Long haul in residential
INVESTORS aren't exactly rushing into the residential property market but they could become more active as first-home buyers fade from the scene at the end of the year.
Dexus takes razor to portfolio
ONE of Australia's biggest office tower landlords, Dexus Property Group, has wiped almost $900 million off the value of its $8.9 billion Australian, European and and US property holdings -- with listed property trusts expected to announce yet another round of heavy writedowns going into the company results season.
Australian property prices defy global trend
Economic analysis concludes that Australian property prices should remain steady and possibly climb throughout the year, despite global economy fears and rising unemployment.
Wycheproof $1 a Week Rent A Farmhouse
Ready for a treechange? Wycheproof has farmhouses for rent from $1 per week. Inspired by the successful Cumnock Rent a Farmhouse program the Wycheproof community invite interested families to apply for round one houses.
Click here to go to the website for full details on the application process and further information.
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NSW Government looks to buy 1000 units and houses
Housing Minister David Borger said this would provide a much needed boost to property markets across the State.
“I encourage anyone who has a suitable property to get in contact with us”, Mr Borger said.
Anyone interested in selling their property should visit www.housing.nsw.gov.au or call 8753-8033 for more information.
UK: Lack of properties props up house valuations
NSW halves stamp duty for new homes, but not for long enough
Illawarra could face a housing crisis within five years
The report, commissioned by the Residential Development Council and compiled by Matusik Property Insights, found the Illawarra property market needed to build 381 houses and 550 attached dwellings (apartments, flats or townhouses) each year until 2014 or the housing needs of newcomers to the area would not be met.
The latest Illawarra Real Estate Report compiled by IRIS Research indicates the region will fall well short of the forecast 931 dwellings required this year, with dwelling approvals at record lows.
Housing supply likely to fall short
The pension loans scheme
This is where Centrelink and the Department of Veterans’ Affairs will lend money to people on a partial age pension, where the loan can be repaid at any time in whole or in part, or from the sale proceeds of the house or from the estate.
Potential borrowers would need to check with Centrelink or the Department of Veterans’ Affairs to make sure their pension and any other entitlements are not affected.
In the name of climate change
The radical step to block homeowners protecting their property from rising sea levels was contained in a coastal planning policy released by the Greens-run Byron Bay Council yesterday.
Hedley faces second receiver
ADELAIDE will need almost 30,000 new houses in the next five years
The Australia on the Move report, released yesterday, forecasts Adelaide’s population to increase by 18 per cent – or 213,823 – by 2027.
South Australia’s population is forecast to grow by 17 per cent to 1,898,754.
Residential planning reform assures supply
An extra 52,000 people will be living in the Tasmania by 2027
The Residential Development Council of Australia has compiled a report for the Federal Government which predicts an extra 52,000 people will be living in the Tasmania by 2027.
Hobart’s population is expected to grow by 17 per cent, or 35,000 people and Launceston can expect 10 per cent growth over the next 20 years.
Council executive director Caryn Kakas said the projections were conservative and the State Government and councils needed to prepare now for the boom.
“A major issue for Hobart and Launceston is going to be the ability to provide new and alternative housing stock,” Ms Kakas said today.
NZ: Construction tipped to rebuild by 2011
In its property and construction forecast for consultants Rider Levett Bucknall, NZIER predicted house-building would continue to suffer low levels of activity, but falling costs would spark the broader building sector into a recovery in the next two years.
Hugh Mackenzie, Rider’s Wellington manager responsible for the quarterly forecasts, endorsed the study’s findings, predicting a recovery in two years’ time.
Interest rate decision due next week
Predictions are that the RBA will again leave rates unchanged for another month.
When Should You Think About Selling Your Property Part 2
Ask Yourself If You Are Ready Typically springtime has been the most productive time in real estate and the most popular time to buy or sell property. This does not mean that you need to wait for Spring to bloom before you make a move. Sometimes, for whatever reason, Spring may be an inconvenient time to [...]
GPT gets $200m option
THE family owned Melbourne-based retailer Besen Group has granted an option over a third of its 50 per cent share of Highpoint Shopping Centre, one of Australia's top centres, to the GPT Group.
Lend Lease’s white elephant
AN exclusive agreement between leading property group Lend Lease and a London council for the multi-billion-dollar Elephant and Castle redevelopment lapsed this week without an agreement.
Hedley fund plays down fallout
THE Hedley Leisure & Gaming Fund, founded and majority owned by embattled pub baron Tom Hedley, yesterday played down any fallout from the collapse of his private empire just 24 hours earlier.
Valad safe in BOS deal
SIMON Marais, the largest investor in Valad Property Group, said yesterday the Sydney-based highly-geared company would now survive, following a deal with the Bank of Scotland.
Mayfair on the cheap
THE exodus of hedge funds from Mayfair in central London, one of the world's most prestigious office districts, has cut the cost of renting premises in the area by half in the past two years.
NSW, Melbourne and Darwin post big gains
House prices in Sydney are rising solidly this year despite other states experiencing falls.
Aussie investors go UK bargain-hunting
With a weak British pound, the Aussie dollar is buying more. Combine that with a bottomed-out property market and there are some great investment opportunities to be had – Your Mortgage magazine reports.
Some prime UK developers are now looking overseas for investors to take advantage of once-in-a-decade opportunities.
“There are some great opportunities out there for people with funds at the moment,” said Julia Bowerman, of Hunters Estate Agents. “Leading indicators are showing that the market is on the verge of recovery, but local investors are still scared. I’m seeing a lot of interest from overseas investors who are getting great returns from bargain-priced properties.”
