Property and real estate articles and advice
It’s been a while since we published an update on the state of the housing market here in Oz so I thought I’d use the focus of our first article for 2014 to do just that.
To begin with, by way of context, it’s worth mentioning that data released by the Australian Bureau of Statistics showed that the national population of Australia increased by 407,027 persons over the 12 months to June 2013.
This increase equates to a growth rate of 1.79% over the year making it the most rapid rate of population growth since December 2009.
This increase in population has had a compound effect on the average house prices here in Australia.
Data obtained from the property information and analytics firm RPdata has identified that the average annual increase in house prices across Australian capital city represents an aggregate rise of 9.8% to $540,000 AUD. […]
It’s been a little while since we wrote an article about the cost of housing in Australia so thought it might be a good time to see what’s going on!.
Having done a little research on the matter, it would seem that for some new arrivals to Australia, it’s not all good news.
For those looking to move to Western Australia or the Northern territory, it’s worth noting that renting a home in Perth is now nearly as expensive as Sydney, with the mining boom driving rents to a record level. Fresh figures from the Real Estate Institute Of Western Australia (REIWA) show that in the three months to February metropolitan rents in Perth increased by 4.4 per cent, lifting the overall median from $450 to $490 per week, and representing a rise of $60 on the same time last year. […]
Melbourne has been ranked the second most liveable city in the world according to a global survey by the Economist Intelligence Unit.
Canada’s Vancouver topped the Global Liveability Survey list, with Vienna third.
Australian cities received perfect scores for education and healthcare but Melbourne, in Victoria, was the cream of Australian cities, despite getting a low mark for traffic problems. The index also takes into account factors including crime rates, cost of living, infrastructure and climate. […]
Relocation: Phil down under follows “relocation, relocation” TV host Phil Spencer as he helps British people who want to emigrate and buy a property for a new life Down Under.
I’m not too sure if this program has already aired in the UK (or is being aired as I type) however last night I watched the first episode on the Lifestyle channel which is one of the Channels available on the Australian Satellite network; Foxtel.
The best thing is that the first episode of Phil down under followed a couple (Lee and Bronagh) who were looking to move from the UK to Western Australia. Not Only that but they choose Quinn’s Rocks as their final destination.
Whilst Phil was doing his stuff I noticed that some of the streets looked familiar. Then when he took the couple on a four minute walk down to their future local beach I said to the missus. “Hey; that’s our beach!!!!” […]
New data by the Australian Bureau of Statistics show Perth’s metropolitan area’s population grew by 3.2 per cent in the year 2008-09, making it the fastest growing metropolis in Australia.
Combined with this, the City of Perth -which includes the CBD, East and West Perth and Northbridge – was the fastest growing local authority area in Australia.
The report Regional Population Growth, Australia 2008-09 showed that 12.8 per cent more people called the 12.7 square kilometre municipality home than the year before.
Most of the state’s growth was due to Australia immigration, followed by natural birth increase, then interstate migration.
Perth was closely followed by Darwin’s 3.1 per cent population growth. […]
It has been a busy start to the new year in the Sydney investment property market as good quality properties are being sold quickly to eager buyers – sometimes at their full asking price.
I’m not yet sure whether this strong buyer demand will be maintained throughout the year – or whether the strong results from sales early in the year will induce others to list their properties for sale – providing some increased supply to keep prices more in balance.
As I have previously reported, the Australian residential property market has fared better than several other markets internationally over the last 20 months. Several local market watchers (professional and amateur) saw this as being in part due to the government’s housing stimulus for first home buyers – and predicted that the winding back of these subsidies would have a slowing effect on property markets – particularly the first home buyer belt, which in Sydney is the A$500,000 to A$650,000 segment. […]
Australian house prices rose last quarter by the most since 2003, and combined with the expansion of the manufacturing sector the central bank may have to extend a record round of interest-rate increases.
Economists are expecting Reserve Bank Governor Glenn Stevens to extend the benchmark lending rate, which reached 3.75 percent in December from a half-century low of 3 percent in October.
