Migration surge drives housing markets and economies by Andrew Wilson, 23 December 2016.
Net migration is a key short term driver of new housing demand and general housing market activity with latest ABS population data revealing continuing strong results for both Victoria and New South Wales. The sum of net overseas and net interstate migration for each of the states and territories reveals a disparity of results that clearly reflects the performance of local economies as well as capital city housing markets. Victoria remains the clear leader for net overall migration with a total 81,706 arrivals over the year ending June 2016. Next highest was NSW with 59,812 followed by Queensland 31,600, Western Australia 5,937, South Australia 2,765, ACT 1431 and Tasmania 1185. The Northern Territory recorded a net loss of migration over the year.
Skinny digs: Thin is in for property by Sue Williams 9 December 2016
Space or place? Spiralling property prices are forcing people to choose between large houses further out in the suburbs, or smaller homes closer to the city. For an increasing number, it is a simple pick: skinny digs have it over plump pads. "Living in smaller spaces closer to amenity is a worldwide trend that we're seeing more and more in Sydney", Savills national head of research Tony Crabb says. "While we often say the minimum space people should live in here is 65 square metres, there are now plenty of people living happily in 45, 28, even 20 square metres. It is about changing nature of lifestyles. Connectivity means we can work from anywhere on the move, the house becomes more just a place to sleep, access to parks, to food and beverage outlets and entertainment outside our dwellings is much more important.
New Apartments in Sydney sell like hotcakes despite RBA's glut warning by Su-Lin Tan, 16 October 2016
New apartment sales in Sydney soared on the weekend despite the Reserve Bank warning on Friday about the risk of a glut in Sydney, Brisbane and Melbourne. There was no cooling in sight for established homes either, as Sydney and Melbourne auction markets hit the 80 percent mark. The long queues for new apartments- a regular occurrence at the peak of the boom in 2014 and 2015- returned to developer Golden Age's launch of its 408 unit Park One project in Macquarie Park, 18 kilometres north of the Sydney CBD. The developer said 230 first stage apartments sold out on Saturday, and buyers put down a $5,000 booking deposit. Eighty percent were sold to local buyers- mostly Chinese Australians and residents- and 20 percent to overseas buyers in China, Singapore, Canada and Malaysia.
Steady price growth triggers resale frenzy for off the plan apartments in Sydney by Sue Williams Domain Reporter 6 October 2016
Buyers of some off the plan Sydney apartments are cashing in big time by selling before settlement after steep rises in values during the construction period. They are making 40 per cent of their original purchase price on the speculator strategy known in the industry as "Pick 'n' Flick" or "Flipping". "We have seen the value of some off the plan apartments rise between 25 and 40 per cent since they were bought three years ago, particularly in the CBD, eastern suburbs, inner west, and on the north shore, often within a seven kilometre ring of the city", says Ian Bennett, director of project marketing residential at Colliers International.
What to know about buying off-the-plan by Erin Delahunty, 29 September 2016.
Purchasing property off-the-plan can be daunting but there are good deals to be had, according to experts. John Meagher, managing director of 360 Property Group, the largest privately owned residential project marketing agency in Australia, and Rich Harvey, president of the Real Estate Buyers Agents Association (REBAA), agree not all off the plan projects are created equal. They say separating the good from the bad takes a little know how and a lot of legwork. Harvey, who heads up the country's largest independent alliance of buyers agents, who act on behalf in property transactions, says to use an REBAA accredited buyer. This means that the professional must adhere to a strict code of ethics and put the buyers interest first.
Meagher says it comes down to research, market intelligence and good advice. The pair offered their top tips and how to buy well off-the-plan.
Homes with water views hit the market at prices under $400,000 By Aidan Devine, News Corp Australia Network, 28 September 2016
Buying a Sydney home with ocean views for under $400,000 may seem like an impossible task in today's property market - but these property deals still exist in some city pockets. Recent sales records show an array of apartments with water views have sold for as little as $310,000 in parts of the Central Coast, although all are about a 90 minute commute from the CBD. Current listings include a two-bedroom unit in The Entrance that overlooks the beach, which is for sale with a price guide of $360,000 to $396,000. Another two -bedroom unit on nearby Coral St also has water views and is for sale with a guide of $280,000 to $309,000. Similar sales have included a one-bedroom unit with direct access to Wamberal Beach which recently sold for $385,000.
The Secret to off-market sale opportunities By Nicola Thompson, 25 September 2016.
off-market opportunities might be rare but they do actually exist. And they are considered real estate investment nirvana if you can find them. There are myriad reasons why vendors sometimes choose to sell their properties off-market. They may not want the hassle of open homes, they may want to protect their privacy of they may want a quick sale with minimum fuss. It's usually vendors who suggest selling their properties off-market because sales agents prefer competition, and promotion, that comes with a normal campaign.
So when faced with an off-market listing, agents usually want to offload the property as seemlessly as possible. But this often means dealing with established industry networks and not a regular buyer or investor at all.
Why Chinese property buyers are so interested in Australia by Christina Zhou, Domain reporter 23 September 2016
The pull of Australia's lifestyle and education system are not the only reasons Chinese buyers are heading here - there are also factors pushing people and their dollars thousands of kilometres from home. China's former one-child policy and their highly pressurised education system are driving interest to Australia, according to an RMIT study. The former ploicy created a doubled up effect of wealth created and accumulated by the first generation when it was inherited by the second generation, RMIT associate lecturer Peng Wong said. Both families of the first generation had one child, and the two children of those families married and formed their own household, he said.