She said all the conditions are right for dollar and Euro earners to make the most of the economic climate in the UK right now.
One developer has actively identified the Australian and Expat British investor as the perfect buyer for their latest development – the Flaxby is planned to be Yorkshire’s only five star destination hotel and golf complex, and a unique vehicle for investment which guarantees a return of 39% in the first three years.
© Your Mortgage magazine. Republished with permission. Find more articles online at www.yourmortgage.com.au and get latest edition at your local newsagent today.
WA home repossessions soar
The number of home repossessions in WA has hit a record high as hundreds of families lose the battle to make mortgage repayments.
Home buyers head south for winter as Onkaparinga sales soar
Northern suburbs local government areas of Salisbury, Port Adelaide Enfield and Tea Tree Gully registered 9 per cent, 7.5 per cent and 6.6 per cent of the state’s sales respectively.
The figures also showed that across the nation’s capital cities, house sales under $500,000 now account for 70 per cent of the entire market, compared to 65 per cent last year.
Hedley crippled by $150m debt
Mr Hutson said it was “business as usual” at Hedley’s as they started a full assessment of the nine construction, property, development, investment and liquor businesses which employ hundreds of people.
They are: Tom Hedley Pty Ltd, TW Hedley (Investments) Pty Ltd, Hedley Developments Pty Ltd, Hedleys Pty Ltd, Hedley Constructions Pty Ltd, Hedz Pty Ltd, Arumpin Pty Ltd TWH (QLD) Pty Ltd and Hedley Commercial Property Services Pty Ltd.
Not involved is Mr Hedley’s first business, plumbers HPS Pty Ltd, nor stock exchange-listed Hedley Leisure and Gaming Property Fund.
He said Mr Hedley’s 11 private hotels, including his first, the Red Beret Hotel at Redlynch, would continue to trade, as would the construction arm to complete projects such as Vision on the Cairns Esplanade with the support of the Building Services Authority.
He said that Mr Hedley would continue to work with the receivers to maximise the outcome for all creditors, given his extensive experience in property construction and development as well as his working knowledge of the group’s hotel operations.
David Clarke quits Goodman, Vintage
DAVID Clarke has resigned as chairman of the boards of Goodman Group and Australian Vintage after a bout of ill health.
Brisbane house prices on the rise, median at $432,000
With the growth in values also comes news from the Housing Industry Association that new home sales have grown by 2 per cent in Queensland.
Queensland and South Australia were the only states to experience a growth in sales numbers during the month.
Housing supply likely to fall short
The findings are part of a Residential Development Council of Australia report undertaken by Matusik Property Insights, which shows the population rise of 8 per cent in five years will be mostly around the major cities, with the greatest demand expected in Melbourne.
When Should You Think About Selling Your Property Part 1
The real estate market can be a very delicate field to navigate. Prices tend to fluctuate and what was hot two years ago may not be moving at all in the current market. People may pay a certain amount of money for a home one day, only to find that six months later the [...]
Valad hands assets to bank
VALAD says it has handed over half of its European assets to Bank of Scotland in a joint venture that it expects to be worthless.
Three trusts roll over debts
THREE property trusts yesterday convinced their bankers to roll over debts totalling $1.5 billion.
Pub baron’s $250m crash
CAIRNS has been left reeling by yesterday's $250 million collapse of private companies run by pub baron Tom Hedley.
Instos seek out our funds
OFFSHORE institutional investors look to Australia to invest in unlisted wholesale property funds.
Brace for more writedowns
THE worst is not over yet -- that, at least, is the belief of analysts, with some saying asset value writedowns for listed real estate trusts are likely to be even larger than they were for the December 2008 half-year results.
Hottest spots for new houses
RESIDENTIAL property developers may face problems in supplying a growing demand for housing.
Chinese assets targeted
CANADA Land begins its roadshow.
Australia good place to invest
AUSTRALIA, China and Japan have topped the list of the best countries for property investment in an annual survey of the investment intentions of the world's largest global real estate investors.
AMP sells Singapore assets
ONE of Australia's largest institutional investors, AMP Capital Investors, has put its $S300million ($257m) portfolio of Singapore industrial properties on the market, according to industry sources.
Office pulls out
THE listed Commonwealth Property Office Fund has sold its last Brisbane office building to developer Kevin Seymour for $110 million -- at a discount of 16.7 per cent to its book value of $132m at March 31.
Have A Clear Strategy Without Distraction
Too often, real estate investors put their money into a property based on what someone has told them, such as the value will rise or a discount is offered. All too often, investors make a purchase without first establishing a clear strategy, or they purchase the wrong type of investment property to meet their specific [...]
Macquarie pulls out of project
MACQUARIE Group and one of its associated companies, Urban Pacific, have ended their involvement with a $450 million residential development on the Gold Coast.
Perth house values record biggest slump in nation
The monthly RP Data-Rismark international home value index out today shows Perth house values fell 0.5 per cent to $468,052 over the first five months of 2009, with every other capital city recording growth.
RP Data analyst Cameron Kucher said the slow performance needed to be viewed in light of the spectacular, yet unsustainable growth in Perth values between 2005 and mid-2007.
www.news.com.au
New home sales drop
Figures from the Housing Industry Association (HIA) show total sales of new homes dropped a seasonally-adjusted 5.7 per cent last month.
