Wednesday, December 30, 2020
May your ventures are prosperous, your blessings be many, and you have the best new year ever.
May the street bend to satisfy you personally, sunlight glow to greet you personally, and blessings always warm your heart.
Time to establish ambitious goals for 2021
Time to say much better luck now
Happy New Year!
Monday, December 28, 2020
Thursday, December 24, 2020
Zillmere calling Tradesmen Families & much more
Available shortly at $440 PW. Stay tuned to not miss out when this exec style home comes available as inspections will be available daily. Download rental application http://ljgrealestate.com.au/rental-application/
AIRCONDITIONED 3 bedroom home situated in an ultra-quiet street with a brilliant kitchen, and rear deck. Also a huge double lock-up garage with 10 power points and carport. #pet-friendly #solar panels #rear-deck #gourmat-kitchen
Only a stones’ throw from the Aspley CBD in this super convenient suburb with everything at your fingertips including trains/buses, walking distance to quality schools, Chermside Shopping Centre, hospitals, parks, Aspley Leagues Club a few minutes walk away, and takeaway options. NBN access.
Monday, December 21, 2020
MOST AGENTS (NOT US) DO NOT KNOW ANYTHING ABOUT MAINTENANCE, COST SAVING MEASURES FOR ALL, THAT'S OUR STRONGPOINT.... SO THIS MAKES NO SENSE
Australia’s leading real estate body has slammed the inclusion of real estate agents in a government-led occupational mobility project, which would enable them to work across multiple states and/or territories.
The Real Estate Institute of Australia (REIA) has flagged that consultation has now opened on a proposal for “Automatic Mutual Recognition (AMR)” — a project designed to provide occupational mobility.
It’s calling on the federal government to remove references to real estate professionals from the proposal, stating that the main objective of the mobility project is instead intended for tradespeople.
According to REIA president Adrian Kelly, “while it makes sense for a plumber to be able to change a tap washer across states as the process is the same, it is not so with property transactions where different legislation and multiple regulators exist in different states”.
He argues training, qualification and consumer protection standards will not be consistent if agents are included in the Automatic Mutual Recognition.
“The other obvious difference between a plumber and an estate agent is the vast quantum of funds involved, which is, more often than not, a family’s life savings,” Mr Kelly said.
The president cited concerns that customers could be left “critically exposed” by any “taken to be registered” agent operating across states, before adding that reforms in the real estate space “must holistically provide greater customer assurance to Australia’s property tenants, investors, buyers and owners”.
Instead, he’s re-highlighted a “longstanding objective” of the real estate industry — to implement legislation that could benefit all real estate stakeholders, as well as state and territory governments, as well as “enhancing the reputation of property professionals and our collective customer assurance offering”.
Mr Kelly acknowledged that licensing, training and on-the-job conduct and ongoing professional development vary between states and territories.
He said any automatic deemed recognition should honour national training reforms that require a Diploma of Property Services for a business owner and a full Certificate IV for associates or equivalents.
“Ideally, agents would also have to have to prove their knowledge of local consumer protection laws and be subject to continued professional development,” the president continued.
Considering it disappointing that the federal government would continue a process of deregulation without taking consumer standards into account, Mr Kelly said the REIA “would like to see an industry-government ‘case for change’ identified that outlines the benefits of an AMR framework for real estate customers, agencies and governments”.
“This business case should harmonise nationally any aspects of training and qualifications as well as consumer affairs credentials,” Mr Kelly stated.
Sunday, December 13, 2020
Friday, December 11, 2020
Thursday, December 10, 2020
Wednesday, December 9, 2020
Monday, December 7, 2020
Saturday, December 5, 2020
Wednesday, December 2, 2020
Monday, November 30, 2020
Saturday, November 28, 2020
Changers to the HomeBuilder scheme this Sunday 29th Nov 2020
🔥 Great news for a Sunday morning, looking forward to helping many families build their dream homes 🏡
Changes to the HomeBuilder program include:
📍 A $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
📍 An extended deadline for all applications to be submitted, including those applying for the $25,000 grant and the new $15,000 grant. Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
📍 An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
Source: Treasury website
COME, BUILD WITH US!
https://www.google.com.au/amp/s/amp.abc.net.au/article/12931684
https://www.google.com.au/amp/s/amp.abc.net.au/article/12931684
Wednesday, November 25, 2020
Wednesday, November 18, 2020
The Real Estate Institute of Australia (REIA) has fronted a Senate Economics Committee to give evidence on the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020.
