mrd

ONE of Australia’s leading financial forecasters is talking up the health of the nation’s housing market in the face of the global economic crisis.

The upbeat view also comes as local auction clearance rates remain poor.

>>>>>  House prices unlikely to collapse, says expert | The Courier-Mail.

January 20th, 2009

THERE is no relief in sight for private renters on the Gold Coast.

It is now more expensive to rent on the Coast than anywhere else in Queensland.

The cost of renting a two-bedroom unit has jumped 9.6 per cent in the past year, according to new data released yesterday from the Residential Tenancies Authority. The median weekly rent for a two-bedroom unit on the Gold Coast soared from $310 in December, 2007, to $340 in December, 2008.

The median rent for a three-bedroom house jumped just 4 per cent from $375 to $390 over the same period. However, our rents are more expensive than in Brisbane and any other part of the state.

In Brisbane, the median rent for a two-bedroom unit is $350 while a three-bedroom house rents for just $330 a week.

Statewide, the median weekly rent for a two-bedroom unit is $300 while a three-bedroom house rents for $330.

Housing Minister Robert Schwarten said the figures confirmed the tough conditions in the private rental market. “When you look at the trends over the past five years, you can see that close to 400,000 Queensland households that rent have been doing it tough,” he said.

>>>>>  Gold Coast rents highest in state – Realestate News – Gold Coast, QLD, Australia.

January 17th, 2009

RESIDENTIAL property values on the Gold Coast are set to benefit from a booming population and strong demand for housing, according to research from PRDnationwide.

The research, compiled by Lynda Campbell of PRDnationwide’s Gold Coast office, shows the city needs 129 new dwellings a week to cope with the present population growth of 3.6 per cent — 2.1 per cent higher than Australia’s national growth rate.

Ms Campbell said while the actual population figure was down from previous years, this was a direct result of recent local government boundary reforms rather than a declining population.

“Population figures have dropped below 500,000, but when you consider that Beenleigh and its surrounds no longer form part of the Gold Coast, the population growth is still significantly high,” she said.

The report states that building approvals for houses and apartments on the Gold Coast have dropped dramatically in the 12 months to June, 2008.

“Building approvals aren’t keeping up with the residential demand resulting from the Gold Coast’s burgeoning population,”said Ms Campbell. “The last year has seen approval of 735 fewer houses and apartments across the region.

“Combined with current record low interest rates, this drop in supply and continual increase in demand should have a positive impact on property.”

>>> Gold Coast needs 129 new homes a week: report – Realestate News – Gold Coast, QLD, Australia.

January 20th, 2009

ALMOST 1700 first home buyers took the plunge and bought property on the Gold Coast thanks to Federal Government initiatives aimed at kickstarting a flagging property market.

Gold Coasters made up just over 13 per cent of the total of first home buyers in Queensland who completed first home buyer applications in the last six months of 2008.

Real Estate Institute of Queensland chairman Peter McGrath said it was some of the best news in a long time for a property market which has copped a battering.

“It was very encouraging news for the Gold Coast,” he said.

In total, 1668 Gold Coast buyers signed up to buy property for the first time between July 31 and December 31 last year, according to the latest research by the Office of State Revenue, released exclusively to The Gold Coast Bulletin last night.

>>> 1700 first home buyers on Coast – Local News – Gold Coast, QLD, Australia.

January 19th, 2009

DON’T worry, be optimistic and get ready to buy in early 2009 is the advice from a real estate expert.

Ray White Surfers Paradise Group chief executive officer Andrew Bell yesterday dubbed 2009 ‘The Year of Optimism’ during the presentation of his annual Gold Coast property report and forecast.

Mr Bell said there were positive signs in all five key drivers of the market — the economy, interest rates, population growth, employment and housing affordability.

“The fundamentals are there and the property market ‘planets’ are in alignment,” he said.

>>> Buying property is fine in ’09 – Local News – Gold Coast, QLD, Australia.

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WOW, Christmas is almost upon us yet again; hasn’t 2008 come and (almost) gone so quickly? It has been a tumultuous year. The fallout from the subprime issues in the USA gave way to a credit crisis… with went on to become a global economic crisis. I believe the Australian property market is poised for good things; as clearly demonstrated in my recent Web Seminars titled “What In The World Is Going On With Property“.