New Homes Boost Housing Supply
The Tasmanian Government has increased its supply of social housing by 21 properties. ownership of each of these properties has now transferred to the Tasmanian Government. The 21 new properties were evidence that the massive building and construction program that the Tasmanian Government has embarked on as a part of the Nation Building Economic Stimulus Plan is delivering real results to Tasmanians in need.
Australians paying down debt
Australians seem to be moving towards owning less debt, as fear of unemployment and economic downturns take their toll.
Surprise fall in new home sales
This is in contrast with the trend in April when home sales increased 0.5 per cent.
Boardroom Meeting
The Board room members and I have just spent two days together in Sydney, talking about everything from refined real estate strategies to affiliate marketing.
However proabaly the most animated conversation we had was where we're going for the next boardroom trip - seems Fiji is a nose ahead at the moment.
Expenses you can claim for your rental property at tax time
Why You Should Choose Property Over Any Other Investment
Many people often wonder why they should put their money toward investing in the real estate market when there are so many additional options available. The conclusion that they all soon come to is that real estate investment has always been the strongest form of investment for successfully building an empire. Leverage As you may have heard, [...]
Bank customers hit web to vent
Bank customers hit the web to vent anger.
Australian house prices buck global trend
Due to cuts in interest rates, first home buyer grants and a low supply of housing, house prices in Australia have bucked the global trend.
3 surefire ways to secure a property bargain
Can houses or apartments ever really be a bargain?
Unlike handbags on sale at David Jones, snapping up a cheap residential property could be like buying a used car and getting stuck with a lemon.
Fools may believe that paying $50,000 less than the median price of homes nearby means they have snared a property bargain, but if that property is on a main road, has plumbing problems or a roof that's caving in then the cheap price isn't worth it.
In today's volatile residential property market some million-dollar plus homes can be 20% or 30% cheaper this year than last year, but does that make them a bargain?
Take the Gold Coast beachfront home of former Globe clothing millionaire Stephen Hill. A stunning architecturally-designed home that cost $10 million to build on a block of land he paid $20 million for in 2006. Pokies king Bruce Mathieson just bought the the house for $18 million -- $15 million below its asking price.
It's definitely a bargain compared to the money Hill ploughed into it. But if Mathieson tried to sell an $18 million Gold Coast property tomorrow, he could well struggle to achieve such a price given that it is raining doom and gloom on Queensland's glitz strip.
"You can really only claim you have bought a bargain if you pay at least 10 per cent under what would be considered 'fair value' for a property," says Residex's John Edwards.
But if 'fair value' is a concept that moves up and down with the market, how can you pin it down?
Bill Fatouros of LandMark White independent valuers says the technical definition of 'fair value' is what a willing buyer would pay a willing seller at a certain point in time to purchase a property.
"A bargain is only ever relative to true market value -- and for valuers, market value is a moving feast," he says.
So does that mean there's no such thing as a bargain in real estate?
I don't think so. There are real estate bargains available in any market -- boom or bust. It just takes clever research to pick them out. Here are some examples:
CASHFLOW POSITIVE PROPERTIES: If the rental income a property can earn will cover the mortgage payments, management fees, repairs, and running costs then a property is definitely a bargain. "More of these are coming on the market now that there's a strong rental market and a poor buyers' market," Fatorous says.
DISTRESSED PROPERTIES: A distressed property is one with a distressed seller. Job loss or transfer, divorce, death, pending foreclosure, and lack of money cause sellers to sell fast for less. Discovering the seller's problem and finding a solution is the key to buying a bargain property. The old wisdom used to be that if you bought a mortgagee in possession property, you would get a bargain. But that's not always the case because if first home buyers are all competing at a mortgagee in possession property auction, it can push up the price. It takes a lot of research and homework to come across a true 'distress property' where a sale can be had for less than fair market value.
UNDERVALUED PROPERTIES: This takes real market expertise and valuation excellence. These could be locations that are undergoing change, such as St Kilda in Melbourne or Paddington in Sydney, where workers' hovels that could be bought for a song 20 years ago are now worth millions. Undervalued properties can also be those which appear to require a lot of renovation work, yet may only need some cost-effective cosmetic repairs. But remember this -- if you genuinely believe a property is undervalued, why doesn't the rest of the market?
These are just some of the examples of properties that I would say are bargains. They are rare. They aren't easy to find.
The residential property market is similar to the market for fine art or antiques, where value is always be determined by supply and demand. Markets such as these will continue to be a cycle of ups and downs, but true quality will always hold its own. Don't you agree?
National register of insulation providers
Mr Garrett said that with today’s launch of the Installer Provider Register for ceiling insulation, householders all over Australia could now find a suitable insulation installer and be off and running when the program officially starts on Wednesday, 1 July 2009 – stepping up the largest-ever energy efficiency rollout in Australia..
“If the total cost of installation is less than $1,600, homeowners will have no more to pay because the registered insulation installer will claim the assistance directly from the Government,” Mr Garrett said.
For further information or to search the register visit www.environment.gov.au/energyefficiency or call the hotline on 1800 808 571
Information for Insulation Installers
Investors left high and dry
When Australia was enjoying a bull property market, investors – many of them retirees – opted to put their money in mortgage funds as a way of guaranteeing a regular income stream, as well as having the option of redeeming their capital at short notice.
Today, many of these investors – many of whom could ill afford it – are much poorer, and the many mortgage funds that have frozen redemptions and are not paying income to unit holders are pointing their fingers at the global financial crisis.
