Aussies contemplate property options

James Mitchell writes in Real Estate Business news:
Australians are divided over whether now is a good time to buy property.
According to the latest poll by Homeloans Ltd, 48 per cent believe the market is right for investment, 32 per cent are unable to give an opinion claiming that too much uncertainty exists and 19 per cent are adamant that now is not the right time to be buying.
The survey of 2000 first home buyers, homeowners and investors ranked the greatest barriers to home ownership as high property prices, saving for a deposit, and fear of not being able to meet repayments.
“Despite these major concerns, with nearly half of those surveyed claiming now is the time to buy, it does suggest that the market is on the way back up,” Homeloans’ national marketing manager Will Keall said.
“While many of these respondents may not necessarily believe that the market has bottomed out, they anticipate prices to increase in the medium term and are seeking to take advantage of the abnormally high quantity of properties for sale in most parts of the country.”
The report showed rising interest rates were no longer a concern.
However concerns over rising living expenses increased by 7 per cent from last year, with 37 per cent of respondents said increasing living expenses were their main concern over the next 12 months.

Listings on the rise again, sales down

In the Beecroft and Cheltenham areas, the "patch" for Ray White Beecroft, and probably throughout Sydney, the number of properties listed for sale fell dramatically last November, after the Reserve Bank's rate rise and the accompanying media storm.

Listings are now recovering, with nearly as many properties listed for sale as at the last peak. However buyer interest is depressed and clearance rates at auction are low.

If, as seems likely, interest rates go up next month, a fall in house prices seems certain.

Buyer's Market

In April there were 2060 auctions in Australia, with a 53% clearance rate. The previous busiest April was in 2000, with 1700 auctions. Last year there were 1550 auctions with a 69% clearance rate.
Year-to-date clearance rate stands at 55%, marginally better than in December last year. The RP Data-Rismark index shows capital city values fell by 2.1% in the first quarter of 2011, seasonally adjusted, pulled down especially by Brisbane, down 4.6%.

Hornsby Pool - Latest Intentions

Hornsby Aquatic Centre will be replaced with a top-class facility if Hornsby Council’s rates increase is approved, but the project will be scaled back if the application is rejected.
In a best case scenario the new centre will include a 50m outdoor swimming pool, an indoor pool and parking, while the worst case scenario is a 25m outdoor pool.
A council workshop meeting will be held on Wednesday to decide what features the pool, which closed on Christmas Eve because of safety concerns, will include if the rates increase is approved.
What do you think is needed in a new aquatic centre? Comment at:

http://hornsby-advocate.whereilive.com.au/news/story/the-good-bad-and-ugly-of-future-hornsby-pool/

Rising rents will continue through 2011

According to Australian Property Monitors, in Sydney, median asking rents for houses rose +1.0 per cent to $485, while units jumped +2.3 per cent to $450 per week, ensuring Sydney remains one of the most expensive places to rent in the country.

Pet-Friendly Property

Finding properties for tenants with pets is always a problem, as so many owners won't allow pets. It was therefore interesting to read an article by Brittany Stack under the headline "Pet-Friendly property on the rise." Brittany reports that, increasingly, high rise buildings in inner suburbs are welcoming pets. Developers are realising the benefits, in that pet-friendly properties are sold for higher prices, and tenants stay for longer periods of time and take better care of the property. Ray White Beecroft's property manager says we very seldom have problems with pets yet we turn away a lot of applicants for properties because the owner won't allow pets. Flea treatments are an obvious need, but can be done routinely when a pet-owning tenant vacates. The main damage done by dogs is scratching of the back door, and digging up of gardens. Neither is significant in relation to the bond.

Easter Break

Please note that Ray White Beecroft will be closed over the Easter break 21 to 25 April. Peter Hewitt will be remaining in the Beecroft area and can be contacted on 0417 215 774. All tenants have names and contact details for emergency callouts of tradespersons, and I suggest you check that you have that list before the break.

Comment on this blog

For those not familiar with comments and blogs, this is the text of a comment against my earlier 21 March post on access under the M2 viaducts in Chilworth Reserve. And here is a photo of the access path entry gate.

The comment is: "The signage is totally confusing leaving pedestrians thinking there is an alternate path across the creek when they are just being directed in circles along the southern pathway between Orchard and Allerton roads. The access path across the creek must be maintained during the works. Accepting that the path location may change as the work progresses there is no excuse to completely block access across the creek. This must be managed to accommodate both the right of way and safety concerns. If this means moving the fence corridor regularly or employing a safety crossing flag person then so be it. Pedestrian gates should not be found locked shut."

Well done Douglas Macarthur

Ray White Corporate advise us that his results in 2010 put Douglas Macarthur in the top 100 sales people in the state. Recent testimonials indicate why. For selling a house in Murray Farm Road Beecroft: Douglas, thank you for a smooth and stress free process of selling our house. I appreciated your professionalism, enthusiasm, and most importantly to me your easy manner and honest approach during a time that might have been quite daunting, with (my husband) away overseas on business. And for a house in George St Pennant Hills: We found Douglas to be very professional, efficient, throughout the whole process of selling. He has surpassed all our expectations and we have already recommended him highly to friends, family and neighbours.

Population Growth Still Modest

In an article in the SMH Business Day today Aaron Gadiel, chief executive of the developer lobby group Urban Taskforce, worries that Sydney's population is not growing as rapidly as people believed. He suggests that Sydney's property values would "plummet" if there was a government-imposed freeze in its population. Not so long ago the fear was of the opposite, with Kevin Rudd seeking a huge growth in population which justified five storey mixed residential and commercial development of the Beecroft Village shopping centre. I guess residents of Beecroft and Cheltenham will be hoping for a sensible balance between these two extremes! That should surely obviate the need for ruining the character of our lovely village!