NB: If you missed out on participating in one these Web Seminars you can now watch it online; click here.

The Global Credit Crisis & Property Investors

As property investors the good that has come out of the recent global turmoil has been a massive reduction in interest rates. I am now so very close to being cashflow positive across my property portfolio… and interest rates are still falling and likely to stay very low for years to come!

The downside for property investors is that lenders have tightened their lending criteria making it harder to secure funding that it was previously, in some instances. With interest rates falling, however, serviceability has been made that much easier creating opportunity for many who previously could not secure funding to now qualify.

The Global Credit Crisis & Property Developers

The impacted on developers has been massive. Companies large and small have all been affected. Many developers have gone broke or just closed up shop, others have shelved projects indefinitely and are waiting until they see evidence of investors returning to the market. Others have soldiered on but have had many new funding hoops to jump through put in front of them.

Banks have been scared to lend to each other, so regardless of whether you are an individual looking to borrow money to buy a property or a developer looking for the funding necessary to complete a project… 2008 has seen a real tightening of lender willingness.

Waterside Residential:

We have received the following update from the developer…

Read more…

WOW, Christmas is almost upon us yet again; hasn’t 2008 come and (almost) gone so quickly? It has been a tumultuous year. The fallout from the subprime issues in the USA gave way to a credit crisis… with went on to become a global economic crisis. I believe the Australian property market is poised for good things; as clearly demonstrated in my recent Web Seminars titled “What In The World Is Going On With Property“.

NB: If you missed out on participating in one these Web Seminars you can now watch it online; click here.

The Global Credit Crisis & Property Investors

As property investors the good that has come out of the recent global turmoil has been a massive reduction in interest rates. I am now so very close to being cashflow positive across my property portfolio… and interest rates are still falling and likely to stay very low for years to come!

The downside for property investors is that lenders have tightened their lending criteria making it harder to secure funding that it was previously, in some instances. With interest rates falling, however, serviceability has been made that much easier creating opportunity for many who previously could not secure funding to now qualify.

The Global Credit Crisis & Property Developers

The impacted on developers has been massive. Companies large and small have all been affected. Many developers have gone broke or just closed up shop, others have shelved projects indefinitely and are waiting until they see evidence of investors returning to the market. Others have soldiered on but have had many new funding hoops to jump through put in front of them.

Banks have been scared to lend to each other, so regardless of whether you are an individual looking to borrow money to buy a property or a developer looking for the funding necessary to complete a project… 2008 has seen a real tightening of lender willingness.

Seashells @ Clifton

We have received the following update from the developer…

Read more…

To make sense of the property market we must separate opinion from fact. Opinions will always be heard… just in greater numbers now perhaps. If you are prepared to “drill deeper” and dissect the evidence available; the facts will speak for themselves. There’s no reason for allowing the conflicting voices of opinion to keep you confused!

In the current round of Web Seminars we are offering, I highlight four key factors that are a MUST… if you expect to draw any credible conclusions.

1.    Record Population Growth
2.    Investors Have Fled The Market
3.    Home Ownership Unattractive
4.    New Construction Has Stalled Badly

Read more…

People renting houses can expect to pay increasing rents during the coming financial year due to a significant drop in lending for property investment according to Paul Bennion, Managing Director of tax depreciation specialists DEPPRO. Mr Bennion said that the latest ABS figures showed that lending for investment housing in Australia fell by nearly $5.0 billion or 23% to $16.2 billion during the September 2008 quarter compared to the September quarter 2007. “This major fall in property investment means that there will be fewer rental properties moving forward at a time when there is already a shortage of rental properties in many parts of Australia,” Mr Bennion said.

Over the past year, average weekly rents in many capital cities have increased by more than 10% and this trend is likely to continue due to this decline in property investment. “Investment in property has declined due to the growing economic uncertainty being caused by the global financial crisis. However, the good news for existing property investors is that they should receive rising rents while at the same time mortgage repayments will decline due to falling interest rates.”