Price rises recorded in every capital city
Price rises recorded in every capital city
Posted on Tuesday, February 11 2014 at 4:13 PM
Residential property prices in each of Australia’s capital cities rose in the December quarter of 2013, according to the Australian Bureau of Statistics (ABS).
The
figures show the Residential Property Price Index (RPPI) for the weighted
average of the eight capital cities rose 3.4 per cent for the quarter, with a
total rise of 9.3 per cent over the past year.
Sydney
was the fastest growing capital city with house prices up 4.9 per cent in the
December quarter, while Melbourne rose 2.8 per cent, Perth 3.5 per cent, Brisbane
three per cent, Adelaide 2.8 per cent, Hobart 2.3 per cent, Darwin 2.7 per cent
and Canberra 0.4 per cent.
The
figures showed total value of residential properties in Australia had risen to
$5.02 trillion in the December quarter 2013, up from $4.83 trillion in the
September quarter.
They also show the average price of
Australia’s 9.3 million residential properties is now $539,400, up from $496,800
in the December quarter 2012.
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Sydney’s newest suburb nears completion
Sydney’s newest suburb nears completion
Posted on Monday, February 10 2014 at 3:47 PM
The New South Wales Minister for Planning and Infrastructure, Brad Hazzard, has announced the suburb of Bungarribee will be finalised three years ahead of schedule.
Known locally as Bunya and located 33 kilometres west of the
CBD, the suburb will eventually house up to 800 homes and 3000 new residents.
Hazzard says the take-up rate by new owners has exceeded
expectation.
“Over 650 lots of the 820 have sold in under three years and
demand for the remaining 170 lots is hotter than ever, with future residents
visiting the sales office daily.”
The suburb’s 55-hectare site is on the former Overseas
Telecommunication area at Doonside and was developed by the State Government
under the UrbanGrowth NSW initiative.
House and land prices range from around $525,000 for a 400-square-metre
lot to $630,000 for a 600-square-metre site.
Hazzard has declared it “boom time” in Western Sydney and says
the pace isn’t set to slow.
“Recent housing figures show over 16,700 new homes were
approved in Sydney (from July to November) which indicates we are on track to
have the strongest year of housing approvals in Sydney since 1973.
“We are approving the equivalent of a new Bunya every week in
Sydney.”
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Tenancy complaints rise
Tenancy complaints rise
Posted on Friday, February 07 2014 at 1:35 PM
A rise in the number of tenancy complaints to Fair Trading New South Wales has sparked a call from the government for renters to educate themselves on their rights and responsibilities.
Minister for Fair Trading Stuart Ayres says he’s disappointed at the
increase in complaints and believes improved knowledge of the laws governing
tenancy agreements would assist in reducing the number.
“Conflict and confusion at the beginning or end of a tenancy can usually
be avoided when tenants, landlords and property managing agents all have a
thorough knowledge of each party’s rights and responsibilities,” Ayres says.
Fair Trading received 862 complaints in relation to tenancy issues in
2013, compared to 772 in 2012.
The most common complaint related to disputes over repairs and
maintenance (121 complaints) followed by bond refunds (115 complaints).
The non-lodgement of rental bonds received 104 complaints,
dissatisfactory service by property managers 49 complaints and unspecified
unsatisfactory conduct on the part of any party 38 complaints.
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Floor area measurements to be standardised internationally
Posted on Wednesday, February 05 2014 at 3:15 PM
A group of organisations are seeking to regulate the way properties are measured across the world.
The International Property Measurement Standards
Coalition (IPMSC) is a gathering of professional and not-for-profit bodies
looking to develop and implement worldwide guidelines.
Kaye Herald,
managing director at the Royal Institution of Chartered Surveyors (RICS) Asia
Pacific, says the move will bring confidence to the international property
investment community.
“The international
standard is the first of its kind and will provide a common language for
measuring offices across international markets, creating certainty for real
estate professionals including investors, lenders, agents, valuers and
occupiers.
“It’s about
creating a more transparent marketplace, enhancing public trust, increasing
consistency in the reporting of property size and building investor
confidence.”
Research completed
by Jones Lang LaSalle and published on the IPMSC website suggests that,
depending on the method used, a property’s floor area measurement can deviate
by as much as 24 per cent.
According
to RICS, variations occur depending on whether components such as ‘hypothetical
areas’, off-site car parks and common areas are included.
Measurement
extends to the inner wall in some countries, while it’s the outer wall in
others.
“A
property can be listed as 5000 square feet, but unless it’s clear how that measurement
was arrived at, it’s difficult to know for sure that you’re comparing apples
with apples,
“Under
one standard a property might be 5000 square feet and under another 3500 square
feet. The fact is you can never be 100 per cent sure what you’re going to get.”
The
IPMSC launched a three-month public consultation on new International Property
Measurement Standard for office buildings in January this year.