At a glance:
Applications for foreign investment in the residential property market have dropped from 40,000 in 2015 – 2016 to 7500 in 2018 – 2019
The proposed fee for residential is twice that for agricultural and fifty times that for commercial land and business
For Notifiable Security Actions
An asset in non-residential categories valued at $210 million has a proposed fee of $52,800
Whereas for a residential property an asset valued at $5 million has the same fee of $52,800
The Productivity Commission in their 2020 Research Paper on Foreign Investment said that the current fees were disproportionate to the cost of delivering the regulatory regime. For example, 2017 - 2018 $144 million in fees were collected yet operational costs were only $14.7million
Over the past 25 years our foreign investment requirements have been between 4 – 5 % of GDP
thehomepage.com.au
thehomepage.com.au
Previous
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The Real Estate Institute of Australia (REIA) has fronted a Senate Economics Committee to give evidence on the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020.
REIA President Adrian Kelly has said that fees should be structured to reflect the cost of undertaking the assessment and administration by the Australian Government, instead of imposing unnecessary impediments on foreign investors in the residential property market.
“Foreign investment in the residential property market is the lowest it has been since 2015 – 2016,” he told the Committee.
“We understand from our agents working in this area the cumulative impact of Commonwealth and State government fees has contributed to decreased demand from foreign investors.
“It has been our proposal to Treasury, and now this Committee, that fees should be equitable and simply reflect the cost of assessment and processing by FIRB.”
Mr Kelly said while CV-19 had attracted a welcome and wide-spread commitment from all levels of Australian governments to deregulate and be more business and investment-friendly, the REIA was concerned the fee-setting framework within the Bill did not meet these best practice policy aspirations.
“This is not just across the board but for each category of fees,” he said.
“That is, residential property applications should not be offsetting or subsidising the cost of administration other categories.
“The proposed fee structure within the ‘Fees’ Bill this Committee is tasked to inquire on ignores all of the above.
“In short, unnecessary impediments should be removed for foreign investors looking to invest in Australia’s residential property market.”
“We respect all national security considerations but fees should ultimately reflect the cost of undertaking the assessment and administration.”
Friday, November 13, 2020
Thursday, November 12, 2020
Wednesday, November 11, 2020
Tuesday, November 10, 2020
Thursday, November 5, 2020
Wednesday, November 4, 2020
Tuesday, November 3, 2020
Monday, November 2, 2020
Sunday, November 1, 2020
Set among the quiet leafy streets in a prestigious estate of North Lakes, away from congestion this well-presented home will keep you cool this summer.
* Air Conditioned tiled Open plan family/dining/kitchen area with dishwasher
* 3 bedrooms with built-ins and Ceiling fans
* Master bedroom With en-suite and 2 Built-ins
* Main bathroom with separate bath
* Remote single garage with access to backyard
* Covered pergola.
32 Musgrave Street, NORTH LAKES QLD 4509 » LJ Gilland Real Estate
Friday, October 30, 2020
Wednesday, October 28, 2020
26 SARAH CT, LOGAN VILLAGE Q. 4207 - LJ GILLAND REAL ESTATE
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You recently enquired regarding this property http://ljgrealestate.com.au/rental/26-sarah-court-logan-village-qld-4207/
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Monday, October 26, 2020
Sunday, October 25, 2020
Thursday, October 22, 2020
Monday, October 19, 2020
Direct first-home buyer assistance and imminent changes to responsible lending were the main housing policies in the federal budget. But how did it affect other players in the housing market?
Direct first-home buyer assistance and imminent changes to responsible lending were the main housing policies in the federal budget.
But how did it affect other players in the housing market?
First-home buyers
The biggest announcement was reserved for buyers hoping to climb onto the property ladder for the first time, with an extension to the First Home Loan Deposit Scheme (FHLDS).
