More positive signs for property


More positive signs for property

Posted on Wednesday, March 13 2013 at 3:32 PM

New analysis shows the capital city weighted median house price increased by 3.8 per cent over the December quarter.

According
to the latest Bendigo
Bank/Real Estate Institute of Australia (REIA) Real Estate Market Facts

report, capital city unit values also rose by 2.4 per cent in the past three
months of 2012.

The
weighted average median house price is now $533,099, REIA president Peter
Bushby says.

“All
capital cities contributed to the increase, with the largest increases in
Melbourne and Hobart, up 7.8 per cent and 7.4 per cent respectively,” Bushby
says. “Sydney continues to have the highest median house prices across all
capital cities at $656,415, 23.1 per cent above the weighted average.”

Brisbane
median house prices increased the least, recording a 1.2 per cent lift in the
December quarter to reach $435,000.

Compared
to the same three-month period in 2011, when weighted medians were 3.8 per cent
lower, Bushby says the signs are very positive.

Over the
whole of 2012, Darwin saw an incredible 12 per cent increase to its median
house price, driven by soaring demand from buyers and renters.

“Investors
are holding firm with strong yields, thanks to tight vacancy factors and the
impact on rent returns coupled with lower borrowing costs.”

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    Australian investors on a high


    Australian investors on a high

    Posted on Wednesday, March 13 2013 at 3:33 PM

    Are you feeling optimistic about the property market this year? If so, you’re not alone, with Australians’ optimism about the future of the economy hitting levels not seen since 2011.

    Allianz Australia and Newspoll joined forces to conduct a survey about
    attitudes and optimism and it seems big things are in store for 2013. The
    largest rises in optimism have occurred in the states where the property
    markets are the strongest at the moment, New South Wales and Western Australia.
    Interestingly, South Australia also recorded a sharp turnaround and is back in
    line with Victoria and Queensland.

    “Australians have begun 2013 in a much more optimistic frame of mind
    when it comes to their outlook on the economy,” Allianz Australia managing
    director Niran Peiris says.

    “After falling to a near record low at the end of 2012, optimism about
    the future of the economy has rebounded strongly to levels not seen for over 12
    months.

    “The rise in optimism about the future of the economy was particularly
    apparent among those aged 35 and older, in particular, optimism among senior
    Australians has rocketed to see them become the most optimistic of all
    Australians. Optimism among women has also reached levels not seen in more than
    a year.”

    Western Australia is now the most optimistic state, with an index of 23,
    followed by New South Wales (15), Victoria (11), Queensland (8) and South
    Australia (7). 

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      Softening rent rises reflect more first homebuyers

      Softening rent rises reflect more first homebuyers

      Posted on Wednesday, March 06 2013 at 11:34 AM

      A slowing growth rate in asking rents across many localities could indicate increased first homebuyer activity, according to one market analyst.

      SQM
      Research has released its Weekly Rents Index revealing landlords increased
      asking rents throughout 2012 at a slower rate than in 2010 and early 2011.

      The
      index records rental asking prices on a weekly basis and shows many renters may
      now be looking to purchase their first home, according to SQM Research.

      “Rental yields in Australia have lost pace in
      recent months.

      “This is most likely attributed to the latest
      recovery in the housing market, prompting renters to exit the rental market in
      favour of purchasing property – thus causing vacancy rates to loosen in many
      localities.”

      Results indicate a broad difference in rental
      demand around the country given the impact of major industries such as mining, according to Louis Christopher, managing director of SQM Research.

      “On one hand there’s Perth and Darwin recording
      very solid rental increases right across the localities of both cities, and
      then on another, we note what seems to be a slowdown taking place in the Sydney
      rental market. And then there’s Melbourne where within that city there are
      clear pockets of oversupply of rental property and pockets of undersupply. This
      illustrates by far that there are markets within markets,” Christopher says.

      The SQM index shows asking rents have softened
      for both units and houses in four of the eight capitals compared to 12 months
      ago.

      Andrew
      Wilson, senior economist with Australian Property Monitors, counters his
      analysis and reveals there’s upwards pressure on rents in some capitals with
      mixed first homebuyer activity across the nation.

      “Perth,
      Brisbane and Sydney are seeing upward pressure on rents whereas Melbourne rents
      have been flat-lining.”

      Wilson
      says in areas where rents have been strong such as Perth, first homebuyers
      activity has already picked up.

      In
      Wilson’s opinion, the upward pressure on rents is the result of various state
      schemes designed to entice first homebuyers into the market, thus bringing forward
      demand in the sector.

      “We’re
      now seeing the hangover,” he says.

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      Foreign investors may lose CGT discount


      Foreign investors may lose CGT discount

      Posted on Friday, March 08 2013 at 4:44 PM

      A plan to remove the 50 per cent capital gains tax (CGT) discount for non-resident property investors is progressing.

