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7 simple ways to house 7 billion

Ivan Radford — 04/11/2011 11:10:00

Photo credit: 7 Billion Actions / JJelenBass

This week, the world population hit 7 billion. The number of people on the planet has doubled over the last 50 years and there are now 21 mega cities around the world housing 10 million or more. According to National Geographic, “7 billion people could fit shoulder-to-shoulder in Los Angeles”, but what if people want a home?

With 5 people born every second, and life expectancy on the up, the population is expected to reach 9 billion within 35 years. Where will they all live?

Here are 7 simple ways to house 7 billion people:

1. Live in space

Photo credit: Ken Banks

With space filling up on the ground, there's lot of room in space. A fixed home, or hotel, orbiting the Earth could house humans tired of crowded cities, while outer space has an unlimited capacity for new developments. As the race for space tourism takes off, living in space is looking like an increasingly sensible option. Inevitably, the Russians are already working on it.

2. Live in the sea

Photo credit: Andras Gyorfi / Seasteading Institute

Over 70 per cent of the Earth is made up of water. It seems silly not to build a home there. Indeed, The Seasteading Institute are an organisation dedicated to constructing offshore platforms to turn into island cities. Earlier this year, Paypal founder Peter Thiel was reported by many outlets to have invested in a flotilla near San Francisco’s coast, to be built next year. These reports were all incorrect, but Thiel has definitely donated money to the company. And as land space becomes limited, the tide may be turning for aquatic homes.

3. Live between buildings

Photo credit: Arch Daily / FastcoDesign

As buildings run out of spare rooms, why not live between them? In Poland, Jakub Szczeny is already trying. His Warsaw house is just 4 feet wide, with its thinnest point barely reaching 28 inches. Is it the thinnest house in The World? It’s certainly the narrowest in Poland, although it technically isn’t classified as a house; officially, the project is an art installation to avoid planning permission issues. Designed as a workspace for writer Etgar Keter, the property proves that there is always space if you look between the lines. Construction will be complete in December.

4. Live in cars

Photo credit: If It's Hip It's Here

In 2009, there were 50,000 homeless people in Los Angeles. 10 per cent of those lived in cars, according to Time magazine. But if the prospect of an illegal vehicle home holds no appeal and you can’t afford the $2 million trailer that Simon Cowell has been living in, this VW Beetle-inspired house (and restaurant) in Salzberg provides a trendy alternative for those keen on automotive accommodation.

5. Live in a tree

Photo credit: Webecoist / The Independent

For people looking to find space off the ground, living in trees could provide a green alternative. It’s not just the vertical forests under construction in Milan that offer forest-based accommodation: tree houses are located around the world, including this spiral staircased property in France, located in the Rambouillet Forest.

6. Live in mobile homes

Photo credit: Webecoist

Mobile homes are an increasingly viable option for densely populated areas. The flat-pack houses launched this year by The Tumbleweed Tiny House Company in the USA provide an affordable answer, with miniscule models available from just £61. Meanwhile, modular homes, such as Matti Suuronen’s ski cabin above, are flexible enough to be constructed anywhere in the world (even on cliff tops), making mobile living both a cost-effective and practical solution.

7. Live in Australia

Photo credit: Melody Tan

After Mongolia, Australia is the world’s least densely populated country, with just 6.4 people living per square mile. That’s a lot of space for new residents. And with an increasing number of expats returning back to the UK after moving Down Under, there’s even more room available. Given the main reason for Britons leaving Oz was boredom, though, outer space might be a more exciting option.

Where would you like to live?

Browse our extensive range of overseas property, which hasn't quite reached 7 billion houses yet:

http://www.themovechannel.com/property/all

Is Australia losing expat appeal?

Ivan Radford — 03/11/2011 11:44:00

Photo credit: JamesMellor

Australia is a popular destination for many British expats. Well-known for its high quality of life and boasting Melbourne, the World's Most Liveable City, Brits have been heading to Oz for years. But now an increasing number are returning to the UK. As Norway tops Down Under in the UN's index of Best Places to Live, is Australia losing its expat appeal? Is Oz not so wonderful after all?

Thousands of Britons seem to think so. Since 2005, 30,000 people have come back to the UK after moving to Australia, with 86,300 choosing to leave the country between 2009 and 2010. According to the University of York and Australia's Flinders University, many returned home because of boredom.

Analysing a web forum targeted at Australia's British community, researchers found that common themes among users included homesickness and a feeling of not belonging. One woman complained of Australia's "awful TV, heat, four-wheel-drives everywhere" and "macho culture". Another Briton enjoyed the familiarity of the UK after being away: "Coming back has been a bit like slipping into an old pair of shoes."

Australia dropped to second place in the UN's global rankings this week too, as Norway stole Oz's status as the best place in the world to live. The Scandinavian country's education attainment and income were both ranked higher than Australia's, officially replacing Down Under as the country with the highest quality of life.

And yet Australia continues to attract new arrivals. The country's booming economy and labour shortage make it an ideal destination for Brits out of work, with property prices remaining affordable. Mark Sharp, CEO of the Association of International Property Professionals, told Property Showrooms: "Now is a good time [to enter Australia's property market] when interest rates remain low and property prices are not rising as far as they were."

Indeed, the number of Brits wanting to head Down Under is actually on the up. 107,000 have moved to Australia in the last six years, and although 60 per cent have since returned, the Overseas Guides Company has seen a sharp rise in interest in Oz this year. Enquiries about Australia rose by an astonishing 160% in the third quarter of 2011, the OGC revealed this week.

"With the UK and most of the Eurozone teetering on the edge of another recession and employment opportunities depressingly low, younger Brits are understandably being attracted by opportunities of a new life down under," editor Richard Way commented to OPP.

So why do poms ping-pong back?

One of the researchers, Professor Roger Burrows, argues that it depends on the type of person. "Very local people" are considered most likely to return to the UK, often to spend time with their families and introduce children to their grandparents. But homesickness is not just restricted to expats abroad. "If they moved to another town in the UK they would have that sense of displacement and loss," Burrows adds.

Another interesting trend is for returnees to acquire Australian citizenship before leaving the country. "That way, when your duty to your children and grandparents is finally done you are free to go back to make your home in Australia," explained one Briton.

With some ping-pong poms pinging back to Oz, the pull of Australian property is clearly still strong. Norway may be a better place to live (scoring 0.94 out of 1 to Oz's 0.93), but Australian life expectancy is considerably higher and the quality of life is still one of the best in the world. "The UN gives Australia first place in its measure of 'non-income human development'', the Sydney Morning Herald confirmed.

Compared to the "old shoe" of the UK, it's no surprise that Brits still find Down Under a neat new fit. As demand continues to grow for Australian houses, the question isn't whether you want to move there, it's will you come back?

Interested in moving to Australia?

Browse our listings of houses, apartments and other property Down under:

http://australia.themovechannel.com/property/all/

Top 10 haunted houses in the world

Ivan Radford — 28/10/2011 12:07:00

Photo credit: mksfca

With Halloween on the horizon, property buyers should be wary of the history of any house they find. Homes with a horrific past could come with a lower price tag, while a regular haunting might even boost the value of a property investment. TheMoveChannel.com picks up its torch and looks into the dark recesses of international real estate to hunt some truly terrifying property.

Here are the top 10 haunted houses in The World:

Jamaica Inn, Bodmin Moor, Cornwall

Photo credit: Christopher

Jamaica Inn is well-known for its Daphne Du Maurier connection, but as well as giving the title to one of her books, this 250-year-old inn has a history of haunted happenings. Noises in the courtyard and a man who walks through the empty corridors at night are just some of the ghostly remnants of the pirates and smugglers who used to reside in Cornwall’s spooky public house.

The Amityville House, New York

Photo credit: Nitroglicerino

America’s most famous haunted house is that of Amityville fame. Featured in several films, Amityville's horror story dates back to a real murder in 1974, when the owner, Ronald DeFeo Jr., shot six members of his family. Since then, several instances of paranormal activity have been recorded at 112 Ocean Avenue. The Dutch Colonial home was listed for sale in May last year for $1.15 million.

Monte Cristo, Junee, New South Wales

Photo credit: Island home

Regarded as the most haunted property in Australia, Monte Cristo was first occupied by William Crawley in 1884. Following his death in 1910, his wife refused to leave the two-storey home for over 20 years. Locals who witness lights and apparitions are convinced that she is still there.

Brissac Castle, Loire Valley

This mansion, built in the 11th Century, took its name from The Duke Brissac, but is haunted by another former resident, Jacques de Breze. Jacques killed his wife and her lover, then quickly sold the house to escape her ghost, which returned to haunt him. It was rebuilt in the 1600s, but the castle retains its scary reputation.

Spadina House, Toronto

Photo credit: Grant MacDonald

Spadina House was constructed in 1866 by James Austin, a Canadian investor who wanted to own an impressive piece of luxury real estate. No tragedies or accidents have ever occurred here, but researchers and visitors have reported sightings of “something” on the historic manor's third floor...

Whaley House, California

Photo credit: Miss Shari

Whaley House is two-storey property in San Diego’s old town that now houses a museum. Situated on the site of a gallows, the home is now one of California’s most popular attractions. Apparitions of “Yankee Jim”, who was hanged there in 1852, a young girl and even Thomas Whaley himself have all led to the building's status as a haunted house, officially recognised by the United States Commerce Department in the 1960s.

Joelma Building, Sao Paulo

Photo credit: Fjara Beck

The Joelma Building in Sao Paulo, Brazil, was the site of a tragic fire in 1978, which claimed almost 200 lives. Ghosts of the victims are said to have haunted the skyscraper, which has since been rebuilt and renamed.

LaLaurie Mansion, New Orleans

Photo credit: Reading Tom>

This three-storey house has a particularly gruesome past. Dr. Louis LaLaurie and his wife moved there in 1832 and kept several slaves in the property, before it burned down in April 1834. Local residents were shocked to discover the charred remains of animals and chained humans after the fire, and screams and wailings were heard in the neighbourhood for years. In 2007, actor Nicolas Cage bought the private property for $3.5 million, but then lost it to bank foreclosure in 2009. No connection is thought to exist between the two.

50 Berkeley Square, London

Photo credit: James Stringera

50 Berkeley Square has a reputation for being the most haunted house in London. Built in the 18th Century, it is now occupied by an antiquarian book dealer, but legend says that the attic is visited by the ghost of a girl who once committed suicide there. In 1879, a man was challenged to stay there for one night. He was later found dead in the house, reportedly of fright.

5 Real Street, Bélmez de la Moraleda, Jaén

This Spanish home is famous for its kitchen, where a former owner once saw the faint outline of a human face on the floor. Subsequent excavation of the property uncovered other faces and outlines and, eventually, a collection of bones from a 13th Century graveyard. It was listed for sale on the market in 2004. Spookily, there are no pictures of the house available...

