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Find the latest property, housing, financing & real estate news and headlines in the Australian Real Estate market from real estate agents and industry experts on Top4 News.
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Sunshine Coast rental crisis brewing as prices skyrocket

Sunshine Coast rental crisis brewing as prices skyrocket | Real Estate Agents | Scoop.it

RENT is becoming so expensive on the Sunshine Coast that many low-income renters have a poor quality of life. That's according to Australia's first ever Rental Affordability Index, which was released today.


It found the Sunshine Coast to be less affordable for low-income earners than the Queensland average for regional areas. However, low-income earners would struggle to cover living costs on top of rent, the authors say.


Low-income earners who worked in the Coast's most popular towns - its cleaners and hospitality staff, for example - tended to live elsewhere and commute to work, he said.

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Rental crisis ‘worse than ever expected’

Rental crisis ‘worse than ever expected’ | Real Estate Agents | Scoop.it

SYDNEY is in the midst of a rental affordability crisis that is driving families to spend up to two thirds of their income on rent — or in some cases, out of their homes altogether.


A rental affordability index released today reveals rental stress is “worse than ever expected” and poses a threat for a generation of young Australians who may not be able to buy or rent a home unless a national strategy is developed.


The index, created by National Shelter, Community Sector Banking and SGS Economics & Planning, showed Sydney’s low income households “are being hammered beyond belief” and modest income households are “hard up” and have little disposable income.

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Melbourne property to overtake Sydney in 2016

Melbourne property to overtake Sydney in 2016 | Real Estate Agents | Scoop.it

The smaller housing boom in Melbourne has led to the capital city preserving its values better than Sydney, which is headed for a definite cooling.


Listings in Melbourne showed its tenacity by holding similar numbers to the week before, while Sydney's listings fell. Sydney's preliminary rate was 59.3 per cent, the third week in a row the city has recorded below 60 per cent and the lowest since February 2013.


Mr Christopher who correctly predicted the size of the recent boom had predicted the Melbourne market will continue to rise to double digit growth in 2016 but Sydney will maintain in a 4 to 9 per cent range.


Even though auction listings have fallen, private treaty sales remained high, Mr Christopher added.

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The Rise of Interstate Property Investment

The Rise of Interstate Property Investment | Real Estate Agents | Scoop.it

Expensive property prices in Sydney have ushered in the return of interstate investing. A growing wave of ‘interstaters’ are seeking affordable investment opportunities outside of costlier markets.


It’s not just expensive property prices that are a problem either. The higher cost of taking on investment loans is making things more difficult. Banks have jacked up interest rates on investor loans this past year. And the effects have become more apparent recently. In September alone investor lending fell by 8.5%. Not since 2007 has monthly lending declined by as much.


Most people look for value where they can find it. Whether that’s through rental yields or capital growth is irrelevant. But there needs to be some upside.

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Commercial real estate market on the up

Commercial real estate market on the up | Real Estate Agents | Scoop.it

Commercial real estate is tipped to boom in Sydney and Melbourne for at least another year. Results from an Australian Property Institute's survey show Sydney and Melbourne's commercial property markets hit their peak by 2017.


The residential market on the other hand is showing signs of a slow down, with house price growth easing and auction clearance rates falling. Some economists and analysts are saying Australia's housing price boom has hit its peak, which is making investors tread with caution.


The survey, which asks valuers, funds managers, property analysts and property financiers about their expectations for the commercial real estate market, found most believed that rents will rise in the next year in Sydney and Melbourne.

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Wide appeal draws buyers to Craigieburn

Wide appeal draws buyers to Craigieburn | Real Estate Agents | Scoop.it

THE broad range of property available in Craigieburn is helping propel the market, local agents believe. Khaled Khaled, of YPA Craigieburn, said the area’s property market was drawing in a significant number of buyers.


While spring is usually a strong buyers’ market, Mr Khaled said this year was bucking the trend.


"The only problem we have now is that we don’t have enough stock to meet the demand. Everybody has more buyers than sellers at the moment. There is a strong demand for properties across the board.” he said.

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Chinese interest in Australian properties to continue despite a short-term lull

Chinese interest in Australian properties to continue despite a short-term lull | Real Estate Agents | Scoop.it

Chinese buyers "are taking stock but they are not putting the brakes on. It is simply a deferral," say Hong Kong agents.


The number of Chinese investing in Australian property will not decline but the pace of their investments will slow, say property experts. The structural changes and slowdown in the Chinese economy, Beijing's tough stance on corruption and capital control, and fewer cheap deals, are forcing the Chinese to rethink the timing of their investments in Australia, Savills and JLL in Hong Kong said.


