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Property Investment Newsletter
Match Development Fund No4 Property Overview Industry Market Wrap Falls in housing finance commitments for the construction of new homes (-6.5%), purchase of new homes (-5.1%) and established homes (-5.4%) also saw falls compared to the October results. Predictably, there was also a significant fall in first home buyer finance commitments which fell from 26.0% of all finance commitments during October to 22.1% in November. The one positive was the results for the value of investor finance commitments which increased to $6.3 billion during November the strongest result for investment finance since February 2008. Overall the results suggest that the impact of two consecutive interest rate increases during October and November is having an impact on demand for housing loans and given there is another increase to be felt in the December data and many expect rates to continue to increase it is likely to have a further dampening impact on demand for housing loans, particularly for first home buyers. 8 Jan - The RP Data-Rismark national Home Value results were released last week and they showed that the Australian residential property market continued to strengthen during November. Australian home values have now recorded double-digit growth during 2009 (11.6%), with the December results due to be released on January 29. The standout performers during the first 11 months of 2009 have been: Darwin with values increasing 17.9% and Melbourne where values have climbed by 17.0%. On the other hand the under performers have been: Adelaide (5.7% growth), Perth (6.5% growth) and Brisbane (6.9%). 15 Dec - This week the ANZ Bank’s well respected economics team published their outlook for the Australian housing market which largely runs in parallel with our own expectations for 2010. ANZ’s commentary suggests a market characterised by fewer first time buyers, more investors and higher interest rates. Capital growth is expected to remain solid, albeit at a decelerated rate compared to 2009. The market is likely to be supported by a ‘neutral’ interest rate setting and an ongoing undersupply of housing magnified by strong housing demand fuelled by population growth. Weekly Key Statistic - discount and time on market Jan15 - Across all capital cities both houses and units have seen their average time on market fall. The level of vendor discounting has also fallen in virtually all cities with Darwin units the one exception. Given that home values have recorded growth of 11.3% to date during 2009 it’s to be expected that vendors are selling their properties quicker and are not having to offer big discounts in order to achieve sales. 8 Jan - On an annual basis most capital city markets are seeing that their median weekly rent is still higher than it was 12 months ago. In saying this, virtually every city across all property types has seen median rental rates fall over the last six months as first home buyers have been very active easing some of the rental market pressure. In turn, rental yields have also eroded as rental rates have begun to fall and property values continue to climb. We anticipate the rental market will tighten over the first half of 2010 leading to higher rents due to ongoing low vacancy rates. 15 Dec - Property values have moved upwards across all capital cities over the last quarter (ending October), apart from the Perth unit market where values were down 0.5%. The Darwin and Canberra unit markets stand out as returning the best capital gains over the last 12 months with a 22% annual gain in values in both markets. The most subdued performance has been the Adelaide unit market where values are up 4.3% over the year (keeping in mind Adelaide was one of the strongest growth markets in ‘07). Advertised Stock on The Market 15 Jan - During the most recent month, the fewest number of new listings were recorded of any time during the last three years. Re-listings were recorded at their lowest level since April 2008. The result of fewer new listings and re-listings was that over the last month there has been just 165,929 total listings which was the fewest number of total listings since October 2007. It also represented the sixth consecutive week of falls recorded across total listings. 8 Jan - Total housing stock available for sale has been falling in recent weeks as fewer vendors look to begin advertising their property over the traditionally quiet Christmas / new year period. New listings and total listing are at levels which are significantly lower than they were 12 months ago. In fact, there are 17,000 fewer new listings over the last month than there were over the same period last year and around 49,000 fewer total listings. 15 Dec - Total housing stock available for sale has been falling since peaking in late 2008, despite new properties being added to the market at the rate of about 50,000 each month. There are now about 204,000 properties being advertised for sale across Australia, about 30,000 fewer than the same time last year. As 2009 progressed, the strength of the residential property market continued to improve. Initially the market improvement was fuelled by buyer activity at the affordable end of the price spectrum however, as the year continued, more expensive markets started to show an improvement in market share. 15 Jan - Tourism markets feeling the pinch 8 Jan - Australia's cheapest oceanfront suburbs Although coastal markets have felt the full brunt of the global economic downturn there is now evidence in most regions that values falls have now slowed or subsided and some areas are now starting to bounce back. Coastal properties remain popular because of the Australian fixation with the coastline resulting in a desire by many to live within close proximity to the coast. The falling prices in coastal areas have seen some of the most popular and expensive coastal markets witness significant falls as those who have over capitalised have, in some instances, been forced to sell. A case in point is the suburb of Portsea, on the Mornington Peninsula of Victoria where median house prices have fallen by -32.7% over the last 12 months. 15 Dec - The lowdown on the Christmas slowdown It has been widely reported how well the Australian property market has fared during 2009: based on the RP Data Rismark Monthly Home Value Index, most capital cities have seen property values rise well above their previous peaks. National property values are up 10 percent over the first ten months of the year. From another perspective, looking at the number of property sales that have transacted from month to month, total property transactions have actually been relatively subdued. Over the year to October, the monthly number of properties sold has failed to break the ten year average mark of 61,400. The holding at 2-4 Military Road, Matraville, is understood to be Australia’s first industrial acquisition by a major REIT in more than 18 months. The holding at 2-4 Military Road, Matraville, is understood to be Australia’s first industrial acquisition by a major REIT in more than 18 months. Colliers International industrial directors, Malcom Tyson and Eugene Evgenikos, negotiated the sale to DEXUS for $46.1 million.
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