Melbourne plans for city growth
Melbourne plans for city growth
Posted on Wednesday, October 09 2013 at 3:07 PM
The Victorian Government today released a comprehensive planning strategy highlighting how Melbourne will accommodate a growing population and improve infrastructure.
Plan Melbourne has been flagged as a vision that will take the city
through to 2050 with suggestions around land use, transport, community, amenity
and development.
The 190-page
guide examines how congestion can be overcome as higher density living becomes
inevitable and how housing affordability might be improved.
Other factors
taken into account are the rural encroachment of development and how to
accommodate commuters in these outer urban settlements as new suburbs develop
and accessibility to amenity becomes a priority.
It is expected
Melbourne will need to accommodate another 2.5 million people by 2050, taking
the population to a total of 6.5 million.
The planning
strategy will incorporate nine key principles with an emphasis on strong
communities, environmental resilience and building a globally connected and
competitive city.
To view the full Plan Melbourne
vision visit: http://www.planmelbourne.vic.gov.au/Plan-Melbourne
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SA project enters next phase of approval process
SA project enters next phase of approval process
Posted on Friday, October 04 2013 at 3:10 PM
The Environmental Impact Statement (EIS) for the Port Bonython Bulk Commodities Export Facility, 20 kilometres north east of Whyalla in South Australia, has been released for community comment.
John Rau, the South Australian Minister for
Planning, says this follows the project’s declaration as a Major Development
last year, triggering the most stringent environmental, social and economic
assessment guidelines available under the State’s planning laws.
“The proposed
Port Bonython Export Facility would export up to 50 million tonnes of iron ore
per annum with an estimated capital value of $663 million,” Rau says.
The
project is expected to add $10.2 billion to the Gross State Product, as well as
creating 270 full-time jobs during the construction phase.
Wayne
Foran, principal of Century 21 Myles Pearce in Whyalla, says the town’s 22,000
residents are mostly looking forward to the economic benefits of the project.
“I
think it will give people confidence and attract investors back into town.
“Generally,
things in Whyalla are going very well, but it will just give that boost in
confidence that will help all sectors, including real estate.”
Meanwhile,
Rau says the next step is stakeholder feedback on the EIS.
“To progress this
proposal, we now seek the community’s input and feedback with regards to this Environmental
Impact Statement.
“With this input
from the community, the proponent, Spencer Gulf Port Link, can then respond to
any issues raised and the State Government can undertake its assessment of the
proposed development.”
The venture is expected to cost between $600
million and $700 million and will incorporate
over 23 kilometres of railway construction.
Additional works
include the building of a three-kilometre wharf with a cantilever traveller, as
well as comprehensive loading and storage facilities.
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Australia’s housing upturn gains momentum
Australia’s housing upturn gains momentum
Posted on Friday, October 04 2013 at 3:39 PM
The property market’s upswing is gaining momentum, with a surge in auction activity and signs of a quickening in price growth, according to Westpac senior economist Matthew Hassan.
National auction
clearance rates over the September quarter are now at 70 per cent, while Sydney
has been the standout performer, with auction clearance rates at a record high
of 78 per cent.
“That’s coming
despite a strong rise in the number of auctions, up about 30 per cent over
three months,” Hassan says.
“In the past,
auction clearance rates at these levels have presaged strong growth in prices
– double-digit annual growth rates in the case of Sydney. And indeed, some
of the more timely monthly measures suggest there has been a significant
quickening in price growth. RP Data-Rismark’s monthly home price index reported
a 1.6 per cent rise in September, following gains of 0.5 per cent, 1.5 per cent
and two per cent over the previous three months.”
However, the
pick-up has been more uneven in Melbourne. Perth has been strong but looks like
waning, while the market has been very weak in Brisbane and Adelaide.
Hassan says this
means prices nationally have only just regained their previous peak and so some
commentators warning of a housing bubble should be kept in perspective.