In 2013-14, China overtook the United States as the largest foreign investor in Australia at $27.7 billion, said the Foreign Investment Review Board. Property investments accounted for nearly half of that at $12.4 billion. But a recent note by Credit Suisse's analysts Damien Boey and Hasan Tevfik said Chinese demand for global property, including Australia, had fallen in 2015.

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Housing market cools as property investor lending suffers largest fall in 7 years

Housing market cools as property investor lending suffers largest fall in 7 years | Real Estate Agents | Scoop.it

The campaign by financial regulators to take the heat out of property investment appears to be working, with investor mortgages tumbling by 8.5 per cent.


Despite a better than expected rise in financing for owner-occupied dwellings — up 3 per cent in September — the rapidly cooling investor market saw the total value of housing finance slip 1.6 per cent.


The number of owner occupied housing approvals rose by 2 per cent, ahead of the market's expectation of a flat result.

However, that result was tempered by the August figures suffering a significant downgrading from 2.9 per cent growth to 1.9 per cent.


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Developers grab land as market cools

Developers grab land as market cools | Real Estate Agents | Scoop.it

Large properties in Glen Waverley and Mt Waverley are continuing to attract big money despite the Monash market cooling a little in recent weeks. About four bidders pushed the 945sq m property at 35 Lincoln Ave, Glen Waverley, to $2.51 million at auction on November 7.


The vendor, also a developer, bought the property for $1.155 million in September 2013 but had not done any work to it. The vendor and agency were pleased with the result given the market had been quieter in the past few weeks, Ms Jewell said.


“We are very happy with the price, so we are hoping the market will continue like this,” she said.

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Sydney's high-end property market continues high-end performance

Sydney's high-end property market continues high-end performance | Real Estate Agents | Scoop.it

Sydney is once again a standout global city for value growth in its prime residential real estate market, according to the latest Prime Global Cities Index from Knight Frank.


Australia’s Harbour City saw a three-month increase of 3.6% and 12-month increase of 13.7% – one of only three cities, along with Vancouver and Shanghai, to record a double-digit annual price increase.


The index notes that “the weak Australian dollar, an undersupply of new homes and a strong local economy are behind Sydney’s accelerating prices”.

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Buyers still seeking out beach lifestyle

Buyers still seeking out beach lifestyle | Real Estate Agents | Scoop.it

JUST 18km north of the CBD, the exclusive enclave of Watermans Bay has topped the metropolitan coastal suburbs for median house price growth in the past three years.


“Properties in Watermans Bay are walking distance to a beautiful bay and beach, as well as six very good cafes and restaurants. It could be best described as a boutique coastal suburb because of its relatively small population. This has also added to its overall appeal. The suburb is attracting high net worth buyers with many large new homes constructed in Watermans Bay over recent years," Peard Real Estate chief Peter Peard said.


“This is now creating a unique opportunity for astute buyers to upgrade into these coastal suburbs, which over time deliver high capital growth due to the strong focus on lifestyle in the Perth property market." Acton chief executive Travis Coleman said.

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New protections for off-the-plan buyers now in effect

New protections for off-the-plan buyers now in effect | Real Estate Agents | Scoop.it

Off-the-plan property buyers are to be protected from Monday against developers cancelling contracts under the sunset clause without good reason and then re-selling their homes for much higher prices.


“There is a great deal of community concern about developments being intentionally delayed so that off the plan contracts can be terminated under a sunset clause,” said Mr Dominello. “Developers are now on notice that any unscrupulous behaviour will not be tolerated."


Strata lawyer Stephen Goddard, who is also chair of the apartment-owners peak group, the Owners Corporation Network, has also welcomed the changes.


“They’re better than the system we have at the moment and I think they’re as good as we’re going to get. I think the changes strike the right balance between protecting the consumer and enabling urban renewal through the building of new apartments that are sold off the plan. For now, this is good, and we’ll see what happens next.”” he says.

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Buyers advised to beware when buying off the plan

Buyers advised to beware when buying off the plan | Real Estate Agents | Scoop.it

There are a number of ways that some real estate developers are taking advantage - tearing up contracts, removing bedrooms and reducing the size significantly.


The Australian real estate market is hot - and there is a boom in people purchasing straight off the plan.


With billions of dollars in developments proposed or underway, there are developers keen to make some big money.


"The first option is to say only the purchaser will have the right to rescind in an upward market. The second option is: if the vendor chooses to rescind, then they've got to pay compensation to the purchaser in the event that they onsell the property for a higher price."


