Media Releases

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Mayfield Property Media Releases

Mayfield Property is often quoted or referenced across the media when it comes to discussing property.

Take a look at the most recent media releases involving Mayfield Property below.

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Experts offer their advice to Sydney’s first-home buyers

It seems that first-home buyers might be trickling back into the Sydney market, with recent ABS figures showing first-home buyer mortgage commitments are edging higher.

But as $650,000 won’t buy you much in Sydney, those new entrants looking to avoid stamp duty need to put careful consideration into where and what they buy.

In a softening market, buyers are increasingly concerned about long-term performance, said buyers agent John Carew from Mayfield Property Buyers.

“Twelve to 24 months ago, it was rare that a first-home buyer was really concerned about the investment potential of the area,” he explained.

“They just wanted to get in. But now, they’re being a bit more careful. We’re seeing it across the market as a whole.” 

One bedroom v two bedroom apartments – which is better for the first home buyer?

It’s a tricky proposition for the first time buyer – faced with a steep entry point, especially in Sydney’s inner suburbs, is it worth stretching the budget even further to get a second bedroom?

According to Domain Group data, two-bedroom apartments cost an average of 13 per cent more across Sydney, although this can vary depending on the suburb.

In Sydney’s south and south-west, an extra bedroom will cost you 14 per cent more, while in the inner west and northern beaches, you can expect to pay an extra 30 per cent. In the city and east, a second bedroom will increase the price by a whopping 49 per cent.
A second bedroom is not just about having space, as the extra room can help earn its keep through rent or by making an apartment easier to sell when the time comes to upgrade.
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Jargon demystified: What most commonly confused real estate terms really mean

Don’t know your strata from your company title, or if you can change your mind about the house you’re buying?

You’re not the only one. According to industry experts, many buyers aren’t clear on what a lot of the real estate jargon thrown around actually means.

So here’s a rundown of some of the most common property misconceptions.

1. What is the buyer’s guide at an auction?

Buyer’s agent Michelle May said many NSW house hunters didn’t understand why properties could sell above the price guide.

FOMO is out, FOOP is in: How to avoid paying too much when buying your new home

As the Sydney market slows down and Melbourne comes off the boil, house hunters are finding themselves on a more level playing field.

But with more stock coming onto the market and the investor ranks thinning, buyers are no longer forced to the very top of their budget.

Several experts have reported a “fear of overpaying” (or FOOP) replacing the fear of missing out. So how can a buyer avoid paying too much for a home in a cooling market?

Work out what a property is really worth

Buyers agent Michelle May cited the fear of overpaying as a major cause of anxiety. “The buyers out there are actually missing out on good properties because they don’t know what to pay,” she said. “They’re scared to pay too much.”

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Real estate agents in Sydney’s inner west fined for underquoting

Real estate agents in Sydney’s inner west have been fined more than $66,000 for breaching the law after being caught out in a crackdown by the NSW Department of Fair Trading.

Of the 37 agents visited in the area, 27 – more than 70 per cent – were discovered to be non-compliant, according to a statement from the Minister of Better Regulation Matt Kean.

Nineteen of the agents in breach of the law were fined for underquoting. Agents were found to be “pitching expected sales prices far below the final value, or failing to provide mandatory written records on the expected price,” Mr Kean said.

The agents targeted for inspection were in the suburbs of Ashfield, Burwood, Canterbury, Croydon Park, Drummoyne, Dulwich Hill, Five Dock, Leichhardt, Marrickville, Newtown, Petersham, Strathfield and Summer Hill.

The government declined to name the agencies that were fined.

How to tell if your property is A-grade, B-grade or C-grade, and why it’s critical when selling

In a softening market, property experts often talk about about how ‘A-grade’ properties are still selling well, but ‘C-grade’ properties might be struggling.

But what’s the difference between these grades, and are A-grade properties really downturn-proof?

What is an A-grade property?

Sydney buyers’ agent John Carew, from Mayfield Property Buyers, said people often assumed all A-grade properties were in the $5 million-plus price bracket in Sydney.

“It’s not true,” he said. “Every price bracket has an A-grade property equivalent.”

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