Not afraid of moving abroad?

Browse our listings of houses, apartments and other overseas property, all at terrifyingly low prices:

http://www.themovechannel.com/property/all

Down and out? Head Down Under

admin — 08/09/2011 12:13:00

Australia: a rosy career choice for Brits
Photo credit: kool_skatkat

Australia is promising thousands of jobs for British migrants, as the country faces a major labour shortage.

Speaking at a recent Working In Expo held in London, Western Australia’s Minister for Training and Workforce Development, Peter Collier MLC, argued that Brits should migrate to “God’s given country” and take advantage of the 150,000 jobs available.

The high chance of employment is great news for UK residents, as the unemployed population in England hits a five-year peak of 979,000.

"Western Australia comprises one third of Australia's entire land mass, larger than the whole of Europe, yet has just 10% of the population,” Collier explained. Despite having huge prospects for agriculture, construction, manufacturing and the automotive industry, appromixately £150 billion of investment opportunities are currently at stake because the local labour supply is simply “maxed out”, leaving a shortage of 150,000 skilled workers. Migrants from the UK are therefore being welcomed with open arms.

Oz's Mediterranean-style climate and outdoor lifestyle have been attracting British expats for some time. 1.2 million currently live Down Under, which makes the UK Australia's main source of migrants. Indeed, new figures from UK removals company Anglo Pacific International now rank Australia as the most popular foreign retirement hotspot, with 43 per cent of its customers moving to Australia in 2010.

With sunny career prospects on the cards, a move to Australia could be the answer for many UK homeowners struggling to secure an income. Collier concludes: "I have one unambiguous transparent message - you are welcome."

Interested in moving to Australia?

Browse our listings of houses, apartments and other Australian property:

http://australia.themovechannel.com/property/all

Melbourne is world’s most liveable city

admin — 30/08/2011 11:58:00

Photo credit: Kev Whelan

Melbourne is officially the world’s most liveable city, just above Vancouver and Vienna, according to the latest survey by the Economist Intelligence Unit.

The report, which takes into account living conditions, political stability, quality of health care, education and the environment, saw Melbourne knock the Canadian city off the number one spot for the first time in almost a decade. Vienna is ranked third.

Melbourne was placed above other Australian destinations in the top ten, including Sydney, Adelaide and Perth, beating the former winner Vancouver, which lost points based on its infrastructure.

The survey cites civil war in Libya and other tumultuous crises as responsible for the decline in some rankings, with Tripoli absent from the bottom ten for the first time ever. In its wake, quieter Australian cities with lower crime rates have risen up the table.

House prices in Melbourne also make Australia an attractive place to live, as property prices fell 4.4 per cent from a high last December. The reduction is a result of oversupply in the housing market, as 45 per cent more homes are available to buy than last year.

Vancouver, on the other hand, continues to see house prices rise. But an expected interest rate rise has been delayed until 2012 because of global financial concerns, which could keep buyers active for some time.

The ongoing Euro debt crisis has seen much of Europe lose favour with the EIU, but Vienna is now considered the third most liveable place in the world. The Austrian capital continues to attract a range of property purchasers, with approximately 40 per cent of its investment coming from countries that include Switzerland, Germany and the UK.

“It’s quite international,” describes one Vienna real estate firm to the New York Times, “because it’s becoming more and more well known and the prices are reasonable.”

The least liveable city in the world is Zimbabwe capital Harare, just above Dhaka in Bangladesh. Out of the 140 cities surveyed, London ranked 53rd.

Interested in living somewhere better?

Browse our listings of overseas property, including houses, apartments and villas in Vienna, Vancouver and Melbourne:

http://www.themovechannel.com/property/all/

Related stuff from around the web:

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Video: Visit Australia

admin — 22/11/2011 04:15:00

Australia is a country that is attracting an increasing number of British expats looking to relocate abroad. But what does Down Under have to offer overseas visitors?

Watch the Visit Australia tourist video on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/visit-australia/

Aussie developers should push for 15-day planning approval

admin — 21/11/2011 08:52:00

Australian developers who build into their plans proposals to overcome common residential problems such as privacy, overshadowing, height and setback should be allowed to win a fast track 15-day building approval says a new report out this week from Grattan Institute, called “Getting The Housing We Want.”

It currently takes more than six months for many Austrlian councils to process a typical residential planning application. The report also called for Melbourne's adversarial planning application system to be replaced with a universal housing code.

The Grattan Institute is also proposing that a think tank of architects, builders and planners should be set up in Australian to produce innovative designs.

Source: OPP

Melbourne hits 5 months housing supply high

admin — 18/11/2011 06:29:00

Australian residential property data specialist Monique Wakelin there is now “the equivalent of 5 months of supply on the Melbourne housing market.” This is almost double the long-term average of 3 months’ supply.

With interest rates falling, and stock levels high, Wakelin argues that the local market is about to start improving as buyers move in again.

Source: OPP.org.uk

Toni Collette buys new $6 million house in Sydney

admin — 18/11/2011 05:38:00

Toni Collette has bought a new Sydney property.

The Australian actress, who is best known for her roles in The United States of Tara and Muriel's Wedding, reportedly spent $6 million (£3.8 million) on the double-fronted, five-bedroom Victorian terrace in Paddington.

According to The Daily Telegraph, Collette and husband Dave Galafassi originally intended to renovate the Bronte house that they bought two years ago for $4.4 million (£2.8 million), but building quotes have blown out by millions of dollars.

The property was listed by estate agents as a "palatial", contemporary family home, "stunningly reinvented to embrace light". It is reported to have an open-plan living space, rooftop terrace, high ceilings, a courtyard and a marble kitchen.

Source: DigitalSpy.co.uk

Video: How will the November rate cut affect the property market in the lead up to Christmas?

admin — 17/11/2011 04:18:00

Australia's central bank cut the interest rate in November for the first time in 31 months. The reduction to 4.5 per cent (down 0.25 per cent) in response to global financial concerns has lowered mortgage payments for homeowners.

As the industry speculates about another quarter-percentage decrease in the near future, Australian broker John Symond shares his thoughts on how the November rate cut will affect the property market in the run-up to Christmas.

Watch the full video report at TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/how-will-the-november-rate-cut-affect-the-property-market-in-the-lead-up-to-christmas

Sydney spring surge as home buyers dive in

admin — 16/11/2011 10:29:00

Home buying in Sydney is increasing, with auction clearance rates rising and a surge in first-home buyer activity. Last weekend, 572 properties were listed for auction, the same number as the previous weekend and almost the same as the 588 listed for auction at the same weekend last year.

Preliminary auction clearance rates for last weekend are higher than the 54.9 per cent achieved both the weekend before and for the same weekend last year.

Of the 392 auctions reported last weekend, 252 were sold, an auction clearance rate of 57 per cent, the highest preliminary rate recorded for nearly a month.

The total value of properties sold was $219.7 million at an average value of $871,825 per property. The median value of houses sold was $889,250 and for units the median value was $605,000. The most expensive property reported sold at auction in Sydney last weekend was a three-bedroom house in Coogee that went for $2,115,000. The most affordable property sold at auction was a two-bedroom unit in Mount Druitt that went for $232,000.

Latest data from the Bureau of Statistics is also pointing to increased buying activity in the Sydney housing market. The number of owner-occupied home loans in NSW rose by 3.9 per cent over September. This is the sixth consecutive monthly rise in the number of home loans.

Source: Domain.com.au

Australia's commercial property sector 'slowing'

admin — 09/11/2011 07:47:00

The commercial property market in Australia is exhibiting signs of a slowdown, new data has revealed.

A survey carried out by the Royal Institution of Chartered Surveyors (Rics) covering the outlook for the Oceania region in the fourth quarter of 2011 recorded a slide in both tenant demand and investor sentiment.

However, the organisation noted that rental expectations for the final months of this year remained positive.

In its report, the institution stated that the figures "should be seen in the context of an extended period of strong economic growth and a healthy performance from the real estate sector".

Source: PropertyShowrooms.com

Video: South Australian real estate market report – November 2011

admin — 09/11/2011 04:51:00

Raine & Horne South Australia CEO Kevin Magee provides the latest monthly update of the South Australian property market.

For house prices, market trends and real estate news, watch the full report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/south-australian-real-estate-market-report-november-2011/

Video: Travel guide to Adelaide, Australia

admin — 09/11/2011 04:01:00

Adelaide, the capital city of South Australia, is Australia’s fifth largest city with a population of slightly over 1.28 million.

This coastal city is also located among the wine regions of McLaren Vale, Barossa Valley and Clare Valley, all situated within a daytrip of the city. What are the area's other attractions?

Watch the full video travel guide at TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/travel-guide-to-adelaide-australia/

Property prices in Australian capital cities still falling

admin — 07/11/2011 08:05:00

The average price of residential properties in Australian capital cities fell 1.2 per cent in the third quarter of 2011 compared with the previous quarter, the latest figures from the Australian Bureau of Statistics show.

Prices fell in all eight cities surveyed. The biggest declines were in Brisbane at 2.5 per cent, and the smallest was in Sydney at 0.2 per cent. Perth house prices declined by 1.3 per cent, Adelaide fell by 0.9 per cent, Canberra fell by 2 per cent, Hobart fell by 1 per cent per cent and Darwin fell by 0.4 per cent.

Year on year, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased 2.2 per cent. Darwin was down 4.4 per cent, Perth 4.2 per cent, Adelaide 3.2 per cent, Canberra 2.2 per cent, Melbourne 2.1 per cent, Sydney 0.3 per cent and Hobart 0.3 per cent.

Source: Property Wire

Video: The sustainable future of real estate

admin — 04/11/2011 04:43:00

Now is the time to consider the sustainable future of real estate, carbon change expert Patrick Dixon declared at the Total Real Estate Training conference this week.

The $40 trillion green tech revolution has an impact upon commercial property and residential property, and the longevity of buildings must be improved to reduce lifetime energy use. Energy savings can be found from heat pumps, better air conditioning systems and better boilers, but office block and factory design cab cgabge too, using new forms of concrete, zeobond and other materials.

Watch the full speech at TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/future-of-buildings-business-personal-life-sustainability-carbon-real-estate-energy-keynote/

Video: Bidding at auction

admin — 03/11/2011 04:36:00

In this special segment of Melbourne real estate program Melbourne property TV, experienced property adviser and advocate Sean Thomson of WBP Property Group teaches buyers how to bid at auction, highlighting the tactics professional bidders use to get the jump on their competition.

Watch the full video report at TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/mptv-bidding-at-auction/

Qantas resumes flights after bitter labour row

admin — 31/10/2011 07:47:00

Australia's Qantas re-launched passenger flights Monday, after a tribunal ordered an end to a destructive industrial dispute that grounded its fleet and sparked passenger and political fury.