Things To Consider When Picking Out A New Home Part 3
When You Are Ready To Seal The Deal When you find a property that you want to buy there are some important things to remember: If you have a real estate agent that you are working with you must conduct all of your negotiations through that agent. Do not go to the homeowner separately and try to [...]
Things To Consider When Picking Out A New Home Part 2
Determine Your Criteria For Living In Town When you are looking at properties in the suburbs or in the city there are a few other factors to consider. While the appearance of the house that you are considering is important, there is more to think about as well. If you love the house that you are looking [...]
Sydney Auction Results 27 June 09
Total properties:180
Sold:141
Withdrawn:5
Cleared:76%
Sydney Auction Results
Saturday 27th June 2009
Total sales:$93,692,000
Median:$601,750
| Suburb | Address | Description | Price |
| Alexandria | 18 Copeland St | 2 br h | $603,500 |
| Annandale | 205 Annandale St | 4 br h | $2,250,000 |
| Annandale | 36 View St | 2 br h | $800,000 |
| Arncliffe | 12/3-9 Broe Av | 3 br t | $484,000 |
| Auburn | 22 Happ St | 3 br h | $480,500 |
| Avalon | 25 Catalina Cr | 3 br h | $1,340,000 |
| Balmain | 15/110 Reynolds St | 1 br u | $400,000 |
| Bardwell Valley | 18 Hillcrest Av | 3 br h | $618,000 |
| Bass Hill | 7/324 Hector St | 3 br t | $346,000 |
| Baulkham Hills | 43 Palace Rd | 4 br h | $703,000 |
| Beecroft | 6 Cassia Gr | 4 br h | $632,500 |
| Belfield | 52 Margaret St | 3 br h | $880,000 |
| Belmore | 5 Pelman Av | 3 br h | $541,500 |
| Bexley | 6 Allan St | 3 br h | $589,000 |
| Bexley | 9/2 Caledonian St | 2 br u | $355,000 |
| Bexley | 4 Kinsel Gr | 4 br h | $760,000 |
| Botany | 19/9-19 Myrtle St | 4 br t | $750,000 |
| Brighton-Le-Sands | 6/36 Archbald Av | 3 br h | $490,000 |
| Brighton-Le-Sands | 14/19-21 Hercules Rd | 3 br u | $526,000 |
| Bronte | 32 Hewlett St | 4 br h | $2,460,000 |
| Burwood | 5 Brooklyn St | 3 br h | $1,055,000 |
| Burwood Heights | 37 George St | 5 br h | $1,100,000 |
| Cabramatta | 22/26-28 McBurney Rd | 2 br u | $189,000 |
| Cabramatta | 13/73-77 McBurney Rd | 2 br u | $190,000 |
| Cabramatta West | 24 Bauer Rd | 3 br h | $399,000 |
| Chatswood West | 21 Millwood Av | 3 br h | $783,000 |
| Cherrybrook | 23 County Dr | 4 br h | $622,000 |
| Concord | 5 Excelsior St | 4 br h | $1,007,000 |
| Condell Park | 100 Eldridge Rd | 3 br h | $512,000 |
| Condell Park | 10 William St | 3 br h | $650,000 |
| Coogee | 6/84 Melody St | 3 br u | $735,000 |
| Cremorne | 13/17-19 Grasmere Rd | 2 br u | $646,000 |
| Croydon | 2/141 Croydon Rd | 2 br u | $370,000 |
| Croydon | 20 Dickinson Av | 3 br h | $1,416,000 |
| Croydon Park | 10 Yandarlo St | 4 br h | $804,000 |
| Darlinghurst | 41b Barcom Av | o res | $516,000 |
| Dulwich Hill | 18/10 Terry Rd | 2 br u | $480,000 |
| Earlwood | 7/74 Wardell Rd | 4 br t | $605,000 |
| Epping | 38 Magnolia Av | 5 br h | $775,000 |
| Erskineville | 28 Septimus St | 2 br h | $650,000 |
| Fairfield | 18 Kenyon St | 3 br h | $515,000 |
| Fairfield | 10/32 Railway Pde | 2 br t | $240,000 |
| Fountaindale | 58 Old Chittaway Rd | 4 br h | $900,000 |
| Georges Hall | 9/99 Bellevue Av | 3 br t | $337,000 |
| Georges Hall | 4 Mauritius Av | 3 br h | $520,000 |
| Gorokan | 59 Wall Rd | 3 br h | $287,000 |
| Granville | 35 Louis St | 3 br h | $391,000 |
| Granville | 16/39 Wellington Rd | 3 br t | $305,000 |
| Greenacre | 54 Chiswick Rd | 4 br h | $418,500 |
| Greenacre | 201 Juno Pde | 2 br h | $400,000 |
| Guildford | 80 Bright St | 3 br h | $352,500 |
| Guildford | 46 Rosebery Rd | 2 br h | $341,000 |
| Gymea | 848 Kingsway | 2 br h | $360,000 |
| Gymea | 850a Kingsway | 3 br h | $370,000 |
| Gymea | 4/12-14 Premier St N | 2 br t | $455,000 |
| Gymea Bay | 105b Bunarba Rd | 3 br h | $1,050,000 |
| Hornsby | 49 Nursery St | 2 br h | $562,000 |
| Illawong | 130 Fowler Rd | 4 br h | $915,000 |
| Kangaroo Point | 36 Kangaroo Point Rd | 5 br h | $4,670,000 |