"When youre buying off the plan, you're buying a risk. The market might go up it might go down, you don't know what's going to happen in the development process. So it's absolutely critical that you get good legal advice before you buy off the plan," Mr Dominelli said.

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Suburbs that most renters are under housing stress

Suburbs that most renters are under housing stress | Real Estate Agents | Scoop.it

RENTERS on average wages are being forced out of Australia’s inner cities and are facing housing stress, according to a new report released today.


According to Australia’s first Rental Affordability Index, suburbs once considered to be inexpensive are now out of reach to many renters. With average households spending 28 per cent of their wage packets, Sydneysiders were under the most stress nationally, with people living in Perth and Brisbane spending the smallest proportion of their income on rent.


The report, produced by Community Sector Banking, listed the most and least affordable suburbs across Australia’s major urban centres. It found that the exclusive Sydney eastern suburb of Darling Point was the most expensive, while Bateman in Perth and Victoria’s Melton were easiest on the pocket.

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Commercial property has its best 12 months since the GFC

Commercial property has its best 12 months since the GFC | Real Estate Agents | Scoop.it

Australian commercial properties, the office towers, shopping centres, logistics facilities and hotels, have just delivered the best total return – income and capital growth – since the heady pre-GFC days of 2008.


The average of the total return for the 12 months to September 30 was 12 per cent, based on a 6.9 per income return and 4.8 per cent capital growth, according to the PCA/IPD Australia Property Index which covers $151 billion in assets and is now produced by MSCI.


Office property was the big improver, and industrial facilities showed the best total return, but the real stars were hotels, with a 14.2 per cent total return, and the small healthcare sector at 18.6 per cent.

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Prices come off the boil in Sydney’s south east

Prices come off the boil in Sydney’s south east | Real Estate Agents | Scoop.it

The property market in Sydney’s south east may be coming off the boil with median prices in some suburbs seeing a slight drop over the past three months. South Coogee, Coogee and Kensington have all see small drops in house prices while Matraville has experienced a fall in median unit prices.


Both Mr Bo and Mr Vincent said the growth that Sydney had seen during the three year boom could never have sustained itself. However Mr Vincent said there was no need for sellers to lose confidence in the market.


“Interest rates are still very low, most people have a reason for buying and selling and there’s always underlying demand, I don’t expect there to be sharp drop in prices." he said.

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Finding a home to rent just got easier

Finding a home to rent just got easier | Real Estate Agents | Scoop.it

FINDING a rental property became a little bit easier with new figures revealing vacancy rates rose slightly during the past 12 months. Nationally the vacancy rate is now 2.3 per cent based on 70,827 vacancies according to SQM Research.


Vacancies increased in most capital cities, except for Sydney and Canberra where they fell. In Darwin and Perth the number of vacant rental properties continued to “soar’’ with vacancies up 64 per cent in Perth and 75 per cent in Darwin in the past 12 months - although both capital cities have a low rental pool.


SQM Research managing director Louis Christopher said the figures showed how dramatically some capital cities had been affected by the mining downturn.

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Snapped up: homes that sell fast

Snapped up: homes that sell fast | Real Estate Agents | Scoop.it

With its hot sellers’ market in play, Sydney is the leading capital when it comes to speedy sales, according to figures from RP Data Core Logic. It takes only 26 days on average to sell a house in the harbour city, compared to 32 days in Melbourne, 43 days in Canberra and 49 days in Brisbane.


But the fastest selling property in the country can be found in Sydney’s west. Villas in Cranebrook, which is 65km west of the CBD, have an average time on market of just 10 days.


But while a quick turnaround for the vendor might look good on paper. Hugh Francis, director of the Ferntree Gully agency of Schroeder & Wallis, said too fast could be a problem.


“I generally don’t like to sell faster than a couple of weeks because I think you’re just not doing the house or the owners justice. Some agents might be pleased about selling quickly, but I think that the first offer isn’t always the best offer,” he said.

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Greenland Australia’s Omnia development launched

Greenland Australia’s Omnia development launched | Real Estate Agents | Scoop.it

CASHED-UP buyers bought more than $120 million worth of off-the-plan apartments at a new $300 million project in Potts Point today.


By midday, 70 per cent of homes at Greenland Australia’s Omnia development were sold, including a three-bedroom penthouse selling for $11 million.


Amenities include community gardens, BBQ areas, a resident’s wine room and lounge, as well as a 24-hour concierge services. Work begins in the first quarter of next year and Omnia is due to be completed in early-2018.

