All 581 apartments of the Darling Square project
sold within five hours at the launch on Saturday. Buyers queued from 8 am and forked out more than $600 million to secure apartments with prices ranging from $800,000 for a 50 square metre one-bedroom apartment, to $10 million-plus for the 400 square metre four-bedroom penthouses. The apartments sold on Saturday are due for completion in 2018.
Sydney property remains Hot
and shows no sign of slowing.
Is the Sydney property market a bubble ready to burst? Seems everyone has an opinion on the booming property prices in Sydney and Melbourne and little wonder as it’s impact is far reaching across the nation. Even Greg Medcraft, the head of our largest regulatory body ASIC
, has thrown in his “two cents worth”. He has stated that he is concerned about the Sydney and Melbourne property markets and the likely bubble that we find ourselves in. Continue reading
We recently talked about the new teeth for FIRB laws and it would seem that the Treasurer Joe Hockey is following up words with action. Lucy Macken from Fairfax has just reported, “Treasurer Joe Hockey has announced the forced sale of the $39 million Point Piper mansion Villa del Mare on Tuesday because it was sold in contravention to the existing foreign ownership laws.”
“If the divestment order is enforced, it will bring under scrutiny other trophy home sales in Sydney in recent years, such as the waterfront mansion Altona, which sold for $52 million in 2013 to a Melbourne-based man who is widely tipped to be a front for a wealthy Chinese man Shu Wang.” Seems that there are votes in giving teeth to the new FIRB laws for the Liberal Government.
The Federal Government has finally identified that there are votes in changing the restrictions on foreign investment into the Australian property sector. The new foreign investment regulations will be fast tracked
and rolled out from early March. They will have far reaching implications for mainland Chinese investment into Australia and might well turn the tide for the huge capital flows into the Australian property sector. The devil is always in the detail however some important changes are highlighted; Continue reading
Home loans just got cheaper! The Reserve Bank Board decided to cut official cash rates by 0.25% to 2.25%
at todays monetary policy meeting. In his statement accompanying the release Governor Glen Steven said,
“In Australia the available information suggests that growth is continuing at a below-trend pace, with domestic demand growth overall quite weak. As a result, the unemployment rate has gradually moved higher over the past year. ”
The Sydney Property outlook for 2015 looks mixed as we start the year. There are 3 key components to monitor as the year progresses. Interest rates have always been the main driver
of property price appreciation and the outlook is for interest rates to remain stable for the next 6 months. Continue reading
Happy New Year and welcome to 2015. This year promises to be exciting and full of opportunities.
Best wishes from Shane and the team at Buying Houses Australia.
A great article by Christina Zhou in the Sydney Morning Herald, “Underquoting accepted as the new norm”
, discusses the issue we have been flagging for the past 12 months.
The impact of underquoting was evident with a brief for an Eastern Suburbs investment property. At an inspection for a 2 bedroom art deco apartment near Edgecliff
, the well know agency franchise had published a price guide of above $650,000. Knowing the market for similar apartments had been trading in the $750,000 to $800,000 range this seemed worth checking out. Continue reading
Just like the movie Groundhog Day, another monetary policy meeting by the Reserve Bank Board and another decision to leave official cash rates unchanged at 2.5%
. In his statement accompanying the release Governor Glen Steven said,
“Resources sector investment spending is starting to decline significantly, while some other areas of private demand are seeing expansion, at varying rates. Public spending is scheduled to be subdued. Overall, the Bank still expects growth to be a little below trend for the next several quarters.”
FOMO or Fear of Missing Out is driving buyers to the Sydney residential property market. It is understandable after seeing property prices in the $500,000 to $1.2m price brackets gain around 17%
in the past year. Our obsession with residential property means many buyers will jump in for fear of missing another 10% capital appreciation. A word of caution, be careful when the insiders are looking to sell.
Harry Triguboff and his company Meriton Apartments, the nation’s largest home builder
, have developed, built and sold more apartments in the Sydney basin than any other player. Continue reading