Anaylst to PCA: Carbon Tax to Balloon Construction Costs Much Higher Than Anticipated

THE cost of building an office tower could rise 1.7 per cent under a carbon tax, substantially more than the previous estimates of between 0.2 and 0.5 per cent.

Building a 200 square metre home would also rise by 1.7 per cent, or about $18 per square metre, because of the tax, according to new research prepared for the Property Council of Australia, by adviser Allen Conosulting Group.

An initial price of $23 per tonne of carbon will be imposed on Australia’s top 500 carbon emitters from July 1, 2012. This will rise to $25.50 per tonne in the 2015 financial year.

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Little Things You Can do to Your Home Before Listing it For Sale

VENDORS have many reasons why they should give themselves as much time as possible to prepare their outgoing houses for sale.

As well as allowing enough time to properly repair niggling interior and exterior works, there may be legal or title issues that need to be resolved; a big structural problem might take longer to fix than first anticipated; or plans to subdivide your block, or obtain a development permit to attract the interest of developers, might take time to co-ordinate.

Alternatively, your choice of decor, or garden, could risk turning buyers off and might need to be redesigned.

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Ritziest Suburbs Fall Hardest Since GFC Peak: RP Data-Rismark

AFTER what has been a largely bleak economic backdrop, the country’s most affordable suburbs are performing better than its ritziest.

According to research group RP Data-Rismark, exclusive suburbs including Mosman Park in Perth and Hunters Hill in Sydney (pictured, right) have reported drastic median price drops of more than 30 per cent since “the peak”, which it deems to be August 2008 (about six months after when many agents say the downturn started in the large Sydney and Melbourne markets).

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Record Number of New Zealanders Move to Australia in May: Statistics NZ

A RECORD number of New Zealanders are moving to Australia.

According to Statistics New Zealand, 3300 New Zealanders moved to Australia in May – and that figure is net (meaning it cancels out those who are relocating the other way).

The Christchurch earthquakes and aftershocks, as well as a weak economy, is driving the trend. Christchurch is New Zealand’s second largest city and did have a population of 300,000.

 

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Results of Renters Survey Suggests More Flexibility Required

RENTERS want landlords to pay them greater respect, and they want to be able to customise their homes, according to a recent survey by online group rent.com.au.

The survey also rated as top renter concerns: the ability to own a pet, hang artwork and photos, work on gardens, or enjoy better quality kitchens. Renters also called for home-inspection times that are outside of business hours, and for more time to inspect homes, so as to “get a feel”.

The survey, reported in various press, does not disclose the number of survey respondents. However the issues have presented for decades to landlords.

Interestingly the survey raised an issue of advertised rents often differing from prices given during inspections.

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April Building Approvals Rise in Parts, Fall in Parts, Generally Steady Overall

THE Australian Bureau of Statistics today released official building approval numbers.

They show the number of dwellings approved nationally fell by 1.3 per cent in April, after rising 8.6 per cent in March (seasonally adjusted).

Victoria held about steady, while New South Wales, Western Australia and Tasmania recorded major drops. By comparison, South Australia and Queensland reported notable rises.

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Australian Residential Rental Vacancies on the up as Supply of Stock Surges

RENTAL vacancy levels increased last month according to SQM Research.

For the month, there were 6135 more residences listed for rent, bringing the total to 47,787 nationally. Last April the figure was around 37,000.

Melbourne had the highest rental vacancy rate at 2.6 per cent, according to SQM, while Canberra, the nation’s capital, had the lowest amount of rental stock: 0.6 per cent.

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Perth Office Rents Take a Battering

PerthTHE see-saw property market that is Perth, may be set for another battering.

A week after a controversial super-tax threatens to end many West Australian mining projects, comes news office rents in the city have collapsed 27.4 per cent over the past year.

Average rents are now $696 per square metre, per annum, according to CB Richard Ellis, which issued the report on occupancy cost drops across 176 global markets.

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Unsustainable Housing Bubble in Australia, Expert Warns

EDWARD Chancellor, the man who predicted the global credit led economic downturn in 2007, has referred to Australia as being amidst an “unsustainable housing bubble” with values potentially more than 50 per cent above their fair market value.

Mr Chancellor, who is employed by US investment bank GMO, said Australia is in the middle of a once-in-a-40 year event, adding the bubble could burst at any time.

“If house prices were to revert to their historic long-term average (ratio of average price to average income) they would fall quite considerably,” Mr Chancellor said of values.

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National Australian Office Vacancy Rises to 8 Per Cent

OFFICE vacancy levels across Australia have increased to a five-year high, but some markets are performing much better than others.

The latest Property Council of Australia Office Market Report, which measures stock and vacancy levels for major office markets (like North Sydney, the Sunshine Coast, and the Melbourne CBD), reports the national vacancy level rose to 8 per cent.

A flood of new office stock totalling 560,000 is set to be developed in major office markets over the next six months – making it the biggest office building boom since 1992 (when vacancy in some office markets surged over 25 per cent).

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2010 to be Year of the Residential Rent Rise as Landlords Pass Interest Rate Rises to Renters

LAST year was the weakest year for rental growth since 2002, and the aftermath of the September 11 terrorist attacks, according to a new report by Australian Property Monitors.

The latest APM report shows a 2 per cent national increase for rents, down on the rate of 12 per cent, during the “boom” 2007 and 2008 conditions.

The winding down of the first home buyers grant, better employment prospects, strong house price growth and low vacancy rates will all contribute to a stronger year for rental growth in 2010, The Australian reports.

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Australia’s Largest Builders Grab a Bigger Share of New Home Market: HIA

Australia’s largest builders have grabbed a bigger share of the new home market thanks to the tripling of the First Home Owner Grant.

Despite a 6.5 per cent slide in new home starts by the largest builders, the rest of the market fell by a much harder 17 per cent, enabling the HOUSING 100 to boost their dwelling starts to 38 per cent of Australia-wide commencements in 2008-09, up from 34 per cent the previous year.

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Hume City Council Creates Comprehensive Sunbury Database

THE Hume City Council has created a comprehensive, free synopsis of major properties in Sunbury, about 30 kilometres north of town.

The Sunbury Town Centre Database tracks the history of the town since 1960, and as the government sold off land once used by the rail department.

Like popular industry resource CityScope, the Sunbury database gives investors, retailers and other potential businesses important information regarding everything from tenancy mixes, through to most recent property sales.

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Victoria’s Biggest Builders Increase Market Share in 08/09

FIGURES released this week by the Housing Industry Association show Victoria’s biggest builders have managed to increase their market share despite the bleak economic backdrop.
 
The HIA said of the 41,818 home starts in Victoria for the 2008-2009 financial year, the state’s biggest 20 builders built 13,282 dwellings, compared with 11,727 dwellings in the previous year, when a similar number of new homes were constructed.

The HIA said Victoria’s top 20 builders now have a 32 per cent share of the market, compared to 28 per cent last year.

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Google Launches New Free Property Listing Service

HOUSE hunting is about to become a lot easier, after internet giant Google launched a free property listing service for property sales and leases.

The new feature aggregates listings from real estate agents, and other people marketing their homes, and displays them as pins on Google maps. Web users can enter details such as property type, number of bedrooms, and price, and then search using an interactive map.

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