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Australian city property prices up almost 10% year on year
Property prices in Australian cities increased by 2% in the second quarter of 2015 and are now 9.8% higher compared to a year ago, the latest index data shows. The figures from CoreLogic RP Data reveal that the growth has gained momentum as the year has progressed and the firm’s head of research, Tim Lawless, believes interest rates cuts in February and May have contributed in pushing capital gains higher. ‘Growth conditions had been moderating from April last year through to the end of January 2015. With the RBA cutting the cash rate in February, there was an instant buyer reaction across the Sydney and Melbourne housing markets where auction clearance rates surged back to levels not seen since 2009, capital gains once again accelerated,’ he explained. He pointed out that Sydney and Melbourne homes are selling in record time, some 26 days and 32 days respectively. But growth is not even. While Sydney and Melbourne have seen dwelling values increase by 16.2% and 10.2% over the financial year respectively, every other capital city has seen growth of less than 5% and values are down over the year in Darwin by 2.9% and Perth by 0.9%. According to Lawless, the current housing growth cycle clearly highlights a divergence in capital gains across the capital cities. Since values started rising in May 2012, Sydney homes have seen a 43.1% surge in values and Melbourne values are up by 25.9%. Despite softer market conditions in Perth, property values are currently up 12.8%, the third highest growth rate across the capitals. Simultaneously, Brisbane's property market has shown the fourth highest rate of growth at 12.4% followed by Adelaide at 10.4%, Hobart at 9.6%, Darwin at 8.9% and Canberra at 8.8%. ‘The three tiers of housing market performance can be best explained by economic and demographic factors where it's no coincidence that New South Wales and Victoria are recording the strongest economic conditions coupled with the strongest rates of migration which is fuelling housing demand. These states are more sheltered from the mining sector downturn and have benefited from the strong multiplier effect of housing construction as well as a vibrant financial services sector,’ said Lawless. ‘The Perth and Darwin markets are weakening in line with the downturn in the resources sector and an associated weakening in infrastructure investment and a marked slowdown in migration. Brisbane, Adelaide, Canberra and Hobart are seeing softer economic conditions and population growth compared with Sydney and Melbourne, however housing markets have shown some level of growth over the year,’ he added. Looking at the performance of detached housing versus apartments over the financial year, houses are clearly outperforming units in the capital gains stakes. Over the financial year, house values were 10.4% higher across the combined capitals index while unit values increased by a much lower 5.6%. The same trend where houses are showing a higher capital gain than units is evident across each of the capital cities except Hobart… Continue reading
Call for lettings agent fees to be banned in England
Letting agents’ fees in England should be banned to protect tenants in the private residential rental sector, a hard hitting new report has urged. According to new evidence uncovered by a charity, Citizens Advice, tenants are frequently ripped-off by fees often hidden by letting agents to the tune of £337 on average. These charges come on top of advertised rent prices and deposits and in some cases can force people into debt, the report says, adding that letting agents have refused to adopt measures that were supposed to bring transparency and competition to the market. Most agents charge for checking references, but costs range from as little as £6 to £300, according to the study. Renters can also be hit by charges ranging from between £15 to £300 for simply renewing their tenancies. Some agents charged £300 for credit checks that are widely available for £25. Even when moving out of a property, almost half of the 353 agencies polled by Citizens Advice said they charge an average ‘check out’ fee of £76. Despite an Advertising Standards Authority (ASA) requirement introduced in 2013 that agents should give clear information about fees, this study found that only a third provided full written details. The requirement will become law later this year which will mean agents have to publish fees on their websites and in their offices. But Citizens Advice is concerned this will have little impact. The report says people face a lot of pressures when looking for a property and the main priorities amongst tenants is location and the price of rent. Fees often do not get disclosed until later in the process and only 25% of tenants told this study that they took fees into account when leasing a property. The charity says it does not call for a fees ban ‘lightly’, but said alternative measures have not worked. It adds that if charges are to be made, they should fall on landlords as they are in a better position to shop around and pick the best agency. A fees ban was introduced in Scotland in 2012 and there is no clear evidence to suggest it has led to an increase in rental prices, the report adds. Almost 90% of renters told the report that the charges caused them problems. A fifth said they went overdrawn on their bank accounts as a result and 42% had to borrow from friends and family. ‘Letting agents hold all the cards meaning tenants are open to abuse. Renters are regularly stung by arbitrary fees which can range from modest amounts to hundreds of pounds,’ said Gillian Guy, chief executive of Citizens Advice. ‘Our research confirms renters don’t shop around for letting agents, they shop around for properties so the idea that transparent fees will solve these problems is misguided. Landlords can hold agencies to account so it is right that they should shoulder the responsibility of fees. That would end once and for all the situation in which letting… Continue reading
Why Listing Photos Are Important When Selling Your Home
http://advantagestaging.ca Home Staging With Michelle http://www.real-101.com Real Estate 101 When selling your home listing photos are where you can make th… Continue reading