Announced prior to the budget, 10,000 additional places were added to the scheme, after 20,000 places across two previous tranches were nearly exhausted.
But some significant changes were revealed.
Firstly, price caps for capital cities and regional areas were raised to boost the number of eligible homes and apartments.
And the extended scheme was restricted to under-construction or newly-built homes.
The FHLDS allows buyers to purchase homes with a 5 per cent deposit, with the government guaranteeing up to 15 per cent of the mortgage to ensure buyers do not pay thousands in lenders mortgage insurance.
However, as The New Daily reported, the trade-off in added interest payments could raise the overall cost of a 30-year loan by six figures.
Home owners
Amid a wave of mortgage deferrals and falling house prices, home owners would have been forgiven for expecting more direct support to flow from government.
But CoreLogic head of research Eliza Owen told The New Daily the Reserve Bank and regulator APRA had pulled together to support struggling home owners during “the biggest economic shock since the 1930s”.
“We saw changes to the treatment of loans to allow for deferrals which was then extended to March, we saw the implementation of the Term Funding Facility and a reduced cash rate that have both helped make mortgages cheaper,” Ms Owen said.
Ms Owen also noted extra relief could come from state governments in their budget announcements, particularly as most state-based relief had been geared towards first-home buyers and the construction sector.
Investors
With workers in renter-heavy industries such as hospitality and retail bearing the brunt of lockdowns, rental incomes have been slashed as affected renters seek affordability.
And with JobSeeker and JobKeeper rates recently reduced, it could spell more dire news for investors wanting to maintain their rental income.
However, Ms Owen said the “indirect impacts” of the newly-announced JobMaker program – which provides businesses that hire 16-to-35-year-olds on welfare payments a credit of up to $200 a week – could flow on to the rental market.
“The quicker we can reabsorb jobs for young people, the more upward pressure that has on rents,” Ms Owen said.
Social housing
One notable budget omission that drew the ire of economists, housing academics, welfare advocates and property industry leaders was an absence of direct spending on social housing.
Despite the nation’s leading economists ranking it first among all other stimulus measures on their budget wish list, Treasurer Josh Frydenberg offered little.
Mr Frydenberg announced a $1 billion boost to the National Housing Finance and Investment Commission for social housing bonds, and $150 million for the Indigenous Home Owner
ship Program.
Labor announced in its budget reply that it would invest $500 million to accelerate repairs on existing social housing if in government.
Up-sizers and down-sizers
Up-sizers and down-sizers would likely see the most benefit from proposed changes to responsible lending laws flagged in budget documents.
Treasury’s budget overview said removing responsible lending obligations for most products – including home loans – would “streamline” the credit application process and “allow eligible borrowers to obtain credit faster”.
In essence, it would encourage up-sizers and down-sizers to sell their property for a higher price, and settle on a new purchase more quickly.
“Ultimately, anything that makes credit easier to access generally has an inflationary impact on the market as it boosts demand,” Ms Owen said.
“For upsizers who are moving from lower-value segments of the property market to a higher value, they may find their selling price is not as impacted, but may buy into a market where there are greater discounts.”
Regional Australia
Ms Owen said regional markets, which have been resilient through the pandemic, would continue to receive boosts in buyer interest as a result of the $350 million earmarked to support regional tourism, concessional loans to farmers and access for exporters to global supply chains.
However, the lack of focus on fossil fuel alternatives and climate action could have long-term consequences for rural areas, she said.
“If we look at the extremities of recent bushfires or storms in Far North Queensland, by not addressing climate change, we’re potentially exposing those regional dwelling markets to more volatility in the long run,” Ms Owen said.
“Areas hit by cyclones, for instance, saw a long-term dent where those markets only just started to recover before the onset of COVID.
https://infogram.com/buying-with-a-5-deposit-v-a-20-deposit-1hdw2jn0xymo4l0
”https://infogram.com/buying-with-a-5-deposit-v-a-20-deposit-1hdw2jn0xymo4l0
Sunday, October 18, 2020
Here I was thinking a lack of supply was making housing expensive.