Allen
Crawford, the vice chair of the International Property Investment Standards
Setting Committee, says this first release is for high-rise offices only.
“It’s
certainly going a long way for consistency in the international market.”
Crawford
says they’re trying to strike a balance for all users in the standards.
“We’ve
tried to ensure nobody around the world will have to make a total change to the
way they’re looking (at floor areas), so we’re actually dividing the building
up into different components and identifying it.
“When
international or cross border space users look at it, they know what they’re
getting.”
The IPMSC says standards are planned for implementation by all 28
coalition organisations from June 2014.
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Interest rates on hold for sixth month in a row.
Interest rates on hold for sixth month in a row.
Posted on Tuesday, February 04 2014 at 2:40 PM
The Reserve Bank of Australia (RBA) has announced it’s maintaining the 2.5 per cent cash rate, reflecting the longest period of interest rate stability in seven years.
According
to the Reserve Bank Governor, Glenn Stevens, the RBA adopted a
steady-as-she-goes approach at its first meeting of 2014.
“Looking ahead, the Bank expects growth to remain below trend
for a time yet and unemployment to rise further before it peaks.”
Stevens says the
outlook is for stronger growth beyond the short term, supported by continuing
low interest and exchange rates.
“Inflation is
expected to be somewhat higher than forecast three months ago, but still
consistent with the two per cent to three per cent target over the next two
years.”
Mark De Martino, a director at mortgage broker Loan
Market, says the decision to leave rates steady for so long has helped
encourage participants back into the market.
“Homeowners and buyers of this generation haven’t
likely seen a period of interest rates this low for this long. It’s been a very
unique time period.”
De Martino believes it’s unclear if the next rate
movement would be up or down.
“For five consecutive meetings the RBA has made the
right call by watching past rate cuts bring confidence back into the market.
“As inflation and unemployment numbers continue to
make cases for rate movements in either direction, it’s not easy to predict
where rates may head next.”
Jessica Darnbrough, a
spokesperson for mortgage broker Mortgage Choice, says the decision was
unsurprising given the recent strength of Australia’s economy.
“New research from
National Australia Bank found business conditions and confidence is on the up,
with conditions reaching a two and a half year high.
“Further, the
inflation results for the December quarter were stronger than expected, with
underlying inflation climbing by 0.9 per cent to sit right in the middle of the
RBA’s target band range.”
Darnbrough believes the
jump in inflation during the December 2013 quarter will reduce the likelihood
of a future rate cut.
She says there’s more confidence in the Australian
economy as a direct result of the RBA’s treatment of interest rates.
“According to the latest Westpac Melbourne Institute of Consumer
Sentiment Index, Australians are relatively optimistic about the
economy.
“There is evidence that both house prices and housing
activity are responding to well the low interest rate environment and this is
no doubt having a positive impact on confidence.”
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Housing poised to boost the budget
Housing poised to boost the budget
Posted on Friday, January 31 2014 at 4:06 PM
The Housing Industry Association (HIA) is encouraging the Federal Government to embrace the construction industry as a way to restore growth in the 2014/15 budget.
Graham Wolfe, the chief executive of industry
policy and media at HIA, says May’s budget should include measures that promote
growth in new home building.
“It’s important that the Commonwealth removes
impediments to growth in the sector, invests in training for the future
workforce and ensures that it improves the return that it is currently getting
from investments in affordable housing programs.”
The HIA says the home building industry
generates around $70 billion each year for Australia’s economy and is
recognised as a key driver of employment and economic activity as investment in
the mining boom winds down.
HIA has implored government to include
measures such as:
- A Productivity Commission
Inquiry into the cost of housing, including taxation and its impact on
affordability, productivity and economic activity. - Increasing incentives for
employers of apprentices, and improved commencement and completion incentives
for apprentices. - Continued funding for the
National Rental Affordability Scheme, with greater accountability measures and
tying Commonwealth housing programs to performance incentive benchmarks
targeting improvements in the supply of new housing.
The calls follow a recent survey by Master Builders
Australia (MBA) showing increased confidence in the industry.
Peter Jones, chief economist at MBA, says the building industry is set
to take up the slack from any mining downturn in the coming year.
“The turnaround in the industry outlook, particularly for residential
building, is encouraging for a wider economy grappling with below trend growth,
a soft labour market and concern over the gap left behind as resources
investment unwinds.”
The survey showed builders were starting to gain confidence in both the
residential and non-residential sectors with a rise in
the backlog of work in the industry.
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Pedestrian bridge to link new ferry terminal
Pedestrian bridge to link new ferry terminal
Posted on Thursday, January 30 2014 at 3:39 PM
Plans to build a 110-metre long pedestrian bridge that will span the entrance of Elizabeth Quay inlet have been unveiled by West Australian Planning Minister John Day.
The bridge will provide a link between the cafes and bars on the
promenades, the island and the new ferry terminal, Day says.
