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The one decision costing Aussie homeowners $30,000

Aussie homeowners who sell their properties off-market could be sacrificing around $30,000 on average compared to taking them to auction, a new report has found.

New data from PropTrack has found that houses that are sold off-market on average fetch prices that are 2.6 per cent lower than those who sell at auction.

The discrepancy was amplified in New South Wales, Victoria and the ACT, where on average properties sold for up to 4 per cent – or $30,000 – less if they were sold off-market.

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In locations where median prices range between $250,000 and $500,000, off-market sales achieved sale prices of 3.7 per less than those that were taken to auction.

PropTrack Economist Paul Ryan said the extensive costs in listing and advertising a property were often returned due to the competitive nature of auctions.

"Consumers choose to sell properties off-market for a number of reasons including testing interest in the property without incurring fees," Mr Ryan said.

"Vendors need to be aware that the decision to sell off-market may come at a significant cost. While some sellers might be trying to save money by not advertising online, the potential earnings lost in the final sale price are estimated to far outweigh the initial cost of advertising, on average.

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"Sellers and agents both want to achieve the highest sale price possible, and we know that creating competition is the best way to accomplish that.

"The evidence shows advertising online draws a bigger audience, increased competition and a larger sale price."

Ray White TNG Director Shiv Nair recently sold a property in Glenwood, Sydney for $1.26 million at auction after attracting bids of $1.15 million while the property was off the market.

"I advised my sellers to list on the market because I believed there was a higher price achievable. After listing, we had over 30 groups on the Saturday, multiple offers, with final negotiations and contracts signed the same evening. All because of the right marketing strategy," Mr Nair said.

Mr Nair made the case for marketing, arguing that the market's current conditions mean more properties are competing for the eyeballs of potential buyers.

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"Selling off-market or advertising online has always been a topic of discussion for vendors, but it is now more important than ever. Today's strong market conditions with high buyer demand is more of a reason to invest in marketing so you can truly extract the highest possible sale price," he said.

"With the power of online marketing, we are able to attract the maximum level of interest and attention, therefore creating the highest amount of buyer competition, which will result in a premium price for the seller."

Last weekend Australia's capital cities recorded their busiest auction weekend since CoreLogic records began in 2008 after 4261 homes went under the hammer.

Experts cite COVID-19 lockdowns, intense buyer demand and a desire from sellers to move to more lifestyle-oriented properties as primary drivers of the market.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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Mexican Health Official: Closing Borders Little Help with New Omicron Variant

MEXICO CITY, Nov 28 (Reuters) – Mexico’s deputy health secretary said measures such as restricting travel or closing borders are of little use in response to the emergence of the new Omicron coronavirus variant.

Hugo Lopez Gatell, who has been the face of the Mexican government’s response to the pandemic, said some of the measures other countries have taken are “disproportionate” to what the existing scientific evidence shows.

“It has not been shown to be more virulent or to evade the immune response induced by vaccines,” he said in a Twitter post on Saturday.

“Travel restrictions or border closures are not very useful measures. They affect the economy and well-being of people.”

The discovery of the variant has sparked global concern, a wave of bans on travellers from southern Africa and a plunge in financial markets as investors fear the new variant will halt the global recovery from the nearly two-year-old pandemic.

The World Health Organization has classified Omicron – first detected in South Africa – as a variant “of concern” though has cautioned countries not to hastily impose travel curbs, saying they should take a “scientific and risk-based approach”.

Since the pandemic began, Mexico has reported more than 3.8 million confirmed cases of COVID-19 and over 293,000 deaths.

Britain, Germany and Italy detected cases of Omicron on Saturday and British Prime Minister Boris Johnson announced new steps to contain the virus, while more nations imposed restrictions on travel from southern Africa and, in Israel’s case, barred the entry of all foreigners.

Reporting by Miguel Angel Gutierrez; writing by Laura Gottesdiener; editing by Mark Heinrich

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Cayman Islands Becomes First in the Caribbean to Offer Antibody COVID-19 Treatment

Health City Cayman Islands – a private health facility recently announced that it has acquired a supply of Ronapreve, a monoclonal antibody treatment that can help COVID-19 patients recover faster and avoid hospitalization, and death.

This makes Health City the first private facility in the Caribbean to offer the ground-breaking treatment.

Ronapreve has been jointly developed by Switzerland-based pharmaceutical company Roche and American biotech firm, Regeneron. It is a combination of two monoclonal antibodies, casirivimab and imdevimab, and was designed to block infection of SARS-CoV-2, the virus that causes COVID-19.

Although vaccines provide the best protection from COVID-19, the World Health Organization (WHO) has recommended this treatment for infected people who either have underlying health conditions or are suffering from severe symptoms.

It has also been found to reduce the risk of hospitalization in certain patients with mild to moderate COVID-19 symptoms and reduced the risk of symptomatic COVID-19 infections in people exposed to the virus.

“We are pleased to once again be at the forefront of the COVID-19 battle in the Cayman Islands,” said Dr. Binoy Chattuparambil, Clinical Director at Health City Cayman Islands.

“Just as we assisted with ensuring an adequate supply of personal protective equipment (PPE) kits, providing PCR and being the first private facility to offer lateral flow tests to the public, it was important for us to step up and provide this treatment, which research shows reduces death for patients by around 70 percent compared to those who don’t take it.”

Adults considered at high risk for severe COVID-19 and high-risk youth aged 12-17 who weigh at least 88 pounds may be eligible for treatment. High-Risk factors can include older age, obesity, pregnancy, chronic kidney disease, heart disease including high blood pressure, lung disease, Sickle Cell Disease, and cerebral palsy or other development conditions. The treatment is administered via infusion that takes anywhere from 20 to 60 minutes to complete.

Individuals who have had COVID-19 symptoms for 10 days or less should talk to their health care provider immediately to see if monoclonal antibody treatment is right for them.

“It is our hope that no one in our community will need this treatment, at Health City, we are always prepared and willing to do our part to keep our population safe. This treatment has been approved for use in approximately 50 countries and we wanted to ensure that the Cayman Islands was not left behind,” said Shomari Scott, Chief Business Officer at Health City Cayman Islands.

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Antigua Offering Compensation to Farmers Affected by Climate change

An insurance scheme being facilitated by the Department of Environment (DoE) will be making funds available to farmers who have encountered major losses over the years due to natural disasters and other unplanned events.

Through the insurance scheme crop, poultry, livestock farmers and others will be able to access millions of dollars in compensation.

“We are looking at opportunities for our farmers and one of the things we have been looking at is how we can help farmers to recover their losses in the event of a storm or any disaster, even drought. So, what we have existing in the Caribbean, for example, I think there is something where if anything happens, the country itself, Antigua itself, can claim within 48 hours,” said DoE official Craig Cole in an interview with the Antigua Observer,

“So, we are looking at different ways of helping farmers at minimal cost to them so that they can be covered in the event that they have these issues happening, they can be provided with some funding so that in the event they lose crops, they file a claim and this will be checked of course by the Ministry of Agriculture. The mechanisms have to be put in place,” Cole explained.

He said local farmers have suffered for years and the department will be doing what it can to ensure assistance is forthcoming – adding that the DoE is targeting around US$5 million for the funding.

Over the next two years, the DoE expects to develop 40 new projects for Antigua and Barbuda in order to access millions of dollars that have been pledged, by the world’s major greenhouse gas polluters, to the Global Environment Facility.

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