In an article for the website Your Investment Property, Phil McCarroll talks about the figure furnished by the Property Council of Australia. It says that real estate contributed nearly 12% of the GDP of Australia in the last FY. Services pertaining to finance and construction in the property market have together bought business of about $182.5 billion and this is equivalent to 11.5% of the Australian Gross Domestic Product.
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May Witnesses Fall in Home Values
In an article for the website Your Investment
Property, Phil McCarroll writes that May 2015 has been that rare month when the prices of properties have actually come down. The fall of 0.9% may however remain a one-off incident.
Possibly, the fall in home values in the month of May was a result of price corrections that occurred due to a few really good months that went by. By June onwards, the property market is likely to come back strongly. The federal budget has been very well received and the low interest rate environment is not going to end anytime soon. Together, these two factors will help revive property prices in June.
You can read the original article here.
Residential Properties Replacing Office Properties
Phil McCarroll writes a piece for Your Investment Property wherein he talks about a boom in the fortunes of residential properties and how they are ready to compete with office stock in Sydney. Some 1,80,000 square metres of office stock is due to be removed in the next few years and the space thus created will be used for residential purposes.
ATO Comes Down Hard on Point Piper Property Sale
An article on Your Investment Property talks about Altona, a Point Piper property which has been sold illegally. Phil McCarroll reports the trend.
Vacancy Rate on the Rise
In an article for the website Property Update, Shannon Davis sheds light on the increasing vacancy rate. The property rates are rising and so should the rents. So why aren’t they? This, writes Davis, is because the hike in property rates enhances the ambitions of investors so capital growth definitely makes for an upward curve. The same cannot be said about the rental yield.
Sydney Registers Steady Vacancy Rate
For two months now, the vacancy rate in Sydney has been less than 2%. In April, the availability rate was 1.9%. It is notable that the availability rate in Inner Sydney came down from 1.9% to 1.7% in April. While Middle Sydney affirmed the trend, coming down from 2.3% to 2.1%, Outer Sydney bucked the trend, going up to 2.0% from 1.7%.
A lot of apartment projects are coming close to their completion phase and this may mean an avalanche of new home options. It is not hard to decipher that the vacancy rate will only go up in the wake of the ‘happy tide of homes”.
You can read the original article here.