| Kensington | 3 Tunstall Av | 5 br h | $1,420,000 |
| Lakemba | 3/70 Colin St | 2 br u | $179,000 |
| Lakemba | 12/246-248 Lakemba St | 3 br u | $398,000 |
| Lakemba | 7/58-60 Taylor St | 2 br u | $252,000 |
| Lane Cove | 20/316 Pacific Hwy | 2 br u | $506,000 |
| Leichhardt | 80 Annesley St | 2 br h | $756,000 |
| Lidcombe | Lot 4 Bombay St | 4 br h | $917,000 |
| Lidcombe | Lot 6 Bombay St | 4 br h | $960,000 |
| Lidcombe | 82 Frances St | 2 br h | $531,000 |
| Lilyfield | 6 Maida St | 4 br h | $1,375,000 |
| Maroubra | 8 Boomerang St | 2 br h | $750,000 |
| Merrylands | 7 Lansdowne St | 4 br h | $472,000 |
| Merrylands | 23 Merrylands Rd | 3 br h | $267,000 |
| Merrylands | 22 Myall St | 3 br h | $605,000 |
| Merrylands | 26 St Ann St | 3 br h | $406,000 |
| Merrylands | 28 St Ann St | 3 br h | $418,500 |
| Merrylands | 58 St Ann St | 2 br h | $501,000 |
| Minchinbury | 221 Minchin Dr | 4 br h | $428,500 |
| Mona Vale | 141 Barrenjoey Rd | 4 br h | $825,000 |
| Mount Druitt | 3/51 Methven St | 2 br h | $195,000 |
| Mount Druitt | 11/27 Ropes Creek Rd | 3 br h | $267,000 |
| Narellan | 1 Lisa Cl | 3 br h | $265,000 |
| Naremburn | 73 Northcote St | 2 br h | $955,000 |
| Neutral Bay | 4/369 Alfred St | 2 br u | $631,000 |
| Neutral Bay | 9/17 Shell Cove Rd | 2 br u | $845,000 |
| Newtown | 111 Chelmsford St | 2 br h | $563,000 |
| Newtown | 19 Fulham St | 2 br h | $670,000 |
| Normanhurst | 8 Bryan Av | 2 br h | $530,000 |
| North Bondi | 6/343-345 Old South Head Rd | 2 br u | $735,000 |
| North Gosford | 44b Dwyer St | 2 br h | $340,000 |
| North Parramatta | 61 Bellevue St | 4 br h | $735,000 |
| North Parramatta | 64 Fennell St | land | $496,500 |
| Oatley | 78a Woronora Pde | 3 br h | $935,000 |
| Paddington | 53 Comber St | 2 br h | $750,000 |
| Paddington | 9 Gurner St | 3 br h | $2,520,000 |
| Padstow | 119 Faraday Rd | 4 br h | $596,000 |
| Pagewood | 8 Wark Av | 3 br h | $1,130,000 |
| Parramatta | 3/167 George St | 3 br u | $321,000 |
| Parramatta | 14/70-74 Phillip St | 2 br u | $385,000 |
| Peakhurst | 82 Belmore Rd | 3 br h | $535,000 |
| Peakhurst | 1 Rona St | 3 br h | $460,000 |
| Potts Point | 30/57 Darlinghurst Rd | 1 br u | $402,500 |
| Punchbowl | 44 Christian Rd | 4 br h | $600,000 |
| Queens Park | 4/16 Arnold St | 2 br t | $970,000 |
| Queens Park | 8 Stanley St | 3 br h | $1,800,000 |
| Randwick | 4/45 Bishops Av | 2 br u | $500,000 |
| Redfern | 54/11-33 Maddison St | 3 br t | $680,000 |
| Regents Park | 49 Wyatt Av | 3 br h | $513,500 |
| Riverview | 3 Werona Rd | 3 br h | $912,000 |
| Rose Bay | 5/48-50 Onslow St | 2 br u | $762,000 |
| Rose Bay | 3/32 The Avenue | 3 br u | $667,000 |
| Roseville Chase | 167 Boundary St | 3 br h | $1,071,500 |
| Sans Souci | 16/23-25 Fontainebleau St | 3 br h | $478,000 |
| Sans Souci | 61 Napoleon St | 4 br h | $945,000 |
| Stanmore | 29 Harrow Rd | 3 br h | $890,000 |
| Stanmore | 96 Railway Av | 3 br h | $870,000 |
| Strathfield | 47/17 Everton Rd | 2 br u | $414,000 |
| Strathfield | 7/8-10 Margaret St | 2 br u | $372,000 |
| Summer Hill | 10 Fleet St | 1 br h | $515,000 |
| Surry Hills | 50 High Holborn St | 2 br h | $930,000 |
| Surry Hills | 29 Lansdowne St | 3 br h | $910,000 |
| Surry Hills | 802/18-20 Pelican St | 2 br u | $643,000 |
| Surry Hills | 3 Phelps St | 2 br h | $720,000 |
| Surry Hills | 20 Ridge St | 4 br h | $1,120,000 |
| Sylvania | 11 Snowden Av | 3 br h | $655,000 |
| Sylvania | 39 Tara St | 5 br h | $2,560,000 |
| Wareemba | 13 Gartfern Av | 3 br h | $901,000 |
| Wiley Park | 37 King Georges Rd | o res | $1,080,000 |
| Woodpark | 77 Warren Rd | 4 br h | $309,000 |
| Yagoona | 48 Talbot Rd | 3 br h | $383,000 |
| Yagoona | 6 Woodbine St | 2 br h | $390,000 |
Melbourne Auction Results, Saturday 27 June 2009
The four weeks until today has seen a greater number of reported sales – auction and private sale – than the corresponding four weeks in 2007, a clear sign that the Melbourne residential property market is strong and buyers are confident.