The first Qantas commercial flight left Sydney for Jakarta with 88 passengers on board at 0441 GMT (12.41pm Singapore time), ending an extraordinary 46-hour shutdown that threatened to damage Australia's economy and the airline's brand.

"We have had over 10 flights take off now and we are hoping to clear the backlog of passengers in the next 24 to 48 hours," Qantas spokeswoman Sophia Connolly told AFP as the airline resumed limited service.

The shock grounding, announced Saturday by Qantas chief executive Alan Joyce, stranded 70,000 passengers in 22 cities worldwide, dramatically escalating a long-running feud with airline unions.

Source: Relax.com

Melbourne housing market 'could see price correction'

admin — 21/10/2011 07:05:00

The housing market in Melbourne is one of the most likely in the country to experience "a significant price correction", according to new research.

In the Macro Business Melbourne Housing Valuation Report, it is claimed that the residential property market fundamentals in the city are weak, for several reasons.

Among them are the low rental yields, higher-than-average house price growth and the large number of homes currently on the market.

The study also pointed out that Melbourne property prices are "relatively expensive on a price-to-income basis".

Source: PropertyShowrooms.com

Property demand strong

admin — 21/10/2011 06:51:00

The top end of the rural property market remains strong, despite several high-profile Riverina properties failing to sell last week.

But sales continue to be sluggish for the balance of farms in the sheep-wheat zones.

Riverina showpiece property Billabong Station, near Gundagai, was sold to an Australian buyer for an undisclosed price this week.

The 1785ha station, owned by Sydney businessman David Baffsky, was passed in at $8.7 million last week, and was expected to fetch $9-$10 million.

Source: WeeklyTimesNow.com.au

Phishing scammers raid real estate site

admin — 20/10/2011 07:28:00

Online property listing website, realestate.com.au has been hit by a phishing scam, with scammers posing as landlords offering rental properties to try to obtain personal details.

The scammers have infiltrated the accounts of real estate agents on the site and advertise properties for rent.

Once potential tenants contact the "landlord'', they are sent an email detailing the properties' attributes and giving advice on a quick way they can complete the deal.

Three different properties in Brisbane came with the exact same description stating the owner had lived there with their pet until last month but had to move to London for work and now wanted to rent it out.

Source: News.com.au

Oz housing costs pushing families to fringe

admin — 17/10/2011 10:46:00

Australian inner city housing is more affordable for singles and couples without children on incomes over $60,000 than it is for families on incomes of $100,000, a study shows.

Developers have twigged to this and have been busy transforming inner-city areas with an apartment boom as a result, the Australian Housing and Urban Research Institute study says.
The research into housing affordability found families with annual incomes less than $40,000 were forced out of buying a home altogether.

Those with incomes between $40,000 and $80,000 could only afford homes in the outer suburbs or growth areas, the study based on data from Adelaide and Melbourne found.

''Not until household income exceeded $100,000 was there much ability for families to purchase in the inner city and middle ring,'' the report, A New Lens on Housing Affordability and Market Behaviour, says.

And Australia's housing affordability problem was worse than expected, the study found. A very large proportion of households - 31 per cent - had little capacity to save or to buy beyond what they needed for a modest lifestyle after meeting housing costs. And 14 per cent suffered major financial and well-being pressures.

That lack of spending power had broader implications for the economy, not just housing.

''If we already thought it [affordability] was bad, it is actually worse,'' the report's co-author, Professor Terry Burke, of Swinburne University, said.

Renters, and more particularly the elderly, had the most severe affordability problem. Families with younger children under five also struggled, partly because some parents left the workforce to look after the children.

Source: Sydney Morning Herald

Sydney and Perth to see property price growth of 20% by 2014, investor sentiment to improve: Report

admin — 13/10/2011 07:40:00

Property prices are set to grow over the next few years, as consumer confidence rises in tune with a growing demand from Asia for Australian resources, according to a new report compiled by QBE Lenders Mortgage Insurance in conjunction with BIS Shrapnel.

The report also predicts that residential property investment is set to pick up after a disappointing few years, with Western Australia tipped as the state to record the biggest growth.

The report comes just a few days after separate research from Deutsche Bank noted the amount of investment in residential property has declined over the past year, partly due to the increase in maintenance costs and flattening prices.

The QMI report states that despite the current weak economic environment, delaying the recovery in first home buying, the outlook is positive with the group confident prices have reached their bottom.

Source: SmartCompany.com.au

Property is the right way to build your SMSF's assets

admin — 13/10/2011 06:53:00

IT is almost an understatement to say that superannuation auditor Chris Malkin is a strong believer in holding direct business and residential property in self-managed super funds.

Malkin's SMSF owns a two-storey office block and an inner-city apartment, accounting for almost 65 per cent of the fund's total asset value. Indeed, the fund had an even bigger exposure to property until recently when it sold a commercial building. The remainder of the fund is invested in listed shares and cash.

Malkin, head of superannuation auditing in Melbourne for accountancy and business consultancy WHK, says the sharp fall in share prices "absolutely" confirms that he made the right decision to heavily sell shares in the past couple of years to buy more property.

But as a partner responsible for signing off the annual audits of 3500 SMSFs, Malkin sees firsthand how some trustees run foul of superannuation laws and act against their own interests when making ill-advised property investments.

Source: TheAustralian.co.au

Australian Real Estate Prices Dip

admin — 12/10/2011 07:27:00

The national average of home prices slipped 2.4% in September in Australia, although the statistic belies regional fluctuations. Queensland and Victoria saw significant drops that managed to pull down the average even though prices in New South Wales and Western Australia made modest gains. Analysts believe the market will regain traction in September 2013, but that right now demand is waning due to high construction costs, tight credit restrictions, poor employment and the expectation of higher interest rates. Meanwhile, rental growth increased for the month, although expectations are low for continued growth moving forward. For more on this continue reading the following article from Property Wire.

Nationally property prices in Australia have weakened and are expected to fall more this year, dragged down by Victoria and Queensland, before recovering in 2012, according to analysts.

The National Australia Banks Residential Property Index fell to -14 points in September, down considerably from -5 points in June. However, the index conceals considerable variation among the states, with conditions identified as being much weaker in Queensland, Victoria and South Australian.

New South Wales and Western Australia bucked the national trend and managed to produce small index gains.

Source: NuWireInvestor.com

Video: Australian Housing Market Overview – October 2011

admin — 11/10/2011 04:43:00

Strong rental growth rates combined with slowing dwelling value declines have seen home owners realise positive ‘total return’ growth in August in Australia.

While national dwelling values fell by -0.4%, this was the smallest seasonally-adjusted decline since April 2011. Bucking the national trend, home values in Australia’s biggest city, Sydney, rose +0.4%. Including gross rents, Sydney dwellings have delivered a total 3.4% return in 2011 year-to-date.

Nationally, capital city dwellings also produced a +0.2% total return over 2011.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/10/australian-housing-market-overview-october-2011/

Video: Why Australia: Clean Energy

admin — 10/10/2011 05:57:00

As environmental issues become an increasing concern for the real estate industry, Australia offers many business and investment opportunities within clean energy and the environment.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/10/why-australia-clean-energy

'Many reasons' for Brits to move to Australia

admin — 03/10/2011 10:34:00

There are plenty of reasons why Britons could consider relocating and buying property in Australia.

This is according to Tom Blackett, a spokesman for the Australian Visa Bureau, who noted the country has everything that people love about the UK, but with much better weather.

He stated the country is among the most popular destinations for those who want to migrate, possibly because of the fact that it is "teeming with social, economic and lifestyle opportunities".

"On the whole, Australia offers a lifestyle that is healthy and rewarding," Mr Blackett observed.

Source: PropertyShowrooms.com

Australia announces pension reforms

admin — 29/09/2011 08:18:00

The Australian government has given final details of the reforms it has planned for Super – the country’s compulsory pension fund.

All of the measures are good news for the millions of Australian and foreign workers who qualify for a Super fund. But while some of the changes will be trickled out over the coming months, many of the most significant won’t take effect for years.

The latest announcement from the Gillard Government concerns the setting up of a new, low-cost default fund for those workers who haven’t specified a fund for their pension contributions. Many expats may have money tied up in default funds, as they are unaware of the investment choices available and are more concerned with their existing company pension scheme.

From October 2013 all employees must given access to MySuper, a low-cost default fund, which could slash the fees paid by up to 40 per cent, the government claims.

Source: Telegraph.co.uk

Sydney average house prices rise

admin — 26/09/2011 09:29:00

The latest research published by Savills shows that homes in Sydney have seen their values increase.

According to the firm, the average price of a dwelling in the New South Wales city in June rose by 1.6 per cent, with houses experiencing a boost of 3.4 per cent, compared to a year earlier.

However, the number of transactions taking place in the market over this period declined by 16.8 per cent for residential units as a whole and by 19 per cent for houses.

Savills noted that vacancy rates in the city remain very low at 1.5 per cent, citing the most recent data published by the Real Estate Institute of New South Wales.

Source: PropertyShowrooms.com

Spring in Australian property sales revealed at weekend auctions

admin — 21/09/2011 07:18:00

Property auction clearance rates have reached their highest level for more than three months suggesting that the slow Australian real estate market is picking up.

Auctions in Sydney, Melbourne, Brisbane and Adelaide had higher clearance rates than the previous weekend, although the national market remained relatively flat compared with this time last year.

According to Australian Property Monitors, 60% of the Sydney properties that went under the hammer at the weekend were sold, up from 51% on the first weekend of the month.

Melbourne recorded a similar result, with clearance rates reaching 57%, up from 52% the previous week.

Source: PropertyCommunity.com

Qantas strike to hit more than 6,000 passengers

admin — 20/09/2011 07:54:00

Australian carrier Qantas on Monday said it would cancel 28 flights and delay a further 27 due to a ground staff strike this week which would impact more than 6,000 passengers.

The strike will hit most of the major Australian airports during Tuesday's morning peak period, with 3,800 baggage handlers and other ground staff to walk off the job for four hours over stalled contract negotiations.

Qantas said it would cancel 28 flights and delay another 27 by up to 35 minutes due to the industrial action, which it hoped to tackle by deploying larger aircraft and using management staff in ground roles.

The airline could not immediately say whether any international services would be hit.

Source: Relax.com.sg

Australian housing shortage a myth, bears claim

admin — 13/09/2011 06:49:00

Australia, where home prices are falling at the fastest rate in more than two years, has a glut of properties and is set for a US-style crash, some experts say.

The warnings from tax-reform advocate David Collyer, commentator Kris Sayce and academic Steve Keen contrast with banks and developers that claim a shortage of about 200,000 homes will underpin prices. The housing bears say builders and lenders are pushing flawed government data to keep prices afloat in the English-speaking world’s costliest place to buy a home.

“It’s important for the government and banks to keep the myth of a shortage alive,” said Mr Sayce, editor of Melbourne-based online newsletter Money Morning Australia. “Without it, prices drop, and negative equity results in housing repossessions and insolvent banks.”

