Property News Update: 8th March 2019

We’re back with Kieran Clair and Kevin Turner as they discuss interesting stories in the real estate industry this week.

First up is the rise of real estate’s equivalent of fake news. As digitally removing blemishes from walls, sprucing up a shade of paint, or adding classy furniture can be easily achieved in skilled hands, photo manipulation has become widespread.

And it’s wreaking havoc on consumer and buyer trust in real estate.

“This is a really new technology,” Denee Evans, chief executive of the Council of Multiple Listing Services said. “It’s just starting to bubble up questions as to where is that line.”

This is a risk especially for buyers who purchase property without seeing the actual property, especially since more and more sight-unseen buyers are popping up in wealthy locales.

It’s fine to touch up photos as long as there’s a disclaimer that it’s not the actual photo. Better yet, owners and professionals both can compare actual and touched up photos side-by-side so buyers at least have an idea of what a property can look like with some renovation.

Honestly, though, we don’t really see the point of touching up photos since buyers are going to eventually see the actual property anyway. But if you’ve got some insight into this, we’d love to hear them.

For our second story, we have New Zealand’s worst house. A house so bad that even the agent calls it nasty and says “You won’t find anything much cheaper than this or any worse.”

It’s definitely a unique sales pitch, but what makes it so bad? Well, it’s opposite a slink factory, also known as a place that processes dead lamb and calf skins, and it’s surrounded by overgrown trees.

If that doesn’t make you curious, get a load of this quote from the agent: “This is an opportunity to get on the property ladder and with a lot of hard work you could make something out of the 4 bedroom house… or get the local fire department to burn it as a training exercise and start again.”

Look at the photos and let us know if you’ve seen a house like it.

A good many people would probably jump at the chance to own a vineyard. If you’re one of them, then you’ll be pleased to know that one of Queensland’s most popular wineries is on the market.

Located about half an hour from the coast’s glitter strip, the Mount Tamborine Vineyard & Winery is a well-known tourist destination and home to one of Queensland’s most visited cellar doors.

As the current owners are ready to move on to other business opportunities, their willing to sell the 20 year-old award-winning winery. The Mount Tamborine property has dual-road frontage as well as 1200 sq.m. of commercial zoning consisting of a restaurant, retail store, wedding and events venue, cellar door and two sub-leased stores.

Migration figures are strong in the Gold Coast so a property like this is great for cashed-up people looking to move to Queensland.

Next, we have a heartwarming story from CoreLogic. The real estate company is supporting the Townsville community to ensure their well-being after being hit by flood. As Townsville was the place where RP Data was born, they want to give back and give aid while the people are having a tough time. In fact, founder Ray Catlin started RP Data by walking around the community and taking photos of every house that was sold.

CoreLogic will also support business by providing the next three months of their RP Data Professional subscription free of charge.

For our last story, we’re going to explore the realms of the rich and famous. Celebrities in the UK are slashing millions off the sale price of their mansions as the United Kingdom suffers its worst housing slump in 20 years.

Singer and songwriter Noel Gallagher is selling his stucco-fronted five-bedroom semi. Located in one of West London’s top locations, Regent’s Canal in Little Venice, Gallagher put his house on the market for £11.5 million in 2016. Now, it’s selling for £8.95 million.

Former Manchester United star Roy Keane first put his Hale mansion for sale in 2010. It had a whopping £9.5 million price tag. After failing to find a buyer for the stunning mansion, he lowered the price to £6.45 million.

Queen of Baking Mary Berry first put a £4 million price tag on her Buckinghamshire home. The 18th-century farmhouse has six bedrooms, a duck pond, a two bedroom cottage, a tennis court, and wine cellars. She has lowered the price to £3.45 million last year.

Singer Rod Stewart put his home of 30 years on the market for £7.5 million in 2016. When it still failed to sell — after he further reduced the price by £550,000 — he dropped the price even further to £4.725 million. The word on the street is that the Essex home is now on offer.

But if there has to be a winner, then it’s definitely Mel Gibson. He’s not a UK celebrity, but he cut down his selling price by a whopping $160 million, from $175 million to $15 million.

It only makes us wonder how much “star value” is given to these houses. It’s definitely an interesting question to ponder.


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