The clearance rate was 86 per cent today from a total of 425 reported auctions, this is the seventh time in a row above 80 per cent.
There were 367 homes sold by auction today and 58 passed in, of which 37 were passed in on a vendors bid.
With just under 300 homes scheduled for auction next weekend competition will be high.
TOTAL AUCTIONS
This week: 425
Last weekend: 520
This weekend last year: 467
S Sold at Auction: 280
SB Sold before Auction: 85
SA Sold after Auction: 2
Passed in: 58
Passed in on vendor’s bid: 37
Clearance rate: 86%
Postponed: 0
Withdrawn: 0
Auctions with no result: 31
PS Private Sales: 679
Total Volume (Auctions): $254.72mil
Total Volume (Private Sales): $310.48mil
Total Auctions Houses: 274
Clearance Rate: 86%
Median Price: $627,500
Total Auctions Flats/Apartments: 143
Clearance Rate: 87%
Median Price: $500,000
Total Auctions Vacant Land: 7
Clearance Rate: 71%
Median Price: $290,000
Investors to make their move in 2010
83 per cent of Queensland respondents to the 2009 Property Investors Survey said they were delaying their upcoming investment property purchase until the boosted grant finishes on December 31 — the most of any state.
The survey found that 43 per cent of the Queensland respondents, all of whom are purchasing an investment property in the next two years, were Generation X (born between 1965 and 1979), 28 per cent were Generation Y (1980-1994), a further 28 per cent were Baby Boomers (1946-1964) and 1 per cent were Builders (1925-1945).
Kiama property market rebounds
Things To Consider When Picking Out A New Home Part 1
Purchasing a new home is a big step and is not something that should be taken lightly or flippantly. There are several important factors that you should consider when you are looking for that perfect home. Making a list of your goals and priorities and writing down important information can help you to stay organized [...]
Government jobs toss lifeline to builders
AUSTRALIA'S biggest builders and their small subcontractors are clinging to government work as private sector commercial and industrial construction appears likely to plummet 42 per cent in the next three years.
Stockland keeps FKP stake
STOCKLAND announced yesterday that it would spend $48 million on FKP's $324m equity raising to maintain its 14.9 per cent stake in the retirement village operator and developer.
City Pacific vote fight
CITY Pacific is planning a legal challenge to overturn its sacking as manager of the First Mortgage Fund.
Investors wait for boost expiry
INVESTORS may be waiting until first-home buyers leave the scene before they enter the residential market.
Banks may make tough choices
Banks may have to make tough choices to remain strong and profitable, says leading economist.
Fixed rates still not tempting enough
Despite the nations largest lender, the Commonwealth Bank recently raising its standard variable rate, home owners are not being panicked into fixed rates.
Australian housing market holding up
Australian house prices have been resilient despite other developed countries experiencing big falls,
Property Investment Strategies
So, you have decided that the best thing you can do with your money is invest in the real estate market. The only thing left for you to determine is which strategy is the best strategy to make you the most money to build your empire. It is very true that one of the best options [...]
Raptis creditor return closer
THE creditors of collapsed Gold Coast developer Raptis Group have moved a step closer to seeing some return -- with a deed of company arrangement being lodged yesterday with the Australian Securities Exchange.
Stockland wavers over FKP raising
STOCKLAND was yet to announce last night whether it would participate in the FKP's $324 million capital raising -- a heavily discounted and dilutionary deal that has helped the developer and retirement village operator successfully renegotiate $1.1 billion of debt.
Centro welcomes new trio to board
A NINE-MONTH hunt for board talent by Centro Properties Group has ended after the recruitment of three high-profile, non-executive directors.
City Pacific likely to be dumped
TROUBLED Gold Coast-based financier City Pacific is expected to be dumped as the manager of its First Mortgage Fund.
Opposition to a bigger Melbourne smacks of cultural snobbery
Too often the debate is hijacked either by a cultural snobbery against growth suburbs on the city fringe, or a self-serving not-in-my-backyard-ism against development in established areas.
Nearly half of all new development will happen in Melbourne growth areas in the west and north — in Hume, Melton, Whittlesea and Wyndham.
Of those, 284,000 will be in growth areas and 316,000 will be in Melbourne’s established areas.
The new Regional Rail Link will create up to 50 kilometres of new track to serve the growth suburbs in Melbourne’s west.
Home for a home
By taking out a mortgage with ING, Dutch borrowers can now help families in Bangladesh and India build homes of their own. Through its new Huis voor een huis (Home for a home) program, ING’s clients are given the option of donating EUR 300 when they sign for their mortgage, an amount the bank doubles to EUR 600.
To maximize the impact of those donations, ING has partnered with Dutch non-profit Wereldfoundation. Instead of simply handing out the money, the foundation provides microfinancing; borrowers who have previously taken out a business loan and have shown that they’re financially responsible, are eligible for a home loan. As the microloans are paid back, the money can be made available to more borrowers, with the goal of helping entire villages build new homes.
Website: www.ing.nl/huisvooreenhuis
Source: Springwise
$1m wiped off Belongil property
BELONGIL resident John Vaughan has seen more than $1 million wiped off the value of his pristine beachfront property.
