Australian Property News

Real Estate News – Property News. propertynoise.co.nz  is about sharing all things real estate and property in New Zealand (and a bit of Australia and International too). Instead of viewing a multitude of news sites to find out the very latest property news – simply come here. Each day, many times a day, every day we update the site to ensure we have your property and real estate news in one handy place. All the real estate news comes from a variety of property news sites whom do a superb job. We simply refer/ link you to their sites and we make no claim to their material.

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CALLS of a housing bubble are nothing new, but there’s one thing no one can say for sure: when it will finally burst.

Now a leading investment bank has called the peak, in the latest of a long stream of predictions that Sydney and Melbourne’s seemingly endless price growth is about to reverse.

UBS argues that housing prices have reached an “unsustainable peak”. Picture: UBS

 

A PERTH real estate agent who forged signatures on fake contracts to pocket $30,000 has been banned from working in the industry for 15 years.

Joseph Weng Kong Cheong and his company Easy Invest Pty Ltd had their licences cancelled on Thursday by the State Administrative Tribunal after he was found to have acted unfairly and dishonestly in the sale of two properties.

The run-down house in which accused burglar killer Ben Batterham confronted ‘home invader’ Ricky Slater has undergone a significant upgrade and is being rented for more than $500 a week.

Ben Batterham’s home in Cleary Street, Hamilton, as it was when he confronted burglar Ricky Slater on March 26 last year

 

After electronic giant Amazon announced its move to Australia, speculation has quickly grown over where the company will base its headquarters.

The American company is seeking out a 93,000sq metre warehouse in either Sydney, Brisbane or Melbourne and will start adding to its 1,000 employees already in the country.


Electronic giant Amazon has announced its move to Australia and is currently looking for a 93,000 square metre warehouse (pictured is its UK warehouse in Peterborough)

 

A dangerously overcooked housing market and rising interest rates are poised to plunge thousands of Australian families into mortgage stress in coming years, top economists have warned.

Sydneysiders would likely be hardest hit by rising interest rates and a possible housing correction. Photo: Andrew Darby

 

A rural Queensland town is giving out 10 blocks of land for just A$10 ($11 NZD) each.

Richmond, a cattle town west of Townsville, is trying to lure residents to the area by offering up 10 800 square metre chunks of land in a lottery, according to Daily Mail.

About 1,000 people currently live in the 26,000 sqm Shire of Richmond, which is home to marine fossil Kronosaurus Korner museum. Photo/AAP

 

A modest two-bedroom Melbourne home that sold for $206,000 in 1999 is back on the market for $7million.

The value of the Box Hill house, which sits 14kms east of Melbourne‘s centre, has risen by more than 3,000 percent in almost 20 years.

The 762sqm property at 1 Rodgerson Road is a prime investment for builders and developers, according to Realestate.com.


It sits on 762sqm of land and is within the Box Hill Residential growth zone, offering opportunity for the site to be developed in a high-rise project or as student, business or medical accommodation.

 

SHE’S the fourth richest woman in Australia with a net worth of more than $1.8 billion.

But mining magnate Angela Bennett is so reclusive that her Wikipedia entry contains a photograph of her rival, Gina Rinehart.

The iron ore heiress, who like Rinehart inherited a vast swath of mining interests from her father, is said to prize her anonymity so highly that she owns the copyright on pictures of an empty staircase at her former palatial abode on Perth’s swan river.

Angela Bennett’s former Mosman Park home. Picture: Google maps.Source:Supplied

 

A notorious caravan park in an affluent Melbourne neighbourhood is set to be razed to the ground to make way for a multi-million dollar apartment block.

Hobsons Bay Caravan Park, in Melbourne’s south-west, has for decades been a place to stay for some of the city’s most disadvantaged and downtrodden people.

Hobsons Bay Caravan Park is set to be razed to the ground to make way for an apartment blocked. Pictured, Drew Bingham who lived at the notorious park for five years

GOLD COAST millionaire Travers “Candyman” Beynon is known for his lavish parties and for being constantly surrounded by beautiful, naked women.

Now, for the first time, he’s allowed a journalist and photographer to spend a day inside the mansion he calls home.

Ocean Road magazine, based on the Gold Coast, has been given a fascinating insight into the lives of Travers, his wife, his girlfriend and his four children; Valentino, 18, Lucciana, 15, Velicia 6 and Serafina 5.

Travers Beynon, ‘The Candyman’ with his bevy of beautiful women (he has his hand on his wife’s bottom) Picture: Brian Usher / Ocean Road Magazine

 

THE financial regulator is cracking down on interest-only mortgages in a bid to cool down soaring house prices.

The Australian Prudential Regulation Authority wrote to the banks today to announce new measures to “reinforce sound residential mortgage lending practices in an environment of heightened risks”.

Around 40 per cent of residential mortgages are interest-only. Picture: Brianne Makin

 

HOME prices in Australia’s biggest cities have jumped 3.7 per cent since the start of the year with the proportion of settled auctions on the rise as well.

Sydney has led the charge, with prices there jumping 5.3 per cent since January 1, according to the latest data from CoreLogic.

The median house price in Sydney is $950,000, while the median unit price hit $740,000.

Bidders and onlookers during the auction at 23 Bennett St, Surry Hills, Sydney, Australia, 25 March 2017. Photo by Brianne Makin

 

I didn’t think it was possible for there to be more focus on the Australian housing market than in 2016, but the last couple of weeks have proved me wrong.

ABS figures revealed that in the December quarter, across the eight major Australian cities, house prices rose 8.9 per cent and apartment prices rose 4 per cent.

The foundations of Australian house prices could shift at any time. Reuters: Mick Tsikas

 

  • Scott and Mina O’Neill, aged 30 and 28, own 28 properties worth more than $10 million across the country
  • The married couple purchased their first home together in 2010 in Sutherland, south of Sydney
  • Couple rake in $300,000 a year from their property empire – all from their first $15,000 deposit
  • Pair built their portfolio by reinvesting, renting their own home and investing in others
  • The couple quit their jobs to run an investmer adviser and spend six months of the year travelling the world

Scott and Mina O’Neill (left) bought their first home (top left, in Sutherland, Sydney) in 2010 with just a $15,000 deposit – and less than seven years later they rake in $300,000 a year from their $10 million portfolio of 28 properties from Sydney’s beaches (bottom right) to Perth, the Gold Coast, and NSW towns Cooma and Port Macquarie.

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A young woman says she would rather go into debt to travel the world than save money to buy a house in Sydney.

Sarah Wehbe, 21, spent up to $15,000 of her savings to go travelling around Europe with her friends last year – hitting London, Amsterdam, Ibiza, the Amalfi Coast, Mykonos, Beirut and more over the course of seven weeks.

 

  • Confidence in Australian housing sector fallen to a 40-year low, research shows
  • Only 11.6 per cent of people chose real estate as their first choice to invest
  •  The latest troubling figure indicates ‘a clear increase in risk aversion’
  • The Reserve Bank of Australia is worried about a collapse in the housing market
  • Bank might tighten lending standards to deal with an oversupply of apartments
  • Malcolm Turnbull may let first-time buyers to tap into their super for a deposit

It’s the lowest reading the consumer confidence survey has seen since it began in 1974

 

A couple have bought back their home for $7.1 million after selling it nearly seven years ago for $5.8 million.

With a stunning architectural design, Sydney Harbour views and an elegant L-shaped pool to cool off in, it’s no wonder Armada Fund Management boss Christopher Monaghan and his wife Kerryn decided to return to their Mosman home, in Sydney’s north.

‘It’s like they had a good piece of art work and wanted it back,’ said Monika Tu, of Black Diamondz, told Domain.

A balcony perfect for taking in those harbour views. The property was listed in May 2016 with an $8 million guide, before it was relisted once more in the Spring later that year with a guide between $6.8 million and $7.4 million

 

THE Gold Coast property market is firing with median house prices hitting a record-high of $600,000.

In further proof the city is booming, CoreLogic data released this week reveals house prices are up 6.2 per cent over the 12 months to December, 2016 and 21.2 per cent over three years.

Hitting a median house price of $600,000 is a major milestone for the Coast according to REIQ Gold Coast zone chairman John Newlands.

 

Norm ‘Nobby’ Hill (inset) bought his Coogee apartment for just $13,000 in 1968 but now almost 50 years later expects to sell it for about $1 million. The 92-year-old lived the majority of his life in Cogee, in Sydney’s east, but at 92-years-old, said he was ‘starting to feel a bit old’ and wanted to move closer to family. ‘I am quite sad to be leaving but all my friends are gone,’ he said. The two-bedroom unit, in walking distance to the iconic Coogee beach, will go up for auction on March 22.

 

There is no knowing which, if any, of his election promises Donald Trump will actually carry out.

But Australian homeowners should be worried if Congress allows him to unleash his massive infrastructure program and cut corporate taxes.

US President Donald Trump has made many plans but no one is sure which ones will be carried out. Photo/AP

 

 

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The Gold Coast locals bought a beachfront home (pictured) last month for $6.5million on Mermaid Beach’s Hedges Avenue – before changing their minds this week

 

THE OECD has warned of a “significant” rout in Australian house prices, in a market correction that could spell economic gloom.

In an otherwise positive assessment of the nation’s economy, the Organisation for Economic Cooperation and Development noted in its biennial survey that house prices have increased by 250 per cent in real terms since the 1990s — and that a downturn could cut household consumption and lead to mortgage defaults.

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If you live in a capital city, you can be excused for thinking real estate prices have jumped the shark.

Sydney’s median house price is well over a $1 million, and Melbourne isn’t far behind. So what does it take for a young person to break into the market?

We spoke to two professional young women about their vastly different experiences.

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Wenee Yap, the owner of Sydney’s first cat cafe, is struggling to get into the property market. Photo / Facebook, Wenee Yap

 

The Top 50 Sales Offices ranking this year was again topped by Robinson Property. The agency took first place in 2016 and placed second in 2015.

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While saving for a holiday or any other luxurious treat is doable, it can be tricky to keep the savings pouring in over an extended period of time when there’s nothing to save for.

And after the indulgent holiday season, many are struggling to get back on top of their finances.

easy-breezy-financial-adviser-canna-campbell-shared-her-top-five-rituals-for-people-to-follow-for-easy-long-term-savings

Easy breezy! Financial adviser Canna Campbell shared her top five ‘rituals’ for people to follow for easy long term savings

 

IT’S official – the Sydney housing market is depressing.