“If there was a
bubble in house prices at the time, it would also have been present in 2007-08
and would have been very unlikely to have survived the ‘stress test’ of the
GFC,” Hassan says.
“Given where
prices are now, the same broad argument would seem to apply. Moreover, while
activity has strengthened over the last three months, current conditions are
still a world away from the booms that have seen overheating in the past. In
2003 for example, the value of housing finance approvals rose 37 per cent per
annum for three years and prices increased 63 per cent.”
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Drop in Perth median house price
Drop in Perth median house price
Posted on Wednesday, October 02 2013 at 3:52 PM
Perth’s median house price has continued to drop with figures from the September quarter showing a 2.8 per cent decline, according to the Real Estate Institute of Western Australia (REIWA).
Real time sales
data revealed the median price for September was $508,000, down from the June
quarter median of $522,500.
REIWA president
David Airey says the declining median could be explained by the increased
activity from first homebuyers purchasing property at the more affordable end
of the market, but he expected this to turn around in December.
The number of
properties listed for sale in September was down six per cent on August and 16
per cent on last year, according to the REIWA.
In addition, the
rental market showed a drop in median rent from $475 per week in the June
quarter to $470.
This reduction
was a result of a rise in vacancy rates, according to Airey.
“Around 65 per
cent of vacant rental properties are broadly within a 10-kilometre radius of
the CBD and this central sub-region witnessed a decrease in listings during the
September quarter,” Airey says.
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Rates need to remain low: expert
Rates need to remain low: expert
Posted on Tuesday, October 01 2013 at 2:44 PM
The Reserve Bank of Australia (RBA) has kept official interest rates on hold once again this month, in a move that one expert believes should be replicated for the foreseeable future.
At its regular meeting today, the RBA Board
decided to hold the cash rate steady at 2.5 per cent.
RP Data research director Tim Lawless says
many capital cities are in a property price recovery mode at present, but the low
mortgage rate environment is still not having an impact in some markets.
House values across Australia’s third
largest city, Brisbane, have barely moved over the past year, Lawless points
out.
In addition, dwelling prices are lower over
2013 in both Adelaide and Hobart, while momentum has shrunk in both Perth and
Darwin.
In his view, historically low rates are
beginning to drive increased activity in the property sector, but it’s patchy
at best.
“These cities would certainly benefit from
mortgage rates remaining at their low setting,” he says.
The RBA began lowering the cash rate in
November 2011 and it currently sits at a 50-year low of 2.5 per cent.
Many economists now believe the current
cycle of reductions is nearing an end, although some forecasts don’t tip rates
will begin to rise again for some time.
Lawless says the housing market broadly is
responding to the intended stimulus, but it’s far from universal.
“Not only are (combined capital city) home
values up by 8.7 per cent since the recovery trend kicked off in June last
year, but there has also been a sharp improvement in the level of credit demand
for new housing.”
Activity in the country’s two largest
housing markets, Sydney and Melbourne, is largely boosting this result.
The housing construction sector is still
yet to see the full benefits of lower rates, he says, although new data
released today shows some signs of positivity. New home sales and dwelling
approval figures are trending upward.
“Based on (Australian
Bureau of Statistics) housing finance commitments data, the number of mortgage
commitments for new housing has risen by more than 50 per cent over the 12
months to July this year.”
“(This)
flow through to new housing investment is one of the key desired outcomes from
the low cash rate setting.”
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$5b infrastructure project brings potential property gains
Posted on Wednesday, September 25 2013 at 3:40 PM
The Braemar Bulk Export Project has been designated a Major Development by the South Australian Government, moving the approval process another step closer to finalisation.
The proposal incorporates a 385-kilometre infrastructure corridor that
would link the upper Spencer Gulf to iron ore resources in SA’s northeast.
Infrastructure and Mineral Resources Minister Tom Koutsantonis says the
corridor would provide a low-cost, high-volume export solution for transporting
iron ore to port.
