Where in Australia are Chinese buyers looking?Chinese investors in real estate are most interested in property in Victoria. Analysis of searches from Chinese-focused real estate website myfun.com has found that it was the most clicked state last year with Melbourne’s Glen Waverley suburb being the most searched neighbourhood. Mount Waverley, Doncaster and Balwyn take the next three places in the league with Southport, Queensland being the only one of the top 5 not to be in Victoria. Box Hill, VIC; Carindale, QLD; Toowong, QLD; South Yarra, VIC; and Chatswood, NSW complete the top 10. Damian Moore from Ray White told news.com.au that good schools and feng shui play a part in the choices of Chinese buyers.
Planning minister’s warning on affordability
NSW’s Minister for Planning is warning that unless something is done now, the next generations will be unable to afford more than a shoebox in Sydney. Speaking at an Urban Taskforce Industry lunch Pru Goward said her own grandchildren were among those that could be affected: "I don't want to have to see them leave Sydney altogether because they've been priced out of the market." She said that infrastructure and housing were the big focuses for NSW but warned that a NIMBY attitude would need to change to allow infill housing solutions.
Source: The Domain Group
Jobs and wages weighing down economic sentiment
Australian households may save money on their home loans when the lower rates kick in but confidence in the economy has slipped lower since the RBA cut the interest rate. The ANZ-Roy Morgan Australian Consumer Confidence Index fell by 1.7 per cent last week, hitting its lowest mark since August last year. With assets increasing in value, petrol prices lower and mortgage rates falling there should be optimism but concerns over job security and the lack of growth in wages is weighing down sentiment. Confidence in the economic outlook is at its lowest since last June. Warren Hogan, ANZ chief economist commented: “The fragility of the consumer over the last year or so continues to surprise us. While we expect some bounce in coming months from lower interest rates, the question we increasingly debate is whether there can be a strong and sustained bounce in consumer confidence without an improvement in the labour market and a lift in wages growth.”
Source: ANZ-Roy Morgan Australian Consumer Confidence Index
Real estate career beats the catwalk
Would you rather have been an author, librarian or academic? A new survey has found that they are the three most desirable jobs with real estate agent coming in at number 23; women are 4 per cent more likely to choose it as a career than men. Don’t be too downbeat though as more people in the YouGov poll said they would like to be a realtor than a model.