But Taku Ekanayake, a 28-year-old Sydneysider, is not one of them and he knows what he is talking about. He is sitting on $2 million worth of property investments.

“There is so much opportunity out there and there is money to be made,” Mr Ekanayake, a sales consultant in the information technology industry, told news.com.au.

taku-ekanayake-used-equity-from-his-first-property-to-move-on-to-the-next

Taku Ekanayake used equity from his first property to move on to the next

 

The value of good neighbours has never been so high.

These Sydney apartment owners have just become instant “millionaires” by banding together to take advantage of the city’s sizzling property market.

owners-of-these-apartments-banded-together-to-make-some-serious-cash

Owners of these apartments banded together to make some serious cash.

 

He escaped Sydney in 2015 to have a crack at the NFL.

Now, Jarryd Hayne, 28, is continuing to move on from the city he grew up, selling his lavish Paddington home this month.

News.com.au reported that after buying the property in 2013 for $1.31 million, the designer-renovated pad fetched a healthy $2.97 million for the new dad, who looks set to move on with his new life on the Gold Coast.

sold-nrl-star-jarryd-hayne-continued-his-sydney-exit-by-selling-his-lavish-paddington-home-for-a-1-6-million-profit
Sold! NRL star Jarryd Hayne continued his Sydney exit by selling his lavish Paddington home for a $1.6 million profit

 

Australia’s property prices are likely to keep rising this year before slowly losing momentum and going backwards.

That’s the consensus view of the 27 leading economists, academics, consultants and money managers polled for the BusinessDay Scope economic survey.

interest-rates-will-stay-low-for-longer-and-support-housing-demand

Interest rates will stay low for longer and support housing demand. Photo: Chris Hopkins

 

AUSTRALIA’S money laundering watchdog investigated more than $3 billion in suspicious transfers by Chinese investors last year, including $1 billion in property transactions.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has confirmed $3.36 billion worth of transactions contained in 5886 “suspect matter reports” filed with the intelligence agency by banks and remitters in 2015-16.

the-impact-of-chinese-investment-on-house-prices-is-hotly-debated

The impact of Chinese investment on house prices is hotly debated

 

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SALES figures have hit $40.6 million for the Gold Coast mega real estate auction held on Sunday.

After further negotiations with buyers on Monday, Ray White Surfers Paradise confirmed 61 properties sold either under the hammer or following The Event, which attracted a crowd of more than 2000.

RWSP CEO Andrew Bell said his sales team was still negotiating on six properties and 20 were sold before auction.

a-huge-crowd-turned-out-for-the-event-hosted-by-ray-white-surfers-paradise

A huge crowd turned out for The Event hosted by Ray White Surfers Paradise

 

Sydney real estate is so expensive the median is now $300,000 more than the second-highest priced capital in Australia, new data shows.

By the end of 2016, Sydney’s median house price climbed more than 10 per cent to a record $1,123,991, Domain Group’s rental and house price report released on Tuesday found.

sydney-house-prices-continue-to-surge

Sydney house prices continue to surge. Photo: Brendon Thorne

 

First it was smashed avocado on toast, now it’s cappuccinos that young people are accused of wasting their money on.

A highly-paid bank executive says Generation Y people are shelling out for extra cups of coffee instead of saving.

young-people-are-more-likely-to-be-spending-their-money-on-coffee-and-energy-drinks-a-study-has-found
Young people are more likely to be spending their money on coffee and energy drinks, a study has found

 

The decision comes following plans to float the company, which has more than 700 offices, on the ASX were put on hold.

The decision comes following plans to float the 700-office-strong company on the Australian Stock Exchange were put on hold.

Mr Harrod told The Australian Financial Review the company wanted to list when he joined in 2014 and the decision to not proceed had made his role redundant.

LJ Hooker CEO Grant Harrod resigns

 

One in five Australians are walking such a fine mortgage tightrope that they could lose their homes if interest rates rise by even 0.5 per cent.

The love affair with property has pushed Australia’s residential housing market to an eye-watering value of $6.2 trillion.

MELBOURNE, AUSTRALIA - JANUARY 14: Melburnians keep cool at Brighton Beach on January 14, 2014 in Melbourne, Australia. Temperatures are expected to reach over 40 degrees Celsius in parts of Victoria over the next four days. (Photo by Craig Sillitoe/Getty Images)

(Photo by Craig Sillitoe/Getty Images)

 

A new real estate agency which promises to save people selling their homes up to $50,000 has hit Australian shores and is shaking up the property market.

Purplebricks, established in the UK in 2014, is launching in Sydney this week after tapping in to the Brisbane, Melbourne, and Gold Coast markets last year.

Jess and Daniel Rushbrook, who sold their place in Brisbane before moving to Canberra, saved over $11,000 by using the revolutionary agency.

the-couple-who-have-three-daughters-saved-11805-when-they-sold-their-brisbane-house
The couple, who have three daughters, saved $11,805 when they sold their Brisbane house

 

 

THIS map is a homebuyer’s worst nightmare.

It is no secret that housing affordability in many parts of Australia absolutely sucks, especially in Sydney. And it looks like it’s getting worse

map

The number of Sydney suburbs where house prices are now at least seven figures is astonishing and depressing. Graph: CoreLogicSource:Supplied

 

Brian White has told the story privately several times. But never to the world. On each occasion he gets a lump in his throat and takes a deep breath.

Today is no exception. We are sitting in the dining room of the Sydney mansion of the chairman of Ray White real estate, Australia’s biggest residential property group. The three-level Point Piper property — with its own lift, private jetty, pool and stunning views of the Harbour Bridge — is on Wolseley Road, known as the sixth most expensive street in the world.

bw

Photo credit: The Australian, John Feder

 

“Why do I want to buy what they want to sell?”

Whether you’re buying stocks, bonds, property or funds, it’s the fundamental question behind any investment. And if you’re not sure of the answer, it’s worth bearing in mind the old gambler’s maxim.

john-kay-economist-and-financial-times-columnist

John Kay, economist and Financial Times columnist. Photo / Getty Images

 

THE owner of house from The Castle has vowed not to demolish the famous weatherboard, saying she’s been inundated with offers from potential buyers since a heritage protection bid failed.

Vicky Cosentino welcomed the offers, but said she won’t be in a position to sell the Strathmore house for a few months, as a tenant would be living there until June.

a-scene-from-1997-aussie-classic-the-castle

A scene from 1997 Aussie classic The Castle.

THOSE on the top rungs of Australia’s property ladder climbed even higher this year, upsizing into bigger mansions and smashing price records along the way.

A waterfront mansion a few houses down the street from Prime Minister Malcolm Turnbull’s home in Point Piper was Australia’s most expensive sale of the year at more than $60 million.

Known as ‘Altona’, the nine-bedroom home sold in November to a billionaire family from China based in Hunters Hill.

a-strip-of-four-neighbouring-houses-on-coolong-rd-in-vaucluse-sold-for-a-combined-sum-of-nearly-80-million

A strip of four neighbouring houses on Coolong Rd in Vaucluse sold for a combined sum of nearly $80 million. Picture: John Feder

 

An ASX long term investment report has revealed that property was the best performing asset class in Australia for the entire decade prior to 2016 (returning 8 per cent per year on average). That fact confirms what we know already: if you buy right you will get a return on your investment, whether you’re an investor or an owner-occupier.

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IT HAS been a hell of a year for the Australian property market.

House prices have soared in Sydney and Melbourne, while remaining flat in Darwin and even retreating in a post-mining boom Perth.

The Reserve Bank of Australia cut the cash rate not once, but twice — in May and August — giving us some of the lowest mortgage rates Australia has ever seen.

the-gold-coast-is-expected-to-outperform-everyone-in-2017

The Gold Coast is expected to outperform everyone in 2017 with house price growth well into the double digits.Source:News Corp Australia

 

 

At summer barbecues across the nation, 2016 will be remembered fondly by buyers and sellers alike. It was the year interest rates continued to slide and property prices kept inching up in all but two cities.

But it also came with its fair share of controversies, new players and legal intervention. Here, we look back on the year that was 2016 in the real estate industry.

2016-offered-up-its-fair-share-of-controversies

2016 offered up its fair share of controversies, new players and legal intervention in the real estate industry. Photo: Dan Soderstorm

 

 

Anxiety about the cost of housing has reached an all-time high in the wake of Sydney’s four-year property boom.

Polling shows 41 per cent of people in NSW now rate housing as one of the most important challenges confronting the community, up from 29 per cent in 2013.

soaring-housing-costs-are-causing-concern-in-nsw

Throughout the year, One Agency engaged with more agents, property managers and real estate business owners via press releases and new member introductions on the widely read REB On-line industry site, augmented later in the year with New Zealand site, Property Noise.

brw

BRW Rich Lister Geoff Harris, the founder of Flight Centre, is going digital, investing in start-up technology that puts real estate auctions live online.

With Australia in the grip of a residential boom, the country’s property sector is under siege from would-be digital disrupters looking to cut a corner for themselves.

Mr Harris’s move though, as he puts it, is more about disrupting the disrupters and allowing traditional, kerbside auctions to gain bigger audiences.

on-the-block-geoff-harris-left-and-joel-smith-with-the-gavl-app

On the block: Geoff Harris, left, and Joel Smith with the Gavl app.Jesse Marlow

 

WHILE most millennials are struggling to save a deposit for one home, Gen Y couple Scott and Mina O’Neill own 25.

Unlike most 22 and 23-year-olds, who are fresh out of university and spending almost every dollar they earn from their first fulltime job at the pub every weekend, this Sydney couple were purchasing their first property — an ugly, old home in Sutherland, in Sydney’s south, which they bought for $480,000 to ‘rentvest’ their way into the market.

scott-and-mina-oneill

Scott and Mina O’Neill had just $15,000 between them when they decided they wanted to invest in property together.Source:Supplied

 

DESPERATE property seekers have slept in their cars to avoid missing out on the final release of land for the year in Mickleham’s popular Merrifield development.

The available 20 lots ranging from $155,000 to $269,500 sold out within an hour as a majority mix of first and second-home buyers woke early from their makeshift camps to ink deals before Christmas.

the-vision-for-the-merrifield-mickleham-development-has-proved-attractive-for-first-and-second-home-buyers

The vision for the Merrifield, Mickleham, development has proved attractive for first and second-home buyers.

 

Former Billabong boss Matthew Perrin faked his ex-wife’s signature on mortgage documents to use the family home in a AU$13.5 million (NZ$14 million) fraud, a court has been told.

