Australian Real Estate News
The latest news about home buying and selling in Australia. From mortgage ups and downs to the lastest big sales, we have it all here.
Australia’s high-rise apartment for sale
Girvan Estate one of the most popular apartment for sale in Australia because it is known as the tallest private home, this apartment for sale is own by Peter Grey. According to the report Grey is very fond when it comes it high rise building, that is why he built this $3 million, 30m-high, 26m-wide building. He lives so many years in here with his wife Jean and son Colin and now it is for sale. Read more>>>
Australian Home-Loan Approvals has been cut
Last January the real estate industry has been experienced a fell down to their Australian home loan and real estate approvals. This happened even after central bank Governor Glenn Stevens raised the loan costs and the government cut support to first-time buyers.
Governor Stevens’ decided to increase the benchmark interest rate to a quarter ends on a fourth time in a row during the five meetings. However the Westpac Banking Corp. report stated the most of the consumers and investors are yearning to increase in March after diminishing in February. Read more>>>
Property auctions is now on high
According to the Real Estate Institute of Victoria almost 87% of Australian homes for sale have been sold as this claimed the best result foe sellers in over a year now. In Melbourne the auction on real estate market is continuously showing positive results that made the business recover from the past years difficulty on the industry. Read more>>>
Big company partnership on real estate Australia
The leading providers of real estate Australia business have recently merged in order to achieve a larger return of investment. This commercial business partnership will definitely make the most of real estate growth on their real estate services. The partnership between LJ Hooker Financial Services (LJHFS) and Southern Cross Broker Network (SCBN) will be the one who give, manage and develop of the real estate marketing in broking franchising services through Western Australian and Victorian LJ Hooker real estate offices. Read more>>>
Investors disappointed by the Westfield profits fell down
In line with the online real estate listing, Westfield has declared its value loss with their global real estate listings for the second time. This fell down has been caused according to them from the global financial crisis that includes Australian Capital Territory homes for sale.
However this $458 million loss is somewhat good news after the Westfield’s 2008 bottom line blow-out of $2.2 billion. Last 2009 the value on this market has been cut down by $3.5 billion swath in the course of the commercial real estate property sector in the United States and Britain. Read more>>>
House rates in Roxby Downs decreased considerably in 2009
From Recent Real Estate Institute of South Australia (REISA) stated that from their recent report, Roxby Downs’ rates are one of the obstacles that have been experienced in South Australia. Figures said that in September, 2008 the average home in Roxby was selling at $428,464.
However in 2009 that statistics report have been decreases to only $374,560 at the same time as towns such as Port Pirie and Whyalla saw a concrete growth with their market value and home for sale in Australia. Read more>>>
Australia Real Estate sees double increase rate
According from the study of the analyst, last year was the time that Australia has the strongest annual real estate growth in the country since 2003 however the next six months is more likely to see more reasonable increases of rate across all sectors and real estate market value. Read more>>>
Darwin Real Estate will be expected to grow
Australia’s real estate market this 2010 is hoping to invest a lot of money for most of the home builders that last year. The investors will be having an optimistic for the interest rate as they will give a large amount of money for the real estate property. Almost 11.3% increase on the residential real estate properties in Australia better than 2009 which is 3.8%. Indeed, a strong calculation among the home builders that this year of 2010 the investment rate will be increase dramatically. Read more>>>
Tenant troubles resolve by Pub Fund
ING Real Estate Entertainment Fund (IEF) recently claimed that they don’t have any problem in regards with their financial stability. They added that they have actually strong relationships with the lenders across the country. However the pub fund just a few days ago reported that it having a difficult situation with one of his tenants the Alchemy Group as it was enetr voluntary administration. Then its biggest tenant the Icon Hospitality Management might need a rent deferra period. Read more>>>
Australia Property Market will boom in 2010
This year of 2010 Australia real estate market will increase and get better, better than expected as status and percentage on the statistics and data in regards with the real estate industry are showing good this time. Read more>>>
NPS bought a Real Estate in Australia
Last Wednesday the National Pension Service or NPS has recently bought the famous Aurora Place which is situated in Sydney Australia. This 49,740-square-meter, 44-floor building is the main real estate in the largest city at the land down under. Read more >>>
To avoid the instability in other markets, the world’s biggest fund managers are pursuing the funds into up-and-coming market bonds, as they look for higher yields than the near zero interest rates of those developed countries. Australian counterparts although are turning away from bonds because local interest rates are now increasing and are as an alternative looking to equities and cash, to a lesser extent, for required returns. Read more>>>
Christmas rush on real estate in Melbourne and Sydney
From Australian Property Monitors, Melbourne had 891 Saturday auctions and Sydney 466. Australian homebuyers are having a hard time investing on a real estate property as the interest rates increase to secure houses before Christmas.
