, prompting lenders to pass on as much as 0.8 per cent.
Westpac said this afternoon it would cut its standard variable rate by 0.8 per cent, confounding predictions borrowers would miss out on much of today's reduction.
Commonwealth followed shortly afterwards, cutting by the same amount.
ANZ and NAB announced identical moves later in the day, leaving only their slightly smaller rival St George yet to signal its intentions.
The cuts translate to a $273 reduction in monthly repayments on a $500,000 mortgage.
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| New Property Boom on Horizon |
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The West Australian 1st Feb 2008 - Wednesday, 17 September 2008
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WA property prices are poised to jump by up to 20 per cent a year from as early as 2010, when pent-up demand combines with lower interest rates to fuel a new boom, according to industry leaders.
Property market analysts canvassed by The West Australian this week were unanimous that the market was near the end of its slump and was at most a year away from rebounding because of strong immigration, a still buoyant economy and a decline in the number of houses being built — less than needed to keep up with the State’s growing population.
The only thing standing in the way of an immediate recovery, they said, was a glut of houses for sale, which was depressing prices, and a lack of consumer confidence which would recover as the Reserve Bank continued to lower interest rates.
Over the past six months, Perth’s property market has suffered its worst collapse since the 1990 recession, with house prices falling 6 per cent and analysts warning they could fall further on the back of high interest rates and oversupply.
Similar falls have been recorded in regional areas.
Lino Iacomella, of the Property Council, said he expected that once the oversupply of housing was cleared by the end of next year, prices would rise noticeably, but investors should see a marked improvement in the speed and number of houses being sold by this summer.
“The sharpness of the 2006 boom probably won’t be repeated but strong growth in population means that there are a lot of people out there who need to buy and there is a lot of pentup demand happening,” he said. |
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| Rate Cut Revives Auction Action |
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The Age - Monday, 08 September 2008
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| MELBOURNE'S auction clearance rate has surged following the Reserve Bank cutting interest rates for the first time in almost seven years.
The Real Estate Institute of Victoria said the number of properties sold at auction yesterday rose to 64% from the more than three-year low of 59% it hit last weekend.
The rebound comes as a growing number of real estate agencies begin closing, selling up or merging in a bid to survive Victoria's property slump.
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| Who Says Property Auctions Have to be Cash? |
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Geewizauctions.com Media Release - Thursday, 28 August 2008
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| Flexible ideas are needed in the current real estate market. Geewizauctions.com now allows conditional bids instead of restricting bids to cash only. This creates a more user friendly bidding system that benefits both sellers and buyers.
'A Geewiz online auction gives people who are not necessarily cashed up the opportunity to change the outcome of auctions for the better, by now allowing buyers to make their bid subject to finance or the sale of their home. The seller chooses the best bid,' explains Tony Wiles, CEO.
In Western Australia, more properties are sold by private treaty than by auction but online auctions offer greater flexibility and appeal, particularly to generations X & Y who barely remember a world before internet. Real estate agents can ensure they don't lost touch with this expanding market by increasing their online presence and offering the latest technology to clients.
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| Ian Usher Round Two: Forget Ebay, a Geewiz Auction will make the deal stick |
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- Wednesday, 30 July 2008
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Ian Usher, the man that put his life for sale (www.alife4sale.com) went belly up on eBay when bidders failed to come through with the money.
Ian has now chosen to climb back into the ring with www.geewizauctions.com - Australia's dedicated online real estate auction site.
Ian who was naturally disappointed that he couldn’t enforce his sale decided to sell his property with his local Harcourt real estate agent. John Kollias (the agent) quickly pointed Ian towards www.geewizauctions.com and now it’s on again.
Anybody looking for a new life can have a bid on Ian’s property . . . |
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| In the News |
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- Wednesday, 23 July 2008
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| The official launch of www.geewizauctions.com was picked up by news website www.australia.to and www.itwire.com an IT website connecting professionals. |
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| OFFICIAL LAUNCH OF geewizauctions.com |
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- Tuesday, 22 July 2008
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Today Australian company Geewizauctions.com officially launches a new website that auctions property online over five weeks. Dedicated to real estate, it allows buyers, local or international, to bid in real time on a safe, open and transparent forum.
Geewizauctions.com brings a new level of transparency to real estate sales. Each property displays an Integrity Rating, represented by stars, that is determined by the amount of information shared by the seller. Buyers can view contract and title documents, and when made available, building and valuation reports. These ratings reduce the risk all buyers feel when making a big ticket purchase. Transparency also translates to the bidding process as all bids are displayed on screen immediately.
Nearly all residential properties suit this type of sale. To get started home owners simply contact their local “Geewiz Accredited” real estate agent.
‘Online auctions enable agents to offer the benefits of an auction to many more clients at a very reasonable cost and perhaps more importantly it exposes these properties to a whole new market” said Tony Wiles, CEO of geewizauctions.com.
For overseas buyers and investors. there is a quick search option that identifies all properties that are particularly suitable for them. The auction timing of five weeks gives potential buyers the opportunity to organise their finances and place their bids, and all interested parties are instantly advised when bids are lodged.
It took three years for real estate and web design professionals to develop and test this innovative website. The philosophy behind the project was to create a forum for honesty, openness and transparency in real estate sales and to offer like-minded real estate agents the opportunity to show their point of difference.
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| Selling Period extends to several months |
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The West Australian 1st Feb 2008 - Tuesday, 15 April 2008
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| Sellers are trying to get too much money for their properties.... |
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| Wishful Thinking |
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- Tuesday, 01 January 2008
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| One day this site will actually be working |
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| hello |
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hello - Sunday, 30 December 2007
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| hello ! |
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