A property manager should be competent to look after all the day-to-day runnings of the property – from assisting the owner with tenant selection, to co-ordinating maintenance, making suggestions on property improvements and updates, paying the outgoings such as council, water and owner corporation accounts, and collecting the rent for the owner.

They should have a good understanding of what the owner expects of them, and they should be proactive and responsive with clients………

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RP Data, along with Rismark International, launched two world firsts this week: the first daily ‘real time’ index tracking changes in housing values and the first housing market index that tracks the performance of the entire ‘portfolio’ of properties in the market, not just those properties that have transacted. The new methodology, which has been designed as a tradable index, is a big leap forward in sophistication, accuracy and timeliness.

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Victorian borrowers appear to be growing increasingly unhappy with their mortgage lenders, with borrowers in the state accounting for more than a quarter (28%) of all refinancing activity in Australia during the final three months of 2011, according to the latest data from ABS.

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This Tuesday we have our first Reserve Bank of Australia meeting for 2012, where it would come as no great surprise if the bank leaves the cash rate at 4.25%. The RBA is well aware that Australian banks’ funding is under great pressure as a result of the global financial crisis to the extent that our banks have already forewarned that if the cash rate is reduced it is highly unlikely they will pass on such cuts.

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Housing market sentiment improved in the December quarter, with market participants now forecasting a modest 0.4% drop in house prices over 2012 compared with expectations of a 1% annual decline in the September quarter, according to NAB’s Quarterly Australian Residential Property Survey.

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When people talk about competition, they normally focus on the number of companies competing for your business. As anyone who’s ever flown to a destination that was historically only served by Qantas, and then has Virgin or Tiger starting up, as a general rule you’ll understand that more players generally makes for a more competitive environment.

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Everyone at Barry Plant Croydon would like to wish all of our clients a wonderful festive season & a safe & happy New Year.

The ABS released housing finance data for October 2011 this week. The data showed that the volume of owner occupier housing finance commitments excluding refinances increased for the eight successive months and has risen by 1.2% over the past 12 months. The successive increases in owner occupier finance commitments is somewhat encouraging for the housing market however, refinances continue to dominate the landscape, rising by 17.8% over the year however, they did fall by -1.8% in October.

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The housing market is constantly in a tug-o-war between two factors — demand and supply. And really it doesn't get simpler than that. If there is a limited number of properties for sale and plenty of keen, cashed-up buyers then prices are almost certainly going to be bid up. Similarly if there is an abundance of property on the market and buyers are cautious — preferring to take time to find the 'right' home — then prices are more likely to ease.

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The Reserve Bank has cut interest rates by 0.25 per cent.

The 25 basis point fall comes on the back of a similar cut last month. The reduction is good news for people paying off a mortgage. "This will put an extra $60 into the pockets of borrowers each month," says Domain property expert Carolyn Boyd.

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