“The Metropolitan Redevelopment Authority consulted with key
stakeholders to ensure the bridge will enhance the design of the Elizabeth Quay
public realm, while also meeting the needs and requirements of pedestrians,
cyclists and the boating community,” he says.
“At five metres wide and with a clearance of 5.2 metres off the water,
the bridge will be generous enough for cyclists and pedestrians, sit high
enough above the water for most boats to pass underneath and will incorporate
feature lighting to add to the ambience of the quay at night.”
The bridge is expected to cost $440 million with completion due in the spring
of 2015.
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Improved confidence buoys market
Improved confidence buoys market
Posted on Thursday, January 16 2014 at 3:09 PM
A record high of 140 points in the Property Industry Confidence Index has marked a turning point in Australia’s housing market, according to the Property Council of Australia.
Chief executive
Peter Verwer says the figures for the March quarter are great news for all
Australians working in the property industry.
Verwer cites a
more stable political arena, low interest rates and increases in real estate
staffing levels as contributing to the improved confidence.
“Positive
expectations about house price growth and significant expected increases in
residential construction activity across the nation are driving a strong upturn
in confidence for the property industry,” Verwer says.
“The industry has
been buoyed by strong staffing level increases across the nation over the last
three months and is confident of further increases in staff hiring over the
next 12 months.”
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First-timer grants aren’t helping affordability: report
Posted on Tuesday, January 21 2014 at 8:56 AM
Not enough is being done to improve housing affordability in New South Wales, according to a report prepared for government.
The House prices, ownership and affordability: trends in New
South Wales briefing paper suggests grants targeted towards first
homeowners haven’t been effective in improving affordability.
“With continued pressures from population and
household income growth, demand is likely to be reduced only by reducing the
attractiveness of housing as an investment asset,” the report’s author, Andrew
Haylen, says.
The paper highlights an ongoing struggle with
affordability since the 1960s.
“As evidence, between 1960 and 2006 real house
prices increased at an average of 2.7 per cent annually, ahead of 1.9 per cent
growth in per household real incomes.”
Despite a sluggish performance in 2010, there
has been significant growth in house prices for some time, the report notes.
“Prices in most capital cities stabilised toward
the end of the late 2000s, but record low interest rates have contributed to
strong growth in housing prices over the past 12 months.
“This price growth has been most pronounced in
Sydney where the median established house price has increased by around 15 per
cent since December 2011.”
The document says financial deregulation and
changes to the tax system have resulted in increased activity by investors
since the early 1990s, with overseas buyers now influencing prices too.
“To illustrate, in 1985 investors accounted for
only 13 per cent of total housing finance in Australia; as at November 2013,
investors accounted for 38.5 per cent of total housing finance.”
The paper advises improving affordability
through addressing both supply and demand to avoid an ongoing lack of
affordability.
“With interest rates at the bottom of the easing
cycle and price growth expected to continue, the affordability problem is
unlikely to improve significantly in the next few years.”
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‘Party hard’ warning for unit-dwellers
‘Party hard’ warning for unit-dwellers
Posted on Wednesday, January 22 2014 at 10:48 AM
Unit block residents must understand their body corporate’s by-laws or face the consequences when it comes to noise and behaviour, according to one body corporate manager.
Archers Body Corporate Management says it decided
to issue the warning after receiving multiple complaints over the Christmas
period.
“Following a spate of complaints over the ‘silly
season’, bodies corporate are cracking down on tenants breaking by-laws and
being disrespectful to neighbours during the Australia Day long weekend,”
according to Archers director Andrew Staehr.
Residents can avoid problems by using common
sense and ensuring guests behave appropriately, he says.
“Your body corporate may allow you to hold
parties on certain areas of common property but you must ensure that it is
booked and is large enough for the number of guests invited.”
Staehr says residents should have contingencies
covered when hosting an event, so a good time doesn’t end badly.
“Emergency actions aren’t something people
generally think about when planning a party but it’s crucial to be prepared in
case something does go wrong.
“Remember to double check the smoke detectors in
your building and ensure any guests are aware of exits and evacuation plans in
for the complex.
“Ensure guests do not lean over or against
balustrades and no rubbish is thrown over the balcony.”
Staehr offers some tips for those looking to
throw an Australia Day bash at their unit:
- Communicate with your body corporate
and be aware of the common by-laws and house rules in regards to the number of
people permitted in various common areas and what time noise must be reduced. - Utilise a booking system for common
facilities such as BBQs to avoid overcrowding and arguments. - Ensure all rules are enforced
for facilities with closing times or other restrictions, like the pool. - Be aware of the body corporate procedures to report a
complaint if a party does get out of hand. - Communicate with your neighbours and let them know party details
so they are aware of what is going on. - Communicate with guests and ensure they know the rules of your complex, including where to
park, noise restrictions and common property restrictions.
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