      A plan to remove the 50 per cent capital
      gains tax (CGT) discount for non-resident property investors is progressing.

      The Federal Government today released draft
      legislation for public consultation, following its announcement in the 2012-13
      Budget of plans to scrap the perk.

      Assistant Treasurer David Bradbury says the
      discount isn’t necessary to attract foreign investment.

      If the change takes effect, non-residents
      will be entitled to claim a discount on capital gains accrued prior to May 8, 2012.
      The asset must be valued as at that day.

      The loss of discount would also apply to
      the sale of other property such as mining assets. The government expects the
      plan will save them $55 million over the forward estimates period.

      Nexia Australia managing partner Ian Stone
      says the change would have “significant financial implications” for foreign
      investors.

      Stone believes foreign investors have been
      given little time to consider the change and many will suffer as a result.

      Consultation on the draft legislation will close
      on April 5.

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        Land values lift again in southeast Queensland


        Land values lift again in southeast Queensland

        Posted on Thursday, March 07 2013 at 1:18 PM

        The land market in southeast Queensland has continued its strong run, with values increasing for the third consecutive quarter, new figures show.

        The
        region’s median land price for the three months to December was $234,000, up
        from $231,750 the previous quarter.

        Prices
        in the southeast pocket now eclipse all other major Australian centres, with
        the exception of Sydney.

        The
        balance of land supply is heavily weighted towards the Gold Coast and Tweed,
        meaning Brisbane and Redland Bay to the east have the smallest pipeline of new
        stock, according to Oliver Hume Queensland managing director Brinton Keath.

        “Overall the southeast Queensland land market
        is consistently improving and I would anticipate a marginal fourth quarter
        increase based on the underlying demand for what is an increasingly constricted
        land bank,” Keath says.

        Almost half of all available land lots
        are in the Gold Coast and Tweed area, he says. During the December quarter,
        half of the eight new projects launched in the southeast were on the Gold
        Coast.

        He believes that result demonstrates the
        start of resurgence in that market, which has struggled since the GFC.

        “The spotlight is now on Brisbane,
        which boasts just nine per cent of stock and leads Redland Bay’s three per
        cent. With developable land in the city and bayside drying up, these markets
        have a very solid platform for future growth.”

        While the southeast’s land median is at
        the upper end of the scale compared to other markets, Keath says one-third of
        lots are priced in an “affordable” price bracket. That’s thanks to a shift
        towards small lot product, he says, especially in built up areas where large
        chunks of land are increasingly rare.

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          Rates on hold again


          Rates on hold again

          Posted on Tuesday, March 05 2013 at 2:06 PM

          The Reserve Bank of Australia (RBA) has left the official cash rate unchanged at three per cent, following its monthly meeting today.

          The Reserve Bank of Australia (RBA) has
          left the official cash rate unchanged at three per cent, following its monthly
          meeting today.

          Slightly stronger retail sale figures in
          January coupled with a more confident outlook for the housing sector are
          expected to have contributed to the decision.

          Like most pundits, RP Data research
          director Tim Lawless says he’s not surprised by the outcome of the RBA’s
          meeting.

          “The housing market is clearly on a
          recovery path, with capital city dwelling values having risen by 3.3 per cent
          since reaching what appears to be the bottom of the market last year,” Lawless
          says.

          In addition, new jobs data shows a decent
          jump in the number of jobs being advertised and consumer confidence is now back
          at levels not seen in two years.

          Despite the decision, some commentators
          expect banks to move independently and lower home loan interest rates.

          1300HomeLoan managing director John Kolenda
          says borrowers should anticipate variable rate movements as lenders fight for a
          share of the tight home finance market. Fixed loan rates are already at
          all-time lows.

          “The banks have no issues at the moment with cost of
          funds and we can see them cutting their rates as they aggressively compete for
          home finance business,” Kolenda says.

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            Funding allocated for flooded Queensland areas


            Funding allocated for flooded Queensland areas

            Posted on Friday, March 01 2013 at 2:46 PM

            Investors who own property in flooded areas of Queensland have been given a helping hand, with $45 million allocated to those affected by the 2013 Australia Day floods.

            The Gillard Government says the money will go towards helping Queenslanders
            recover and rebuild, just a couple of years after floods in late 2010 and early
            2011 devastated communities. The
            Queensland Support Package will target the worst
            hit areas and includes specialised assistance to aid clean-up efforts,
            community recovery initiatives, impacted businesses, primary producers and labour
            costs. About $5 million will be allocated for Bundaberg and North Burnett and
            another $40 million will also go towards rebuilding council-owned roads and
            assets, so they’re more flood proof.

            “We’ve paid almost $120 million into the bank accounts of over 100,000
            disaster-affected Queenslanders since January, through the Australian Government Disaster Recovery Payment,”
            Prime Minister Julia Gillard says.