"But because interest rates are lower than in prior decades, total homeowner costs in 2018 were down 17 percent from 2006 and 3 percent from 1990"
https://www.jchs.harvard.edu/state-nations-housing-2019
Wednesday, October 7, 2020
Hi Carlos & Linda,
Heard the great news that Buxton is now unconditional - a huge Thank-you for all the "extra" time and work needed to close this deal. A bit of worry and stress with the building and pest but your guidance and calmness was much appreciated during this time. And its good to see no issues with the Beneke tenant vacating ! Thank-you - I'm really happy to see the two places go through quickly, especially during this Covid season. A great choice by me to pick you guys - you have delivered again. wow. http://ljgrealestate.com.au/property/1-12-buxton-street-ascot-qld-4007/
Tuesday, October 6, 2020
The federal government has handed down the 2020-21 budget, outlining a range of tax cuts and spending initiatives aimed at creating jobs and boosting economic activity.
The budget was initially expected in May (and to focus on removing the deficit), but this was postponed once COVID-19 hit Australian shores and refocused to support economic growth and help bring back jobs for the millions of Australians who are estimated to have lost them.
Indeed, instead of a surplus, the budget will see a record deficit of $213 billion this year, $112 billion next year and $87 billion the year after that.
Several measures impacting home buyers and small businesses have been announced – as part of the government’s plan to “recover from the COVID-19 recession and to build our economy for the future”.
Referring to the budget, Prime Minister Scott Morrison said he hoped it would “cushion the blow of the pandemic recession” and “recover what’s been lost – the jobs, the livelihoods, the hours, the incomes, the customers, the clients”.
He said the budget will also look to “take new ground by rebuilding our economy for the future.”
The budget includes a raft of tax cuts (reportedly covering more than 11 million Australians and backdated to the beginning of this financial year) and new cash payments for those on welfare, including up to $500 cash payments ($250 paid in December and $250 paid in March 2021) for those on the age or disability support pensions, carer payments/allowances and family tax benefit, among other welfare schemes.
The government also outlined that it will invest an additional $14 billion in new and accelerated investment plan, including more than $7 billion in national transport infrastructure to “boost the national economy, deliver safer roads and create thousands of jobs as part of the federal Coalition’s COVID-19 economic recovery plan”.
When it comes to property, several new initiatives were confirmed.
FHLDS extended
The government has extended the First Home Loan Deposit Scheme (FHLDS) to provide an additional 10,000 places under the scheme until 30 June 2021.
From today (6 October), 10,000 more places will be provided to support the purchase of a new home or a newly built home.
The popular scheme, which first launched at the beginning of the year and saw very fast take-up, has so far seen nearly 20,000 first home buyers purchase a home with a deposit as low as 5 per cent.
Under the scheme, the government guarantees the difference between the borrower’s 5 per cent deposit and the standard 20 per cent deposit required to take out a home loan without paying lender’s mortgage insurance.
In August of this year, Minister for Housing Michael Sukkar revealed that 65 per cent of total FHLDS placements were taken up in the first few months of the 2021 financial year, despite ongoing economic uncertainty from the COVID-19 pandemic. The places for 2020-21 were fully reserved last month.
As such, an extra 10,000 spaces have now been made available.
The NHFIC has said it will announce further details later this week.
Mr Frydenberg commented: “Building on the success of the existing scheme, an additional 10,000 first home buyers will be able to obtain a loan to build a new home or purchase a newly built home with a deposit of as little as 5 per cent.
“The additional guarantees will be available until 30 June 2021 and will drive more construction and support jobs as part of our economic recovery plan.”
The government said it will also be enabling an additional $1 billion of low-cost finance to support the construction of affordable housing.
This takes the total concessional finance that has been made available to community housing providers to $3 billion.
Mr Frydenberg said it was also investing $150 million in the Indigenous Home Ownership Program to “construct new homes in regional areas, creating more jobs and helping hundreds of indigenous families buy their own home”.
Removing CGT for granny flats
The government has also committed to a targeted capital gains tax (CGT) exemption for granny flat arrangements where there is a formal written agreement in place.