“A project of this size generates jobs and economic activity benefiting
all South Australians, as it contributes to a viable, long-term mining
processing industry.”
The works will include up to four underground iron ore slurry pipelines,
plus roads, electricity transmission, fibre optic communications and four
underground process water pipelines to support and facilitate mining in the
area.
As part of the scheme, a floating processing, storage and offloading
facility would also be developed north of Wallaroo, approximately four
kilometres off the coast of the Yorke Peninsula.
Once completed, a multi-user facility north of Wallaroo would be able to
receive iron ore concentrate produced by mines located in the Braemar Region in
northeast South Australia.
It could then deliver it to a floating processing, storage and
offloading facility located in the Spencer Gulf, where concentrate will be
received, filtered, stored and then loaded onto ships for export.
The SA Government’s gazetted plan indicates the corridor will traverse
through Burra passing south of Snowtown, and north of Clare, Kadina and
Wallaroo.
Peter Koulizos, a property academic and investor, says the impact of
major projects such as this depends on where the
operations will be located, and how complex they are to run.
“In theory, the two places that will benefit the most from a project
like this is where it starts and where it finishes. Even if the platform is
offshore, it will still benefit the closest town.”
Koulizos says projects similar to this one have substantially
strengthened nearby property markets, but it’s been dependent on the
complexities of running the infrastructure once it’s completed.
While a substantial workforce may be required during construction, often
they’re housed in a work camp.
Koulizos says investors need to get more details about the operation of
the infrastructure before commitment to locations like Wallaroo.
“In the end it really depends on how many people will need to work that
port facility which will help determine what’s going to happen to property
prices. If you need hundreds of people working on that port facility, then it’s
certainly going to benefit the nearest town, and if that’s Wallaroo, then it’s
certainly going to benefit Wallaroo.”
SA Planning Minister John Rau says Major Development status is granted
to projects deemed to be of major environmental, social and economic importance
to the state.
“Major Development status allows for the most sophisticated and thorough
set of planning approvals available within our planning regime,” Rau says.
The initial stage of the project is estimated to cost $2 billion with an
overall cost at completion in the order of $5 billion.
Braemar Infrastructure is now required to lodge its development
application to the Development Assessment Commission, which will then determine
the level of assessment required and guidelines for the proposed development.
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Demand and prices to rise: McGrath
Demand and prices to rise: McGrath
Posted on Friday, September 27 2013 at 2:53 PM
The property growth cycle has started with demand surging, house prices on the rise and overseas buyers on their way, according to John McGrath, chief executive officer of McGrath Estate Agents.
Data from the McGrath Report, released this week, highlights
several standout factors helping to buoy the market including increased
property investment through self-managed super funds (SMSFs), significant
infrastructure growth, low interest rates and an influx of Chinese investors.
SMSFs have increased their investment into residential property by 10.4
per cent in the past year, according to the report.
In addition, major infrastructure projects such as the Legacy Way
Motorway near Toowong, the Brisbane CBD redevelopment which will include a
43-storey tower, the Southport Hospital and light rail, the Gold Coast 2018
Commonwealth Games and the Sunshine Coast University Hospital are all expected
to improve values and demands in these areas.
McGrath says he expects interest rates to bottom for the remainder of
the 2013 but start to rise in the second half of 2014.
As a result, he predicts 2014 will see continued residential property
recovery Australia-wide, with several cities surging in demand and prices,
including Brisbane.
Sydney is expected to lead the way but southeast Queensland will likely
show the overall strongest growth market in Australia over the next three years,
according to the report.
McGrath
sees the housing market on the Gold Coast improving after being oversold and
finally starting to recover from the global financial crisis. This is where
retirees and empty nesters will come to make the most of still low prices and
to enjoy a sea change.
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Changes to First Home Owner Grant
Changes to First Home Owner Grant
Posted on Wednesday, September 25 2013 at 4:44 PM
First homebuyers of established property in Western Australia now have to fork out extra cash, with the First Home Owner Grant now reduced from $7000 to $3000.