He allegedly used the “large and substantial” property at Surfers Paradise as security for credit from the Commonwealth Bank behind his then-wife’s back.

The house was solely in Nicole Perrin’s name, so he forged her signature on a number of documents to the secure the funds, it is claimed.

READ MORE:
Ex-Billabong boss in ‘cut and paste’ forgery
* Fall from grace for Mr Billabong

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Glenn Hunt
Matthew Perrin used the family home in Surfer’s Paradise to raise a mortgage, despite the home being in his wife’s name.

 

 

 

Australia’s largest real estate agency, Ray White Group, is on fire.

It’s going so well nationally yet it still had to poach a Queensland auctioneer to go and run its Sydney office network.

One office alone, Ray White New Farm, is celebrating its best sales month ever with more than $71.5 million worth of real estate sold in November.

ray-white-new-farm-principal-matt-lancashire-sold-41-5-million-himself-alone-in-property-in-november

Ray White New Farm principal Matt Lancashire sold $41.5 million himself alone in property in November. Photo: Claudia Baxter

 

Melbourne couple Adam and Lisa Dixson cooked on a public barbecue in the park across the road for more than a year while they were renovating their house to “flip” — the capital city trend which has become popular with property hunters looking to ride the housing market boom.

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Lisa Dixson and her husband Adam recently ‘flipped’ for $1.6m a Yarraville house in Melbourne’s west that they bought in late 2014 for $771,000. Picture: Aaron Francis

 

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YOU can’t blame people for being confused.

One minute we are told there is an apartment glut and house prices could crash any minute. The next, our leaders are calling for negative gearing changes that will push prices down even further. So are we headed for housing armageddon or not?

PRICES ARE TOO HIGH …

apartment-prices-in-melbourne-are-starting-to-come-down-but-sydney-is-still-increasing

Apartment prices in Melbourne are starting to come down but Sydney is still increasing. Picture: Mike Keating.Source:News Corp Australia

 

A stunning mansion overlooking the beach has won the award for Australia’s best home.

The three storey beach house in Bilgoa, in Sydney’s northern beaches, has taken the title of Australia’s best home in the Lifestyle Channel program ‘I Own Australia’s Best Home’, beating out 27 other unique luxury properties around the country.

Dubbed the ‘Surf’s Up Stone House’, the owners Lorica and Andrew Clarke said they were ecstatic with their property’s win and proud that their home was well recieved by the judges and viewers.

the-top-floor-of-the-stunning-beach-side-property-has-a-glass-plunge-pool-that-overlooks-the-beach

The top floor of the stunning beach-side property has a glass plunge pool that overlooks the beach

Big Mac lovers can take a bite out of history when they bite into their burgers at an Art Deco McDonald’s – just one of Australia’s many weird and wonderful heritage-listed buildings.

A list compiled by Commercial Real Estate shows that a heritage-listed building isn’t just a dusty old library or an ancient stone house.

Instead, thanks to their cultural significance or unique construction, some unexpected additions also make the grade.

[UNVERIFIED CONTENT] The very cool art deco McDonalds building in Clifton Hill, Melbourne, Victoria, Australia, in blue hour. HDR is reasonably subtle, but a good way to get the details in the bricks shown.

 

Taku Ekanayake is a 28-year-old Uber driver in Sydney. But he’s not your average Gen Y.

He’s also a real estate investor with eight properties and $1.5 million of debt.

taku-ekanayake-is-a-28-year-old-uber-driver-in-sydney-who-owns-eight-properties-and-plans-to-have-10-by-november-2017

Taku Ekanayake is a 28-year-old Uber driver in Sydney, who owns eight properties and plans to have 10 by November 2017.

 

A WOMAN who has bought a dream apartment in Sydney thanks to sensible investment, is advising twenty-somethings to think ahead when it comes to buying property.

Gabi Stephen, 31, and husband Joey, 36, have secured a $1.1 million two bed unit on Fairy Bower Road, near Shelly Beach on the city’s northern beaches.

Mrs Stephen says buying in to the tough Manly market was made possible because she bought an investment unit in Pennant Hills when she was 25.

gabi-and-joey-stephen

Gabi and Joey Stephen have been able to secure a $1.1 million dream home thanks to the investment she made in her mid-twenties. Picture: Annika Enderborg

 

SYDNEY: Australia’s “spring-selling” real estate season is seeing a defiant return of Chinese buyers who are undaunted by lending restrictions aimed at curbing their interest in the country’s sky-rocketing housing market. Financiers and estate agents say Asian investors have found new avenues to re-enter the market, including targeting cheaper homes and settling in cash. Others are turning to groups of wealthy individuals or foreign-owned banks for loans, after Australian banks turned off funding to overseas buyers this year.

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A sold sticker is attached to a real estate agent’s sign outside the front of a residential property in central Sydney, Australia, November 22, 2016. REUTERS/David Gray

 

 

A NEW Zealand couple have bought the penthouse in the yet-to-be built Northcliffe Residences in Surfers Paradise for $6 million.

Australasian Zintel Group retired chairman Nick Gordon and his wife Andrea snapped up the 600sq m two-level residence in the $111 million beachfront development, which is poised to rise 26 levels at 3 Northcliffe Tce.

The deal is believed to be the highest off-the-plan sale since the global financial crisis.

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Kiwi technology entrepreneur Nick Gordon and wife Andrew have spent $6 million on the penthouse in the Northcliffe Residences project at Surfers Paradise.

 

MULTI-millionaire Sydney slumlord Masaaki Imaeda has been uncovered as a secret sex pervert with an elaborate camera spy network covertly filming his tenants having sex.

Imaeda, 66, who owns a shipping container shanty town in inner Sydney where there was a fire two years ago, rigged up a secret camera network in other properties he owns, and spied on tenants for his sexual pleasure.

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The husband and wife (above) who uncovered Masaaki Imaeda’s elaborate sex spying network after finding a hidden camera in the ceiling of their bedroom.Source:Supplied

 

A ROMANTIC land of theatre, music and dance — worth up to $800 million — will be created from a tract of flood-prone land nestled between the Nerang River and Nerang train station under plans by a key Chinese theme park developer.

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Chinese company Wanda has sold a huge parcel of land at Carrara to another Chinese company, Songcheng Performance Development. Photo: David Clark

 

 

Two Welsh women travelling around Australia placed an ad online this week looking for a room to rent, but were met with some unexpected – and sometimes hilarious – responses from hundreds of men.

Katie Hulbert and Charlotte Randell posted a photo of themselves on a Facebook group on Thursday, asking people in the group if they knew of an affordable apartment or room to rent in Sydney as they continue their travels.

two-welsh-woman

The women posted a photo of themselves in the online group on Thursday, asking people in the group if they knew of an affordable apartment or room to rent in Sydney as they continue their travels (pictured)

 

Another weekend in Sydney, another round of unbelievable auction results.

A tin shed in Glebe – in Sydney’s inner west – sold for A$1.69m (NZD$1.8m) under the hammer on Saturday.

The “unique offering”, as it is described on its online listing, originally had a price guide of high A$1.3m to low A$1.4m but was bumped up to A$1.6m after receiving exceptional interest.

fixer-upper

She’s a fixer upper alright! Photo / LJ Hooker Glebe

It’s a small corner of Australia which is rapidly becoming a foreigners-only enclave that ordinary Australians will never be able to afford.

This exclusive precinct is already up to 80 per cent foreign owned and mostly by Chinese investors.

in-china-the-name-barangaroo-has-become-a-byword-for-australias-most-desirable-location

In China, the name Barangaroo has become a byword for Australia’s most desirable location. Photo / Getty

 

SUN, sand and surf was the main drawcard for Yanks looking to ditch the land of the free for Queensland in the wake of Donald Trump becoming US President Elect.

Seven out of the top 10 Queensland suburbs searched by Americans in the three days surrounding Mr Trump’s win were beachside ones, according to Realestate.com.au.

Brisbane City topped the Queensland list of searches by Americans, but seven beachside suburbs followed including Port Douglas, Noosa Heads and Surfers Paradise.

yanks-moving-to-aus

Victor Bishti,19, Emelie Nordqvist and Viktoria Silfverskiold, 19, at Noosa which was the third most popular spot in Queensland for panicked US voters. Picture: Megan SladeSource:News Corp Australia

 

AUSTRALIA’S long suffering resource town property markets are finally approaching their bottom.

The latest national property clock from Herron Todd White has revealed Perth, Darwin, Alice Springs, Gladstone, Mackay and Rockhampton – all regions affected by the resources slow down are approaching the bottom of the housing market.

this-burnie-house-at-160-wilson-st-is-listed-for-295000national-property-clock

Tasmania’s house and unit markets are in a recovery phase according to Herron Todd White. This Burnie house at 160 Wilson St, is listed for $295,000. Picture: realestate.com.au

 

NOTHING sums up the two lives of Clint Hynes better than why he often takes time out from making real estate history on the northern Gold Coast to drive south to Currumbin.

“I visit a psychiatrist down there, just to touch base,” the former Australian Special Forces soldier said.

clint-hynes-ray-white

Former elite soldier Clint Hynes, left, is now kicking goals as a real estate agent at the northern end of the Gold Coast.

 

After more than 700 public votes, Deepwater won the National Architecture Award’s People’s Choice Award.

Commissioned by a well-travelled couple in their 60s, the house was designed by Tobias Partners to be “a relaxing place to accommodate family and friends”.

deepwater

Deepwater, voted Australia’s favourite house, sits right on the edge of iconic Bondi Beach. Photo: Tobias Partners/Justin AlexanderSource:Supplied

 

THIS takes inner-city apartment living to a whole new level.

Five studio apartments — four singles and one double — ranging from 16 square metres to 20 square metres are on the market to rent from $250 per week.

This makes the floor space of the studios, located in a 64-unit block in Sydney’s inner west, about the size of a single-car garage or slightly bigger than the average size caravan, which measures about 12 square metres.

sydneys-smallest-apartment

Inner West Courier Journalists Kimberley Caines and Jill McKee inside one of the single studio apartments. Picture: Craig WilsonSource:News Corp Australia

 

Turning an uninhabitable termite infested property into a marketing dream, has won a Sunshine Coast real estate agent a national award.

Principal of his own Century 21 agency in Buderim, Grant Smith, was awarded the Residential Property Campaign of the Year award at the inaugural Annual REA Excellence awards held in Melbourne last week.

To see the award winning listing for 12 Raintrees Court, Buderim, click here.

area-award-winner-grant-smith-from-century-21-buderim

AREA award winner Grant Smith from Century 21 Buderim.

