Peter Rogozik Property Consulting: Your Buyers Advocate - Connecting People and Property

Editorial

The market this quarter

01/01/2003

Hello and welcome to Peter Rogozik Property Consulting editorial page. My intentions over the coming months and years is to keep you informed about all the latest news and events taking place in the world of real estate. I will provide many interesting and informative articles covering all facets of building and real estate. Being a fully licensed estate agent and registered building practitioner, I hope to cover a diverse range of topics in this section. This quarter we feature a very interesting article on the principles of Feng Shui by Kerry Tabor, a concept that is becoming very popular - Kerry is an expert on this topic. We also list a glossary of commonly used real estate terms that can sometimes confuse first time buyers.

Our aim at Peter Rogozik Property Consulting is to offer a comprehensive service for all buyers and renters of real estate. Having worked as a real estate agent and then as a renovator and developer for more than a decade, I feel I have a sound knowledge of all the intricacies of purchasing and improving property.

My first job in real estate was selling properties for an inner city agent approximately fourteen years ago. During my time there I observed how the real professionals buy and sell property. I was amazed to discover that some people actually buy and sell over one hundred properties a year, and to top it off make substantial amounts of money often with merely a cosmetic refurbishment. It was a tremendous learning experience just to observe their negotiation skills, renovating techniques and general business acumen.

I decided I wanted a piece of the action and so began carrying out property refurbishments myself, mainly around the inner west of Melbourne. For over ten years I would religiously attend auctions every Saturday purchasing bargain properties and then complete refurbishments. I put into effect the skills I learnt through observing the professionals while selling real estate. When selling some of my refurbished properties it was a satisfying experience to see the excitement and elation on the face of people who had just made a purchase at auction. I hope to experience that elation as a buyer’s advocate with many new clients in the near future.

The property market is now at a very interesting stage of the cycle. After many years of exceptionally good growth there are some signs that the market may be softening. During these times it is even more critical than ever that the correct property is chosen. The best way to hedge against any downturn if one was to eventuate is to purchase a property that possesses the qualities that would best be able to withstand deterioration in the property market. Being located within seven kilometres of the CBD is the first important safeguard. Historically these properties have produced exceptional rates of return. Purchasing a dwelling with timeless appeal e.g. original period features is another quality to look for. Period homes are like antiques, because of the scarcity factor they generally only go up in value. Another important quality to look for is what I call the “latte factor,”- always try and purchase within walking distance to trendy cafes, a sure sign the area has been or will be gentrified.

Through my years of experience in searching, negotiating and renovating property I feel I have a great deal to offer less experienced property buyers. I only represent purchasers and prospective tenants; I have no alliances to any real-estate agents or developers, and accordingly you can be assured of totally independent advice. If you’re looking to buy, rent or refurbish property, feel free to call for a no-obligation chat at any time.

Quarterly Investment Tip:

I believe Seddon, a small suburb tucked away in the inner west of Melbourne is a sleeping giant just awakening. Why? It fits all the criteria discussed above.

Seddon adjoins the higher profile Yarraville but generally property can still be purchased at more affordable prices. Seddon is within seven kilometres of the CBD. It has a wide selection of period homes; cafes and trendy restaurants are just starting to appear. To make it even more appealing, it is not impossible to purchase a property for around $250,000. The geographical area Seddon has existed for many years but was officially known as Footscray. It has recently been officially recognized as Seddon by the local council, further enhancing its appeal to prospective investors.

Regards,

Peter

 

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