News Archive
29.08.2010Developers kick up a stink
Developers kick up a stink over hints that cap on council levies will be lifted
PROPERTY developers have slammed the state government for showing signs of caving in to demands from councils to allow development levies to be raised above a $20,000 cap.
In meetings with local government and developer lobby groups this week, the government outlined proposals aimed at kick-starting d...
More 29.08.2010Economic recovery goes private
THE economy has dodged a bullet. Private sector construction has risen faster than government-funded construction for the first time since the economic stimulus measures were put in place to fight the financial crisis.
Bureau of Statistics data show private construction work rose 4.9 per cent in the June quarter as public work inched ahead a mere 0.4 per cent after a 37 per cent surge in th...
More 28.08.2010Rate rise unlikely
Rate rise 'unlikely' despite firmer data
Higher than expected construction data on Wednesday has increased the chance of a strong economic growth reading next week, economists say.
However, a strengthening economy - if borne out in next Wednesday's second quarter gross domestic product numbers - won't be enough to convince the Reserve Bank of Australia (RBA) to lift interest rates, they...
More 26.08.2010Impact of election on property
Spring property market seen delayed by political stalemate
The drawn-out political wrangle to form the next federal government looks set to affect the nation's real estate market, delaying the start of the key spring auction season and adding further pressure on house prices.
Election officials say the country may have to wait until at least the end of next week before the final make-up o...
Spring heat wave...?
Property investors holding out for spring heat wave
Warmer weather will combine with other favourable conditions to fuel the appetites of potential property investors, according to Australia’s largest independently-owned mortgage broker.
The latest ABS housing finance report saw the value of investment housing loans drop for the first time in four months in June 2010 by a seasonally adjus...
More 24.08.2010Advice for investors
Property investors, ignore investment criteria at your peril
Most Australians regard their family home as a major part of their personal wealth. Many also see it as an investment although few apply investment criteria when it comes to buying a home.
Perhaps they should, reckons AMP Capital Investors economist and investment strategist Shane Oliver, particularly criteria that allows...
Tender prices for construction predicted to rise
MELBOURNE'S strong construction market, which has bucked the national trend, is set to push up local tender prices in the year ahead, particularly in the industrial sector, research shows.
Property consultant Rider Levett Bucknall (RLB) has forecast that tender prices in Melbourne will rise 3-4 per cent this year due to new projects coming on to the market, particularly in retail.
Adela...
Developers beware…
Developers beware… of your marketing agents advertising!
The Supreme Court of New South Wales has ruled that the buyers of an off-the-plan property were entitled to a rescission of their contract and a deposit refund because the estate agent for the developer engaged in misleading and deceptive conduct. These inexperienced investor-buyers had relied on baseless representations in newspaper ad...
Housing affordability sinks as rates bite
Housing affordability sank to a year-and-a-half low in the June quarter as interest rate rises and price increases put residential property out of reach of first time buyers.
The Housing Industry Association-Commonwealth Bank housing affordability index dropped 9.1 per cent to 108.3 in the June quarter from 118.8 in the March quarter, the lowest since September 2008.
“There has been...
More 17.08.2010Councils 'slow down' applications
Eight councils face claims they slowed down applications
PRIVATE certifiers have accused at least eight NSW councils of misusing their regulatory powers by slowing down the assessment of development applications if the councils were not appointed to issue the construction certificate.
People lodging a development application have had the right since 1998 to choose the council or a privat...
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