2.3 per cent decrease to a still impressive 65.1 per cent from Sydney, while Melbourne’s slipped by only 0.9 per cent to 72.6 per cent. The real estate industry has expected that the auction market in Australia’s two largest cities will power on to Christmas. Read more>>>
Real Estate Australia increase prices
Rise from a 3.7 percent in property prices has been predicted by the Reserve Bank of Australia, date range from the third quarter of 2009.
Almost six years high in Australians properties and residential prices, however the country has escaped the pits of the global economic crisis, and even a decrease in first time buyer grants has unsuccessful so far to have a collision. Read more>>>
A good positioned for REA Group Ltd in 2010
Breaking news according to Sydney Morning Herald, in 2010 the real estate company REA Group Ltd will be well positioned this coming year of 2010. Chief executive Greg Ellis says website traffic is strong in Australia, its largest market, and it is making progress in markets overseas, most notably in Italy.
“In April 2009, will continues to attract new users, increasing to 248,000 unique browsers in October 2009.” Read more>>>
Whispers stoke unnecessary alarm
Rudd government offering Sri Lankan queue-jumpers and illegal immigrants on the Oceanic Viking everything but a set of steak knives, there has been plenty of drama to occupy the political stage. But there is another issue that has troubled the Rudd administration throughout its first two years: Chinese investment.
Understandably, the focus has been on investment in Australia’s resource sector. Read more>>>
Foreign investors flock to Australian property
Real estate agents say overseas-based bidders are more and more frequent at auctions around the country, with the consequential additional demand stoking already rising clearance rates and prices.
The strong Australian dollar has done little to cool overseas demand for real estate as foreign cash seeks out a lucrative home in the nation’s residential property market.
John Bongiorno, director of Marshall White & Co, in Melbourne said international buyers had typically made up 5 to 10 per cent of sales, a figures that had recently risen to about 15 per cent. And the dollar’s rise had not yet dampened demand. Read more>>>
Trusts cut $4.5bn in value from for-sale list
JPMorgan said from the research this week that the largest portfolio to be pulled from the market was Investa’s $1.2bn of office buildings, due to the upcoming initial public offering.
GE Real Estate had withdrawn assets totalling $800 million from sale, it said.
However, $10.8bn of Australian assets are still for sale. Writing in its October 2009 Direct Property Overview, the JPMorgan property research team said that after a review, it had reduced its list of assets for sale from $15.3bn in September to $10.8bn. Read more>>>
Mirvac bids for real estate trust
Mirvac Real Estate Investment Trust has been suggested and offered one of its associated funds amounting 54 cents per trust unit, recommended by the developer of Mirvac Group.
Monday the Mirvac offered 50 cents per trust unit up to 20,000 units, plus one security of the merged entity for every three trust units above that level. Mirvac Real Estate Investment Trust securities closed at 58 cents on Friday, rising two cents on the day. Mirvac securities fell three cents on Friday, to $1.66. Read more>>>
Real estate trust offers positive prediction
Since the beginning of the global financial crisis is now over the worst of the turn down in property values seen across Australia, the chief executive of the country’s largest real estate trust has claimed. Read more>>>
Morgan Stanley Said to Mull Australian Property IPO
Australian real estate firm plans to raise as much as A$750 million ($680 million) in an initial public offering, two people familiar with the matter said. It was owned by Morgan Stanley from Investa Property Group. The company may bundle several office towers into a fund to be listed in Sydney, the people said, declining to be identified because the proposed transaction isn’t public. Investa may sell shares before the end of the year, one of the people said. Read more>>>
Homeowners kept guessing on mortgage repayments
The Reserve Bank of Australia raised the official cash rate after the day and that homeowners are still anxiously waiting to see what effect it will have on their mortgage repayments.
Even the major banks say they are still reviewing their standard variable rates. The 25-basis-point official increase should mean that borrowers with an average $300,000 mortgage pay around an extra $46 per month. Federal Treasurer Wayne Swan reiterated on Wednesday that he expected the banks not to pass on any more than the official increase, which took the cash rate to 3.25 per cent. Read more>>>
Rate rise may boost commercial property
Reserve Bank of Australia (RBA) increased interest rates by 25 basis points to 3.25 per cent this Tuesday. The latest interest rate rise spells tough times for that battling mortgage stress but could be an advantage for commercial property investment.
