Commercial and residential property news
WITH interest rates rising, and government grants falling, it’s a pretty fair guess property prices won’t run away on you.
So if you’re working full-time, possibly renting and wanting to invest in your future, take note of the tips below, to enjoy the next cycle as a home owner.
RAISE CASH:
Saving a first-home deposit – about 10% of the property’s purchase price – is your first goal as a home owner.
Read more
ACCOUNTANTS say it can make financial sense to reinvest in your home, than buying another – particularly if you are in a good suburb.
Agents agree, saying the value of property goes up by more than the sum of its parts when owners reinvest in extensions, kitchen and bathroom renovations, paint and flooring. Coupled with the fact the tax office does not impose capital gains tax on an owner’s main place of residence, investing in your own home sometimes make more sense than buying another.
An extension has the potential to add the greatest value to your home, particularly if it creates a larger open-plan living area or increases the number of bedrooms.
Read more
ONE has to wonder what “great Australian dream” some Melburnians were being sold last century.
Until recently – the 1980s and 1990s for most inner-city areas – owning an inner-city terrace was not necessarily a big deal. More often than not, according to veteran agents, they were used as “stepping stone” investments that could be paid off in a few years and sold on the basis of being “more attractive than renting”.
Buyers – particularly immigrants from Italy and Greece – bought in Richmond, North Fitzroy or Northcote, in order to save a deposit to build new, larger homes in Avondale Heights, Glenroy or – if they invested well – Doncaster.
Read more
MELBOURNE’s once booming real-estate market has finally decelerated – and for the first time in a long time, buyers are calling the shots.
If you have a secure job, low debt and a will to own real estate – banks, developers and the Government want to talk.
But a word of advice: if you do take the plunge, spend what you can afford, rather than the maximum amount you can borrow.
Saturday Domain talks to some experts on which suburbs you should look at, no matter what your budget:
Read moreTHE Reserve Bank kept official interest rates unchanged at 3 per cent, at its August meeting.
Below is a statement by RBA governor Glenn Stevens:
Read moreBURGEONING demand from overseas investors, has resulted in developer and agency TS2 creating a translation service for its online property listings.
In what director Richard Luff believes is a first of its kind in the country, users select one of ten flags to translate the website into different languages, including Arabic, Chinese, French, Italian, Japanese and Korean.
Mr Luff said overseas investors are learning our markets beyond the traditional blue ribbon heartland of Toorak, and there is clear evidence of demand for new and old homes in suburbs including Balwyn, Brighton, Canterbury, Kew, South Yarra and Templestowe.
AUSTRALIA’s residential real estate markets are heading into a sustained recovery period, with average values expected to rise between 11 and 19 per cent in all major capitals, according to a new research report.
Sydney, Melbourne and Adelaide will lead the property price rise charge, according to the report, with values expected to increase 19 per cent between 2009 and 2012.
Darwin – currently Australia’s second most expensive capital city with a median house price of $470,000, is expected to record the slowest growth, rising just 11 per cent over the same period.
Read moreRESERVE Bank of Australia head of economic analysis Tony Richards has warned Australian house prices will rise in the next 12 months, putting pressure on housing affordability – despite imminent interest rate rises.
At a Committee For Economic Development of Australia conference yesterday, facilitated by The Australian newspaper, Dr Richards said: “It is looking increasingly clear that Australia has avoided the large falls in house prices seen in some other countries over the past two years or so.”
Read moreDODGY real estate agents are not posting auction results, in a move creating even more smoke and mirrors in the sector.
In a move not monitored by Victoria’s toothless tiger industry watchdog (Consumer Affairs Victoria), some 12 per cent of public auction results were not recorded in April 2009, compared to 5.1 per cent in April 2008.
The practice comes as agents tell consumers to refer to sale results, for a property’s price guide. At the same time, many agents are refusing to disclose estimated sale prices during a campaign, meaning Australian home buyers risk making a purchase based on very little reliable information.
Read more