 

There are winners and losers in Australia’s property market.

While many Gen Ys are battling to scrape together a deposit on their first home, Tim Gurner is making millions.

The 34-year-old developer has been named Ernst & Young’s Emerging Australian Entrepreneur of the year, after becoming the youngest new entrant to BRW’s 2016 Rich List with a net worth of A$460 million ($488m).

tim-gurner-has-been-named-ernst-youngs-emerging-australian-entrepreneur-of-the-year

Tim Gurner has been named Ernst & Young’s Emerging Australian Entrepreneur of the year. Photo / News Corp

 

Soon, thousands of new apartments will be completed in Australia’s biggest cities. Will it cause a house price crash?

The Reserve Bank is watching closely. The number of apartments coming on line in Sydney, Melbourne and Brisbane is huge.

cranes

Cranes are crowding the skylines as Australia’s biggest cities head toward apartment oversupply. Photo / 123rf

 

A luxury penthouse apartment at the top of the tallest residential tower in the world is up for sale.

The penthouse on the 86th floor of the Eureka Tower, located on the South Bank precinct in Melbourne, is on the market starting at $18 million.

It is currently owned by American businessman Anthony Podesta and his wife, Kellie.

Mr Podesta is a former school teacher turned Washington lobbyist who also created the salary packaging scheme, Domain reported.

eureka-tower-melbourne

Real estate agents are accepting offers of interest for the luxury penthouse apartment on the 86th floor of the Eureka Tower in Melbourne is up for sale starting at $18 million

 

GOLD Coast land sales have surged above 600 a quarter for the fourth time since 2009, according to property marketing firm, Oliver Hume.

The company said land sales jumped 23 per cent in the August to October quarter compared to 522 sales in the January-May quarter.

It said a slew of new projects had given rise to the market and increased demand since late last year.

$9M COAST LAND SALE SET TO BREAK RECORD

gold-coast

Gold Coast land sales have surged. Photo: NIGEL HALLETT

 

Explore the 2016 edition of the BRW Young Rich, featuring the wealthiest young Australians and how they earned their fortune.

Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar top the list with a record $4.6 billion wealth, almost 10 times more than the next names on the Young Rich.

 

brw-rich-list

Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar top the list with a record $4.6 billion wealth, almost 10 times more than the next names on the Young Rich list.Trevor Collens

 

Young home buyers who want to put a toe into the booming Sydney property market are turning to an innovative trading platform that offers part ownership.

The BrickX investment scheme allows for the online purchase and sale of ‘Bricks’ starting from as little as $67 in residential properties.

Young couple Steven Farrer (30 yrs old) and Holly Bozier (24 yrs old) are among the early stakeholders who’ve bought a small stake in a Mosman flat where the so-called bricks are selling for $140 each.

brickx

 

IF YOU’RE already starting to feel the mortgage pinch, this is bad news. New economic modelling shows mortgage defaults are set to rise over the next 12-18 months, and those who will be most affected will surprise you.

The research conducted by Digital Finance Analytics, based on its extensive household surveys, shows those falling behind in their mortgage repayments will continue to increase thanks to low wage growth and employment changes. This is despite record low interest rates.

This news follows a warning by Moody’s Investors Service that mortgage delinquencies have already hit a three-year high across the country.

mortgage-payments

Paying off a mortgage is only going to get harder, especially for affluent young buyers and wealthy seniors.

 

LUXURY real estate brand Sotheby’s has opened its second Queensland agency at Main Beach, marking a key business diversification for the recovering up-market suburb.

Paul and Deanne Arthur opened the new agency just 150 days after launching in Brisbane — and they say there is demand for change in their industry.

“We’re not just another real estate company,” Mr Arthur said.

“I think we sit in a uniquely different space.”

sotherbys-gold-coast

Managing Director of international luxury real estate brand Sotheby’s Paul Arthur and director Deanne Arthur pictured at the new Main Beach office. Photo: Steve Holland

 

An Australian couple have hit a farming jackpot, walking away from their sheep farm in  Melbourne with A$95 million ($NZD101m).

Singapore-based property developer Frasers Property purchased the landholding.

The family, who didn’t want to be named, scooped even more than the most lucrative Australian lottery offering by selling their farm in the suburb of Wyndham Vale, which they purchased in the 1970s.

sheep-farm

FAIRFAX NZ
The $101m price paid for the Melbourne sheep farm is more than the most lucrative Australian lottery.

 

KEEP calm and stop stressing over whether you’ll be able to own your own home. New research shows Aussies don’t really rate owning a home when defining success.

In fact, according to NAB’s Rethink Success survey — which researched the views of more than 2000 Australians aged 16-70 — buying a house didn’t even crack the top 10 personal measures of success.

owning-a-home

Australian’s rank happiness and having good family relationships as more important to success than owning their own home.

 

The property investment boom may be over in Australia.

The latest expert to warn of a downturn in the Australian property market was economist Chris Richardson of Deloitte Access Economics, who said property was set to become the “worst investment” over coming decades.

Richardson told Australian Financial Review that a looming bust in apartment prices and the fact that official interest rates won’t stay low forever could lead to a shake-out.

australia-property-crash

Economist Chris Richardson of Deloitte Access Economics, says Australian property is set to become the “worst investment” over coming decades.

 

 

The bright-line rule introduced by the Inland Revenue Department (IRD) last year to curb house speculation is exposing some genuine home buyers to a significant tax liability, say experts familiar with the issue.

And despite being warned by tax experts during submissions before the new rule was introduced of the potential risk to genuine home buyers, the IRD declined to amend them and says it has no plans to do so.

property-tax

Staples Rodway’s Sybrand van Schalkwyk warns new home buyers to be aware of potential tax liabilities if transferring settlement obligations to a trust. PHOTO/GEORGE NOVAK

 

 

Shelley Jensen has been scouring suburbs throughout Sydney in recent weeks in the hope of finding a home that even partly resembles the three-bedroom house she has been forced to give up.

But real estate agents have “just laughed” when she asked them what the A$960,000 (NZ$1.02 million) the government will pay for compulsorily acquiring her home in the inner-city suburb of St Peters will buy her elsewhere in Sydney.

“It is quite frightening because I don’t know if I will find anything in Sydney – I might be forced to Woop Woop, where I have no connections,” she said.

“The whole thing is quite terrifying. I am used to [St Peters] and I have connections in the area.”

READ MORE: Sydney property owners make a nearly 900 per cent gain

real-estate-agents-laughed

PETER RAE/FAIRFAX
Shelley Jensen will have to hand over the keys to the home she bought 16 years ago.

 

Auckland house prices are running hot but in parts of Australia’s biggest city the market is something else.

Doctors Andrew Hardy and Alex Bereny bagged a 900 per cent return after offloading their property in Sydney’s Double Bay, which housed their medical practice, on Monday.

They bought the five-bedroom house in 2004 for A$475,000, the Australian Financial Review reported.

sydney-property-prices-have-been-on-the-rise-again-this-year-after-a-brief-cool-off

Sydney property prices have been on the rise again this year after a brief cool-off

 

A PROMINENT northern Gold Coast real estate agent once praised by late former mayor Ron Clarke as “restoring his faith” in the industry, has been permanently disqualified.

Alex Far, the former sales director of Runaway Bay’s Sovereign Realty in Runaway Bay, has been barred from holding a real estate licence following an investigation by the Office

alex-far

Alex Far of Sovereign Realty has been barred from the real estate industry

 

A single mum and finance guru from Sydney is on a mission to teach people how easy it is to save a grand.

And Canna Campbell, whose budgeting videos have made her a YouTube star, says she surprised even herself when she saved A$32,000 in the past 12 months using her “$1000 project”.

The simple but ingenious idea involves saving money in parcels of $1000 using her clever tips, tricks and advice.

canna-campbell-36-has-a-large-following-for-her-saving-tips-dubbed-the-1000-project

Canna Campbell, 36, has a large following for her saving tips dubbed The $1000 project.

 

A family on the northern beaches of Sydney have been given an oceanfront house worth nearly $4 million – for free.

James Burry, 40, was announced the winner of the biggest beach house lottery ever held in Sydney.

winners

James Burry with wife Stephanie and children Jess and Mitchell at the oceanfront house they won in Freshwater. Photo / News Corp / Adam Taylor

 

Mr Fleming scrimped and saved for his first home loan after paying off a car debt at the age of 19. He now lives with his wife (pictured together right, at a Domino’s Rally in 2015) at that home in Sydney’s west

 

 

AUSTRALIANS more than anyone understand the desire to own your own home. It’s your castle.

But property spruikers who prey on these desires, and leave The Great Australian Dream devastated, are on the rise and ripping people of their life savings in what a new report labels ‘The Black Housing Market’.

The Consumer Action Law Centre’s (CALC) report Fringe dwellings: The vendor finance and rent-to-buy housing black market, highlights the devastation caused by dodgy rent-to-buy property deals, and is calling for major law reform to protect consumers.

black-housing-market

Dodgy rent-to-buy schemes labelled ‘The Black Housing Market’ in damning new report.

 

Real estate agency Ray White has topped the list of the most complained about businesses in NSW, the latest official figures show.

Ray White was followed by Harvey Norman with 31 complaints, self-described “department megastore” zoxoro.com.au with 25 complaints, and LJ Hooker with 24 complaints.

complaints

Location: Real estate agency Ray White has leapt four places on the NSW Fair Trading’s complaints register. Photo: Supplied

 

MORE than 300,000 mortgage holders could find themselves at financial risk if property prices drop or they are forced to sell.

A new finance risk report by Roy Morgan has found 6.8 per cent of mortgage holders – or 311,000 – actually have little or no real equity in their home.

The value of their homes was found to be only equal to or less than the amount they still owed on it.

RELATED: Suburbs where values have doubled

mortgage-holders-could-find-themselves-at-financial-risk-if-property-prices-drop-or-they-are-forced-to-sell

Mortgage holders could find themselves at financial risk if property prices drop or they are forced to sell.

 

A MERMAID Beach man is set to make a million-dollar profit, with buyers lining up for his beach shack.

Peter Van Hoeyen bought his three-bedroom home at 45 Venice St for $210,000 in 1994 and has listed it for $1.195 million.

bach

Peter Van Hoeyen in front of his Mermaid Beach house at 45 Venice St which has hit the market for $1.195 million. Photo: Regi Varghese

 

NATIONAL property values have chalked up 52 months of continuous growth with new figures revealing increases in most capital cities.