"This young family inherits the wealth from the two families, who have accumulated substantial wealth due to economic growth in China," he said. The phenomenon led to enormous wealth liquidity among young Chinese families, which was available to be invested both locally and internationally, according to Mr Wong and David Higgins study.
Developers to customise high-end apartments by Alice Bradley 22 September 2016.
When purchasing a new apartment, buyers expect to be given a choice on the colour scheme but what if the options on offer could be expanded further? Brisbane based developers are now offering buyers the opportunity to work with architects to modify elements of apartment floor plans to suit specific style and taste. Usually in the 1 to 5 million dollar range, these flexible apartments allow buyers to have personal touches added to the property before they move in.
The Astoria apartments, by Reed Property Group on the Gold Coast, are being built with a neutral central space that can be redesigned as a wine cellar, bar or library.
Designer kitchens key in selling top-end homes by Sue Williams, Domain reporter, 21 September 2016.
You don't need to be a masterchef to appreciate a good kitchen in a presitge property. "These days, the kitchen is back to being the focal point of a family home," says Ray White agent Nic Yates, who selling our featured house in Sydney's Mosman, with its magnificent three-month-old kitchen. It's the place where everyone likes to hang out. "And a great kitchen can provide the X-factor of any prestige home. Great kitchens really do sell homes."
The top must-haves of fabulous kitchens now are elements like a concealed butler's pantry - a second kitchen where all the real work, and mess, takes place- custom made cabinetry, marble or natural stone benchtops and definitely still islands.
Turning a negative location into a positive by Erin Delahunty 19 September 2016.
A building site next door, a busy road nearby or a train station within earshot are potential turn-offs for buyers don't have to spell disaster for a property sale. Samantha Payne, licensee and director at LJ Hooker Subiaco in Perth, says vendors, with the help of their agent, can overcome a property's negative aspects using a combination of tactics. Payne, the vice president of the Australian chapter of the International Real Estate Federation, says development in an area should be promoted, not talked down, when marketing a property for sale. It's about flipping a perceived negative into a positive.
Construction, roadworks, new transport infrastructure and facility upgrades equal progress and in the long run, a more desirable place to live and invest, Payne says.
Sellers' Boot Camp: Be market ready in four weeks, By Erin Delahunty 1 September 2016.
Spring begins today and home owners looking to sell during this traditionally busy season need to ensure their property is market ready. one of the best-known names in real estate, Greville Pabst - the executive chairman of WBP Property Group, with 30 years experience as a valuer and agent, is the perfect drill sergeant for a four-week sellers' boot camp.
West Connex style losses feared over new forced strata sales by Jimmy Thomson Flat Chat Columnist
Apartment owners forced to sell their units under new strata laws could lose hundreds of thousands of dollars in a controversial West Connex style value gap, it has been claimed.
Shadow Minister for strata issues Yasmin Catley says home owners should be given what they would have accepted if they had willingly sold, and has accused the government of covering up its true intentions with "obfuscation and spin".
Ms Catley says civil servants had prepared detailed answers to 20 questions she tabled in Parliament about forced strata sales, only to get a "read my speech" response from Innovation and Better Regulation Victor Dominello.
The five apartment building problems that can cost buyers dearly: By Nicole Frost, Sydney Morning Herald 1 September 2016.
Buying an apartment isn't just about assessing the view from the balcony- there is also a question of whether or not the building is in good nick. A Griffith university study revealed last year poor building quality and construction issues were two of the biggest concerns for apartment owners, and it pays to check out the building quality before you buy.
Minor issues like faulty fixtures can be vexing to the resident or new tenant, but bigger building defects such as poor waterproofing can wind up costing the buyer a lot of money.
No stopping property prices as strong Sydney auction market lifts off for spring. By Dr Andrew Wilson
The red-hot Sydney housing market celebrated the official start of the spring selling season with yet another strong auction result as price growth re-emerges in the city.
Sydney recorded a clearance rate of 80 percent on Saturday, which was marginally lower than the previous weekend's 80.7%. But it remains significantly higher than the 75.1% percent recorded over the same weekend last year.
Sydney has now recorded four consecutive weekends with clearance rates at or above 80 percent, with the local market performing at its highest level since July last year.
Home prices continue to strong rise in Sydney, Melbourne; fall in Perth, Darwin. By ABC business reporter Michael Janda.
1 September 2016
Australia's east coast housing boom has continued, with CoreLogic data showing a 1.1 percent rise in home prices across the nation's capitals in August, driven by Sydney and Melbourne.
Over the past year, the August move takes the combined capital cities' gain to 7 percent, again led by Sydney and Melbourne with rises above 9 percent.
However, this home price inflation was much lower that at the same point last year, when CoreLogic's head of research Tim Lawless said the boom was at its peak.
Parramatta needs to be double the size by 2035, but there's a hitch, expert warns. By Jennifer Duke.
29 August 2016.
Taking pressure off Sydney's congested city by re-focusing efforts on Parramatta might not be smooth sailing, with many commuters not wanting to work outside of the CBD, a planning firm confirms.
Parramatta has been heralded as Sydney's second CBD with everything from the Powerhouse Museum to government jobs moving to this western Sydney hub, but people aren't necessarily eager to work there, a survey of 500 people shows. The most common response was "probably not".
Get Set for a Bumper Season By: Rachel Packham, domain writer
25 August 2016.
Don't let this weekends sib-zero temperatures and frost fool you. It's the last weekend of winter and spring is just days away. Low interest rates and a fresh batch of properties hitting the market are a match made in heaven for the upcoming season.
The market continued to make positive gains and there were a lot of active buyers and sellers in the market despite the election period.