NSW first homebuyers head west
NSW first homebuyers head west
Posted on Wednesday, July 23 2014 at 1:50 PM
Analysis by the New South Wales Government shows the majority of first homeowner activity is in the
NSW first
homebuyers head west
Analysis by the New South
Wales Government shows the majority of first homeowner activity is in the State’s
western growth corridor.
The government ranked the state’s
suburbs by the dollar-value take-up of First Home Owner Grants and stamp duty
concessions for the 2013/2014 financial year.
The data reveals 16 out of the top 20 suburbs
utilising benefits are west of Sydney.
Spring Farm tops the list with over $7
million of benefits claimed.
West Hoxton and Werrington, at $6.78 million
and $6.46 million respectively, fill out the podium positions.
Parramatta came sixth in the rankings, while
the suburbs of Plumpton and Hornsby made it into the top 20 for the first time.
Andrew Constance, NSW’s State Treasurer, says
they’re pleased with the take up of grants and growth in new home construction
throughout this corridor.
“We’ve got new home starts at 10-year highs,
and a growing number of first-time buyers taking advantage of those new builds
in our vibrant west.”
Constance says the government has eased
criteria to stimulate new home construction and first buyer activity.
“We’ve also increased the threshold for the
First Home Owners Grant by $100,000, meaning families can buy new homes valued
up to $750,000 and still remain eligible.”
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SA property market upswing
SA property market upswing
Posted on Monday, July 14 2014 at 10:37 AM
South Australia’s property market is on the upswing according to the Real Estate Institute of South Australia (REISA).
Adelaide’s
median house price recorded an increase of 3.98 per cent from $399,100 to a
record $415,000 over 12 months to June. It also increased 0.42 per cent over
the quarter.
REISA
president Ted Piteo says it’s positive news for the South Australian property
market.
“The
median price continues its upward trend on comparison from the same quarter
last year and the immediately preceding quarter,” he says.
And
the suburbs that have seen the most growth over 12 months were Glenunga,
Gulfview Heights and Eden Hills. Other big movers were St Peters, Hyde Park and
South Brighton.
The
top selling suburbs in terms of recorded sales over the June quarter were
Morphett Vale, Aldinga Beach and Paralowie.
Piteo
says Morphett Vale and Aldinga Beach continue to lead the pack in terms of
sales.
“Affordable
suburbs that offer premiums to first homebuyers and investors such as infrastructure,
quality transport avenues and a life by the sea will always be highly sought
after,” Piteo says.
The
unit and apartment market also saw an upward trend with a 1.59 per cent rise in
median price compared to the same quarter last year.
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Housing construction to peak in 2014
Housing construction to peak in 2014
Posted on Friday, July 18 2014 at 12:20 PM
The Housing Industry Association (HIA) says detached housing construction numbers will peak in Australia this year.
The HIA-RP Data Residential Land Report shows a 4.7 per cent decline in residential land sales between
March 2013 and March 2014.
Harley Dale, chief economist at the HIA, says
the flow-on for construction can’t be ignored.
“There’s a close relationship between
residential land sales and detached house starts,” he says.
“The indication is that the upcycle in
detached housing will peak during 2014.”
Over the six months to March 2014,
residential land sales were still up by 5.9 per cent when compared to the
six-month period to March 2013.
In the March 2014 quarter the weighted median
price of residential lots increased by two per cent to $205,248, marking only
the second time the value has exceeded the $200,000 threshold.
Capital city lot prices increased by 3.3 per
cent in the quarter to be up by 7.5 per cent compared to the March 2013
quarter.
Dale says the speeding up of land price
growth should be concerning.
“The upward trajectory for residential land
prices since mid-last year is steeper than it should be.
“There’s clearly a policy failure this cycle,
as in many before it, to ensure a supply of shovel-ready land commensurate with
the demand for new housing.”
Tim Lawless, a research director at RP Data,
says the results indicate house construction will not play as large a role in
the nation’s post-mining economy as first expected.
“Policy makers were placing a great deal of
importance on renewed levels of housing construction to act as a new pillar for
economic expansion,” Lawless says.
“While there has been uplift in approvals and
new housing starts, the trend towards fewer land sales since September last
year suggests that the housing construction cycle, at least for detached
housing, is close to peaking.”
Lawless has also expressed concern at the
results in light of strong property price growth in the New South Wales
capital.
“The ongoing rise in land prices at a time when
sales are falling is a worry, particularly in Sydney where the number of sales
over the March quarter was about level with the previous year but the median
price of land has moved 5.6 per cent higher over the year.”
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Vacancy rates on the rise
Vacancy rates on the rise
Posted on Wednesday, July 16 2014 at 2:17 PM
SQM Research has released figures revealing an increase in residential vacancy rates across the nation.
According to SQM, national
vacancies came in at 2.3 per cent in June – a rise of 0.1 per cent.
The vacancy rate for all
capital cities either rose or remained steady, except for Hobart, which experienced
a 0.2 per cent fall.