Canberra was the best performer during September with CoreLogic’s latest index revealing a 2.4 per cent monthly increase, followed by Melbourne where values rose 2.3 per cent and then Adelaide with a 2.1 per cent monthly increase.

Brisbane and Hobart showed only minor increases in median dwelling prices which were both up only 0.1 per cent for the month.

price-growth

PHOTO SOURCE: NEWS.COM.AU

 

THE Gold Coast is the second hottest lifestyle region in the country.

CoreLogic figures outlining the top 25 council regions across lifestyle markets where the most houses have sold show the Coast placed at second with almost 20,000 homes sold in the 12 months to June.

Three other Queensland regions are also listed – Noosa at ninth, Sunshine Coast at 11th and Moreton Bay at 24th.

gc

The Coast is the second hottest lifestyle region in the country. PHOTO SOURCE: THE GOLD COAST BULLETIN

 

Sydney’s housing market is one of the most risky in the world, ranking fourth in an index of major cities facing the threat of a housing bubble.

Vancouver, where house ­prices have surged more than 25 per cent since the end of 2014, tops a global real estate bubble index collated by investment bank UBS. London and Stockholm also led Sydney on the list, which found six financial centres in the highest risk category. Only Chicago ranks among the 18 cities assessed as “undervalued”.

sydney

Property prices in Sydney peaked in the second half of last year after rising 45 per cent since mid-2012, the report found. Picture: John Appleyard

 

A derelict cottage that’s too rundown to live in has sold for $1.52 million, with its new owners hoping the suburb will soon become a real estate hotspot.

With peeling green paint, rusted roofing, broken windows, exposed piping and hideous floral curtains, the 1950s weatherboard home appeared far from a must-buy.

However its location in the up-and-coming Sydney suburb of Manly Vale made it a hit among buyers on Saturday.

derelict-home

The derelict home has peeling green paint, a rusted roof and an unlivable interior, but that didn’t deter potential buyers

 

 

A leading agent in Queensland used a lesser-known social media app to target a select group of buyers, resulting in the sale of an iconic Aussie mansion.

sam-julia

Sam Guo and Julia Kuo

 

iProsperity Group, an Australian-based advisory firm, has partnered with the China-based Bridge Capital, to buy Sydney’s central city 333 Kent Street office tower for the symbolic price of A$88,888,888 (NZ$93.3 million).

Eight is considered a lucky number in China, with connotations of prosperity and success.

The new owners will use the development approval to redevelop the property into a high-end hotel and residential building that will capitalise on the views across Darling Harbour.

It is in the heart of Sydney’s busy Western Corridor.

kent-st-sydney

Supplied
The building’s new owners paid a symbolic price.

 

 

Youngsters aren’t the only ones struggling to gain a foothold in the housing market.

As the average age of first home ownership in Australia rises – to 37.7 nationally, according to research from ING Direct last year, compared with 34.7 years in 2005 – agents are reporting seeing more rookie buyers in their 40s and 50s.

garry-blizzard

At 46, Garry Blizzard is older than many first-home buyers, spurred on to buy after having a child 17 months ago.Photo: Edwina Pickles

 

IT LOOKS like the worries faced by first home buyers don’t end after they scrimp and save to get their deposit together.

A new survey by Mortgage Choice found paying back their loan was a major source of worry with almost a third saying their biggest concern about owning a home was not being able to afford their repayments. This is despite record low interest rates.

In August, the Reserve Bank of Australia cut the official interest rate to 1.50 per cent — the lowest it has ever been.

first-home-buyers-are-fearful-about-mortgage-repayments-despite-interest-rates-being-at-record-lows

First home buyers are fearful about mortgage repayments, despite interest rates being at record lows.

 

Three directors of an LJ Hooker office in Melbourne’s west are embroiled in a multi-million dollar Supreme Court spat over allegations one of them has misappropriated money.

Two of the remaining office directors allege their former colleague and her company procured nearly $3 million in direct contravention of their partnership arrangements.

ljhooker

LJ Hooker Point Cook directors Silvana Masalkovski and Paul Caine, left, and former director Nan Hu, right.

 

 

A 1950s beachside property that wasn’t located in a ‘hot spot’ when it was first built has sold for more than $7 million, an incredible $1.35 million over its reserve.

The home in the eastern Sydney suburb of Bronte fetched a price of $7.35 million at auction on Saturday, astounding its owners and real estate experts.

Built in 1958, the ‘time capsule’s’ stunning views over the increasingly popular Bronte beach seemingly led to it blowing its expected price out of the water.

a-beachside-property-in-bronte-in-sydneys-eastern-suburbs-has-sold-for-7-35-million-1-35-million-over-its-reserve

A beachside property in Bronte, in Sydney’s eastern suburbs, has sold for $7.35 million – $1.35 million over its reserve

 

House prices in Brisbane have lifted to a record high, according to a new REIQ report.

The data showed house prices in the Brisbane LGA rose 1.3 per cent over the June quarter to $635,000.

queensland

Queensland residential property owners would ditch property if negative gearing is removed. Photo: Glenn Hunt

 

Billionaire Gina Rinehart is preparing to give her Queensland ­bolthole, Brisbane’s most expen­sive luxury home, an upgrade.

Representatives for Australia’s richest woman have lodged plans with the city’s authorities to renovate the mining and media chief’s $18 million house in Hawthorne, 3km east of the CBD, with a ­master bedroom and boathouse upgrades.

With work recently under way to install a lift in the Federation-style Queenslander mansion, the proposal to renovate further has been given the tick to go ahead.

gina-rineharts-house

Gina Rinehart’s House

 

 

IT hasn’t lifted a finger, but the NSW government is still expected to pocket millions from the sale of Aussie Home Loans founder John Symond’s $100 million mansion in Point Piper.

The government stands to make even more, possibly $10.9 million, if the property sells to a foreign purchaser — which Mr Symond has said he expects to be the most likely buyer.

aussie-johns-home

House at 2 Wingadal Place, Point Piper, NSW, the most expensive suburb in Sydney. The property belongs to Aussie Home Loans founder John Symond.

 

 

A former Billabong boss has sold his Gold Coast mansion for a whopping $25 million.

The expansive Mermaid Beach home of Scott Perrin sold to a mystery buyer – selling agent Michael Kollosche could not name them, but confirmed they are Australian.

“It was a pleasure selling such an amazing home, the end of an era for the sellers who have been fantastic to work for, and the beginning of an amazing lifestyle for another,” he said.

billibong-house

This property at 187-191 Hedges Avenue has had a $2.5 million price reduction

 

 

Australia’s leading female agents have been uncovered by a new report which will set the benchmark for success for real estate professionals across the country

The inaugural REB Top 50 Women in Real Estate listing, partnered by Christina Guidotti, highlights and celebrates the industry’s ground-breaking females by ranking them across a number of metrics including average days on market, number of listings, conversion rate and sales volume for the 2015 calendar year.

reb_top_50_headerdleanne-lewis-headshot

 

 

HOME owners in Bundall are looking to capitalise on a spike in house prices, with the number of properties for sale tripling in the first week of spring.

Fresh figures from CoreLogic show the suburb’s median house price jumped 16.7 per cent to $951,000 in the past year.

spring-on-the-gold-coast

Bundall couple Aaron and Trina Bartholomew getting their Daimler Drive home ready to sell. Picture Glenn Hampson

 

 

MOVE aside property porn. The next big thing in real estate is a ready supply of antipasto, cake and coffee served with virtual-reality goggles for property not yet built.

The newest real estate office to open on the northern beaches is in Dee Why and inside there isn’t one image of a house.

What the office does have is a 2m-long imported glass chandelier, an antipasto bar, salami and cheese fridge and a garden.

novak-real-estate

Novak Real Estate in Dee Why has open a new office that has a 2m long imported chandelier, antipasto bar. Veronica Ghalloub, Evan Gamkrelidze, Chantelle Iezza, Mark Novak and Branka Stankovic.

 

 

IT’S OFFICIAL: The property boom is killing our mojo.

More than a quarter of Australians are delaying major life decisions — like climbing the career ladder, getting married and having kids — due to the state of the housing market, according to new research by ING Direct.

Pursuing the Australian dream of home ownership comes at a high cost. As property prices climb ever higher and young Australians battle to get a foothold in the market, many are making big sacrifices.

property-boom

PHOTO SOURCE: NEWS.COM.AU

 

 

Tom Cruise’s ‘best friend’ delivered a thundering speech, green and gold confetti burst into the sky and black-and-white portraits of author turned religious leader L. Ron Hubbard stared from the walls.

The Church of Scientology has released stark new pictures from inside the weekend opening of its sprawling new Australasian headquarters in Sydney’s north – its ‘biggest spiritual centre outside the United States’.

Scientology

PHOTO SOURCE: DAILYMAIL

 

 

Australia’s housing market has peaked and a correction is on the way, according to analysis by CLSA.

The broker and investment house says issues of affordability and household debt are overextending Australia’s real estate bubble which is being held aloft by foreign capital.

“We believe the housing cycle has peaked and that new construction will decline over the next two years,” the analysts said in a study, Snuffing Puff.

Price Index

 

 

Despite interest rates being at record lows, half of NSW mortgage holders are worried about not being able to afford their home loan repayments, new data shows.

Of those surveyed, one in five were worried they’d never pay off their mortgage entirely, and 20 per cent were concerned about rising rates, a survey of 1000 people by Galaxy Research for debt solutions provider Fox Symes found.

Banks

One in five mortgaged Australians have concerns they’ll never pay off their home loan in full.Photo: Tamara Voninski

 

 

First home buyers in Sydney and Melbourne are increasingly looking to their parents to help them get a foot on the property ladder, real estate agents and analysts say.

Massive house prices in Australia’s two largest cities, which can require deposits of more than $100,000, are forcing parents to fork out for their adult children.

‘I think it’s been going on for a while, but more so recently because there’s been such price growth in the last three or four years, it’s now starting to get out of reach for a lot of people,’ Ray White Double Bay director Craig Pontey told news.com.au.

Australia Property

One in five first home buyers in NSW and Victoria expect to get help from the parents to buy their first home. This two bedroom house in Brunswick East, Melbourne, is expected to sell for $780,000 – $850,000

 

DEVELOPERS are sizing-up a 60-year-old Surfers Paradise home which is going under the hammer after the owners reportedly rejected offers as high as $20 million.

Retirees Richard and Jane Corbould have made a renewed push to sell their 2339sq m waterfront property at 15 Cannes Ave so they can join their children overseas.