An index measuring the weighted average of prices for houses in the eight capital cities climbed 5.2 percent from the previous three months, the Bureau of Statistics reported in Sydney. […]
I should preface this article by saying that unfortunately the crystal ball to tell us how Sydney house prices will weather the next 12 months has not yet been discovered.
So, if you are looking for someone to tell you this with certainty – keep looking – and tell me if you find that magic crystal ball. But, if you are interested to read my perspective on the Spring market – and the factors that help some properties to outperform others – then read on.
SYDNEY housing market in spring 2009
Spring in Sydney is traditionally accompanied by prodigious listings of homes for sale – particularly in its more affluent eastern and northern suburbs. 2009 proved no exception, with many homes being offered for sale in September and October – with some more recent listings hoping to sell before the Christmas slowdown. The Domain North supplement in Tuesday’s Sydney Morning Herald is a good indicator; traditionally comprising one section, over the last month it has yielded two bulging sections of homes for sale.
Australian visa holders who own or who are looking to buy property in Australia are now subject to updated policies.
As of the 31st March 2009, Australian visa holders must adhere to new regulations implemented by the Foreign Investment Review Board (FIRB).
These include the re-definition of ‘temporary residents’ for investment purposes. An Australian temporary resident includes all holders of a temporary Australian visa that has a validity period greater than 12 months, or all non-Australian citizens who have submitted an Australian visa application for permanent residency (PR) and are holders of a bridging visa that allows them to stay in Australia until DIAC approves their PR application. […]
As the British economy hits rock bottom, thousands of skilled workers are looking abroad to start up a brighter, more stable life in a different economy.
Traditionally, Australia and New Zealand have been a favourite destination for British skilled migrants, but it seems now their economies are also feeling the rippling effects of the American and British recessions.
There has been much debate as to whether Senator Chris Evans (Minister for Immigration and Citizenship) would lower the record rates of immigration to Australia in the 2009-10 Budget in response to his country’s prospective financial troubles. […]
The Australian Government has announced a relaxation in its policy affecting the purchase of real estate by temporary residents living in Australia.
Currently, all temporary residents and non-residents (including businesses) must notify the Australian Government through the Foreign Investment Review Board of their intention to acquire residential real estate, and must comply with post-purchase conditions […]
Fantasy Homes Down Under is a new series coming soon to UKTV and we’ve been contacted by Sarah, a member of the Fantasy Homes down under team, who are looking for people to take part in their new 5 part TV Series planned for 2009.
“We are looking for British expats who are living in Australia and looking to buy a property. They could be buying their first house in Australia, or just looking to move. We are looking for willing participants who would like the Fantasy Homes team to assist in finding them their dream home and filming the journey for Fantasy Homes (currently in its third series and the highest rating show on UKTV Style).” Says Sarah
It looks like the down under programs are proving pretty popular with the Fantasy Homes franchise looking to follow in the success of the BBC’s popular Wanted down under TV Series. […]
The federal government has announced a $10.4 billion package to help Australia counter the global economic crisis and first home buyers will be among the major beneficiaries.
The global financial crisis has entered into a new phase and Prime Minister Rudd’s Economic Security Strategy is designed to strengthen the Australian economy in the face of the worst global financial crisis since the Great Depression.
First home buyers are already eligible for a grant of $7000, which is funded by the Federal Government and administered by the states.
Now anyone who signs a contract to buy their first home from yesterday until June 30 next will be eligible for a grant of $14,000 if they buy an established dwelling and $21,000 if they buy a new house or apartment. […]
I remember when we first arrived in Australia back in late 2006 and I wrote about the problems we experienced trying to find a rental property here in Perth.
Speaking to friends and work colleagues who are currently in the ‘Rental market’ it seems that similar problems still exist, however compared to the other side of Australia in New South Wales the job of getting a rental here in Western Australia seems a relatively easy one.
The shortage of available rental properties in Sydney is such an issue at the moment that some agents have made complaints of being abused and threatened by frustrated prospective tenants.
The frequency of such events isn’t a low figure either with an Institute survey finding that 32 per cent of real estate agents had been threatened or abused within the past month. […]