Property Pulse
7 May 10
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The rpdata.com Market Activity Index has shown a modest upswing over the last month suggesting the listing environment remains reasonably buoyant amongst real estate professionals. |
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In a positive sign for housing supply, new dwelling approvals jumped 15.3 per cent on a seasonally adjusted basis in March with 16,383 new dwellings approved for construction over the month. Compared to the same time last year dwelling approvals are up 52 per cent, although this is being measured from a very low base. Additionally, the March figures are being dragged upwards by a huge spike in unit approvals which were up 60 per cent compared to house approvals which were up just 0.5 per cent. The unit approvals data can be quite lumpy and the large increase is likely to be due to several large unit developments gaining approval during the month.
In other news, the Reserve Bank has once again increased the cash rate by 25 basis points taking the average standard variable mortgage rate to about 7.4 per cent. The cash rate has now risen over three consecutive months; historically there has never been four rate rises in month to month succession. The Reserve Bank Governor has declared interest rates are now to about average levels providing a hint that interest rates may remain on hold over the coming months.
Advertised Stock on the Market
 The number of new properties entering the market is slightly higher than at the same time last year, however total available listings continue to be eroded by strong demand in the market.
Want to know what is happening in your local patch? Make sure you have subscribed to RP Data's On the Market® service. Click here or phone 1300 734 318 for a free 2 week trial.
Latest National Auction Clearance Rates
 Auction clearance rates remained strong last week with a weighted average clearance rate throughout the capital cities of 71.7%, with almost 1,900 auctions during the week. Melbourne clearance rates were recorded at 79.4%, the 12th consecutive week of clearance rates above 75%. In Sydney, clearance rates sat at a healthy 73%.
Want to know the auction results for your local area? Log into rpdata.com and go the Auction Results panel on the top right corner of the home page.
Number of Properties Advertised for Rent
 Across the nation the total number of new rental listings has eased for the fourth consecutive week and are now -14% lower than a month ago. Total rental listings have also eased for the fourth consecutive week and are now at their lowest level in 13 weeks.
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What the Henry Review means for
the property sector
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The comprehensive review of the Australian taxation system contained plenty of recommendations but resulted in little action from the Federal Government. For property investors the playing field remains largely unchanged.
Titled ‘Australia’s Future Tax System’, the Henry Review report spanned almost 1,000 pages and included 138 recommendations for taxation reform. The Review is arguably the most thorough assessment of the Australian taxation system and processes undertaken. The response from the Federal Government to the Henry Review has been characterised by a distinct lack of recognition for the vast majority of these recommendations.
The most significant recommendations to be supported by the Government were announced together with the report release on Sunday May 2.
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Read the full article... |
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Commercial: Deal done for Dimmeys
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 A retail showroom in Geelong, Victoria, with a short-term lease in place has been sold at auction by agents of Knight Frank and Gross Waddell.
The three-storey Dimmeys store at 38-44 Malop Street, Geelong, is zoned Business 1 and has 20 metres of frontage.
Knight Frank agent, Simon Jarman, and Gross Waddell agent, Tim Darcy, marketed the property, which sold at auction for $2.73 million.
The 2776 sqm building on an 1113 sqm site is divided between 1113 sqm on the ground floor, 1113 sqm on the first floor and 550 sqm on the top floor.
The retail and office building achieved values from the sale of $983/sqm for the building and $2453/sqm for the land.
Stay up-to-date with the latest commercial property news all in one place. Subscribe to the Australian Property Review for only $1.90 a week and receive a weekly newsletter that includes Auction Results, Deals of the Week, Retail News, Leasing Deals and an Industry Market Update. Click here to find out more information.
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Blog: Opportunities for first home buyers
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A recent report released by the Commonwealth Bank using information compiled by RP Data shows the opportunities for first home buyers are actually more wide spread than most would have thought – first home buyers just need to know where to look and what to look for.
Using the average first home buyer loan funding amount from the Commonwealth Bank we can determine a reasonably accurate proxy for what the average first time buyer is spending on a home across the major regions around Australia (CBA have a dominant market share for home lending in Australia).
Based on the CBA funding data, first home buyers are taking out mortgages ranging from an average of $250,833 in Hobart up to $336,339 in Canberra. Once you add on 15 per cent (based on an 85 per cent loan to valuation ratio) we can start to determine the average purchase price for first home buyers in each region.
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Read the full article at blog.rpdata.com... |
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