Surfers Paradise

Jane Corbould at her home in Surfers Paradise. Picture: John Gass

 

A NEW coastal city, with scope for a Disney-sized theme park, education, housing, retail and commercial space has been proposed between Brisbane and the Gold Coast under a historic deal between the owners of 248 properties.

A parcel of sugarcane land more than 10 times the size of Surfers Paradise, bordered by the M1, Moreton Bay and two rivers, is on the market, with sellers hoping to achieve a national land sales record, likely to be well over $1 billion.

New City

PHOTO SOURCE: GOLD COAST BULLETIN

 

 

WILL this be the Aldi of Australian real estate?

Purplebricks, the UK-based online real estate agent that charges homeowners a flat fee to sell their property, is promising to shake up the local market and save Aussies nearly $6 billion in commissions.

Launched in the UK in 2014, Purplebricks charges homeowners a flat fee of $4500, including marketing costs, to sell their home. The company claims on average, Aussie homeowners will save $11,500 under its model.

Online Real Estate

Online real estate agent Purplebricks has launched in Australia.

 

 

THEY left behind corporate careers to embark on a new adventure without even a hammer on their tool belts and now these three women are showing Australians how to flip houses for a profit.

In 2014 Lana Taylor, Erin Cayless and Bonnie Hindmarsh came together to start Three Birds Renovations, renovating homes for a profit. They are now onto their fifth renovation.

Three Bird

Three Bird Renovations . L-R, Erin Cayless, Bonnie Hindmarsh and Lana Taylor at their Baulkham Hills property which is being renovated. Pic Chris Pavlich

 

 

FORMER used car salesman turned millionaire Tony Denny is helping to drive first home buyers into the Central Coast’s booming property market.

Mr Denny, who features on the BRW Rich List with a wealth of $333 million, is putting his money where his mouth is to help first-time buyers get a foot on the property ladder.

Tony Denny

Wealthy developer Tony Denny, pictured at the opening of his vintage car museum in Gosford, is helping to drive first home buyers into the Central Coast’s booming property market.

 

 

Sydney’s relentless property boom has pushed the city into uncharted territory, where every second house owner can now stake the claim of being a property millionaire.

Five years ago, just one in six of Sydney’s 600-odd suburbs boasted a median house price above $1 million. By mid-2016, 323 suburbs had six-figure price tags.

Rose Bay

31 Dudley Road, Rose Bay.

 

 

Australian house prices are set to fall … and it’s all about supply and demand.

There is not much doubt about that, but the big questions are how substantial the falls will be and how long the price declines will last?

The supply of dwellings is increasing in line with an extraordinary construction boom. Australia is building dwellings at a record level. At the time, underlying demand for dwellings is falling as population growth has slowed to its weakest pace in close to a decade.

Also read: Can banks survive an Aussie house price crash?

Let’s look at the dynamics.

Crash

 

 

Renowned real estate agent, John McGrath, is stepping away from the daily operations of the listed McGrath group amid a number of executive changes unveiled today.

The company has revealed as part of its profit results that chairman David Mackay, who oversaw the listing last year, will retire from the board and be replaced by Cass O’Connor.

In a statement to the Australian Securities Exchange (ASX), Mr McGrath said his new job would focus on growing the company’s “brand, growth and innovation”.

MCG

A solid result, says John McGrath.

 

 

The fallout from retailer Dick Smith’s dramatic closure is still impacting the balance sheets of Australia’s biggest property players.

A swagful of more than 300 Dick Smith stores closed at the start of May, and the chain was put into liquidation in July owing more than $260 million to creditors.

DS

Dick Smith outlets are said to occupy prime positions in shopping centres, close to supermarkets and food courts. Photo: Jessica Hromas

 

 

HUNDREDS of Gold Coasters are set to become paper millionaires within a year as soaring property prices double the number of million-dollar suburbs in the city.

House prices in Runaway Bay, Broadbeach Waters and Bundall have jumped by more than 30 per cent in the past three years, with the median price point expected to hit $1 million in a year.

Rich Kids

Not a bad view to wake up with! Pictures of a Runaway Bay home.Source:Supplied

 

 

DESPITE the best efforts of the banks and regulators, the flood of Chinese money into Australian residential property doesn’t seem to be showing signs of slowing — yet.

Two charts released this week in a research note from ANZ tell the story.

The first shows data from the Foreign Investment Review Board, breaking down foreign investment approvals by country — not surprisingly, Chinese nationals accounted for the vast bulk last year.

Chinese 1

Chinese demand is likely to remain strong. Picture: Stephen Cooper

 

 

Chinese buyers in Australia are increasingly beating other bidders to the punch at auctions – and it’s not just because they have more cash to throw around, according to one leading auctioneer.

James Pratt, director of auctions for Raine & Horne and J Pratt Realty, says the skill set of Chinese buyers at auctions is “absolutely through the roof” compared with a few years ago.

Chinese Buyers

Chinese buyers have been described as ‘among the most sophisticated’ bidders at Australian property auctions. Photo / Getty Images

 

 

 

BOUGHT for just over $700,000 more than two decades ago, this Sydney Harbour-view mansion is now set to sell for more than $10 million.

Paul Disalvo and his wife Lucy bought their Vaucluse home in 1992 for about $725,000, a figure that in the ’90s was considered a hefty sum.

“It was a time where either we were going to do it or not,” Mr Disalvo said.

“I think there was a drop in the value of properties and it was either now or never.”

Home

The home has now been rebuilt into a $10 million, five-storey home.Source:Supplied

 

 

Domain goes inside Warnie’s new (old) pad

Shane Warne has reportedly spent between $14 million and $16 million to buy back a plush Brighton mansion he bought as a renovation rescue with ex-wife Simone Callahan.

Melville, the single-storey c1880 Victorian on an enormous 3014 square metre block with a tennis court and pool, includes six bedrooms (one occupying a house wing), seven bathrooms, a nine seat theatre and four car garage.

Shane Warne

Shane Warne is returning to Brighton and is very familiar with his newly-bought property: he bought it 16 years ago. Photo: Supplied

 

A GOLD Coast real estate agent who has sold millions of dollars worth of up-market homes is facing a possible ban for allegedly allowing her struck-off agent mother to act like an agent in her business.

Maserati-driving Sarah Penney-Filippini, 37, who sells million-dollar homes in the The Sovereign Islands estate on the Broadwater, is facing disciplinary charges in the Queensland Civil and Administrative Tribunal after an investigation by the Office of Fair Trading.

AgentAgent 1

Real estate agent Sarah Filippini. Picture: Facebook

 

 

The fabulous mansion that was home to the contestants in The Bachelor Australia television series in 2013 has been sold to freight tycoon Clive Thomas and wife Lee.

Domain says the couple parted with a massive A$7.05 million (NZ$7.52m) for La Joie de Vivre, which is described as an “opulent landmark best known for it starring role on the reality romance show in 2013 and the budding romance between bachelor Tim Robards and Anna Heinrich”.

The Bachelor House

DOMAIN.COM.AU
La Joie de Vivre in Bayview, Sydney, better known as The Bachelor house, has been sold to freight tycoon Clive Thomas and his wife Lee.

 

 

Sydneysiders have long appreciated the value of a decent water view, but for those without the multimillions of dollars in spare cash to buy on the harbourside, there are some surprising neighbourhoods with boastful views at a fraction of the cost.

The Domain Livable Sydney 2016 study, authored by Tract Consultants and Deloitte Access Economics, has successfully mapped the entire city’s potential water views – a Sydney first – and ranked each suburb based on the amount of water views it has.

Nancy

Nancy Joffee at her Watson’s Bay home. Photo: James Alcock

 

 

THE price of Gold Coast house blocks will double in just five years, according to two leading property figures.

Leda Holdings acquisition manager Richard Duce and REIQ Gold Coast chairman John Newlands said a land shortage was driving the price growth.

A new Housing Industry of Australia and RP Data report shows the Gold Coast and Tweed are ranked in the top-four most expensive regional housing markets in Australia.

Pimpama

An aerial shot of Pimpama showing the Coast’s northern growth suburb and cleared land for residential estates on the western side of the M1 looking south to Surfers Paradise. Picture:skyepicsaerialphotography

 

 

At 9am on Sunday, the remaining 12 residents of the Sirius building in The Rocks woke to a sharp knock at their doors.

A employee from the Department of Family and Community Services had arrived with a message: they were out.

The government had decided that their home, the brutalist behemoth in The Rocks that had housed up to 200 low-income tenants in its stacked concrete boxes for almost four decades, was not deserving of heritage-status.

Myra

Myra Demetriou, 89, has been a tenant in the Sirius building since 2008. Photo: Wolter Peeters

 

 

BRISBANE developer Citimark has racked up $80 million in sales at its $197 million Markwell Residences tower in Surfers Paradise.

Markwell Residences is now 50 per cent sold, prompting Citimark to increase pricing in the project and tender the civil construction contract.

Surfers

The Surfers Paradise skyline is set to change again.

 

 

Australia’s housing market may be frothy, but it doesn’t appear likely to be a bursting bubble anytime soon, if the comments of a big mortgage broker are anything to go by.

Home prices have spiked higher in recent years amid record low interest rates, but John Flavell, CEO of Mortgage Choice, said that wasn’t impinging much on his customers’ ability to keep up with their payments.

MC

PHOTO SOURCE: CNBC

 

 

  • Why the big banks acted as one in defying the RBA’s rate cut

    Our biggest banks move fast. Either that, or they collude. At 2.37pm on Tuesday, within minutes of the Reserve Bank cutting its cash rate to an all-time low, the Commonwealth Bank announced a completely different way of responding. Instead of passing on some or all of the cut, it would only pass on half and hand some of the rest out to customers as higher term-deposit rates.

How the big banks cut:

Westpac: 5.29% (cut of 0.14 points)

NAB: 5.25% (cut of 0.10 points)

ANZ: 5.25% (cut of 0.12 points)

Commonwealth: 5.22% (cut of 0.13 points)

RBA

 

 

Connected by property sites in 12 markets, including the US, Italy, Germany, France, Malaysia and Hong Kong, REA Group’s new international network is the largest source of global property listings in the world, with 3 million listings at launch.

REA GROUP

 

It was hailed as the possible real estate bargain of the century, thanks to a no-reserve auction. And it probably was.

The properties, estimated to be three-quarters of the entire town of Yelarbon in Queensland, fetched AU$156,000 ($164,000) in total at the weekend auction.

Domain reports residents of the sleepy town (population 450) woke up on Saturday to an influx of around 200 people eager to catch a slice of the action.

