OECD to Abbott: Rein in the housing market
The Organisation for Economic Co-Operation and Development warned Australia's economic leaders that spending cuts could tank the economy, and that the rate of increase in housing prices may require government intervention. The OECD report suggested that the RBA’s decision to keep interest rate so low has helped Australia’s economic recovery but may be leading to damaging speculation by investors keen for yield. Read the full story here.
Credit Suisse: Asian investment in Australia poised to grow
Credit Suisse predicts that Asian investment will reach $44 billion over the next seven years, even as investment management firm Nomura warned Tuesday of an impending bust in China’s property market. Investment growth has turned negative in four of China’s 26 provinces in the first quarter of this year, while Australian property prices have been gradually increasing largely due to the support of record low interest rates.
Hackers swipe $50,000 from Australian real estate firm
Hutchinson Real Estate in Broome, Australia lost $50,000 after cyber-attackers tricked an employee into clicking on a malicious link. The attack allowed the hackers to redirect payments made to the firm’s clients into the criminals’ own accounts.
Singapore firm puts $300 million tower in Sydney on the market
GIC Real Estate put one of Sydney’s best towers with residential conversion potential – 175 Liverpool Street – on the market today for $300 million. “The north-facing tower is one of the city’s best redevelopment opportunities and offers Hyde Park views,” and after conversion to apartments could be worth more than the $600 million former Sydney Water Board site. Read the full story here.
End of stamp duty exemption in WA may add 18 to 24 months of saving for first-time homebuyers
Eliminating the stamp duty exemption would add an extra $14,000 added to loans or an extra 18 to 24 months of extra saving, if the policy change is enacted, said Real Estate Institute of Western Australia (REIWA) Goldfields-Esperance chairman Brett Thorpe. "On average, about one in three buyers in Esperance is a first home buyer," he said, noting a recent decrease in activity there. Read the full story here.
Perth’s mansions a relative bargain
Several luxury country homes in Perth’s semirural area have hit the property market recently at bargain prices, like the $70 million Devereaux Farm, sold in October for $21.35 million. A dozen similar properties are up for auction. The transitioning economy of the area may be leading the trend. Read the full story here.
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