Despite the eroding coastline, Byron Bay real estate agents believe cashed-up customers will not be deterred by severe erosion to Belongil properties.
Mr Vaughan, who has lost hundreds of cubic metres from his beachfront property, called the events of the last month ‘just another storm’.
Byron Bay real estate agent Paul McCarthy admitted it was often difficult to sell properties at Belongil because people were concerned about rising sea levels, but the prospect of beachfront living was all that mattered for some.
Rental vacancy rates slide
RENTAL vacancy rates across New South Wales have dropped even further with Sydney recording its lowest rate in 12 months, Real Estate Institute figures show.
Court win for apartment buyers leaves developers reeling
The ruling came in a case involving two luxury apartment buyers in Geelong who won the right to have their deposits refunded and contracts revoked because the developer took several months longer to finish the project than agreed.
Until this ruling, it had been standard practice for developers to put clauses into off-the-plan contracts allowing for the extension of completion dates.
The decision is an unwelcome one for an industry already faltering in the credit crunch, with more than $2 billion worth of Melbourne projects delayed or abandoned since September because of a lack of finance.
One of those involved in the case, Jennifer Clifford, said developer Solid Investments had asked for three time extensions to complete her $2 million apartment overlooking Corio Bay. “None of it was the developer’s fault,” she said.
Edgewater developer Murray Stone, who is appealing against the Supreme Court decision, said the ruling “opened a can of worms” for the industry.
Noosa: nice place to live but not to invest
According to Terry Ryder the reality of Noosa is: houses in the Noosa region have averaged capital growth of just 3.3 per cent a year, according to research from agency network PRDnationwide.
The median unit price for the Noosa region today is lower than four years ago.
Nambour houses typically cost $335,000 and units $260,000, the rental yields are 5 per cent and above, the markets for both houses and units have provided growth every year since 2001 and the long-term growth averages are about 13 per cent a year.
In Gympie you pay $270,000 for the average house, are likely to get a 5 per cent rental return and you’ll get capital growth every year, with a long-term average about 12 per cent a year.
There were only 63 unit sales in the Noosa region in the second half of last year, the first time in more than 15 years there had been fewer than 100 transactions in six months.
But when the trend of falling median prices extends over four years, as it has in the Noosa unit market, it means the market is in trouble.
Terry doesnt, however, believe Noosa property is blue-chip, more as providing steady, above-average capital growth with a good income.
Buying Property To Resell
Investing in property with the intentions of reselling it has prompted several investors to earn a substantial amount of money in the Australian real estate market. If you pay attention to the numerous television programs, you will notice that a great number of people tend to overspend; increasing the amount of time it takes to [...]
Developers seek cash for debt
FKP Property Group has moved to raise about $300 million - almost half the money needed to repay debts in the next two months.
Trusts offload Japan assets
UP to $1.5 billion worth of Japanese property owned by trusts listed in Australia is for sale.
Strength in CBD towers
TENANTS hold the key to a $300m Brisbane CBD project.
AIMS raises MacarthurCook bid
AIMS Securities Holdings yesterday increased its bid for MacarthurCook within hours of the Melbourne property fund manager rejecting its original offer of 30c per share.
Delaware buys three GPT assets
US-BASED hotel and resort group Delaware North has agreed to buy three of GPT's Voyages Islands assets, according to industry sources.
Tribal trends
WHAT is the difference between a geek and a nerd? And is a bogan just a latter-day battler?
Meriton, Sunland eye prized site
HARRY Triguboff's Meriton, and Gold Coast developer Sunland, Group are among the parties that have run the ruler over City Pacific's Gold Coast beachfront site, which is expected to sell for less than half its $200 million purchase price.
Noosa, a nice place to live
IN the past five years, houses in the Noosa region have averaged capital growth of just 3.3 per cent a year.
Foster’s moves on vines sell-off
IN a strange move for a corporate asset sale, Foster's has identified the vineyards it plans to offload four months after it announced plans to sell 31 unnamed Australian vineyards and two wineries.
Bay feels the Wave effect
A GOLD Coast design may seem out of place on the shores of Port Phillip Bay, but FSG is happy with the result.
Homeowners in rush to fix their interest rates
Mortgage brokers and comparison websites have been inundated with fixed-rate mortgage inquiries in recent weeks – most notably after the Commonwealth Bank raised its variable rate by 0.1 per cent.
In just a week, comparative website Help Me Choose had a dramatic turnaround in lines of inquiry that suggest variable mortgages were being shunned.
The website, which receives several thousand hits a day, claimed 50 per cent of all mortgage inquiries focused on fixed-rate products, compared with 15 per cent for variable products.
Packing For Your Move Part 2
Some Packing Tips Make sure that none of your boxes are bending in or buckling out. Your boxes also should not rattle. Clearly label each box to show what is packed inside and what room it belongs in. This will help immensely when it comes time to unpack at your new property. Organization is the key to [...]
Inquiry costs Bovis $90m
BOVIS Lend Lease has lost a $US72.7 million ($90m) contract to build a New York school after failing to reveal it was the focus of a criminal inquiry.
Rubicon statement ‘unreliable’
THE voluntary administrators of the troubled Rubicon Asset Management have warned investors not to rely on a statement issued to the ASX by Rubicon Japan Trust directors.
Investors wait for first home buyer shift
According to a new survey, many investors wanting to buy property are waiting until the first home buyer surge calms down.
Calls for stamp duty to be abolished
The Mortgage and Finance Association of Australia would like to see stamp duty abolished and calls it 'inefficient'.
