Tracey's Property News

Darlinghurst is the best performing Sydney suburb for 2012

DarlinghurstDarlinghurst, the cosmopolitan enclave in Inner Sydney, is the top performer amongst Sydney suburbs for 2012. For 53 properties sold in the year gone by, Darlinghurst picked up a median price of $1.057 million. This complimented with a 21.2% increase in the house prices, is certainly a news to cheer, says Glenn Dwyer in an article written for the Property Observer.

This is actually a super performance considering that the Inner city Sydney market has not shown any growth in 2012. A few sales worth noting:

  • A four-bedroom terrace on Surrey Street sold for $1.59 million
  • A five-bedroom Darlinghurst terrace on Liverpool sold for $2.275 million
  • A four-bedroom house on Palmer Street sold for $1.275 million

Situated only 3.2 kilometers away from the CBD, it allows residents to experiment with a café lifestyle. This along with the powerful culture of the place is the major reason why Darlinghurst is doing so well.

On the heels of Darlinghurst comes Woodcroft and West Pennant Hill. In terms of percentage increase in prices, North Curl Curl is at number seven. However, it has done better than Darlinghurst in terms of median Price (and has produced 17 sales more than Darlinghurst)

 

What’s going to affect the value of my property in the long term? – Property Investment Update

Property investment update

I found an interesting article which talks about the factors that may affect property prices over a long-term. It suggests various reasons for property price movement, assuming demand-supply to be the core factor. Of course, demand and supply is also determined by a host of sub-factors like taxation system and affordability of housing.

Read More

Chinese Investors Keenly Interested in Sydney Property

Sydney properties

Chinese buyers looking to invest in Sydney property market

Last night I was looking at an insightful video about the Australian property market. It showed how China was looking to explore the Australian Prestige Market in a big way and what property managers are doing to cash on the trend. Recent launch of the Domain Chinese magazine at Opera House was met with applause by about 380,000 Chinese Australians living in NSW. The magazine website showcased China’s growing optimism towards the Australian Real Estate.

Experts feel that the introduction of Significant Investor Visa has actually created this positive stir. The Visa allows Chinese citizens owning property in excess of $5 million in approved investments in Australia to enter Australian shores faster. Close to a million millionaires in China are showing some kind of interest in Australian Real Estate and the “wheel has really started to churn”. It will be unfortunate if such huge mass of potential buyers are not catered to satisfactorily. As the world continues to acknowledge the increasing wealth bank in Asia, Sydney Prestige Market is determined to realize this huge demand and profit from it before others do so.

The video demonstrates that Australian properties, shown to a few private clients in Shanghai, got a great response from them. Nine such properties were put on display for about 60 investors and already one of these properties is looking good for sale. Lord Andrew Hay from Knight Frank feels that Euro Zone is also close to realizing the beauty of Australian Property market. He adds that Australia has entered into the property ‘safe haven’ for European investors. They feel that it is a good place to enjoy life even while it remains a great place to educate their children.

I loved the video and quite agree with it. I think that apart from the Significant Investor Visa, the hike in Sales Tax and Stamp Duty for Hong Kong Real Estate has also resulted in the Chinese buyers drifting to Australia. Also, the Euro crisis has caused instability all over Europe and until the Euro hole is sealed, buyers may choose to find safe haven in Hong Kong, Singapore and Australia.

Do you personally feel that the Chinese interest in the Australian properties market will continue to be strong in the future?

Fewer homes selling at a loss

homesThe latest housing data shows a positive trend for Australian homes – fewer properties are selling at a loss.

It is an interesting upward trend especially after a dubious quarter (July 2012-Sep 2012) where 13.5% of homes sold at a loss while only 30.9 % of homes sold at prices two times more than the purchase price. Over the last quarter, the number of homes selling at a loss has come down to 12.5% while those sold at more than double the purchase price has appreciated to 32.1%. The trend is visible across all of Australia.

Properties on or near coastal areas have suffered the most while those close to resource and mining sectors have seen minimal losses. It is also worth noting that the financial crisis is not the only reason why homes are being sold at a loss. Many people are doing so because it allows them to buy another property (where appreciation can be very high in the near future) at a throwaway price.

Read the full article here.

Are you planning to invest in a property this quarter?

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