Viewing by month: May 2011
In an interesting move for the state of housing in New South Wales, Planning Minister Brad Hazzard recently abolished the previous Labor Government’s (somewhat controversial) Affordable Rental Housing Policy.
The policy which was designed to increase the supply of affordable housing for low-and middle-income earners in NSW, allowed private developers to circumvent local planning regulations if 20 per cent of the resulting development was reserved to be leased at below market rents. ...Read complete post
The Federal Government recently launched its National Urban Policy – Our Cities, Our Futures: a national urban policy for a productive, sustainable, liveable future. The document set out a strategy for the planning and infrastructure priorities of Australian cities, both in the short and medium to long term future.
From a property perspective, essentially the policy is a positive step towards defining a long-term, national vision for affordable housing in Australian cities, in...Read complete post
When you buy a property for investment purposes, you leave yourself open to the risks that arise when the property is rented out to tenants. It is therefore pleasing to know that there are various types of insurance policies to protect investors.
The different insurance policies that are available for investors cover possible rental problems to varying degrees. Hence it is a worthwhile exercise for property investors to seriously research the different options available and...Read complete post
When selling a property there can be nothing more frustrating than watching it sit on the market for an extended period of time. As most properties are the closest to being sold just after they have been listed when buyer interest is high, it is definitely worth looking into the situation if yours has been languishing for awhile.
There are a variety of factors that can affect whether a home sells, including how it is priced, how it looks and the way it has been advertised, as...Read complete post
I think it’s fair to say that the past six to 12 months have been a trying time for the residential property market. After several years of prosperity, the conditions we are currently seeing such as rising interest rates and issues with housing supply and affordability, seem to have somewhat instilled a sense of trepidation in people when it comes to entering the housing market.
The interesting thing about this situation is that the current state of the market has actually...Read complete post
The Federal Budget handed down by Treasurer Wayne Swan last week contained mixed news for the residential property market. As a general review and I think many of my colleagues in the real estate industry would be in agreement, I would say that the budget somewhat ignored real estate and the industry issues that continue to need addressing.
Referring to what I feel to be good news first, at least for property investors, the vendor tax and cuts to negative gearing on investment...Read complete post
You can be forgiven for thinking that much of the recent data and subsequent media coverage regarding the national housing market has been generally negative in tone.
For example, the end of April saw the release of the RP Data-Rismark Home Value Index, which showed that capital city dwelling values were flat in the month of March, and over the March quarter had displayed a conspicuous decline.
There is also much talk in the public domain about the effect of rising...Read complete post
Last week at its monthly meeting the Reserve Bank of Australia decided to keep the official cash rate on hold at 4.75 per cent. This decision is good news for the residential property market as it means that mortgage holders have at least another month without an increase to their repayments. Having said this, I do feel that buyers and home owners are going to need to prepare for a rate rise in the coming months.
In his statement following the rate hold announcement, the...Read complete post
In preparation for the forthcoming release of the Victorian Government’s 2011-12 Budget, the Real Estate Institute of Victoria has presented its submission to the Government, which calls for a reduction in property taxes, increased assistance for first home buyers and improvements to land tax.
The REIV states that Victorian residential property taxes are higher than they have ever been before, and are higher than in every other state around the country. Victorian property buyers...Read complete post
In many cases property is one of the worst casualties of a natural disaster, following loss to human life. Damage is done very quickly and with little warning, and people can be left homeless or even in situations where the destruction is so bad that rebuilding is an almost impossible feat.
Although we are only in May, 2011 has already seen a multitude of natural disasters hit the globe, with the Southern Hemisphere suffering particularly badly. In Australia, both Queensland and...Read complete post