Housing affordability improves in Brisbane
Brisbane is experiencing growing housing affordability and a more balanced market, according to new data.
Kurraba Point A suburb is born
Unlike neighbouring Mosman Council, where residents have failed to get Balmoral Beach, Clifton Gardens and Beauty Point declared as suburbs, North Sydney Council appears happy to have new suburbs carved out of the municipality.
Lavender Bay was made a suburb a few years ago and the council has conducted surveys of the 1400 Kurraba Point (PDF) residents to provide evidence of their wishes required by the Geographical Names Board.
‘Nothing recoverable’ from Coral Coast Homes
BSA spokesman Ian Jennings says the authority is now investigating whether financial information provided by the company in April 2008, which showed it was meeting its financial commitments, was misleading.
The BSA says the company was not registered with the authority as a licensed builder.
City Pacific fights Trilogy takeover
More than 10,000 unit holders are due to lodge their votes this morning on whether to install Trilogy Capital and the loan originator Balmain NB as the new joint managers of the $630 million fund.
The Gold Coast company has requested the resolutions in the notice of meeting called by Balmain Trilogy be amended, arguing the current notice contains several technical errors.
It has argued Balmain Trilogy has “deliberately misled” unit holders over the vote.
Why energy prices will affect house prices
I got my electricity bill the other day and my brain started to sizzle and pop -- $233 for 39 days of connection!!! At the risk of sounding like a tight-fisted grandad, I couldn't believe it! I was spending more than it costs to keep African children alive each day to zap power to my (newly rented) house. What's worse is that if my recent energy bill had the 20% price hike that's coming from July 1, I would be paying $291.25 for 39 days. That's a bigger increase than Commonwealth Bank's recent 0.10% interest rate increase on a $300,000 mortgage! Every Australian state is facing rising energy prices. NSW is due for a 20% price hike in electricity from July 1. Queenslanders are getting a 16% price hike on the same day. West Australians are copping a 10% hike (after a15% price rise earlier this year). In Victoria, prices rose 17% back in January and more rises are predicted. South Australians pay the highest electricity rates in the country and Northern Territorians are also due for more energy price pain. And not that I want to be alarmist, but those energy price hikes are WITHOUT the cost of the Emissions Trading Scheme that' may or may not get through parliament this week anddeliver another round of 25% price increases to householders. If you're sitting in your cosy heated house thinking a 30-year mortgage is your only financial problem, it might be time to think again. Electricity is one of those invisible costs - like council rates and insurance - that eat into the income or capital required to maintain residential property. The last home I owned was a beacon of energy efficiency -- it was insulated, draught-proof and had a natural gas heater to get me through the chilly winters. My electricity and gas bills averaged around $300 a quarter for a family of four. My current abode has air leaks, high ceilings and cold floors -- and no natural gas connection. I sit at my desk with a little electric blow heater going. It stops me getting hypothermia but this is a dirty habit I can not afford to continue. Perhaps I should blow up my little blow heater lest I am tempted to indulge in warmth? The Federal Government knows electricity prices are going to unfairly hurt renters, lower income households and larger households -- so it wants us all to live in energy-efficient homes. Hence the free insulation and solar hot water offers going around courtesy of K Rudd right now. Yet energy efficiency is yet another cost for home owners. And it costs investors even more, as they don't gain anything from lowering the bills for their tenants. Builders and industry associations say it can cost upwards of $10,000 more to build an energy efficient home -- although draughtproofing and insulation are remarkably cheap (especially with a $1600 rebate), with experts like Kinesis' Bruce Taper saying these are the two most cost-effective home improvements people can make to lower their energy bills. The ACT is the only state or territory that has legislated to make sure that homes - like commercial buildings - meet minimum energy standards. ACT homes are rated for energy efficiency on a scale of zero to 10 stars. When a house is up for sale, the rating is provided in advertising material and the full certificate supplied when it is sold. Perhaps if I had known how leaky and cold my current rental house is, I may have chosen to rent the 8-star house up the road for $40 a week more and save on my electricity bill? What's more, a study into these energy efficiency ratings in the ACT has found improving energy efficiency by one star increases the home's market value by around 3 per cent. It makes perfect sense that energy efficient homes will become more valuable as electricity prices rise. And if the economy stumbles further, surely the running costs of a home will have more influence on a property's intrinsic value than the shade of wallpaper in the lounge room or the water feature in the backyard? K Rudd and the state and territory leaders have agreed to increase energy efficiency standards to six stars in the national building code from 2011. That means all homes will be bought and sold with energy efficiency ratings from this time. How would your house perform? Would energy ratings be a good or bad thing for the property market? Or has my brain melted from sitting too close to the heater?
Packing For Your Move Part 1
Packing up your entire house can be a daunting task. You can choose to use a removalist company or you can do it yourself. If you plan on doing all of the packing yourself there are a few things that you will want to be aware of to make your move as hassle free as [...]
Pub sales ’show confidence is up’
LISTED pub operator National Leisure & Gaming has jettisoned two underperforming Queensland leaseholds through sales to Woolworths-controlled Australian Leisure & Hospitality Group.
Goodman to pay for cut to rating
GOODMAN Group has had its credit rating cut by one notch, due to high gearing and a weak outlook for its business.
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Big Four competitive advantage
Industry voices are backing the general public's concern over the Big Four having such a large competitive advantage in the home loan market.
Rams increase it’s network
Rams Home Loans plans to increase its franchise distribuion network over the next two years.