Town

SUPPLIED
Three-quarters of the tiny town of Yelarbon in Queensland has sold under the hammer at a no-reserve auction by True Country Realty.

 

 

A TAIWANESE businessman who four years ago put his lavish Sanctuary Cove mansion on the market at $16 million has sold it for half that amount.

James Tsai’s 2638sq m home has been bought by Chinese buyers in an $8 million deal that has already settled.

Mansion

7313 Bayside Close, Sanctuary Cove: The waterfront mansion has sold for just $8m, 50 per cent less than the owner was asking for four year ago.

 

 

In news that should shock no one, new data shows that almost 70 per cent of all property investors are forced to make sacrifices to their lifestyle in order to buy their investment property.

Perhaps more surprising is the fact that Australians are increasingly taking property debt into their retirement years, which has been revealed by another set of data.

Debt

PHOTO SOURCE: API

 

 

Soon, more than half of Australian adults won’t own their own home.

It’s a depressing statistic, because it challenges Australia’s much cherished (though quickly disappearing) ideal of egalitarianism and risks dividing society into the haves and have-nots.

In 2002, 57 per cent of adults were home owners, and this proportion had fallen by 5.3 percentage points by 2014, to 51.7 per cent, according to a comprehensive study of Australian households.

Property Dream

Townhouses in Sydney. Photo / Fiona Hawtin

 

Anthony LaPaglia admits playing Frank Mollard in his new film A Month of Sundays was one of the most difficult tasks of his career.

But it wasn’t the character’s melancholic air or existential crisis that had the 57-year-old actor confounded, it was the fact he was a real estate agent.

“I’m not very fond of real estate agents, they’re one below car salesman in my book,” he chuckles down the phoneline from his home in Los Angeles, knowing of course full well that his father was a car dealer and one of his brothers is a car wholesaler.

Filming A Month of Sundays brought Anthony LaPaglia, pictured here with writer-director Matthew Saville and co-star John Clarke, back to his hometown of Adelaide.

Filming A Month of Sundays brought Anthony LaPaglia, pictured here with writer-director Matthew Saville and co-star John Clarke, back to his hometown of Adelaide.

 

 

“IF YOU didn’t spend all your money on travel, you’d be able to afford a house deposit.”

How many gen Xs and Baby Boomers have offered those helpful words of advice for young Australians struggling to get onto the property ladder?

But as the Australian dream grows further out of reach for the next generation, an increasing number are opting to throw in the towel altogether to do just that.

“It’s such a huge expense that I’m never going to be able to afford,” said Perthfashion and travel blogger Monique Ceccato.

Monique Ceccato, 25, says high house prices have discouraged her from saving.

Monique Ceccato, 25, says high house prices have discouraged her from saving.

 

 

An Australian couple are raffling off their tropical island resort for $71 a ticket.

The Gold Coast couple spent two decades developing the 16-room Kosrae Nautilus Resort in Micronesia. Now they are selling it all – staff and scuba diving business included – to be closer to their family in Australia.

But Doug and Sally Beitz aren’t putting the property out to tender or auction – they’re holding a raffle.

The island of Kosrae in Micronesia

Supplied The island of Kosrae in Micronesia.

 

 

Remember Doug and Sally Beitz? They’re the Australian couple selling off their tropical island home through a raffle.

And they’ve sparked an absolute, global ticket-selling frenzy.

The couple, who are originally from the Gold Coast, have spent the past two decades developing a waterfront resort on the idyllic Micronesian island of Kosrae.

Now wanting to return to Australia to be closer to their four sons and young granddaughter, Doug and Sally are selling the lot – their 16-room, fully staffedKosrae Nautilus Resort as well as their lucrative scuba diving business – to the lucky winner of a A$66 (NZ$71) raffle ticket.

Resort

 

 

A 42-storey tower will be developed by Philip Ave Pty Ltd at Broadbeach and a 31-storey building from Peninsula Properties will add to the Surfers Paradise skyline.

JFC Developments’ seven-storey plan for Palm Beach will have 122 units, most of them of one or two bedrooms, with a handful of three-bedroom apartments.

Gold Coast Towers

Artist impressions of the 31-storey apartment tower planned for Thornton Street, Surfers Paradise.

 

 

Thirty-year-old Jason Li doubled his money on Saturday morning when his investment property sold for $3.01 million.

The young property developer and his business partner bought the warehouse at 252 Mitchell Road in Alexandria two years ago for $1.45 million.

The sale price soared $1.01 million over reserve.

Jason Li

Seizing the day: Vendor Jason Li and auctioneer Damien Cooley after the auction of Mr Li’s warehouse at 252 Mitchell Road in Alexandria. Photo: Sarah Keayes

 

 

THREE bedrooms, two bathrooms and a PokeStop. Pokemon Go is already hitting real estate listings — and some agents think even house prices may benefit.

“Just across the road is a huge park with sporting facilities — and we’ve even spotted some rare Pokemon!” reads the ad for 222 Charles Street in Townsville’s Cranbrook.

Pokemon Go

30 Tennessee Way, Kelso. Picture: Realestate.com.auSource:Supplied

 

 

  • Buildings will soar over 300m in a new vision for Sydney’s CBD 
  • The 20-year-development strategy is the biggest revamp since the 1970s
  • Commercial blocks will be allowed to be built higher than Sydney Tower 
  • Putting offices up in the air is expected to boost the city’s economy

Soar

New images show how Sydney’s skyline will evolve over 20-years now that commercial blocks would be allowed to be built higher than 300m

 

 

AFTER a hot and heavy 2015, the Australian property market has settled into more sustainable levels of growth, opening the door for buyer’s market conditions to emerge.

The average median capital city house price rose 3.8 per cent in the first six months of this year, according to the latest PRDnationwide 2016 Australian Economic and Property Report (6.6 per cent in past 12 months).

Buyers

Sydney’s rampaging price drive went down a gear though it was still the strongest national six-month performer.

 

 

Sydney’s skyline will be dramatically transformed under a City of Sydney plan to send the central business district skywards, boosting the number and height of towers in the heart of the city and opening it to billions of dollars of commercial development.

Buildings could soar to heights of 310 metres, up from the current restriction of 235 metres, as part of a package that aims to lock in the city’s economic future, encourage new commercial and retail spaces, and increase the supply of affordable housing.

Sydney Skyline

Sydney’s skyline will be dramatically transformed under a City of Sydney proposal. Photo: iStock

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First-home buyers are now at their lowest levels in more than a decade, data released on Monday shows.

As a proportion of all home buyers, first-home buyers dropped to 13.9 per cent in May, according to housing finance data released by the Australian Bureau of Statistics.

Down from 14.4 per cent in April, this latest result is the lowest since 2004. At that time, the proportion fell to a record low 12.8 per cent as grants for first-home buyers came to an end.

HSBC

HSBC Chief economist Paul bloxham doesn’t expect first-home buyers to return in the “near term”.Photo: Louise Kennerley

 

 

An oversupply of new homes, weaker investor demand and lower population growth will see prices growth decline in most capital cities over the next three years, a new report shows.

Leading the expected price falls are Adelaide and Darwin, where the house median is forecast to fall by 2 per cent by June 2019, according to BIS Shrapnel’s Residential Property Prospects 2016 to 2019 report released on Monday.

NSW

All states except New South Wales are expected to move into oversupply or face growing oversupply.

 

 

PALM Beach is leading the Gold Coast as a property hotspot, with homes selling in just 48 hours.

According to CoreLogic, the mid-Coast beachsidek suburb is the fastest selling in the city.

The number of listings sold from March to June was 226, with homes spending an average of 41 days on the market.

GC

Jeremy and Lauren Beresford with their two children, Penelope, 2, and Rufus, 2 months, outside the house they recently sold at Cypress Terrace, Palm Beach within 48 hours of it going on the market. Picture: Glenn Hampson

 

 

  • Southern Ocean Lodge in Kangaroo Island, South Australia tied in fourth for the World Best Awards for 2016
  • The iconic Kangaroo Island accommodation has 21 suites and stunning panoramic views of the southern ocean
  • Nihiwatu, Indonesia came first, The Spectator, South Carolina came second and New Zealand’s Huka Lodge third
  • The awards listed over 100 of the best hotels around the world based on a survey taken of international readers

SOL

Southern Ocean Lodge is adjoined to the Kelly Hill National park allowing visitors the opportunity to enjoy ‘unbridled creature comforts’ and a ‘zoo without fences’ experience of the breathtaking wilderness (pictured)

 

 

ALL THOSE construction cranes dotting city skylines could be very bad news.

Or good news, if you’re waiting to buy an apartment. A growing number of experts are warning Australia could be heading for an apartment market crash of epic proportions.

According to AMP Capital chief economist Dr Shane Oliver, the Australian property market will “start going negative” in 2017 if interest rates rise or the country enters a recession, with possible falls of up to 10 per cent in houses and up to 20 per cent in units.

Apartments

Cranes over buildings in the Melbourne’s Docklands. Picture: Jay Town

 

 

Given the current political uncertainty since our federal election and the fact the Australian economy may be bracing for a knock-on effect from the Brexit vote, the Reserve Bank of Australia (RBA) has left the cash rate on hold at 1.75 per cent.

In his statement, governor Glenn Stevens says the global economy is continuing to grow, at a lower than average pace. In Australia, recent data suggests overall growth is continuing, despite a very large decline in business investment.

RBA

 

 

Francesca Packer Barham has reportedly purchased a high-rise apartment in Sydney’s harbourside suburb of Elizabeth Bay.

According to The Daily Telegraph, the 21-year-old niece of billionaire James Packer secured a two-bedroom space in the Encore building on Elizabeth Bay Road, paying $2.1 million in an off-market purchase.

The publication reports that the apartment was sold by the Odillo Maher family, and needless to say, the daughter of Gretel Packer and Nicholas Barham will be quite comfortable with her new living arrangements.

FP

Hot property: Francesca Packer Barham has reportedly purchased a high-rise apartment in Sydney’s harbourside suburb of Elizabeth Bay

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FOURTEEN new buildings, housing up to 10,000 residents, are planned along the Gold Coast Highway and nearby roads regarded as the worst in the city for crashes and traffic congestion.

Planning searches reveal the projects, ranging from six-tower boutique buildings to the science-fiction inspired 47-storey Blade Runner, are in the heart of the Glitter Strip.

