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Lismore, the place to be for better property returns
PROPERTY investors across the Northern Rivers are seeing strong rental yields across all areas of the 2480 postcode.
Residential properties in Lismore Heights (units) have the highest median rental yield of 6.8%, whereas Clunes (houses) had the lowest at 4.1%.
As low interest rates continue to attract buyers looking to invest in residential property, robust returns in renting our houses and units are seeing investors reap the financial rewards.
Agent Katrina Beohm said investors definitely have Lismore in their sights due to the good returns.
"I feel Lismore is a strong investment market,” she said.
"We are seeing people from inside and outside the region and those inside are looking for short-term investment use as they plan to move in when they retire.”
In Lismore Heights, houses cost a median $223,000 and attain a median weekly rent of $290, whereas in Clunes houses sell for a median $631,000 and achieve $500 weekly rent.
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The Sydney suburbs where the highest proportion of bond money is forfeited by tenants
Where do the worst tenants in Sydney live?
Based on data released for the first time by Fair Trading, it’s the renters of a little pocket of the south-west with the postcode 2163: Carramar, Lansdowne and Villawood.
Partly in Canterbury-Bankstown and partly in Liverpool and Fairfield, that particular spot has topped Sydney’s rental hall of shame, with a staggering 61 per cent of bond money retained by agents over the April-June quarter in disputes about, or non-payment of, rent.
In Georges Hall 57 per cent of rental bond money was retained.
In third place was more misery for the south-west, with tenants in Cabramatta, Canley Heights, Canley Vale and Lansvale – at postcode 2166 – forfeiting a collective 54 per cent of their bond money.
The data, from the NSW government’s secure online lodgement system Rental Bonds Online, which holds more than 800,000 rental bonds, was released on Thursday by the Minister for Better Regulation Matt Kean. It’s the first time such information has been made publicly available.
“I want to put consumers first and this data does that by allowing open, transparent access to useful rental information,” Mr Kean said. “This untouched data can be analysed by individuals trying to decide where to rent or invest, as well as innovators who could use the data to create apps and other programs to help consumers.”
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Melbourne property prices: Will they continue to rise? Five economists predict
Melbourne’s property price growth is among the strongest in the country, but economists are split on what prices will look like next year.
Domain asked five top Australian economists to provide their forecasts for price growth over the next 12 months – and the results were surprising.
For houses it seems the boom is yet to run its course, with the overwhelming majority of experts anticipating continued price growth.
But the big question mark hangs over the future of apartments.
There was little consensus about what that trajectory might look like for this part of the property market – with expectations ranging drastically for 2018’s unit outlook.
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Fears of Chinese exodus from Sydney property market
THERE are nascent signs Chinese foreign buyers have toned down their enthusiastic buying of Sydney property. There are three pinpointed causes.
Firstly, Beijing has narrowed the window for capital outflows to Australia. At the same time, Australian banks have tightened lending criteria to mainland China investors due to APRA regulatory requirements, and in some cases won’t lend to foreign investors at all.
This week Chinese local and international estate agents reported a sharp drop-off in sales over the last six weeks as new property taxes took effect after the NSW state budget.
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Ultiqa adds prized Melbourne property to portfolio as part of interstate expansion
GOLD Coast-based company Ultiqa Hotels & Resorts has expanded interstate after snapping up the management rights to a luxury boutique apartment hotel in Melbourne.
Located at the “Paris end” of Melbourne’s CBD, the 140 Little Collins St property is comprised of 38 modern one, two and three-bedroom architecturally-designed loft-style apartments.
Ultiqa Hotels & Resorts CEO Mark Henry said the site was secured in a landmark multi-million dollar deal effective from this week.
“It was a multi-million dollar deal and we’ll invest more money into the property to bring it into line with the Ultiqa standard in the next two or three months,” he said.
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Locked out of property market? Five better places for Millennials to put money
Life sucks for an aspiring property owner right now.
You probably already know that the average price of a house in Australia ($656,800) is several (eight) times that of the average full-time yearly income ($78,832). You've probably already heard that in the past five years alone, wages have grown significantly slower (13 per cent) than house prices (41 per cent), especially if that house is in Sydney (70 per cent).