As tax consequences can be an impediment to families creating formal and legally enforceable granny flat arrangements, the government has said that the new measure will remove CGT to the creation, variation or termination of a formal written granny flat arrangement providing accommodation for older Australians or people with disabilities.
It is hoped that the measure will also reduce the risk of financial abuse and exploitation, while also boosting the construction industry, stimulating demand for new housing and supporting jobs.
This change will not apply to commercial rental arrangements.
It is estimated that there are around 3.9 million pensioners and around 4 million Australians with a disability who would be eligible for this exemption under this change.
The measure would start from 1 July 2021, subject to the passing of legislation.
Small businesses in focus
The budget also looks at supporting new investment and increasing business cash flow, including by providing a temporary tax incentive, which will be available to around 3.5 million businesses (over 99 per cent of businesses) that employ around 11.5 million workers.
The incentive will apply to around $200 billion worth of investment, including 80 per cent of investment in depreciable assets by non-mining businesses.
From 7:30pm (AEDT) on 6 October 2020 until 30 June 2022, businesses with turnover up to $5 billion will be able to deduct the full cost of eligible depreciable assets of any value in the year they are installed. The cost of improvements to existing eligible depreciable assets made during this period can also be fully deducted.
The government will also allow companies with turnover up to $5 billion to offset losses against previous profits on which tax has been paid to generate a refund. Loss carry-back will be available to around 1 million companies that employ up to 8.8 million workers. Losses incurred up to 2021‑22 can be carried back against profits made in or after 2018‑19. Eligible companies may elect to receive a tax refund when they lodge their 2020‑21 and 2021‑22 tax returns.
Mr Frydenberg said: “Building on the successful expansion of the instant asset write-off during the COVID crisis, tonight we go further, announcing the largest set of investment incentives any Australian government has ever provided.
“From tonight, over 99 per cent of businesses will be able to write off the full value of any eligible asset they purchase for their business. This will be available for small, medium and larger businesses with a turnover of up to $5 billion until June 2022.
“It is a game changer. It will unlock investment. It will dramatically expand the productive capacity of the nation and create tens of thousands of jobs.
“A trucking company will be able to upgrade its fleet, a farmer will be able to purchase a new harvester and a food manufacturing business will be able to expand its production line.
“This will boost the order books of the nation. Small businesses will buy, sell, deliver, install and service these purchases.
“Every sector of our economy, every corner of our country, will benefit.
“This is how we will get Australians back to work.”
JobMaker hiring credit
The government is also looking to support job creation through a new JobMaker hiring credit by giving businesses incentives to take on additional employees that are young jobseekers aged 16 to 35 years old. The JobMaker hiring credit is a key part of the government’s JobMaker Plan to boost Australia’s economic recovery.
The JobMaker hiring credit is estimated to support around 450,000 positions for young people and cost $4 billion from 2020-21 to 2022‑23.
From 7 October 2020, eligible employers will be able to claim $200 a week for each additional eligible employee they hire aged 16 to 29 years old, and $100 a week for each additional eligible employee aged 30 to 35 years old. New jobs created until 6 October 2021 will attract the JobMaker hiring credit for up to 12 months from the date the new position is created.
To be eligible, the employee must have received the JobSeeker payment, Youth Allowance (other), or Parenting Payment for at least one of the previous three months at the time of hiring.
The full budget 2020-21 document of measures can be read here.
Hi Carlos & Linda,
Heard the great news that Buxton is now unconditional - a huge Thank-you for all the "extra" time and work needed to close this deal. A bit of worry and stress with the building and pest but your guidance and calmness was much appreciated during this time. And its good to see no issues with the Beneke tenant vacating ! Thank-you - I'm really happy to see the two places go through quickly, especially during this Covid season. A great choice by me to pick you guys - you have delivered again. wow.https://www.youtube.com/watch?v=KORF3b-dHhg&authuser=0
BAJO CONTRATO DE Linda 姬 琳达 珍 y Carlos
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http://ljgrealestate.com.au/
http://ljgrealestate.com.au/
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DE UN VISTAZO
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• Soluciones individuales para adaptarse a las necesidades de nuestros clientes
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• Tasas de comisión competitivas
• PERMITA LAS REFERENCIAS. Somos un negocio construido sobre 20 años de referencias.