Perth’s
vacancy rate has risen dramatically from the June 2013 figure of 1.6 per cent,
to record a 2.3 per cent result for June this year.
Darwin
has similarly climbed in rental vacancies, doubling from a 0.8 per cent rate in
June 2013 to 1.6 per cent in June 2014.
Louis
Christopher, managing director at SQM Research, says a definite slowdown in the
nation’s rental market is occurring.
“At
this stage the market is increasingly favouring tenants across the country.”
Christopher
says vacancy rate increases are at their early phase in the cycle.
“While this is not yet a
rout for landlords, it certainly is at a stage where rents will unlikely rise
above inflation for the next 12 months.
“This
means that rental yields will continue to fall, thereby reducing the net cash
flows for new property investors in the marketplace.”
SQM
Research’s Asking
Rent’s Index has also revealed a monthly stagnation in the capital
city average asking rents with no change recorded month-on-month for houses,
and a 0.7 per cent decrease in asking rents for units.
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Debt reduction before fun when it comes to tax returns
Posted on Monday, July 14 2014 at 3:01 PM
Australians who receive a tax refund this year will most likely to pay down existing debt, such as their mortgage or credit cards, according to a survey by non-bank mortgage provider, Homeloans.
When asked to identify all the ways they would spend a tax refund, 21 per
cent said they’d use it to pay down their mortgage, while one in three said
they’d put it towards other debt, such as their credit card. Just over one
quarter, 26 per cent, said they would invest any refund or put it into a
savings account.
The Homeloans poll also showed that debt reduction and investing aren’t the
only strategies on the list when it comes to tax refunds. Holidays and house
renovations (18 per cent and 13 per cent respectively) were also on
respondents’ wish lists.
The Australian Bureau of Statistics reported in May this year that
household debt in Australia is at its highest level since 1988. Australians owe
$1.8 trillion to lenders, a figure that’s the equivalent of $80,000 per person.
“The results of our survey show that far from being irresponsible with
their money, Australians are aware of the need to get their debt under control,
while shopping and holidaying are secondary considerations,” Homeloans’
national marketing manager Will Keall says.
In the 2012/2013 financial year, the average Australian taxpayer received a
tax return of around $2000, according to the Australian Tax Office (ATO).
“A sum of $2000 can make a big difference when paying off a credit card or
making a dent in your mortgage,” Keall says.
“Tax time is an opportunity to take stock of your finances and to look at
how any extra funds can benefit your financial situation.”
The Homeloans survey also revealed that nearly one third, or 31 per cent,
of respondents complete their tax return themselves.
Other respondents of the survey said they intend to put their refund
towards paying off their HECS debt, bolstering maternity leave savings,
childcare or school fees, weddings and honeymoons, council/land rates, and
buying solar panels for the home.
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Holland Park tops suburb searches
Holland Park tops suburb searches
Posted on Tuesday, July 08 2014 at 9:14 AM
Holland Park has been named as the top Queensland suburb for online searches, according to new data.
The
top 10 Queensland suburbs that have the most people looking per listing,
according to realestate.com.au data were released at the weekend.
The
top suburbs are:
- Holland Park
- Newmarket
- Wilston’
- Camp Hill
- Stafford Heights
- Grange
- Spring Hill
- Mansfield
- Ashgrove
- Holland Park West
According
to the data, there’s little change to the Queensland suburbs this quarter with
the exception of emerging suburbs, Newmarket and Ashgrove, placed in second and
ninth place.
Demand
for property in Holland Park continues to grow with the suburb taking top
position once again as Queensland’s hottest suburb for potential sellers.
Piers
Crawford from Ray White Holland Park believes the suburb has a lot to offer.
“Holland Park has this vibrant feel about it,” he
says.
“A large number of young professionals are
moving to this area because of what it offers. Along with good schools and
transport, there’s always a new café popping up where people often flock to
during the week.”
Crawford says the area is also set for growth and further development.
“Having pockets of low medium density, there are
always active developers putting in new units or offices. Building
opportunities are growing with a development site having 14 offers within five
days. This was an absolutely fantastic result for the owner,” he says.
A
position in the top 10 list reveals increased buyer interest in the suburb
according to realestate.com.au’s Queensland sales manager, Ben Hodge.
“(The data) looks at supply and demand in each suburb and
ranks the suburbs based on ratio of buyer demand,” he says.
“A position in this list suggests that it could be
a good time for property owners in these areas to consider selling as there are
a high number of buyers looking for property in that area.
“Now potential vendors can make a more informed
decision when thinking of selling property.”
While
Holland Park kept first place, Stafford Heights has slipped from second to
fifth place since last quarter. Spring Hill and Holland Park West have both
moved down the list, to seventh and 10th place respectively.
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Property promoters put on notice
Property promoters put on notice
Posted on Thursday, July 10 2014 at 12:09 PM
Anyone marketing investment property in Victoria has been warned to ‘play it straight’ with consumers about their legal rights.