It's enough to make you want to drown your sorrows in the most expensive smashed avo and latte combo available!
But honestly – enough, already. If you're as bored as I am of this never-ending stream of bad news, it might be nice to know that there are many other options. Property is but one asset class, and there are many other things you can do with your money in 2017 instead.
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Deceased estate in Wilston beats expectations
A KNOCKDOWN in one of Wilston’s best streets has sold under the hammer for the first time in four decades.
A deceased estate at 69 Angliss St, Wilston, sold at auction recently for $760,500 — $35,500 above expectations.
Marketing agent Drew Comerford, of Ray White Wilston, said eight registered bidders competed for the property.
An interstate couple relocating to Brisbane won out in the end.
“The great price achieved left both the executers and beneficiaries in tears of joy,” Mr Comerford said.
“The new buyers are undecided if they will renovate or remove the existing house.”
Mr Comerford said it was rare for a post war home on an elevated 405 sqm block to become available in the tightly-held suburb of Wilston.
The home had been owned by the same family for over 40 years.
The three-bedroom house is in original condition, inside and out, with the opportunity to demolish and build a dream home.
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Buyers dream big to secure East Geelong California bungalow
RENOVATORS are expected to be called in to make over an original East Geelong california bungalow that sold at auction on Saturday.
The three-bedroom weatherboard house at 16 Orchard St, East Geelong, is a fine example of the period, with original timber wall panels and ornate high ceilings throughout.
The property included two titles, with a rear garage opening onto neighbouring Winter St.
It sold for $710,000.
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Cooling Australian property market would be good for Domain and REA: Citi
Australia's property market is facing a cooling period, but Citi reckons Fairfax Media's Domain and New Corporation majority-owned REA Group will benefit from increased listings.
The US-based investment bank upgraded both Fairfax, publisher of The Australian Financial Review, and News Corp, to a buy, and increased REA's 12-month target price.
While it may seem counter-intuitive that a cooling property market would be good for the online classifieds websites, Citi analyst David Kaynes said the opposite.
"Contrary to popular belief, Australia's rapidly rising house prices have been a significant headwind for the two portals that advertise properties for sale," Mr Kaynes said in a note to clients.
"Both sites charge per ad (30-45 day duration) and over the past decade the average time on market for a property was 50 days. In a balanced market (auction clearance rates around 60 per cent) roughly half of all properties will require more than one listing (ad) in order to achieve a sale."
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Miami’s ageing Nobby’s Outlook resort will go to auction in September after years of delay
THE ageing beachfront Nobby’s Outlook resort in Miami will go to auction in September — potentially ending a long-running saga to sell the property.
Offers from developers to buy the 7284sq m site at 122-130 Marine Pde, which holds 46 units in two-level buildings, date back to the late 1980s property boom.
In 2010 Sunland offered $40 million for the property but one owner held out and the deal was abandoned.
The building’s body corporate then successfully sought a court order from the Queensland District Court in 2013 to abolish the community titles scheme to make way for a sale.
A key reason for owners looking to sell was the $4 million repair bill faced for the property, which dates back to 1970s.
Last year the court appointed trustees Ann Fordyce and Brad Hellen, of Pilot Partners, to sell the property on behalf of the owners. Darrell Irwin and Geoff Lamb, of Colliers Interantional, are heading up the marketing campaign ahead of the auction.
Mr Irwin said the property is the largest beachfront parcel for sale on the Gold Coast and represents a prime opportunity for a developer.
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Women in Real Estate group supports women working in property industry in Bendigo
A new group has sprung up in Bendigo, aimed at providing networking opportunities and support to women in the property industry.
Women in Real Estate, the brainchild of Rebecca Cooper, Bec Allen and Helen Ashby, held its first function on Friday for women in all areas of property, from sales to accounting to planning and everything in between.
The group was founded after the three women realised there was a gap in the opportunities open to women in their industry to network, support one another, and receive guidance and mentoring.
Ms Cooper said real estate was a male-dominated industry, and while there were plenty of networking opportunities orientated towards men, there were few for women.
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Sydney, Melbourne property markets can avoid crash landing: RBA’s Bullock
House price growth in Sydney and Melbourne is being driven by the “basics of supply and demand,” according to a senior Reserve Bank of Australia official.