• SIN Honorarios / Cargos por Renovación de Arrendamiento y Análisis de Mercado Comparable
• FOTOS TOMADAS EN LA ENTRADA, se muestra a los inquilinos sobre los interruptores de seguridad y la red de agua, etc. Nos reunimos con todos los inquilinos en el lugar.
• Enfoque práctico de todos los asuntos de gestión de inversiones inmobiliarias.
Dedicado a implementar las mejores prácticas, lograr los objetivos establecidos y abarcar un enfoque coherente para la gestión de la calidad y hacer un uso eficaz de toda la tecnología disponible. Reconocemos que los inquilinos también son clientes, por lo que tratarlos con cualquier tipo de falta de respeto sería perjudicial para todos los inversores inmobiliarios. Se trata de Actitud. Nuestro objetivo es eliminar la molestia de Sales & Rentals.
http://ljgrealestate.com.au/
Sunday, October 4, 2020
Extra 10,000 Aussies eligible for first home buyer scheme
The Government’s First Home Loan Deposit Scheme has been expanded by another 10,000 places, allowing for more first-time home buyers to purchase a property with only a five per cent deposit.
The other 15 per cent of the loan is guaranteed by the Government. This also helps Aussies side-step lenders mortgage insurance, which can climb to tens of thousands of dollars.
The extension is expected to give a boost to the residential construction sector, and is in line with the Morrison Government’s “shovel-ready” approach to economic recovery.
Also read: Will the First Home Buyers’ scheme be effective?
Also read: Coalition’s First Home Loan Scheme COSTS buyers $53,000
Nearly 20,000 Aussies have already benefited from the scheme, which will be available to Aussies from budget night next Tuesday until the end of the current financial year on 30 June 2021.
The scheme can also be used with HomeBuilder, which gives Aussies grants of $25,000 for new homes and renovations.
“Helping another 10,000 first home buyers to buy a new home through our First Home Loan Deposit Scheme will help to support all our tradies right through the supply chain including painters, builders, plumbers and electricians,” said Treasurer Josh Frydenberg.
"At around five per cent of GDP, our residential construction industry is vital to the economy and our recovery from the coronavirus crisis."
The price caps are higher this financial year, with Sydneysiders able to purchase homes worth up to $950,000; $850,000 for Melbourne residents; $650,000 in Brisbane; and $550,000 in Perth.
Aussies have to be earning less than $125,000 as an individual or below $200,000 for couples in order to be eligible for the scheme.
Previous research from Domain found that the scheme could actually cost first-home buyers $50,000 in the long run.
The announcement comes before the 2020-21 Federal Budget on Tuesday. Here’s what we already know so far about it.
–with AAP
Wednesday, September 30, 2020
0.5% increase in Brisbane.
Australia Home Prices Fall, Dragged Down by Sydney, Melbourne
Australian house prices fell for a fifth month, as declines in Sydney and Melbourne outweighed a nascent recovery in the rest of the country.
House values in major cities dropped 0.2% last month, CoreLogic Inc. data released Thursday showed. Prices in Melbourne, which is in its third month of lockdown after a resurgence in coronavirus cases, declined 0.9% last month, to be down 5.5% since the pandemic started.
In Sydney, prices fell 0.3% in September. Home values rose in the rest of the country, where virus restrictions are not as stringent, led by a 0.8% gain in Adelaide and a 0.5% increase in Brisbane.
“Unsurprisingly, the markets where the virus has been well contained and economic activity is less restricted are faring the best,” said Tim Lawless, head of research at CoreLogic. “At the other end of the spectrum, the considerably weaker conditions across Melbourne provide an example of the impact of severe restrictions.”
The outlook for the property market is evenly balanced between emerging headwinds and tailwinds, Lawless said. For buyers, borrowing has never been cheaper with interest rates at record-lows. A relaxation of lending regulations may allow easier access to credit.
“The aggregate effect of low mortgage rates, and the prospect that rates could fall further, low inventory levels, government incentives and improving consumer sentiment seems to be outweighing the negative economic shock brought about by the pandemic,” Lawless said.
