An ‘ABC News’ video uncovers a few dirty linens kept in the closet of local and state governments. Australia is suffering from a chronic housing shortage according to the video. Each year an average of about 200,000 new homes are needed, yet only about 150,000 are being built.
Tracey's Property News
What To Do If You Fail A Property Settlement Date
Rob Balanda for the Property Update advises how buyers should act if a real estate deal fails being closed on its intended date of settlement.
In cases when you do not show up on the property settlement date, sellers get one-up on the buyers and often quote a higher price (let us say $100,000 more than the agreed amount). Buyers give in, fearful of the Breach of Contract nightmares. However, the best way to go ahead is to engage your solicitor.
Let the seller or his solicitor know about the delay (and purely banking reasons for it). In the event of their asking for a higher sum, politely refuse citing paucity of cash. Do so over phone rather than through a letter.
If they do not agree,lure them with the ‘deposit’ bait. Tell them that you are ready to free the deposit amount right then instead of paying at the time of settlement.
If they act fastidious, go one notch higher on negotiation- tell them that you are ready to increase the deposit amount (do not increase the amount more than the penalty they are seeking, in this case less than $100,000).
Your solicitor will invariably take care of the situation and you won’t need to cough up a higher purchase rate.
You can read the original article here.
Sydney Housing Market – July 2013
Tim Lawless provides us an immaculate housing market update through an RPData video. Australian capital cities are performing commendably and none better than Sydney. Yes, signals are not strong for areas like Brisbane, Hobart and Darwin but the euphoric mood is well and truly sustained by cities like Sydney and Melbourne.
Our Rising Population and Its Impact on the Sydney Property Market
The Australian population is on a merry ride; what with a growth of 1.8% last year. We have added roughly 0.4 million people to the kitty of Australian citizens in 2012. All good but this brings forth a few pertinent questions. Is the housing sector good enough to keep abreast with the rising population? This is just one of the many questions that spring up.
Australian Properties Unaffordable. Is It Really So?
Housing demand has made homes expensive to some of us. There is a fast building public perception that houses in a few areas are close to being unaffordable. However, this line of thinking does not hold too much merit. In fact, Australia rates pretty favourably when you compare its property prices to the housing costs in a few developing countries. Statistically, Australia is close to being 6 times cheaper than Mumbai (India); world’s costliest place for buying property, writes Michael Yardney for the blog Property Update.
What will Sydney be like in 2050?
Futurists are busy drawing possible patterns for Sydney 2050. An article on the Sydney Morning Herald uses a lot of imagination to spur our senses. While the usual fare of “digital connectivity” and globalisation spawned “idea sharing” is being talked about, a few less-imagined points have been discussed in the article too.