RBA Assistant Governor (Financial System) Michele Bullock told the Melbourne Institute/The Australian Economic & Social Outlook Conference in Melbourne this afternoon “there are some fundamental issues going on that do not mean we are heading for a housing crash in these cities’’.
The senior official also said the jury is still out on what might happen in the event of a bank failure despite moves to impose higher capital levels of the big four banks and greater supervision by regulators.
Noting that the success of global initiatives to address the issues arising when a bank failed “remain to be seen.”
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Property managers can be sacked easily when underperforming
BREAKING up is hard to do, but not when severing ties with an underperforming property manager.
Last week, I decided I had finally had enough of the agency managing my rental property.
It had been roughly two years, without incident, until our long term tenants vacated and moved overseas.
For the next couple of months, our property managers conducted inspections, telling me the property was in good shape, well priced and sure to attract plenty of tenants.
What they did not bother to mention, was that the paint was chipped on the walls, the carpet filthy and stained and the toilet cistern discoloured and desperately in need of replacement.
After a couple of weeks of unsuccessful viewings, one agent casually mentioned that the lack of interest may have been due to the shabby state of the furniture.
“The furniture?” was my reaction. It turned out the former tenants had left their clutter behind when vacating and the property managers did not realise the place was not supposed to be furnished.
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Struggling Chinese owner of Darwin Port offloads Melbourne property
The heavily-indebted Chinese owner of Darwin Port, who is struggling to make payments on money borrowed to pay for the port lease, is offloading two large development sites in Melbourne worth $40 million.
The port's new owner Landbridge Group and its billionaire founder Ye Cheng has put a massive corner block in Melbourne's Southbank precinct up for "immediate private sale".
The quick sale of the two neighbouring sites with a planning permit for 780 apartments and retail outlets is a further sign the company may be in financial stress.
A Fairfax Media analysis of the finances of Landbridge Group and Mr Cheng revealed last week that the company was over-extended and scrambling from one loan repayment to the next, in some cases paying interest up to 12 per cent.
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Ex-real estate agent Joseph Ngo pleads guilty to trust fund misappropriation
A former real estate agent has pleaded guilty to misappropriating trust fund money.
Tri Duc (Joseph) Ngo was charged with 302 counts relating to electronic transfers of client deposits into the bank account of a company directed by his wife while running an LJ Hooker franchise.
Consumer Affairs Victoria agreed to strike out 143 charges as Mr Ngo pleaded guilty before in the Melbourne Magistrates Court on Monday.
A plea hearing in the County Court is scheduled for November 8 and 9.
Mr Ngo was required to surrender any passport and reside at his Rowville address.
His wife Truc Thanh Le (Judy) Nguyen has pleaded not guilty to similar charges and is due to appear at the Magistrates Court for a one-day committal hearing on November 1.
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Six things to know about the real-estate company Redfin before it goes public
Redfin Corp. is ready to test its online-offline business model, which combines modern technology with a corps of traditional real-estate agents, on Wall Street.
The Seattle-based Redfin RDFN, +0.00% has filed for a public offering raising up to $100 million, which is likely a placeholder sum, and has not yet specified the number of shares it plans to offer. The company has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol “RDFN,” with Goldman Sachs GS, +0.33% and Allen & Co. listed as the lead underwriters on the offering.
Here are six things to know about the company — which enables home shoppers to browse online listings on the Redfin.com site and then book an agent to bring them to see desired properties — as it prepares to go public:
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High return for property investors
A COMMERCIAL property in Grafton has sold for $2.6million.
Earlier this week, the Ford and Dougherty Property listing at 16-20 King St, Grafton went to auction in Sydney in conjunction with Burgess Rawson and was snapped up by an investor.
Commercial manager Natasha Watkinson said the building was leased by the NSW Government and training company ETC.
"They are strong leases, the achievement in sale prices comes off the back of the leases,” Ms Watkinson said.
"This reflects the strength of the commercial market in Grafton at the moment and the growth Grafton is seeing.”
Ms Watkinson said the sale price of the property, which was bought by a private investor, achieved expectations.
"The investor also bought a Service NSW property at Inverell,” she said.
"It highlights the strength of the government leases in rural centres and the strength of the commercial market.
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