On the other hand, the winding down of government support for people who have lost their jobs, and a likely rise in forced or distressed sales in coming months as mortgage holidays come to an end could weigh on prices, he said.
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Tuesday, September 22, 2020
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Sunday, September 20, 2020
Updated Australian property forecasts, expecting a serious boom in the coming years. Brisbane prices will soar 20% by 2023, Westpac say.
- Westpac has updated its property forecasts, expecting a serious boom in the coming years.
- The bank’s economists expect prices to fall nationwide by just 2.3% more to June before booming to 2023.
- Fuelled by low-interest rates and record economic support, chief economist Bill Evans and Matthew Hassan expect some capital cities to boom by as much as 20%. The bank's economists expect prices to fall nationwide by just 2.3% more to June before booming to 2023.
Sky-high Australian property prices are not only set to live another day, they’re bound to go higher still, the country’s second-biggest bank predicts.
On Thursday Westpac broke ranks with the other big four banks to lay down its latest thinking, expecting the property market to get through the pandemic relatively unscathed before booming.
Months ago Westpac predicted national prices to fall by 10% and to recover a little more than 8% by 2022. However this week, chief economist Bill Evans and senior economist Matthew Hassan noted their expectations had improved as the market showed resilience.
Instead, national prices will eventually decline 5%, or 2.3% more, to June, according to the pair. A locked-down Melbourne will lead the pack lower, shedding 12%, followed by 5% in Sydney, and 2% in Brisbane, while Perth won’t budge and Adelaide will actually lift 2%.
(Westpac, Business Insider Australia)It’s a far more optimistic view than the ones held Australia’s other major lenders. This week the Commonwealth Bank upgraded its outlook to expect a 6% fall followed by a recovery roughly half the strength of the one expected by Westpac. ANZ meanwhile remains more pessimistic, maintaining 15% falls are still possible.
Westpac expects some capital city prices to soar by 20%
However, while price falls are expected to be more modest, it’s the resurgence that Westpac expects in the coming years that is more spectacular.
Some distressed selling will occur in June and September, the economists expect, as mortgage deferrals expire in March. But once overstretched borrowers have left the market and prices decline, especially in inner-city areas, the market is forecast to boom.
“We expect price increases over that 2021–23 period of 15% [or] around 7.5% per year,” Evans and Hassan wrote.
“This recovery will be supported by sustained low rates, which are likely to be even lower than current levels; ongoing support from regulators; substantially improved affordability; sustained fiscal support from both federal and state governments; and a strengthening economic recovery, (particularly once a vaccine becomes available, which we expect in 2021).”
Specifically, they see prices jumping 14% in Sydney, 12% in Melbourne, 20% in Brisbane, 18% in Perth and 10% in Adelaide.
In other words, if Westpac’s forecasts come to be, Melbourne prices would return to pre-pandemic levels by 2023, while the other capitals will actually be far more expensive.
“On the basis of those increases we would see affordability modestly worse than long-run averages for the nation as a whole, with the advantage enjoyed by the smaller states diminishing,” the economists wrote.
In fact, it could prove even worse for the have-nots, Westpac says, maintaining the boom could be even bigger than it expects, based on the “psychology of the market”.
In layman’s terms, if buyers believe the market will boom, by piling in they will only push prices higher still.
Its own prediction will do little to discourage that.
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Six Months How are House Prices Fairing
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#propertymanagement #propertymanagers #propertymarketing #competitive #commission #win #win #relationship #happyvendor #happytenant #resultdriven #gratitudeattitude LindaandCarlos Debello Linda J.姬琳达珍 Gilland (Debello) Linda-Jane 姬琳达珍 Gilland(Debello)
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18 Bishop Court, Lawnton, Qld 4501 https://www.realestate.com.au/property-house-qld-lawnton-133738778
LJ Gilland Real Estate has been involved with the complete Lawnton Development as Investors ourselves since inception and we have had few tenants in 18 Bishop and for example, we have had the same tenant in place at 12 Bishop since new, achieving a great comparable rent. http://ljgrealestate.com.au/property/18-bishop-court-lawnton-qld-4501/
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