More than two-thirds of the government’s shortage estimate arises by including people who can’t afford housing, such as the homeless or those living in trailer parks, Mr Sayce said.

Source: SMH.com.au

Property values in Australian capitals fall

admin — 06/09/2011 08:22:00

House prices in Australia's capital cities dropped by 0.6 per cent in July, according to the latest figures in the RP Data-Rismark Home Value Index.

On an annual basis, a fall of 2.9 per cent was recorded, although in Sydney and Canberra, capital values rose by 0.5 per cent and 1.9 per cent respectively in the 12 months to July 2011.

Rismark's international economist Christopher Joye explained that the next interest rate decision by the Reserve Bank of Australia (RBA) could be crucial for the Australian real estate sector.

"If rates do remain on hold, or begin to fall, we would expect to see Australia's housing market find a base and begin to generate capital gains again," he stated.

Source: Property Showrooms

Asia Pacific world's cheapest for building property

admin — 05/09/2011 07:24:00

The Annual Construction Cost Comparison Report by EC Harris Research has revealed that countries throughout the Asia Pacific region have significantly lower building costs than their counterparts in The West, despite experiencing substantial economic growth.

Now in its seventh year, the report compares building costs per square metre in fifty six countries worldwide against construction costs in the South of England.

India and Sri Lanka have the lowest construction costs in the Asia Pacific region; 70% less than in the UK. China comes in next with building costs 55% lower than those in Britain.

And despite property prices booming in Hong Kong and Singapore over the last year, the two islands maintained their costs at 2010 levels; around 10% below those in the UK.

Source: OpenPR

Video: Qantas expanding into Asian marlet

admin — 18/08/2011 05:42:00

Qantas has announced plans to expand into Asia as the continent's aviation market continues to grow, ABC Business reports.

The Australian airline will be launching a new premium airline based in Asia as well as a budget Japan-based service called Jetstar Japan.

The announcement by Qantas follows predictions by the International Air Transport Association that the number of international flyers will increase from 952 million in 2009 to 1.3 billion passengers in 2014. The majority of these passengers are expected to come from China.

Details of the new airline services are still being finalised, but the company expect Jetstar Japan to begin flying by the end of next year.

Watch the full video report on TheMoveChannel.tv.

British grandmother 'will not be deported from Australia'

admin — 12/08/2011 06:30:00

Gladys Jefferson moved to Tasmania on a tourist visa from the Isle of Wight to be with her daughter, Bridget Grigg, after her memory began to fail 12 months ago.

But she was recently told that her application for a "contributory parent" visa, which allows parents to join their children in Australia provided they can support themselves financially, had been rejected.

Mrs Jefferson and her family believed she was about to be kicked out of the country. Mrs Grigg said that if her mother was deported she would have to sell her business and leave her own children to look after Mrs Jefferson in Britain.

However, Chris Bowen, the immigration minister, has said that is not the case.

Source: Telegraph.co.uk

Oz property prices fall for sixth month in a row

admin — 11/08/2011 06:47:00

The residential property market in Australia stood out like a safe beacon as those in the rest of the world slumped but now the real estate industry is suffering a slide.

Property prices in state capitals have fallen for the sixth straight month in a row amid warnings rising interest rates could accelerate the slide further and financial market volatility could also affect prices.

Nationally values fell 0.2% in June, according to the latest RP Data-Rismark Hedonic Home Value Index. This follows a fall of 0.3% in May, 0.4% in April and 0.5% in March.

House prices in Australia are considered to be too high, having risen sharply over recent decades amid easy credit conditions. Global investors are keeping a close eye on what many perceive is the Achilles heel of the economy.

Source: PropertyWire.com

Solar use in Sydney soars

admin — 09/08/2011 06:27:00

Beset by rising consumer energy prices, consumers in Sydney, Australia's most populous city, are looking to solar energy.

In 2010 the city introduced a solar bonus scheme, which was very popular in Sydney's more prosperous suburbs, with more than 14 percent of homes installing rooftop solar panels, compared with a New South Wales statewide average of about 3 percent.

Paul Myors is an energy efficiency specialist with Ausgrid, a state-owned electricity infrastructure company which owns, maintains and operates the electrical distribution networks to 1.6 million customers.

He said that the number of private dwellings with solar panels had increased from 2,000 18 months ago to 46,000 after the former New South Wales Labor government introduced a solar bonus rebate scheme.

Source: UPI.com

Life in a spectacular home for $1 a month

admin — 03/08/2011 06:26:00

In a property valued at $1,500 per week, a former Australian public servant is living for $1 per month.

James Thompson has been living in the sprawling publicly-owned house located in one of Sydney's most spectacular harbourside areas for the past six year, costing tax payers at least $1 million.

According to 7News, Thompson wakes up to one of the best views in Sydney, an unaffordable dream for most families.

“It is prime real estate, right on the habour. A waterfront exclusive,” Jodie Noll from LJ Hooker said.

Source: Emirates247.com

Australia plans $10 billion renewable energy investment

admin — 15/07/2011 06:31:00

Australian taxpayers will front the bill for what will be the biggest single investment in renewable energy ever. During negotiations of a new carbon price and diversion away from renewable energy subsidies, interests groups led by the country’s Greens and rural independents ensured that a significant potion of the investment be made into clean energy projects. The total $10 billion renewable energy investment will be carried out over a five-year period slated to begin 2013-2014.

The Australian government is forming a new Clean Energy Investment Corporation that will manage the public funds for renewable energy projects that otherwise could not acquire loans through traditional channels like banks. The corporation will be independently run by a board of directors.

Clean Energy Investment Corporation will make loans or take equity shares in projects with returns on investment being reinvested. The revenues will be split into two streams to appease both the Greens and Labor parties. The first will fund only renewable energy projects such as wind, solar and geothermal, while the second will make money available for hybrid vehicle purchase.

The company will also invest in manufacturing businesses that provide parts for renewable energy projects, such as wind turbine and solar cell manufacturers. However, no funds will be granted for carbon sequestration or clean coal initiatives.

Source: OilPrice.com

Australian housing's signs of life

admin — 12/07/2011 08:10:00

Another rise in home loans in May suggests Australia's housing market may be showing signs of recovery.

After three months of declines following floods in Queensland and Victoria, loan approvals rose 4.8 per cent in April and a further 4.4 per cent in May, to a total of 49,437 loans, according to the Australian Bureau of Statistics.

ANZ economist David Cannington said bank lending had returned to its highest in about two years, suggesting a recovery from the global financial crisis.

However, much of the growth in lending was in refinancing by borrowers, Mr Cannington said.

Source: SMH.com.au

Do interactive floor plans help sales?

admin — 07/07/2011 06:48:00

Since we first reported on interactive floor plans back in 2009, these tools have continued to evolve. To find out just how far the technology has progressed, we chatted to Nic Ingram, the creator of Australian interactive floor plan provider HomeImage.

According to Ingram, high-tech floor plans go a long way towards giving a listing web appeal. “I am constantly hearing from vendors and buyers alike how vital a quality floor plan is to the marketing appeal of a property,” she says. “It’s something that photos or videos alone can’t convey.”

HomeImage’s floor plans are full colour and allow users to drag and drop furniture into the plan itself. “Prospective buyers choose pieces of furniture from an extensive library of designs and then place them anywhere within the floor plan,” Ingram explains. “Once positioned they can change the size, colour and angle of each piece.”

“As well as potential buyers being able to furnish these plans, corresponding photos can be linked to exact positions on the plan and the location can be viewed with the inbuilt Google Maps and Google Street View facility,” Ingram adds. “The agent’s contact details with their logo can be attached, and then by clicking the 3D button, the plan will transform into a fully interactive three dimensional image that can be spun around and viewed from any angle.”

Source: PropertyAdGuru.com

Melbourne housing market subdued but stable

admin — 04/07/2011 11:52:00

Melbourne's housing market has been subdued this year with relatively low levels of buyer activity reflecting an apparent disconnection between buyer and seller price expectations.

Despite generally quiet market conditions, price growth for both houses and units has remained reasonably stable. Latest Australian Property Monitors data has revealed that the stratified median house price in Melbourne rose by 0.9 per cent over the May quarter 2011. This followed a 1.1 per cent rise in house prices over the April quarter 2011. Melbourne's median house price now stands at $558,525 but is still 1.4 per cent below the $566,313 recorded over the May quarter 2010.

The stratified median price for units also rose over the May quarter 2011 by 1.9 per cent to $398,397. The median price for Melbourne units has however fallen by 1.6 per cent compared with May 2010. Although median house and unit prices have risen over the May quarter, the housing market remains relatively restrained with the average days that properties are on the market, average discount rate and number of properties for sale all noticeably higher than at the same time last year. Auction clearance rates have, however, stabilised around levels consistent with the normally quiet winter selling season.

The prospect remains for increased buyer activity towards spring although price growth, if there is any, should remain modest.

Source: Sydney Morning Herald

Australian property market 'to start recovery'

admin — 01/07/2011 03:22:00

Property prices in Australia are expected to remain steady throughout the rest of this year, one business research organisation has predicted.

BIS Shrapnel has published its Residential Property Prospects 2011-2014 and stated that a crash in the market is not anticipated.

In fact, the firm commented that some of the nation's state capitals should experience "moderate price growth over the following two years", despite a drop in the median value of homes being recorded in many areas in the first three months of 2011.

Meanwhile, chief executive officer of Metropole Property Strategists Mike Yardney agreed that the Australian real estate sector is on the road to recovery.

Source: PropertyShowrooms.com

When it all gets too much, take $7000 to escape the rat race

admin — 30/06/2011 06:45:00

STEVE McCARTHY knew it was time to escape Sydney when he realised he loathed the city more than he liked it.

Mr McCarthy and his young family fled Erskine Park in western Sydney for Tamworth, for a life without traffic congestion and crowded public transport.

And the state government hopes others will do the same. It is offering a one-off, $7000 grant to encourage frazzled city dwellers to leave Sydney, Newcastle or Wollongong for regional NSW on the condition they do not spend more than $600,000 on a home.

The four-year relocation scheme will start on July 1 and be capped at 40,000 grants.

Source: SMH.com.au

Perth housing prices tipped to leap 20pc

admin — 27/06/2011 12:14:00

WA investors face a rollercoaster few years with a leading business forecaster predicting Perth house prices will surge almost 20 per cent by 2014.

At the same time, one of the world's most important banks has warned that a second global recession could hit the world economy. The bullish house price prediction by BIS Shrapnel defies the prognosis by many analysts that the malaise which has beset WA property for the past three years will continue for several more years.

The median house price in Perth has fallen 10 per cent since March 2007 and is now $480,000. BIS Shrapnel will release a report today which says the median price will climb about 6 per cent a year to $570,000 by mid-2014.

