If you’re thinking of buying in the inner city areas of Perth, Melbourne or Brisbane…. you might want to think again! That’s according to Terry Ryder of hotspotting.com.au who regularly publishes his report on where to buy and where you shouldn’t. He recommends looking outside of the capital city central business districts altogether, even in Sydney. The reason? Over supply having an impact in rents and therefore property prices. While Sydney is still hot there is a moderation in parts of the rental market and some other capitals have seen rents dropping for a while, including the three Ryder advises to ‘avoid’.
Guess where most of Australia’s property investors live?
Almost half of all new mortgages taken out in November were by investors from New South Wales. The latest data on home loan financing from the Australian Bureau of Statistics shows a drop in investment loans in all states except NSW. Driven by demand for property in Sydney, NSW investors took out 48 per cent of all investor loans followed by Victoria on 23.9 per cent, Queensland (13.4 per cent), Western Australia (9.2 per cent), South Australia (3.5 per cent), ACT (1.3 per cent), Northern Territory (0.7 per cent) and Tasmania (0.5 per cent).
Melbourne to reach new heights
The tallest tower ever to be built in Australia will be built at Southbank precinct. Australia 108 will reach 319 metres with 1100 apartments on 100 storeys. Technically the Q1 on the Gold Coast is taller at 322 metres but only because of its spire. Australia 108 will cost $1 billion to build and apartments won’t be cheap but there is a lot of interest already, having been marketed in Singapore. It’s not clear if anyone has put their name down on the most prestigious home in the building, the highest penthouse in the southern hemisphere with a price tag of a lofty $25 million.
Schwarzenegger to speak to realtors
Actor-turned-politician-turned-actor-again Arnold Schwarzenegger is visiting Australia to talk to realtors. Glenn Twiddle, a marketing expert, is holding a conference in Brisbane for real estate professionals and asked the former California governor if he would give a speech and eventually his agents agreed a deal. So what does he know about the Brisbane real estate market? Not much, if anything, but Twiddle says Arnie is an inspirational speaker who has lessons that can be applied to anyone’s life. So don’t be surprised if your realtor signs off with “I’ll be back!”.
Collections: Mortgage News