Land Title in South Australia

When buying property in South Australia, be it purchasing land, a house, investment property or even an apartment, you are purchasing a “title” specific to the parcel of land or property which determines the type of ownership. Essentially, the main difference between the types of “titles” is whether or not the land is “shared” or owned in “common” with other owners. There are two main titles in South Australia, Torrens and community.

Torrens TitleA South Australian invention, Torrens title is a system which records and registers land ownership. Your name is “registered” on the Torrens title register when the Certificate of Title is lodged at the Lands Titles Office. You then become the owner of the property to the exclusion of all others.

This means that you, as the property owner, are responsible for everything within and related to, your property. You are wholly responsible for council rates, services of water, sewerage, storm water and any land tax applicable on the land. This title is particularly relevant to free-standing homes and some townhouses.

Community TitleThis an updated version of the older strata title, meaning that you own your block of land (or apartment) but you share aspects as a “community” i.e. responsibility of common areas is shared with other owners. While strata title is still relevant for existing titles, all new common allotments are now community titled.

A property such as a villa, townhouse or unit is often purchased under community title. When you buy one of these properties, there are ‘common areas’ (driveways, gardens, entryways and so on) used by all of the people living in the development or apartment block. These common areas have to be maintained by all of the unit owners collectively, through a community corporation, because they are shared. The individual owner is responsible for upkeep of the inside of their land and property, but they must share the expense of maintaining common areas.

Your lot entitlement (in simple terms the proportional size of your property compared to the entire property) determines your share you contribute to insurance and other fees charged by the corporation. All community schemes have by-laws that include provision for the administration, management and regulation of the use and enjoyment of the common property. The by-laws are an extremely important aspect of community title new purchasers must be aware of – how much are the fees and what rules exist that you must abide by. For example, many community corporations restrict pets to certain sizes or numbers.

Moiety TitleNow rare and sometimes referred to as a cross lease, moiety ownership of a property comes from being the registered owner of a share of the land the property sits on. The owner then leases the right to occupy their property, along with the right to use common areas, from the other unit owners. It is now common for moiety title to be transferred to either community or Torrens title.

Should you have any questions regarding the title of your land or apartment, or are considering purchasing a property and are unsure of the responsibilities that come with the title, please be in contact at info@salistings.com.au.

Justine

National Property Statistics

Australia’s housing market correction continued through August with the CoreLogic Report National Home Value Index tracking 0.3% lower over the month. Since peaking in September last year, values have been consistently tracking lower, down a cumulative 2.2% through to the end of August 2018.

The good news? Adelaide! As we have continually said, slow and steady wins the race, and while 1.0% annual growth does not seems spectacular, it points to value and affordability in South Australia. This coupled with renewed business confidence in the State is great news for both home owners and those looking to get into the market.

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Source: Corelogic.com.au

As always, please be in contact should you need assistance with any property matter.

If interested in an individual property appraisal or statistics on your suburb or local area, please email info@salistings.com.au.

Justine

Exceptional Sale Results without Excessive Commissions

The results are in! SA Listings has selected our last 18 recent sales to statistically prove you get the same results, if not better from a fixed fee Agent compared to a traditional commission based Agent. The results also prove that brand does not matter when selling your home. SA Listings, a relatively new player in the Adelaide real estate market has successfully sold the last 18 properties with an average of 23 days on market, achieving an average of full Vendors asking price and savings in excess of $110,000 in Agent fees to boot!

SA LISTINGS – CLIENT RESULTS AND AGENT FEE SAVINGS
Property Address % of Asking Price Days on Market Agent Fee Saved*
92 Folland Ave Northgate 105.24% 4 $7,312
72 Rapid Ave Lightsview 102.19% 7 $9,400
1/91 Myrtle St Prospect 100.00% 31 $4,590
11 Allen Ave Brooklyn Park 105.00% 11 $7,310
4 Paddington Ave Northgate 108.00% 9 $7,662
109/220 Greenhill Rd Eastwood 98.33% 49 $6,980
140C North East Rd Walkerville 99.11% 34 $6,320
140B North East Rd Walkerville 98.23% 31 $6,210
14 Epsilon Crt Woodcroft 100.00% 16 $3,250
14 Rapid Ave Lightsview 100.00% 52 $1,920
8 Welsh Rd Lightsview 108.70% 5 $7,750
14 Holmeswood Crt Para Hills West 98.00% 46 $3,680
74 Rapid Ave Lightsview 100.00% 1 $7,360
10 Rozells Ave Lightsview 100.00% 7 $7,150
2 Rivergum Cls Walkey Heights 97.00% 20 $6,860
13 Welsh Rd Lightsview 97.22% 21 $9,400
19 Rapid Ave Lightsview 100.00% 26 $6,540
21 Rapid Ave Lightsview 100.00% 43 $5,000

Average Ask Price

Average Days on Market Total Agent Fee Savings
100.95% 23 $114,694
*Savings based on traditional Agent Commission in SA of 2.2% inclusive of GST

The savings in Agent fees is conservative, as it does not take into account significant savings achieved by our clients in marketing fees. Several of the properties listed above had no marketing fees at all as they were successfully matched to purchasers on the SA Listings buyer database. We have in fact, been told by our clients of well known brand name Agents charging additional fees of up to $2,000 for use of pre-market listing techniques, whereby, your property is listed on their website and database for viewing only by their registered subscribers, prior to listing to the general public. This is astounding! One would expect the Agent commission to cover the cost of the Agent actually matching the registered subscribers on their database to your property. Is that not their job? At SA Listings, we database match and contact all relevant parties we believe would be interested in your property. This service is incorporated in the fixed fee package at no additional cost to you, we believe our job as your Agent is to sell the property for the very best price at an affordable cost to youwithout fee gouging!

Also as a consumer be aware, there are some new Agencies providing a low fixed fee but the package does not incorporate a full agent service. Please read the fine print and ask questions of the Agency selling you the packages.

Remember, SA Listings provides a full agent service for an affordable fee with the highest service from listing to settlement, to find out more visit www.salistings.com.au

Justine Thomson

National Property Statistics

12 MONTH MEDIAN GROWTH – SEPTEMBER 2017

HOUSES UNITS
ADELAIDE 2.5% 4.1%
MELBOURNE 11.5% 3.5%
SYDNEY 7.8% 4.3%
BRISBANE 3.3% -2.1%
CANBERRA 7.7% 2.9%
DARWIN -9.1% -8.7%
PERTH -2.4% -3.6%
HOBART 6.8% 2.4%

12 MONTH MEDIAN PRICES – SEPTEMBER 2017

HOUSES UNITS
ADELAIDE $445,000 $375,000
MELBOURNE $702,000 $520,000
SYDNEY $940,000 $715,000
BRISBANE $530,000 $410,000
CANBERRA $655,000 $430,000
DARWIN $492,000 $390,000
PERTH $500,000 $400,000
HOBART $390,000 $290,000

If interested in suburb statistics for your local area in South Australia, please email info@salistings.com.au

Justine Thomson