Source: The West Australian

Ash cloud grounds more flights in Australia

admin — 22/06/2011 06:29:00

International and domestic flights through Australian airports were cancelled today as an ash cloud from a Chilean volcano moved into the country's airspace.

Ash from the Cordon Caulle volcano grounded hundreds of flights and stranded tens of thousands of passengers last week when it hovered over several Australian cities and New Zealand.

By Friday, all flights were running normally, but the ash has lapped the globe and is causing more problems.

Australian flagship carrier Qantas said today it had suspended all services to and from the southern city of Adelaide, all flights through the national capital Canberra starting at noon, and all flights through Sydney, Australia's largest city, from mid-afternoon.

Source: Independent.co.uk

More stock available in Australian cities

admin — 21/06/2011 08:00:00

There was 30 per cent more stock available in the Australian property market during May 2011 than a year previous, data from SQM Research has revealed.

On average, the number of properties available to purchase increased 29.7 per cent year-on-year to May.

However, in some cities the rate was even higher. Melbourne led the way, with a year-on-year increase in stock available of 49.6 per cent.

SQM Research chief Louis Christopher said that this was a huge rise.

Source: PropertyShowrooms.com

Harry Potter's JK Rowling buys £6.5m mansion in Tasmania

admin — 21/06/2011 07:03:00

Harry Potter creator J.K. Rowling could be heading Down Under after buying a AUD$10million (£6.54m) historical house in rural Tasmania, it has been claimed.

Reports in Australia say the billionaire author has bought Symmons Plains, a Georgian mansion complete with 856 hectare farm.

The house was built in 1839 by James Youl using convict labour, and has been owned by the Youl family for several generations.

It is also close to the Symmons Plains Raceway, a venue for V8 supercar events, a track built by one of James Youl's descendants.

Source: DailyMail.co.uk

New housing research reshapes great Australian dream

admin — 20/06/2011 11:28:00

New research suggests the great Australian dream of owning a large, detached house no longer exists.

“We can now replace myths and assumptions with real evidence about the kinds of housing Australians want”, said Jane-Frances Kelly, Cities Program Director at the Grattan Institute, on the release of the report, The Housing We’d Choose.

It found that once people took into account real-world factors such as current housing costs and their income, they chose a far wider range of housing types than the stereotype of all Australians wanting a detached home on a large block would suggest.

However, “we’re just not building the variety of housing that Australians say they want”, Jane-Frances said. In particular, she pointed to shortages (compared to what we say we want) of semidetached homes and apartments in the middle and outer areas of both Melbourne and Sydney.

The report argues that there are barriers to delivering more of the housing people say they want. These include the cost of materials and labour for buildings over four storeys, land assembly and preparation, and the risk and uncertainty of Australia’s planning systems.

Source: International Business Times

Chilean ash cloud grounds flights for second day

admin — 13/06/2011 12:36:00

A cloud of ash from an erupting volcano in Chile disrupted air travel in New Zealand and Australia for a second day on Monday, causing scores of flights to be cancelled and grounding thousands of travellers.

Flights between New Zealand and Australia, and some domestic routes in both countries, were disrupted as the cloud, which has travelled around 10,000km across the Atlantic and Indian oceans, drifted over their southern air space.

Air New Zealand kept in the air by rerouting flights and flying at lower altitudes to avoid the ash, but was monitoring developments closely. "We may well be affected later on today and tomorrow because if we can't exit or operate across the Tasman (Sea) and get to 6,090m before we enter into controlled air space then we will have issues in the next few days," said Air NZ chief pilot David Morgan.

Source: Relaxnews

Luxury property price falls dragging down Oz real estate market

admin — 09/06/2011 07:12:00

The price of luxury properties in Australia could fall for up to three years with some having seen drops of 20% since January as expensive suburbs become the poorest real estate market performers.

The near double interest rate rise in November last year has hit Australian capital city property values which are down 1.2% in the three months to the of end April, although in raw terms home values are mostly unchanged at -0.2%, according to the latest RP Data-rismark index.

The difference between these two results reflects the fact that the housing market typically experiences higher rates of capital growth at the start of each year, which are reflected in the seasonally adjusted data.

According to Tim Lawless, RP Data’s research director, expensive suburbs have helped drag the overall market down. Over the year to the end of April, properties in the most expensive capital city suburbs recorded a 5.4% loss. In contrast, property values in the middle suburbs were down by only 0.9% while those in the cheapest suburbs were the best performers, hardly moving at -0.5 per cent.

Source: PropertyCommunity.com

Sydney house prices on their way back up

admin — 06/06/2011 11:46:00

Sydney house prices rose over the April quarter and as auction clearance rates have recently consolidated, homeowners can expect house prices to rise over the May quarter.

The latest Australian Property Monitors research has revealed that Sydney house prices rose 1.1 per cent over the April quarter. This followed a fall in house prices of 0.6 per cent over the March quarter.

The biggest contributor to the April rise in house prices came from the top 25 per cent of the market, which increased by 5 per cent. The upper-middle price sectors rose by 1.7 per cent while the bottom 50 per cent of the market recorded no rise in median house prices over the April quarter.

Source: Sydney Morning Herald

Australia's Economy Contracts Most in 20 Years

admin — 02/06/2011 08:14:00

The Australian economy shrank 1.2 percent in the first quarter from the previous quarter, suffering its biggest contraction in 20 years, after extensive flooding hit coal exports, but a mining boom is expected to help growth bounce back quickly this year.

Data released Wednesday showed that annual growth in gross domestic product had slowed to a tepid 1 percent, down from 2.7 percent. The results were in line with a Reuters poll of analysts.

Damage from the flooding and Cyclone Yasi came at a time when rising utility and fuel prices were already crimping household spending and a strong Australian dollar was taking a toll on industries like manufacturing and tourism.

Add to that the effect of earthquakes in Japan and New Zealand, two major trading partners, and it is not surprising that the economy went into reverse.

Source: NYTimes.com

Aussie property market offers great 'buy-to-let opportunites'

admin — 01/06/2011 07:28:00

Despite the Australian property market recently having some of the sparkle taken off, there are still plenty of investment opportunities for potential buyers.

In particular, the buy-to-let sector still boasts a wealth of prospects for investors, A Place in the Sun reports.

The average price of a home in Australia fell by 0.4 per cent in the first quarter of this year and 2.1 per cent year-on-year, according to statistics released by RP Data-Rismark. The company added that average rental rates have appreciated by 4.6 per cent.

Highest yields can be achieved in Darwin, followed by apartments in Hobart and Canberra, Brisbane, and Sydney.

Source: PropertyShowrooms.com

Perth property on the slide as Sydney steams ahead

admin — 01/06/2011 07:03:00

Perth's staggering drop in property prices has been laid bare with figures released today showing the city's median price is now lagging almost $50,000 behind Sydney.

Prices in Perth threatened to top those in Australia's biggest city in the wake of the global financial crisis, which hit in October 2008.

The city's median price for houses and units was just 2.3 per cent lower than that of Sydney through February and March 2009. But after a huge downturn, Perth's prices are now 18 per cent lower, according to statistics released today by RP Data-Rismark.

For houses the price gap is even more stark. Over the 12 months to April this year, Sydney's house prices rose 0.5 per cent to $590,000 while Perth dropped 7.3 per cent to $481,825 - a gap of almost $110,000.

Source: SMH.com.au

The footballer, the $10m Sydney house and the literary star

admin — 31/05/2011 10:45:00

It is a story that could have come straight from the pages of the US literary superstar Jonathan Franzen. The author of The Corrections and Freedom has weighed into a stoush in Sydney's Watsons Bay in which residents are fighting plans by the Socceroo goalkeeper Mark Schwarzer for his 1880s harbourfront house Boongarre, also known as the Stead House.

The house at 14 Pacific Street was the childhood home of the author Christina Stead and the inspiration for what Franzen has called her masterpiece, The Man Who Loved Children. Franzen has backed calls by the Australian authors Alex Miller and Nikki Gemmel for the house to be preserved as a national heritage property.

Schwarzer and his wife, Paloma, paid $10.2 million for the home in 2009. He plays for London club Fulham in the English Premier League. In a $2.9 million proposal before Woollahra Municipal Council they are seeking to demolish non-original elements of the two-storey house, including the bay window section and garage, to build a pavilion at the front and a glass structure at the rear facing the harbour.

Roger Bayliss, of the Watsons Bay Association, said the residents' group objected to the removal of nine ''historic trees'' and the ''unsympathetic'' extensions that they say will block view corridors to the harbour and ''do not recognise its heritage and historic significance''.

Source: Sydney Morning Herald

GE Capital to exit Aussie mortgage market

admin — 26/05/2011 07:22:00

GE Capital (GE.N) is selling its A$5 billion ($5.3 billion) Australia and New Zealand mortgages books to Pepper Homeloans as concerns rise over a softening of the Australian housing market and rising cost of funds.

GE Capital, which shed part of its Australian home loans portfolio in 2008 when global conglomerates were restructuring their lending arms, said on Wednesday it will sell the rest of the portfolio for a small discount to non-bank Australian lender Pepper Homeloans.

GE Capital Australia's Chief Executive Skander Malcolm declined to specify the discount but said GE Capital would now focus on its other eight lines of business that span consumer and corporate finance.

"We can now focus on those businesses where we believe we have sustainable competitive advantage," he told reporters in a conference call.

Source: Reuters.com

New fare structure for Virgin Australia

admin — 25/05/2011 07:06:00

Virgin Australia is the latest airline to announce a new fare structure, reducing the number of fare options from five to three.

Virgin's move comes after low-cost carrier Jetstar last week consolidated its fare types to two, from five previously.

Under the new fare structure, passengers on Virgin can purchase saver, flexi or premium fares.

Saver represented Virgin's lowest fare, while those who bought flexi fares would receive priority check-in, baggage allowance and a food and beverage pack on board.

Source: SMH.com.au

Australia needs to act against climate change

admin — 25/05/2011 06:05:00

The Minister for Climate Change and Energy Efficiency, Greg Combet, today welcomed the release of the Climate Commission’s report The Critical Decade: Climate science, risks and responses.

The first major report from the independent Commission is a comprehensive synthesis of the most recent climate change science with a focus on the Australian context.

“The report makes clear that there is no doubt the climate is changing, we are already seeing impacts and human activities are triggering these changes,” Mr Combet said.

Some of the key impacts already being observed are highlighted in the report:

In the last 50 years the number of record hot days in Australia has more than doubled. This has increased the risk of heatwaves and associated deaths, as well as extreme bush fire weather in South Eastern and South Western Australia.

Sea level has risen by 20 cm globally since the late 1800s, impacting many coastal communities. Another 20 cm increase by 2050, which is likely at current projections, would more than double the risk of coastal flooding.