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Home buying hacks to know right now

Home buying hacks to know right now | Real Estate Agents | Scoop.it

Make them an offer they can’t refuse. But it had better be an offer you can afford because negotiating the purchase of your first property will probably be the most expensive and nailbiting deal of your life.


Patrick Nolan, head of home loans at broker ME said while some of us are natural hagglers willing to play the game, others break into shivers at the thought of trying to get a discount. Nicole Jacobs, buyer’s advocate by day and a judge on The Block by night, said homes that don’t sell soon are going to linger over the Christmas and holiday period.


“Don’t be fooled though, there are plenty of buyers and things are selling, but it is definitely a much better time to be getting into the market if you’re a first-home buyer. As we come to the end of the year, and the beginning of the new year, you’ll be able to have your pick from stock that’s been around a little longer than usual,” Simon Cohen, managing director of Cohen Handler buyer’s agents in Sydney said.

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How Small Businesses Drive Up Property Values

How Small Businesses Drive Up Property Values | Real Estate Agents | Scoop.it

Small businesses are driving up the median house price in Australia, with almost half of potential buyers willing to spend up to $30,000 more to be near a local shopping village.

The findings in a report commissioned by American Express as part of Shop Small Australia month, show 47 per cent of the 17 per cent of Australians currently in the market to buy a home would invest an additional 4.4 per cent -- or $30,486 -- to be near a cluster of local shops. Byron Rose, from real estate firm Rose & Jones in Sydney, said the figures showed that small business did contribute to driving up property prices in surrounding areas.


"Despite auction clearance rates slowing and interest rates at record lows, if you compared house prices from a community with the average number of small businesses (375) with one which had twice this amount, the estimated median house price in the latter would be 10 per cent higher," he said.

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Chinese investors turn to Canberra real estate

Chinese investors turn to Canberra real estate | Real Estate Agents | Scoop.it

Sydney and Melbourne have seen a boom in Chinese investment over recent years. But real estate companies have described a recent growth in interest from wealthy Chinese buyers in Canberra suburbs such as Gungahlin and Lawson.


Developer Tony Pan said he grew to love Canberra through studying at the Australian National University and decided to become an Australian citizen.


"Investment is a very good thing, especially for a place like Canberra where it needs to grow, it needs more investment, it needs employment. We're not threatening anyone but we bring prosperity here. The more you invest, the more jobs you have, the more people will have a better life." he said.

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Rental market puts the squeeze on the Sunshine Coast

Rental market puts the squeeze on the Sunshine Coast | Real Estate Agents | Scoop.it

WHILE our Central Queensland neighbours are experiencing a decline, the Coast’s rental market remains tighter than ever.


Latest Real Estate Institute of Queensland data revealed the Sunshine Coast vacancy rate had narrowed from 1.6% to 1.3% in September. Caloundra and Noosa entered the sub-1% region, with vacancy rates of a mere 0.9% - the lowest in the state.


Ray White Maroochydore director and auctioneer Dan Sowden said he expected vacancy rates to soften slightly towards the back end of this year and next, with some affordable housing projects coming online. This would mean some renters making the jump into property ownership.

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Even foreign investors are struggling to afford Sydney prices

Even foreign investors are struggling to afford Sydney prices | Real Estate Agents | Scoop.it

The sustained price growth that has generated concerns about a socially damaging lack of access to home ownership for locals is having a similar effect on foreign investors, many of whom are limited to similar budgets, real estate agency PRD Nationwide says.


The Australian dollar’s 29 per cent decline against the yuan over the past three years has made real estate cheaper for investors, but the report makes clear that not even this has been sufficient to keep the majority of Chinese investors in the game in Sydney, where prices are significantly overvalued, investment bank UBS said last week.


The report knocks the widely held but inaccurate notion about the wealth of investors from China.

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Is it time to add value through renovations?

Is it time to add value through renovations? | Real Estate Agents | Scoop.it

Helen Collier-Kogtevs, director of property investment advisors Real Wealth Australia, said renovations can be a good way to add value to a property, but that investors should make sure they have their renovation planned out before picking up the tools.


“The purpose of your renovation is to create a more appealing home for tenants or buyers, and therefore make you more money. A real estate agent will be able to view your property with an objective eye and help you determine which key renovations would help the property rent or sell more easily. You’re not renovating for your own tastes. You may love a bright red wall, but remember that you are making improvements for the purpose of increasing the value of your investment, so keep to appealing colours and styles that suit the tastes of the market,” she said.

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