            “This new package is addition to the support already being provided
            under the Natural
            Disaster Relief and Recovery Arrangements
            , which are jointly funded
            by the Australian Government and the states.

            “Under those arrangements, the Commonwealth will meet 75 per cent of the
            costs for restoration of essential public assets – the single largest expense
            to get communities back on their feet.”

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              Property values improve in capital cities


              Property values improve in capital cities

              Posted on Friday, March 01 2013 at 2:47 PM

              2013 is off to a good start, according to the RP Data – Rismark Home Value Index which recorded a rise in selling prices for four of Australia’s capital cities in February this year.

              Results
              show Melbourne, Sydney, Canberra and Darwin saw house values improve by between
              0.1 per cent and 2.3 per cent.

              The
              monthly aggregate across all eight capitals was an increase of 0.3 per cent.

              Tim
              Lawless, research director with RP Data, says the positive results aren’t as
              broad-based as the January results where half the cities recorded improved values.

              “The
              trend for most cities remains positive however, with six out of the eight
              capital cities showing growth over the past quarter and five of the eight
              capitals over the past 12 months.”

              Lawless
              says most house markets bottomed out around May 2012 and since then the
              combined capital cities index has recorded a 3.3 per cent rise in values.

              Ben
              Skilbeck of Rismark International sees the improvement as a response to a
              positive consumer outlook and monetary policy.

              “In
              an environment of significantly improved consumer confidence, the housing
              market is responding positively to almost record low monetary policy settings.”

              The
              results are a further sign of the strengthening market with the SQM Research Weekly Vendor
              Sentiment Index
              released earlier this month revealing the average
              capital city house asking prices improved by 1.5 per cent over the past
              quarter.

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                New index reveals markets on the move


                New index reveals markets on the move

                Posted on Wednesday, February 27 2013 at 1:23 PM

                Results from a new property index indicate that many capital city markets are gaining momentum as vendors begin increasing their asking prices.

                SQM
                Research has released its first Weekly Vendor Sentiment Index and results show that,
                on average, capital city asking prices have risen by 0.4 per
                cent for units and 1.5 per cent for houses over the past 90 days.

                The
                results have prompted SQM to conclude the market has turned for some capitals.

                “Perth, Darwin, Sydney and Adelaide are now all
                recording increased asking prices, suggesting that the downturn is well and
                truly over in these cities,” SQM says.

                The
                report also shows Sydney, Darwin and Perth are recording increased asking
                prices compared to the same time last year for both units and houses.

                Darwin’s
                result was strongest, reflecting a 12.6 per cent increase on house asking
                prices compared to 12 months ago.

                Brisbane
                and Melbourne results remained reasonably steady, while Hobart and Canberra experienced
                falls in their asking prices for homes.

                Louis Christopher, managing director of SQM
                Research, says he’s pleased with the results and the release of the new data.

                “I am actually surprised at how closely this new
                index correlates with the ABS (Australian Bureau of Statistics) house price
                series.”

                Christopher believes the index will bring more
                timely results to property participants.

                The latest figures from the ABS House Price
                Index indicate improvement in selling prices across all capitals except Hobart
                for the 90 days to the end of December 2012.

                A comparison of sale prices between the December
                quarters of 2011 and 2012 show price rises in Sydney, Brisbane, Perth, Darwin
                and Canberra, according to the ABS data.

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                  More Mary Valley properties go to auction


                  More Mary Valley properties go to auction

                  Posted on Monday, February 25 2013 at 4:33 PM

                  The Queensland Government will attempt to offload another eight Mary Valley acreage properties, west of the Sunshine Coast, at a unique auction next month.

                  The
                  rural sites, ranging in size from one to 12.75 hectares, all have a vacant
                  dwelling on them and were purchased by the previous Labor Government to make
                  way for the later-scrapped Traveston Cross Dam project.

                  The
                  latest round of sales follows an auction of eight properties in December, of
                  which three were sold under the hammer and another four snapped up in the
                  following week.

                  Deputy Premier and Minister for State
                  Development, Infrastructure and Planning Jeff Seeney says the Helmsman auction
                  system would be used to sell the next round of eight holdings on March 23.

                  The Helmsman system, more commonly used
                  to sell livestock, means all properties are put on the market simultaneously.
                  Bids are recorded on a screen, enabling bidders to view progress for each property
                  at all times.

                  Buyers can open bidding at the reserve
                  indicated and bid on multiple properties. It means investors have a better
                  chance of obtaining adjoining lots or several properties at once.

                  “More properties will be offered for sale in coming weeks,
                  as part of the staged release of government-owned property,” Seeney says.

                  The government will also offer any existing tenants in
                  government properties due to be sold the option to purchase the home they
                  lease, he says.

                  “Eligible tenants will be able to purchase the
                  property they lease through a soon-to-be-launched Tenant Purchase Scheme.”

                  The
                  auction will take place at the Gympie Senior Citizens Centre.

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