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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