Please feel free to contact the JAS Stephens team if you can’t find your answer here.
General Questions:
How long has Jas Stephens Real Estate been in business?
The agency has been serving Melbourne’s inner west community since its establishment in 1923, making it a long-standing, 4th generation family business. See our story here.
What services does Jas Stephens Real Estate offer?
They offer a full suite of services for both residential and commercial property, including buying, selling, managing (rentals), and appraisals.
Which suburbs does the agency focus on?
Jas Stephens focuses on Melbourne’s Inner West. Their sales statistics show high activity in suburbs like Yarraville, Footscray, West Footscray, Seddon, Spotswood and more.
Appraisal Questions:
How do I get a property appraisal from Jas Stephens?
Clients can typically request a free property appraisal directly through here. You are welcome to add any comments or concerns.
Is a property appraisal the same as a formal bank valuation?
No. An appraisal is a free, educated opinion of a property’s market value provided by a real estate agent to help a seller set a price. A formal bank valuation is a legally binding report prepared by a certified independent valuer, typically required by lenders.
What factors do Jas Stephens’ agents consider when appraising a property?
We consider the core determinants of property value:
- Comparable Sales Data: Recent sales prices of similar properties (“comps”) in the Inner West suburbs (Yarraville, Seddon, Footscray or…) within the last six months.
- Location and Amenities: Proximity to schools, public transport, parks (like Footscray Park), and local village shops.
- Property Characteristics: Land size, floor plan/layout, number of bedrooms/bathrooms, the condition and age of the home (renovated vs. original), and parking/garaging.
Current Market Sentiment: The general level of buyer demand, competition, and whether the market is currently favouring buyers or sellers.
Auction Questions:
What is an Auction?
An auction is a public sale where a property is sold to the highest bidder. In real estate, it is a popular method in competitive markets, providing a fast and transparent way to sell. Buyers must register before the auction to be eligible to bid, and the auctioneer starts the bidding, which continues openly either in person or online. The highest bid wins, as long as it meets or exceeds the seller’s reserve price, the minimum amount the seller is willing to accept. If the reserve isn’t met, the property may be passed in, allowing for post-auction negotiations. Auctions give both buyers and sellers a clear timeline and the opportunity to generate competitive offers.
What is the process for buying or renting an Auction property?
Prepare: Get finance pre-approval and determine your maximum budget.
Inspect: Attend Open For Inspections or book a private viewing.
Research: Consult the agent for comparable sales data and complete building/pest inspections (for private sales).
Offer/Bid: Submit an offer or register to bid at auction, and secure the winning bid.Settle: Sign the contract, finalise finance, conduct a pre-settlement inspection, and take possession.
What does “passed in” mean?
A reserve price is the minimum amount a seller is willing to accept for a property at auction. It is usually confidential and set before the auction begins. The auctioneer will not sell the property for less than this price. If the highest bid does not meet the reserve, the property may be “passed in,” meaning it remains unsold at the auction and the seller may negotiate with interested buyers afterwards. The reserve price protects the seller while still allowing the auction process to encourage competitive bidding.