Heidi
Victoria, the State’s Minister for Consumer Affairs, says her department is
working with regulators to examine the practices of property investment
promoters.
She says
nearly 20 investment property marketers have been contacted in relation to
compliance with Australian
Consumer Law.
“The Australian Consumer
Law provides cooling-off rights on contracts signed in certain
circumstances, and promoters must also ensure only true and accurate
information is given during seminar presentations.”
Victoria says when
potential investors attend a free seminar for information and advice they
shouldn’t be subject to a hard sell.
“Some
promoters are using high-pressure sales tactics at such seminars to push
training packages or educational services.”
The
Minister has urged potential buyers to be wary of those selling extraordinary financial
gains.
“If the claims
about the returns from the scheme sound too good to be true, they probably
are.”
Victoria says
consumers should be extra cautious when it comes to their retirement savings.
“Be
particularly wary of property investment promoters who advocate high-risk property
investment through self-managed super funds.”
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Property promoters put on notice
Property promoters put on notice
Posted on Thursday, July 10 2014 at 12:09 PM
Anyone marketing investment property in Victoria has been warned to ‘play it straight’ with consumers about their legal rights.
Heidi
Victoria, the State’s Minister for Consumer Affairs, says her department is
working with regulators to examine the practices of property investment
promoters.
She says
nearly 20 investment property marketers have been contacted in relation to
compliance with Australian
Consumer Law.
“The Australian Consumer
Law provides cooling-off rights on contracts signed in certain
circumstances, and promoters must also ensure only true and accurate
information is given during seminar presentations.”
Victoria says when
potential investors attend a free seminar for information and advice they
shouldn’t be subject to a hard sell.
“Some
promoters are using high-pressure sales tactics at such seminars to push
training packages or educational services.”
The
Minister has urged potential buyers to be wary of those selling extraordinary financial
gains.
“If the claims
about the returns from the scheme sound too good to be true, they probably
are.”
Victoria says
consumers should be extra cautious when it comes to their retirement savings.
“Be
particularly wary of property investment promoters who advocate high-risk property
investment through self-managed super funds.”
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Tourism towns given a boost
Tourism towns given a boost
Posted on Tuesday, July 08 2014 at 3:34 PM
Tourism locations around the country are gaining popularity, as more and more international travellers visit Australia.
Tourism arrivals are now at their strongest levels in 14 years,
according to CommSec.
“The number of Chinese tourists hit a record high of 761,600 in May, up
11.9 per cent on a year ago,” CommSec economist Savanth Sebastian says.
“In just under four years, the annual number of Chinese tourists to
Australia has doubled. And although the growth rate has slowed a touch in
recent months, China will still surpass New Zealand as our primary source of
tourists in around four years’ time.”
Sebastian adds the other important development is that overall tourist
arrivals are growing as the fastest pace in 14 years.
He suspects tourism numbers have been boosted by the improvement in the
global economy and also the mildly weaker Australian dollar.
So think Gold Coast, Sunshine Coast and Cairns – and with that,
hospitality jobs.
In fact, Sebastian believes there are clear signs of improvement in the
job market as the economy gathers momentum, underpinned by consumer spending
and housing construction.
“The Reserve Bank would be comforted by the lift in job advertisements,”
Sebastian says.
“However, it’s still early days in the recovery. And the Reserve Bank
Governor (says) the underlying strength in the Australian dollar continues to
hamper rebalancing efforts across the broader economy. While rates are on hold
and the central bank holds to a neutral setting, it’s likely that policy makers
will continue to jaw-bone. That is, talk down the Australian dollar.”
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$400m for Parramatta light rail
$400m for Parramatta light rail
Posted on Monday, June 23 2014 at 11:19 AM
Referred to as Sydney’s second CBD, Parramatta will soon see the progression of plans for its light rail system.
The
New South Wales Government has set aside $400 million from its major
infrastructure fund, Restart NSW, to accelerate work on the Western
Sydney light rail.
NSW
Premier and Minister for Sydney Mike Baird says plans for the light rail system
marks a new chapter in the agenda to reduce congestion.
“We’ve promised to transform this great state and
today’s major commitment for Western Sydney could provide a key missing
transport link and change the way people travel in and around Sydney’s west,”
he says.
The NSW Government will now also explore a number of potential light
rail routes including:
• Parramatta to Macquarie Park
via Carlingford.
• Parramatta to Castle Hill via
Old Northern Road.
• Parramatta to Liverpool via
the T-way.
• Parramatta to Bankstown.
• Parramatta to Sydney Olympic
Park.
• Parramatta to Rouse Hill.
• Parramatta to Ryde via
Victoria Road.
• Parramatta to Sydney CBD via
Parramatta Road.
• Parramatta to Macquarie Park
via Eastwood (proposed by Parramatta
Council).
• Parramatta to Castle Hill via
Windsor Road (proposed by Parramatta
Council).
Once the initial stage of work to find the best light rail route is
completed, a number of viable options will be taken forward for detailed design
and feasibility.
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