The Great Barrier Reef has suffered from nine bleaching events in the past 31 years. This iconic natural ecosystem, and the economy that depends upon it, face serious risks from climate change

Source: ClimateChange.gov.au

Australian house prices dip in April

admin — 24/05/2011 04:29:00

HOUSE property values fell in all Australia's capital cities in April. Sydney's fell 0.3 per cent to a $667,500 median, the third lowest fall. The city had a 0.6 per cent drop during March.

''The magnitude of the corrections are not extreme, and is not a cause for alarm at this stage,'' a Residex forecaster, John Edwards, said. ''But it is very unusual to see the total market in a correction phase.''

The last time all the capital cities were in a downturn was June 2008, during the global financial crisis. Before that it was June 1990, when Australia was heading into recession.

''Both times before, the reasons for the downturn were much more obvious,'' Mr Edwards said.

Hobart recorded the biggest April fall of 2.3 per cent to a $380,500 median. Residex said Hobart was a very small market that was more susceptible to adjustment than other capitals.

Source: SMH.domain.com.au

Interest rates, floods blamed for slow Aussie property market

admin — 20/05/2011 09:02:00

A higher cost of living, higher interest rates and floods have conspired to make people in Australia more reluctant to buy and sell their homes, it is claimed.

The numbers of new properties being bought have fallen compared with last year and the number of home loans approved has fallen to a 10 year low.

The Queensland floods and a rise in interest rates are said by experts to be two of the contributing factors but economists also point out that a 2% rise in housing finance commitments is also having an effect.

The latest figures from the Australia Bureau of Statistics (ABS) shows that the number of home loans approved in March fell 1.5% to a seasonally adjusted 44,968, its lowest level since February 2001.

Source: PropertyCommunity.com

Housing starts up in smoke

admin — 17/05/2011 08:06:00

HOUSING approvals have collapsed to a 10-year low, falling 12 per cent between December and March and sliding 9 per cent in Victoria.

While the Queensland floods contributed to the fall, Bureau of Statistics figures released yesterday show that, excluding Queensland, nationwide approvals fell 11 per cent.

"The market still appears quite weak, with only few signs of a trough, one being that lending values were flat month on month," said UBS economist Scott Haslem.

Loans for construction fell 1.1 per cent in March and were down by 8.1 per cent over the quarter.

Source: SMH.com.au

Australian airline passengers face strike disruption

admin — 10/05/2011 08:14:00

Qantas passengers face prolonged disruption to flights after the airline's 1600 licensed aircraft engineers chose to begin nationwide strike action on Friday.

The hour-long stoppage marks the start of multi-union industrial action in the coming months that is likely to frustrate the travel plans of thousands of passengers.

The long-haul pilots' union is also understood to be on the verge of applying for a secret ballot of its members to approve legally protected industrial action.

The engineers will walk off the job at all Australian airports on Friday between 8am and 9am after talks between Qantas and the union about wage rises and job security failed to resolve their differences.

Source: SMH.com.au

Brisbane is cheapest place to buy Australian property

admin — 06/05/2011 06:23:00

Property hunters looking for real estate down under may be interested to learn that Brisbane is the cheapest place in the country to purchase a home, it has been revealed.

In the March quarter the average house price in Brisbane was $448,669, compared with $452,546 in Adelaide, according to Australian Property Monitors, The Australian reports.

It has been a slow and steady decline for Brisbane, with houses falling by 4.3 per cent over the past 12 months, a figure which has been compounded by the recent floods.

Andrew Wilson, Australian Property Monitors senior economist, told the news provider that Brisbane is a housing market where confidence has been down for a while, with the Queensland economy underperforming for the past few years.

Source: PropertyShowrooms.com

Brits look to emigrate, with Oz topping their wish list

admin — 05/05/2011 07:36:00

The temptation to leave the UK in search of pastures new is now stronger than ever before, the latest research from Aviva has found.

Some 46 per cent of the 1,000 consumers questioned in the study claim that they are considering a permanent move abroad, with the insurance firm claiming that recent austerity measures are the driving force behind the unrest.

And demand for property in Australia may be set to rise, with respondents stating that their ideal move would be down under.

"When times are tough, it might seem natural to set one's sights on moving abroad," Teresa Rogers, business lead for International PMI at Aviva said.

Source: PropertyShowrooms.com

Aussie home prices fall further than forecast

admin — 04/05/2011 13:35:00

Australian house prices declined more than economists forecast in the three months through March, the second drop in the past three quarters, as higher borrowing costs curbed demand.

An index measuring the weighted average of prices for established houses in eight major cities dropped 1.7 per cent last quarter from the previous three months, the Australian Bureau of Statistics said on Monday.

Reserve Bank of Australia Governor Glenn Stevens left the overnight cash rate target at 4.75 per cent in April, judging borrowing costs to be "a little above average levels" after seven increases from October 2009 to November last year. Data shows Australians are saving more even as energy and mining investments keep unemployment near 5 per cent.

Prices fell the most in Melbourne and Brisbane, which both dropped 2.5 per cent from the previous quarter, while Sydney declined 1.8 per cent. Prices advanced 0.5 per cent in Perth and Hobart house prices gained 0.4 per cent.

Source: Bloomberg/NZ Herald

Thousands stranded in Sydney after airport security breach

admin — 21/04/2011 10:01:00

Extra flights have been scheduled at Sydney Airport to clear a backlog of thousands of passengers, who were stranded after a security breach at a terminal yesterday afternoon forced all passengers to be rescreened.

About 16 passengers were not screened after a power failure at a security checkpoint caused it to malfunction about 3.15pm yesterday.

Sydney Airport ordered the rescreening of the entire terminal, including passengers who had already boarded their planes and were waiting to take off.

Flights from Virgin Blue, Tiger Airways, Jetstar and QantasLink were affected.

Source: Sydney Morning Herald

A soft landing for Australia’s housing market?

admin — 19/04/2011 09:07:00

Australia’s housing market is weakening, after the Reserve Bank of Australia (RBA) hiked key interest rates to 4.75% in May. The Q4 2010 official data from the Australian Bureau of Statistics (Austats) is widely expected to confirm softening of house prices.

Newspapers, blogs and forums are full of stories of lower sales and diminished homebuyer confidence.

*House prices were up by 4.7% in the capital cities during the year to December 2010, according to research firm Rismark International.

*But house price rises are losing momentum. Home prices in Australia’s eight capital cities rose only 0.4% (seasonally-adjusted) in the three months to December 2010.

*Outside the capital cities, house prices rose only 0.8% during 2010.

Earlier last year, there was an amazing 20% surge of house prices y-o-y to March 2010. This increase triggered an RBA interest rate hike to 4.25% in April 2010, up from 4%.

Source: Global Property Guide

Major brands to set up shop in Sydney

admin — 15/04/2011 06:30:00

Shoppers in Sydney should get ready as a plethora of high-profile international retailers including Topshop from Britain and Uniqlo from Japan are preparing to open up new stores.

Amid the high anticipation of the Spanish Zara brand opening in Westfield Sydney, Pitt Street Mall, next Wednesday, leasing directors from other overseas retailers are in Australia looking for sites.

But given the distance from their head offices in Spain, Britain and the US, these big hitters will not just want to open one or two stores.

Advertisement: Story continues below Depending on demand, they will seek out sites in all the major cities and shopping malls.

Source: SMH

William and Kate honeymoon Down Under could boost tourism

admin — 12/04/2011 06:03:00

Prince William and his bride-to-be, Kate Middleton, may make Australia the destination for their royal honeymoon, a prospect that has tourism officials down under ready to fire up their barbies, according to The Telegraph.

"I love scuba diving. I have always wanted to dive the [Great] Barrier Reef," said Prince William to the international press as he promised to boost business and tourism in disaster-prone areas of Australia.

"I will have to come back – maybe we'll have a honeymoon in Cairns." said the Prince according to The Telegraph.

The prince's decision could be an economic boom for the tourism industry in the areas still recovering from cyclone Yasi.

Source: ABCNews

Virtual real estate selling for millions

admin — 11/04/2011 12:12:00

Earlier this year another property sale set a new record. Planet Calypso sold for $US6 million ($5.7 million).

Real estate records come and go with startling frequency and this $US6 million sale might not sound like much of a record, until you find out Planet Calypso is a fictional place on the Entropia Universe social gaming site.

Yes, somebody has actually spent $SU6 million on thin air.

Crazy as it sounds, it could actually be a brilliant investment.

The virtual world - worlds actually – contains thriving communities and booming economies. The bigger worlds are known as massively multiplayer online role-playing games (MMORPG).

What started with small purchases of game elements has grown into an environment where traditional, real-world businesses are looking to invest, as gamers start to reap million-dollar returns.

Source: Sydney Morning Herald

Warning that Sydney Airport at brink of capacity

admin — 06/04/2011 12:33:00

Sydney Airport, the main gateway into Australia, is close to capacity with increasingly long delays forecast and a knock-on effect across the country, a new study showed Tuesday.

The report, conducted by consultants Booz and Company for a government inquiry into possible sites for a second airport, predicted five-hour delays within a decade without another facility. It also highlighted the airport's limited ability to accommodate new flights, stifling growth.

Almost half of all scheduled flights in Australia land or take off at Sydney's Kingsford Smith Airport and there have been plans for a second site near the city for 30 years. So far nothing has materialised with several areas proposed and rejected.

Source: AFP/The Independent

Chinese become top Australian visitors

admin — 05/04/2011 11:20:00

China became Australia’s top inbound tourism market for the first time in February, data showed Tuesday, with Chinese New Year celebrations and international students driving a surge in arrivals.

Some 77,000 Chinese touched down in Australia in February, the statistics bureau said, beating New Zealand, Britain and the United States for the first time with a 30 percent jump compared with a year earlier.

The Tourism and Transport Forum (TTF) said there had been almost 30,000 extra Chinese visitors this January and February due to growing international student numbers and Chinese New Year festivities. TTF chief John Lee said China had “incredible potential” for Australia, with a rising and increasingly wealthy middle class.

Source: AFP/Relaxnews

Australian homebuyers launch online 'strike' against price inflation

admin — 01/04/2011 12:11:00

A lobby group has launched a social media campaign calling on buyers to 'strike' against rapidly rising prices in the Australian property market.

The campaign, added to online activist website GetUp a week ago, has received hundreds of votes, outpacing support for the legalisation of same sex marriage and a ban against outlawing WikiLeaks. Home prices in Australia have increased by 77 percent over the past eight years, and the average price of a home in the country's main cities is now between four and seven times the median household income.

Strike organisers Prosper Australia, a lobby group in favour of land tax reform, urge participants to "undertake not to bid at auction or negotiate by private treaty to buy real estate until prices moderate, just as they have done in all the countries we compare ourselves to".

Source: Sydney Morning Herald

Australia could be next in sub-prime crisis, expert warns

admin — 30/03/2011 11:51:00

Overinflated house prices and an increasing national reliance on debt could push Australia into a US-style mortgage crisis, a local economist has warned.