However,
those who opt to purchase new or off-the-plan property are now entitled to a
grant of $10,000.
Treasurer
Troy Buswell says the changes are part of the government’s commitment to
increase housing stock in Western Australia.
“These
important changes not only reflect sound policy to increase our overall housing
supply, but the decision will also help create jobs in the housing sector,”
Buswell says.
“Increasing
the grant for new homes will provide first homebuyers with greater incentive to
buy or build a new dwelling rather than purchase an established home. This will
help alleviate the pressure placed on existing housing stock by the state’s
high population growth and drive jobs growth.”
First
homebuyers will continue to be exempt from stamp duty on new and established
home purchases up to $500,000, saving up to $17,765.
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Perception of housing affordability on the rise
Perception of housing affordability on the rise
Posted on Monday, September 23 2013 at 3:06 PM
Generation Y first homebuyers are driving positive sentiment when it comes to housing affordability.
The annual realestate.com.au Housing Affordability Sentiment Index (HASI) shows
easing household expenses and debt, combined with increased household savings,
is pushing first homebuyers into the market.
Around 46 per cent of the market looking to buy are now first
homebuyers, compared with 28 per cent at the same time in 2012.
Reflective of this increasing positivity, the past 12 months have seen
strong growth in Australian property values, with figures showing an increase
of 5.4 per cent in home values across the country.
Financial commentator and finance editor for research and ratings organisation
CANSTAR, Justine Davies, says the results indicate home ownership is becoming
more affordable, partly due to low interest rates boosting consumer sentiment.
“As well as low interest rates though, there’s also the fact that Gen Y
are getting older, with a greater proportion of Gen Y settling into their
careers and, as the HASI found, feeling financially confident. That confidence
is translating into a willingness to enter the property market.”
Davies offers the following tips for first homebuyers looking to enter the
market:
- Decide where you want to live before you start
looking. This will save you time and energy. - Factor in a future rate rise of three per cent when
deciding what’s affordable for you. - Get to know the market. Attend open house and
auctions before you start talking to agents. - Shop around for a great value loan and compare
interest rates. - Work out what your upfront costs will be.
- Get a property inspection. This can highlight any
structural faults as well as the presence of termites. - Maximise your chance of getting approved for a
loan. Check your credit rating and ensure there are no surprises. - Be patient. Be clear about what you’re looking for.
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Investors nudge first homebuyers out of the market
Investors nudge first homebuyers out of the market
Posted on Friday, September 20 2013 at 3:01 PM
Investors are returning to the property market en masse, pricing first homebuyers out of the market, according to RateCity.
RateCity says investor finance commitments accounted for the largest
share of the market in July, with 45 per cent of all new home loan dollars now
ahead of upgraders (44 per cent) and first homebuyers (11 per cent).
Chief executive officer of RateCity Alex Parsons says investors are
coming back to the market at the expense of first homebuyers.
“Investors have been ramping up their presence in the market for some
time and now account for the biggest proportion of all new home loan dollars
settled, making it harder for first homebuyers to get a foot on the property
ladder,” he says.
“First homebuyers now account for just 11 per cent of home loan
commitments. This is now below the 20-year average of 15 per cent and hasn’t
been this low since 2004.
“At one point in 2009, when government incentives for first homebuyers
were high, first homebuyers and investors were shoulder to shoulder, each
accounting for about a third of home loan dollars financed.”
He adds self-managed super funds are adding fuel to the fire. That,
combined with historic-low interest rates has seen investors surge into the
property market and applications for investor finance jumped by 20 per cent
month-on-month in August.
“Investors have waited for this moment to re-enter the property market.
This is a good thing, provided they’ve done their homework,” Parsons says.
“For first homebuyers who want to be able to compete with investors,
it’s vital that they have their deposit ready to go, have already done their
research and be ready to pounce when they do find a property they love.”
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