“For those feeling mortgage stress any interest rate rise is tough news,” she told reporters on Wednesday.
“What Queensland property market needs is some restoration of confidence in investors in large scale commercial projects.” Read more>>>
Property no longer in critical condition
Australian government has been concerned regarding the critical condition on property in Australia. The Commonwealth Bank’s property manager, Peter Barnes, commented last week: “There may be different sectors that will see more drop in values but the worst is over.”
March 2009, the listed property trust index has risen 75 per cent from a catastrophic low of just 550 points to 950 points, far outstripping the 50 per cent rise in the overall S&P/ASX index since then. The property index had fallen much further and still sits 60 per cent below its 2500-point peak of mid-2007, but a number of trusts, including Stockland and Mirvac, are trading above their (much reduced) net asset value. Read more>>>
Australian Property Stocks Rose as Retail Sales Boost Optimism
The Australian real estate related stocks rose in Sydney trading after domestic retail-sales and housing-approvals data encouraged speculation an economic recovery is underway and will bolster the property market.
Goodman Group, a real-estate trust, surged 8.2 percent at 1:55 p.m. local time on the Australian stock exchange. Mirvac Group advanced 5.7 percent. Abacus Property Group climbed 4.7 percent. Retail stocks also gained. Read more>>>
First time buyers in rush to get grants
The Australian reported that the Investors Club declared that Western Australia would feel the pinch most because the average first-home loan had soared by $41,000 in 12 months. A property investment group has advised young people will be hit hard by rising interest rates and that real estate agents listed auctions in record numbers to attract buyers on the last weekend of the boosted first-home owner’s grant.
Investors Club reported that loans went up by an average of $22,000 in South Australia, $21,000 in Victoria and Tasmania, $18,000 in NSW and $12,000 in Queensland. From Thursday, the first-home grant will be cut from $14,000 to $10,500 for existing homes and from $21,000 to $14,000 for new homes, before being scaled back to $7000 next year. Read more>>>
Homeownership In Australia Becomes A Fading Dream For Many
According to a new report, because of the unstable situation in the country’s real estae market. A huge number of homeowners in Australia has fallen dramatically over a year now. A researched studies at Flinders University, since 1996 the national home ownership rates has painted a grim picture of the difficulties both low and medium-high income earners face getting into the housing market. Read more>>>
Dairy farm sales rise In Australia
MORE northern Victorian dairy farms are hitting the property market as farmers opt not to tackle another dry season, particularly with low milk prices.
About 20 per cent more dairy farms than normal for sale and twice as many would-be willing sellers, says by Kevin Hicks from Shepparton. He alleged most farms sold recently had not been sold as milking operations, because they lacked the dairy “component” or had limited water. Read more>>>
It’s game on in Real Estate Australia
Sheyne Walsh a real estate broker has a tactics on how to get a client. Usually he sits down with them and told them the likely home-loan rate in a couple of years, not the rate today and he always have this ability to convince a client.
Head of lending at Centric Lending Services says he is persuaded interest rates will rise by a couple of profit points or more over the next two years. Read more>>>
Austalian government launches website to educate real estate industry on SPAM compliance
In November 2008, the Australian Communications and Media Authority (the ACMA) commenced an education campaign aimed at raising the real estate industry’s awareness of, and compliance with, the Spam Act 2003 (Spam Act) and the Do Not Call Register Act 2006 (DNCR Act). Real more>>>
Real Estates Auction action heats up as spring kicks in
Spring Season in Australian has recently heat up the Auctions in some parts of Australian capital cities. The auction market in Melbourne was particularly robust over the weekend, with auction clearance rates hitting 84 per cent on Saturday, 20 per cent higher than that recorded on the first weekend of September last year. Read more>>>
Sunshine Coast Real Estate Recovery
The Sunshine Coast is up to 17% for the March quarter, with some suburbs experiencing slight price raise. This figure has been released June quarter by the Real Estate Institute of Queensland. This is have been persuaded and declared by REIQ Sunshine Coast chairwoman Jean Hamer that all the signs for continuing growth were positive. Read more>>>
Real Estate Auctioneers vie for Title
Top auctioneers from Australian and New Zealand are bidding for the title at the Australasian Real Estate Institute’s auctioneering championship in Hobart. The venue for the competition is the Wrest Point auditorium full of make-believe buyers throwing obstacles at the competitors.