Speaking at the first Australian Mortgage Conference, Brian Haratsis of strategic advisers Macro Plan Australia warned that local property prices were inflated to such a level that it posed a risk to the country's economic stability if another financial crash were to occur.

"What would happen if we were to find ourselves in another financial fallout and house prices were to significantly drop?", he said. "We need to be asking what we can do to reduce the cost of housing over the next decade through regulatory and taxation means to avoid such a threat to the mortgage industry and the economy as a whole".

House prices in Australia are currently inflated to around 20% above their actual value, while a recent study from local lender BankWest found that 78% of housing in suburban areas was out of the affordability range of most middle-class professions. An increasing reliance on debt to purchase property at these prices would lead to chaos if another crash were to hit, with individuals left sitting on worthless assets and little expendable income.

Australian government moves to cap city growth

admin — 29/03/2011 11:20:00

Property developers and agents are in uproar over Australian Prime Minister Julia Gillard's plans to cap population growth in the country's major cities. Developers' association Urban Taskforce Australia has submitted a study to the government's sustainable population department that indicates property prices in Sydney alone could fall 18 percent over the next 10 years is plans go ahead.

Both Sustainable Population Minister Tony Burke and Prime Minister Gillard made comments late last year that some of the nation's sprawling capital cities had reached their "carrying capacity". "I think if you talk to the people of western Sydney or western Melbourne or the Gold Coast growth corridor in Queensland, people would look at you and say, 'Where would all these [extra] people go?'"

Urban Taskforce chief Aaron Gladiel stood by his group's report, stating it was a factual representation of the consequences for the property industry despite reports of a scare campaign. "We don't put our name to stuff we don't think is robust", he said. "If the government were to take that step of capping a city's population, I don't think any reasonable person can deny these are the sort of consequences we will face."

Source: Sydney Morning Herald

More Brits hunting for overseas real estate

admin — 28/03/2011 12:50:00

Interest in foreign property purchases is once agan booming amongst British buyers, with online property portal Rightmove and foreign exchange specialists MoneyCorp both reporting a large surge in enquiries.

Real estate enquiries rose by 53 percent in February on Rightmove, with Spain retaining its popularity as a second home destination despite its much publicised housing collapse.

Other popular destinations for purchase enquiries were France, the USA and Australia, with Germany and Ireland also recording large amounts of growth due to their desirability as bargain investment locations, according to Rightmove CEO Robin Wilson.

Record vacancy lows recorded in Melbourne homes

admin — 28/03/2011 11:14:00

Rents are skyrocketing and vacancy rates reaching record lows in the southern Australian city of Melbourne, according to recent data by the Real Estate Institute of Victoria.

According to the think tank, residential home vacancies were only two percent in January this year, whilst on a more long-term basis, rates have not dipped below three percent for the last six years.

As the state government's Office of Housing shows, this trend is reflected in rapid rent rises over the past five years. The median rent for a three-bedroom house in Melbourne has increased by 43.5 percent since 2005, whilst the same figures for two bed units have increased by 54.5 percent.

HSBC releases online app for expats

admin — 23/03/2011 11:16:00

HSBC Bank International has today announced the launch of its new interactive Expat Explorer tool, an online resource providing users data from the company's annual Expat Survey. While we're not big on sifting through massive amounts of data, the reports available could easily prove useful to people looking to spend extended amounts of time living and working in another country.

One of our favorite features? The three categories, Economics, Experience and Offspring each have easy-to-use dropdown tabs to categorize countries by qualifications that matter to you, including "healthy diet," "organizing school for my children" and "social life." Plus, each unique query generates its own link, which can be shared with friends and family and across social media sites, which easily can provide a colorful picture of what life will be like in a new location.

Of course, the survey isn't perfect - from the boxes we checked, we'd be best off living in Bahrain ... naturally, the findings are based on 2010 survey data and not current events.

"Considering a move abroad can be a daunting prospect, often involving a huge amount of research," said Lisa Wood, HBSC Bank International's head of marketing. "[H]opefully through our new online resource we'll provide some really useful insights for any potential expats."

Source: Gadling

Russell Crowe buys £6 million Sydney heritage home

admin — 22/03/2011 12:27:00

Upon my command, unleash my residence. That's right, after a four-year search, Russell Crowe and his wife, Danielle Spencer, have spent A$10 million (£6 million) on a Rose Bay property.

The purchase of Te Puke, a 1909 house updated with a 1927 Arts and Crafts-styled second floor, ends the entertainment industry couple's search for a family home for their two children, now aged seven and four. Along the way they inspected the A$50 million-plus Altona on the harbour in Point Piper in 2007, as well as unsuccessfully seeking pricey inland residence Le Manoir at Bellevue Hill, which fetched $23 million in 2009.

Spencer was keen to spend more, while Crowe, preferring to keep his Woolloomooloo apartment as a bolthole, only wanted to spend a modest amount.

The six-bedroom house is set on 1200 square metres overlooking the fairways of the Royal Sydney Golf Club. Te Puke, pronounced ''teh-pook-eh'', is Maori for hill, and last traded at A$5.5 million in 2001. Crowe also has a luxury apartment in Sydney and a 320-hectare rural property near Coffs Harbour, NSW.

Source: Sydney Morning Herald

Monaco tops world life expectancy list

admin — 22/03/2011 12:11:00

"Old people" - we all hope to live long enough to earn this distinction. In some countries, the probability of living well into your eighties is much better than in others. The worldwide average for life expectancy is just a smidge over 67, with the highest and lowest countries fluctuating by over 20 years in each direction.

39 of the bottom 40 countries are located on the African continent, and 3 of the top 5 are European micro-states. The United States ranks in at number 50, boasting a life expectancy of 78 years old.

At the bottom of the list is Angola, a country in southwestern Africa. The average life expectancy in Angola is almost 39 years old. At the other end of the spectrum is Monaco (pictured above). Monaco is a micro-state in Europe with an extremely high standard of living. The average person there lives to be 89 years old.

The 50 year gap between these two countries represents the difference between yacht ownership and subsistence farming, and every other country falls somewhere in between.

For the full list, check out the world fact book at cia.gov.

20. Bermuda

19. Anguilla

18. Iceland

17. Israel

16. Switzerland

15. Sweden

14. Spain

13. France

12. Jersey

11. Canada

10. Italy

9. Australia

8. Hong Kong

7. Singapore

6. Guernsey

5. Japan

4. Andorra

3. San Marino

2. Macau

1. Monaco

Source: Gadling

UK interest in Australian property on the rise

admin — 14/03/2011 11:38:00

Yearning for warmer climes and year-long barbecues, and has been the lot of many northern Europeans as we struggle through the dark, cold days of winter. Now more of us are no longer satisfied with the fantasy, and are taking steps to turn it into a permanent reality.

In the past two months, searches on the Rightmove Overseas website increased by more than 50 per cent, with traditional "emigration destinations" leading the way, with searches for homes in New Zealand rising by 91 per cent, and in Canada by 80 per cent.

But the biggest rise was for property in Australia, which increased by a massive 114 per cent. "We always see a pick-up in January and February of 'dreamers' visiting the site," says Robin Wilson, the head of Rightmove Overseas. "But nothing on this scale before. It is also noticeable that searches for white-village properties in countries like Spain and Portugal are down on previous years. People seem to be moving towards wanting more authentic destinations."

Which country's properties attract attention is closely correlated to national and world events, Mr Wilson said. "I suspect when we review this month's figures searches, New Zealand will be down, following the earthquake, while those for Australia may well be up again after a series of TV programmes on relocating there."

Source: The Independent

Leading air carriers to raise fuel surcharges

admin — 11/03/2011 11:49:00

Leading carriers in the Asia-Pacific regions are to hike fuel surcharges yet again as the price of oil continues to rise.

Singapore Airlines announced March 9 that it was adding between $2 and $26 per sector to its surcharges, less than two months after announcing a similar rise in January. Customers will now pay $142 in surcharges for a flight between Singapore and Europe, and $238 between Singapore and America in economy class from March 17.

Qantas also raised its fuel surcharges for a second time this week, adding $45 onto a flight to the UK or Europe and $35 on a flight to the US, Canada, South America, South Africa and India from March 17. Air New Zealand quickly followed suit, pushing up its long-haul fares by 7 percent and Australia fares by 8 percent, according to local media reports March 10.

In other parts of the world this week, Air Canada added $10 per ticket to all its North American flights, and, speaking at the ITB Berlin travel show, the boss of Middle Eastern airline Qatar said that fuel surcharges for its flights are also on the cards.

Source: The Independent

New airline check-in technology causes passenger chaos

admin — 09/03/2011 13:03:00

Last July, Australian airline Qantas launched one of the world's most advanced passenger check-in systems, promising an improved passenger experience - although it seems that not all of the airline's customers are impressed.

The Australian Services Union (ASU), which represents staff, says that passengers have been left frustrated by the technology, leading to a rise in attacks on staff which has prompted Perth airport to issue panic alarms to some workers.

The new system was made available to approximately 100,000 Qantas frequent flyers last year, all of whom were issued with a special card which acts as a permanent boarding pass and allows them to check in with a single swipe. Instead of handing their bags to a staff member, pre-registered users weigh and hand over their bags themselves, paying any excess fees through the machines, something which the ASU says passengers simply don't understand.

The Next-Generation Check-in is currently restricted to domestic Qantas passengers, although with the rapid growth in automated travel services it may not be long before other airlines launch similar systems, making Qantas's experience an important test. Last year, airport technology firm SITA said that it believed 70 percent of air passengers wanted more self-service along their journey, based on the results of interviews with 2,490 passengers travelling through airports around the world.

Almost half of the passengers surveyed said that the only reason they checked in using a traditional desk was because they needed to drop a bag, and 70 percent said that they would tag their own bag (as per Qantas's system) if they could.

Source: Relaxnews

Australian homes most overvalued in world, says survey

admin — 04/03/2011 11:11:00

Australians love to watch their home values rise but a leading magazine says they are way overvalued.

The latest quarterly index of global house prices published in The Economist shows Australian homes are the most overvalued in the world, ahead of Hong Kong and France. While the magazine said the local economy was strong, its index may renew fears of a house price bubble in Australia.

"There may be good reasons for Australian prices to have risen so far but people made similar, and ultimately incorrect, arguments for the run-up in prices in the West," it said.

The ratio of house prices to rents in Australia is 56 per cent above its long-run average between 1975 and 2010, it found. The ratio in Hong Kong, the second most overvalued market, is 54 per cent followed by France at 48 per cent.

In the US, which experienced a hefty decline in property prices during the global financial crisis, house prices to rents were only overvalued by three per cent.

Source: Australian Associated Press

Rate hikes decrease Australian housing affordability

admin — 28/02/2011 12:33:00

he Reserve Bank of Australia's interest rate hikes last year put a dent in Australian housing affordability in the fourth quarter, the Housing Industry Association said on Monday.

The HIA-Commonwealth Bank housing affordability index fell by 1.8% over the December quarter to be down 10% on the same period a year ago.

"Housing affordability suffered a big hit over the course of 2010, with a clear driver being the interest rate increases in March, April, May and November," HIA chief economist Harley Dale said. "It is a positive sign for the housing industry that in 2011 the Reserve Bank has clearly signaled a period of interest rate stability.

"This situation could add to confidence and, in time, new home building activity."

Source: RTT News

Canadian, Australian cities 'the most liveable'

admin — 23/02/2011 12:34:00

Canada’s Vancouver has been selected as the world's most liveable city, according to the Economist magazine. The city earned 98 out of a possible 100 points in the magazine's annual rankings when judged on the city's stability, health care, culture and environment, education and infrastructure.

”(Vancouver's position) can only have been cemented by the successful hosting of the 2010 Winter Olympics and Paralympics, which provided a boost to the infrastructure and culture and environment categories,“ the EIU said. ”Only petty crime presents any difficulties for Vancouver, although this would be a typical shortfall of any such location.”

Second placed in terms of livability was Melbourne in Australia (97.5), followed by Vienna (97.4) and Toronto (97.0). Calgary in the Canadian prairies rounded out the top five with a score of 96.6.

The report, which some companies use to determine hardship allowances for relocated employees, says cities that score best tend to be mid-sized and in wealthier countries. Seven of the top ten cities come from Australia and Canada, with Auckland and Helsinki also ranking close to the top.

Source: MercoPress

Australian housing market remains strong

admin — 14/02/2011 10:47:00

The flow of housing finance in Australia continued to increase right up to the end of 2010, but the policy implications are limited, given the subsequent floods and Cyclone Yasi.

Value of loans to home-buyers approved in December was up 2.3 per cent in seasonally adjusted terms, while the value of loans to investors rose 3.0 per cent, figures from the Australian Bureau of Statistics released today showed.

The total value of loans approved rose 2.5 per cent. On a trend basis, the total value of lending was rising by 1.1 per cent per month, or 13 per cent on on an annualised basis, in December. The value of loans, to both homebuyers and investors, identifiable as applying to new or to-be-built homes fell 6.8 per cent, but that followed a jump of 9.3 per cent.

Source: Sydney Morning Herald

Fuel price rises discourage tourists

admin — 11/02/2011 11:58:00

Soaring airfares have some travelers worried they'll stay grounded this summer. CaSandra Minichiello, 37, said getting away from her home in Clarkston, Georgia, is difficult to imagine when international flights -- nearly identical to those she booked in recent years -- are hundreds of dollars more expensive.

"In 2008, I went to Rome for about $1,200, but those prices have grown by about $500 for the same time frame," she said. "I'm disappointed, a bit angry. I understand that economic factors cause a lot of price increases, but it just seems like regardless, people want to travel and will usually fork up the extra costs. It's almost like the airlines are taking advantage of that."

There's no denying airline operating costs have gone up. "The cost of refining oil has doubled in the past two or three months," said FareCompare.com CEO Rick Seaney. "When the cost of fuel rises, so do surcharges and ticket prices."

This month, British Airways, Singapore Airlines, Australia's Qantas Airways and other international carriers raised fuel surcharges on flights abroad by as much as $200. Smaller increases -- from $4 to $10 -- have been added by American carriers on domestic routes.

Source: CNN

Australian property market cooling off

admin — 10/02/2011 10:45:00

Interest rate rises in Australia are helping to cool the country's property market, after concerns were expressed about the danger of it over heating.

The National Australia Bank Residential Property Index for December fell to 27 points, down from 44 points in November And many industry commentators and economists have claimed that the slowdown in growth is a sign that interest rates are contributing to cooling the market, those looking to buy property in Australia may be interested to learn.

"National house price expectations have now turned negative. Tight credit conditions and rising interest rates continue to be identified as the main impediments to new residential developments and existing property sales," a report from the bank said.

Source: Property Showrooms

Australian housing starts surge for December

admin — 03/02/2011 11:53:00

Building approvals surged in December but a stagnant private housing sector continues to concern economists. Building approvals rose by 8.7 per cent to 14,457 units in December but fell by five per cent over the year, the Australian Bureau of Statistics (ABS) reported on Thursday.

The number of private sector houses approved was unchanged but other private sector dwellings - flats, townhouses, apartments and the like - rose by 21.3 per cent. Housing Industry Association senior economist Andrew Harvey said the other private sector dwellings category was notoriously volatile, making it hard to read too much into the overall figure.

"The December approvals are driven almost singularly by private sector other dwellings, which rose by 21.3 per cent, while private sector detached dwellings were flat in December and are down by 16 per cent over the course of 2010," Mr Harvey said.

Source: Sydney Morning Herald

Australia under threat from further storms

Sarah Kendell — 31/01/2011 10:33:00

Australia’s Queensland state, recovering from its worst floods on record, faces a second, larger storm days after Tropical Cyclone Anthony hit the coast.

Tropical Cyclone Yasi may become one of the biggest the state has experienced, Premier Anna Bligh told reporters today.

The cyclone is likely to reach the Queensland coast late Feb. 2 or early Feb. 3, bringing rain and floods to the state, she said. “This is a very serious threat” that’s expected to cross the coast near Townsville, 340 kilometers (210 miles) south of Cairns, she said. “All of the models are consistent -- we’re facing a very large system and a system that is intensifying.”

Flooding in Australia’s northeastern state since November has killed as many as 32 people, damaging homes and crops, shutting coal mines and cutting rail links. The floods will slow state economic growth and the reconstruction effort will cost at least A$5 billion ($4.94 billion), Bligh said on Jan. 28.

Australian property market to hold steady for 2011

Sarah Kendell — 25/01/2011 11:30:00

Home prices are expected to remain flat this year amid signs the slowdown in price gains could become entrenched, says the ANZ Bank.

It estimates house prices will plateau this year, at just over $550,000 on average, as contending forces of rising interest rates and a strong demand for employees work themselves out in the market.

"Further price weakness is expected over 2011 as the prospect of additional rate rises weigh on both affordability and investor sentiment," said an ANZ senior real estate economist, Ange Montalti.

"While the market is vulnerable to weaker momentum becoming more entrenched, good support from healthy economic growth and a further tightening in rental markets should begin to shift perceptions over 2011-12."

US and Canada most affordable property markets

Sarah Kendell — 24/01/2011 10:46:00

The latest survey from US-based anti-regulation group Demographia International has highlighted the most affordable property markets in the US and Canada, while ranking Australia, the UK and New Zealand as unaffordable.

The survey, which compares a city's median house prices with its average income, found the city of Saginaw in Michigan to be the most affordable market in the English-speaking world. Altanta and Cleveland also ranked well, as did Canada's Windsor and Thunder Bay, both in the state of Ontario.

Most unaffordable was Hong Kong (fairly unsurprisingly, given its limited space for new housing supply), followed closely by Sydney, Vancouver and the UK's Bournemouth & Dorset. US geographer and author Joel Kotkin, in the foreword to the report, indicated the burst in the housing bubble had done little to hamper housing prices in the major cities.

"Over the past decade the rate of housing prices to incomes has shown a steady increase", said Kotkin. "Places such as London, Vancouver and Toronto all experience high ratios, but perhaps most remarkable has been the shift in Australia, once the examplar of modestly priced, middle-class housing."

Australia is most desired escape destination for Brits

Sarah Kendell — 20/01/2011 11:34:00

Australia is the destination that the majority of Brits would like to relocate to for a new start, new research has found.

According to a survey conducted by Moneycorp, 72 per cent of those questioned pinpointed the country as their favoured location to start afresh. The news could lead to an increase in the number of people searching the web to find a new home in Australia, with 27 per cent of respondents claiming that they were keen to buy a property down under.

Other popular destinations highlighted by the survey are the US, Spain, Canada, France and New Zealand.

David Kerns, personal client dealing manager at Moneycorp, told Overseas Property Professional that government spending cuts, coupled with tax increases and bad weather has led to a number of people thinking about making the move abroad.

"As we move into what is thought of as being the most depressing time of year, we expect to see a rising number of enquiries to Moneycorp from those looking to make a new start in places such as Australia, the US and Spain," he said.

Australia braces for property price plummet in wake of floods

Sarah Kendell — 18/01/2011 12:22:00

House prices are likely to plummet in flood-hit Queensland communities, and some will be "unsellable" for more than a decade, a real estate agent says.

The news is also bad for tenants, with rents expected to soar in line with the surge in demand from displaced residents needing temporary homes.

The Real Estate Institute of Queensland (REIQ) has reviewed the way the property market behaved after the devastating 1974 floods, and the news for home owners after the latest disaster is not great.

"In 1974, across all of Brisbane there was some downward pressure on house prices," REIQ managing director Dan Molloy said today. "It also coincided with a credit squeeze around that time." But he added: "The market overall ... had some level of recovery within 12 months."

Australia seeks banker advice on flood losses

Sarah Kendell — 17/01/2011 12:26:00

Australian government officials have begun tapping bankers for advice on how to meet flood costs that could total 15 billion Australian dollars (US$14.8 billion) in Queensland, a region that accounts for a fifth of the nation's economy.

As floods surged in downtown Brisbane last week, Australian Assistant Treasurer Bill Shorten began preliminary conversations with the Australian Bankers Association and executives at several banks, including Commonwealth Bank of Australia and National Australia Bank Ltd., to discuss how best to help the region, according to representatives from both lenders.

This week, Mr. Shorten and Treasurer Wayne Swan will continue those meetings in an effort to begin tackling the rising individual, corporate and government costs, the bankers said. A spokesman for the treasurer declined to comment.

The government said it will need more than A$5 billion for rebuilding public damage alone, without counting costs to private businesses as well as lost coal, tourism and agricultural revenue that all significantly add to the total price tag. The country's big banks are ready to help a government likely to issue more debt by supporting the issuance, but won't be simply writing devastated individuals or businesses a blank check, the bankers said.

Australia floods destroy Brisbane's prime real estate

Sarah Kendell — 13/01/2011 12:05:00

Some of Brisbane's most expensive and exclusive properties will be flooded by the end of today. Grand and palatial residences edging the Brisbane River, highly sought-after for their prestigious riverside locations and worth in excess of $7 million, are at the coalface of the rapidly rising waters.

Peter May, who lives and works as a real estate agent around the river-fronting suburbs such as Chelmer, Corinda and Indooroopilly, said the financial impact on the families living in the houses affected would be "catastrophic".

Mr May, who expects his own Corinda property will suffer flood damage, said the flood would change the way people in Brisbane viewed riverfront properties.

"These are Brisbane's most sought-after houses. People have spent millions of dollars to live on the river and now ... I don't know how people will ever forget what's happening right now."