Last year’s winner is 47-year old Peter Walker of Canberra. He was able to display his uncanny ability to think on his feet and add at lightning speed. He was was able to auction off a fictitious Sandy bay home for $705,000. Read more>>>
South Australia Shows Strong Real Estate Numbers in June Quarter
The real estate market in South Australia is continuing to show strong growth as consumer confidence increases and house prices maintain their value. According to the Real Estate Institute of South Australia (REISA), “official figures for the June quarter show there has been an increase in consumer activity, with the number of transactions up 10 per cent from the previous quarter.”
“There is no doubt that first homebuyer incentives have been a major contributor to this and while the federal grant will soon be scaled back slightly, it is still an excellent time to enter the property market if your employment is stable,” said REISA president Robin Turner. Read more>>
Real Estate Auction Clearance Up
The Real Estate Institute of Australia (REIA) sees an upturn in the property market, specifically for the auction sector. According to the latest statistics from the Australian Property Monitor (APM), Sydney clearance rates were up by 69.3 percent in the first week of August. The growth is substantial compared to the same period last year, which registered 47.5 percent. In Melbourne, clearance rates are at a 12-month hight of 87 percent. Read more>>
Demand for Affordable Real Estate on the Rise
The demand for budget residential real estate is soaring. The rapid increase is even prompting buyers to pay more than the advertised price on the websites. Additionally, real estate agencies have reported that sales for the middle- to the lower-end of the market have doubled in the last few weeks.
Auctions have also seen the buzz of activities as more buyers clamor for cheaper real estate. In an auction in Parramatta two weeks, a fight erupted as 19 bidders vied for a $550,000 property. Melbourne’s clearance rate of auctions is now averaging more than 80 percent for the last three months. Read more>>
Growth in Housing Price Index Seen
According to the Australian Bureau of Statistics, the national index climbed 4.2 percent, a turnaround from the 1.5 percent fall recorded last quarter. This exceeds the median market forecast for a rise of 2 percent.
“A 4.2 percent rise in established dwellings in the June 2009 quarter followed four straight quarters of decline in the ABS series with the index still down by 1.4 per cent relative to mid- 2008,” said Housing Industry Association chief economist Harley Dale. Read more>>>
Buying Real Estate: Moving into Your New Home
So, you were able to buy real estate? You now have your own piece of property. The next step is to move in. Moving isn’t just about transporting all your things from one place to another; it’s about uprooting your life and rearranging it. As such, you need to prepare to do the following:
• Prepare a checklist of things you need to do to move out of your current home. Include the items that you will take with you, those you will leave behind and those you will donate to charity.
• Hire a mover. While you can do this yourself, professionals will make the job so much easier. Shop around for a good service provider and check if the price includes packing and insurance. Read more>>>
Gold Coast Property Market in for a Squeeze
Real estate information service provider RP Data, recently released a report that indicates a property squeeze in Gold Coast for those on a tight budget. Local governments are currently looking to high-density housing to meet the area’s growing housing need. Read more>>>
Real Estate Fake Bidders to be Fined
Australian Competition and Consumer Commission will put forward a new law aimed at businesses involved in misleading and deceptive conduct, including real estate agents. According to the Australian consumer watchdog, real estate agencies that practice under-quoting and dummy bidding will be fined up to $1.1 million from activities.
According to Australian Competition and Consumer Commission Chairman Graeme Samuel, the bill is now before the Senate. This outlines that business will have a maximum penalty of $1.1 million, while individuals can be fined up to $220,000. Read more>>>
Less Debt but Consumer Confidence in Real Estate Continues
Australians are being mindful about how they use credit. In fact, they are cutting the plastic and shunning personal loans. Only real estate loans seem like a priority for majority of the consumers. Loans for housing purchase and renovations continue to be taken out in record numbers.
According to the Bureau of Statistics, the value of personal loans fell by 2.9 percent in May to just over $6 billion – the lowest level since November 2005. Read more>>>
Real Estate Auctions Still Holding Strong
The real estate property market continues to deliver strong results, specifically for auctions. Melbourne recorded an auction clearance rate of above 80% for the 9th consecutive week.
Over the weekend, 247 properties were sold at a clearance rate of 85%. The total value