GC

General views of the Gold Coast (Surfers Paradise) from the 55th floor of Circle on Cavill apartment building Photo: David Clark

 

 

The United Kingdom’s vote for Brexit may boost demand for Australian houses by prompting more expatriates to return home and deterring locals from heading abroad, according to new analysis.

While most of the potential consequences of Brexit being discussed are negative, research from Macquarie economic analyst James McIntyre explores one potential benefit for economic activity: faster population growth.

BOOST

Higher net migration caused by Brexit could lift demand for housing. Photograph by Arsineh Houspian.

 

WE’VE always looked at New Zealand like our daggy younger brother, but it turns out the country has a few things to teach us.

Not only are Australians migrating across the ditch in droves, but we’re losing some of our best talent to the booming creative and tech industry hub of Wellington.

In the three years to 2015, the number of Australians moving to the NZ capital spiked by 86 per cent, and the flow of expats last year reversed direction for the first time in more than two decades.

Wgtn

Wellington is luring some of Australia’s brightest talent with its tech and creative industries.

 

 

Property prices have showed no signs of abating, with Sydney and Melbourne apartment and house prices surging over the latest quarter, data released on Friday shows.

In the three months to June, property prices surged 6.8 per cent in Sydney and 3.5 per cent in Melbourne, CoreLogic’s monthly house price index recorded.

SOLD

Property prices have continued to rise, CoreLogic data shows. Photo: Henry Zwartz

 

 

CoreLogic has released its latest Pain and Gain Property Report, which has some pretty interesting data within.

The report measures the profits and losses of property sellers by comparing the most recent sale price to the previous sale price.

A notable revelation in the report is that around one third (31.9 per cent) of homes resold for more than double their previous purchase price.

third

PHOTO SOURCE: API

 

 

ENTIRE unit blocks are being transformed into stylish family homes in the latest trend to hit the Gold Coast.

In a recent case Theresa and Michael Gundry converted four units into one home after discovering a lack of houses on the market in Mermaid Beach.

Trend

Theresa Gundry in front of her home which was once a block of units at Mermaid Beach. Photo: Regi Varghese

 

 

THE sidelined Parramatta captain Kieran Foran has pocketed $1,705,000 from the sale of his Belrose home, as he moves to getting things right again.

After his recent upgrade to Freshwater, his redundant Belrose home went to auction this afternoon.

The Ray White listing agents had given an initial buyers’ guide of $1.55 million.

KF

Kieran Foran watches on as his house went for auction today. Picture: Stephen Cooper

 

 

IF the British government follows the vote of the people and removes itself from the European Union, the Australian property market could benefit.

While a formal exit could take up to two years, REA Group chief economist Nerida Conisbee said the uncertainty which emerged could impact on the commercial property market in Australia.

Ms Conisbee said Australia tended to attract a lot of global capital for commercial property and, in many cases, would usually be competing with locations within Europe for this capital.

“With the level of uncertainty now in Europe and Britain, Australia will now look even more attractive for commercial property seekers,’’ she said.

WHAT BREXIT MEANS FOR AUSTRALIANS

EU

PHOTO SOURCE: NEWS.COM.AU

 

 

Australia’s richest people are putting their money into real estate and technology start-ups to grow and maintain their wealth.

The number of very wealthy people – also known as high net worth individuals (HNWI) – in Australia rose to 234,000 in 2015, up from 226,000 the year before, a new report shows.

HNWIs are people with more than $US1 million ($A1.33 million) in assets – excluding their primary home, collectables and other goods – that can be invested.

SYD

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Australia’s richest man Harry Triguboff has refused to pay for the repair cost of balcony tiles for seven years after his neighbour’s apartment was damaged by water leakage from his penthouse.

The octogenarian billionaire property and apartment developer and his wife, Rhonda, purchased their Silverpoint penthouse at Main Beach on the Gold Coast for a cool $2.6 million in 1990.

David and Jean Barry, who own a sub-apartment below the Triguboffs’ penthouse, have complained about the damage since 2009.

HT

PHOTO VIA: DAILY MAIL

 

 

ASPIRING property tycoons are lining up for a hat trick of high-rise apartments worth $1.8 million, including a trendy piece of Southport.

The RSL Art Union’s latest prize draw offers the chance of winning three luxury apartments — one each on the Gold Coast, Brisbane and the Sunshine Coast.

GCA

Not a bad view from the Gold Coast prize apartment.

 

 

AMID growing fears of an apartment market glut in inner-city Sydney and Melbourne, for some developers at least, sales to Chinese buyers have likely peaked, according to investment bank Citi.

In a new report outlining key trends as China transitions to a consumer economy,Australia and China: The Next Phase, Citi has delivered a 15-year view of the opportunities for Australian companies

Chinese Buyers

Are we headed for an apartment crash? Picture: Mike Keating

 

 

Packer bucks family fortune prophesy

It’s often said that the first generation builds the business, the second makes it a success, and the third wrecks it.

But this doesn’t look like the way that James Packer is going.

Last week the billionaire casino owner announced a plan to split his Crown Resorts company into three separate companies in a deal that is expected to unlock between A$4.5 billion ($4.72 billion) and A$5.5 billion in value for shareholders, not least Packer himself.

Packer

James Packer and singer Mariah Carey. Photo / AP

 

 

Just as with politics and gun laws, the utterings of Million Dollar Listing star Josh Altman in Sydney and Melbourne this week prove the United States is also a far different world when it comes to selling property.

The agent, who counts Kim Kardashian, Miley Cyrus, Wes Craven and Ashton Kutcher among his clients, pointed out that in the US auctions are rarely used, except “when we get to the point of crisis”.

JA

Million Dollar Listing LA’s Josh Altman in Sydney. Photo: Chris Johnson

 

 

It’s usually first-home buyers who are tapping into the bank of mum and dad, but there’s another crowd who are asking their parents to step in, according to a peak mortgage body.

When Jaymee and Tim Goldsmith, both 28, looked to buy a $507,000 home in Melbourne’s Glenroy they had a lump sum of just $25,000 for their deposit and costs.

Mum

Jaymee and Tim Goldsmith bought their Glenroy home with a 100 per cent lend. Photo: Supplied

 

 

ADETTE Cao is the face of the next Chinese real estate boom.

The 20-year-old UNSW student is still in her final year of PR and advertising, but she has already switched careers.

As a sales associate at real estate agency Richardson & Wrench, she is on track to become a full agent at least five years earlier than normal.

No longer content to buy Australian real estate, native Chinese are becoming some of the country’s top real estate agents.

Agents

Demand from Chinese buyers remains strong, experts say.

 

 

The Church of Scientology is primed to open the doors to its enormous new Australasian headquarters after investing $57 million in its development.

The religious organisation spent $37 million purchasing three adjoining properties in Chatswood, a suburb in Sydney’s north, in 2014 and have outlaid a further $20 million to renovate the site.

The church will become the largest Scientology facility in Australia when it opens in September and is expected to attract ‘Scientologists from Tasmania to Tokyo’ who are hoping to ‘traverse the upper realms of the Bridge to Total Freedom’.

Church

SOURCE: DAILY MAIL

 

 

Growing up in housing commission with a single mum in the Mount Druitt area on Sydney’s outskirts, Edward Dilleen has bucked the trend and accrued a portfolio of six investment properties. And he’s only 24.

But it’s not wealthy parents or a high-paying job that has allowed him to leapfrog many other 20-somethings yet to even buy a first home. It’s property know-how and goal setting from an early age

Ed

Edward Dilleen, 24, has built a portfolio of six properties. Photo: Pat Stevens

 

 

IN A move that could ease pressure on NSW property prices, overseas investors who buy up residential real estate in NSW will be slugged higher stamp duty fees and land taxes.

Foreign buyers will have to stump up an extra four per cent stamp duty from next week and an pay an additional 0.75 per cent on their annual land tax by January 1, 2017.

According to The Daily Telegraph, NSW Treasurer Gladys Berejiklian was going to bring in a “foreigner land tax” when she presents the Budget next week, but today’s news shows she changed to a stamp duty surcharge. The extra stamp duty fee is similar to, but not as harsh as, the additional seven per cent foreign buyers in Victoria will have to pay from July 1. Overseas buyers south of the border also have to fork out an extra 1.5 per cent on land tax.

FB

Foreign buyers will be slugged with an extra stamp duty fee and higher land taxes. Picture: Nigel Hallett

 

 

Just the other day, I noticed a “For Sale” sign in my building for a similar one-bedroom apartment to the one I am currently renting. Interested to know more, I looked a little closer and noticed that it had an asking price of $1 million. I was taken aback. Yes, I’m well aware of Sydney’s median house price, but I’m also aware of how tiny my apartment is, and all the struggles that come with that. Are you telling me that the same place I’m forced to play Tetris with my furniture is worth a million dollars?

AUS

Care for your very own French chateau? Photo: Domain

 

 

A mother has spoken of her outrage after a real estate agent suggested she should not have taken her autistic daughter to an open house inspection.

Korinna Edwards’ six-year-old daughter Indigo, who has severe autism, became distressed during a house viewing run by Chris Couper Real Estate in Hervey Bay, Queensland.

‘My partner overheard the real estate agent talking to another person and saying “fancy bringing a child like this into a place like this,”‘ Ms Edwards told Seven News.

Wild

Source: Daily Mail

 

 

It’s a choice between struggling now, or in retirement.

First home buyers around Australia are taking the plunge — even if it means making many sacrifices — rather than sitting on the sidelines.

Financial advisors say getting a foothold on the property ladder, taking away the burden of paying rent, could protect buyers in retirement.

Jas

Jasmine Rhodes, 29, and husband Jaime Buller, 29 decided to buy before they cobbled together the full 20 per cent deposit. Photo: Philip Gostelow

 

 

A former LJ Hooker agent under investigation for allegedly misappropriating her clients’ money planned to compensate victims with the proceeds of her house sales, but both properties passed in at auction on Wednesday night.

Judy Thanh Truc, who has a property portfolio totalling $4.65 million, attempted to sell her two Narre Warren North homes, 2-4 and 6-8 Cranston Close, at an in-room auction in Noble Park after the closure of her six Melbourne LJ Hooker offices in April.

LJH

Judy Thanh Truc and Joseph Ngo are under Consumer Affairs investigation. Photo: Supplied

 

 

Real estate giant Colliers International and a former assistant who claims a senior executive sexual harassed her have reportedly entered private mediation, a day after details of the woman’s lawsuit came to light.

According to the lawsuit filed by Alexandra Marks on Tuesday, Colliers International Australia’s chief financial officer Sean Unwin allegedly tried to force her face into his crotch, attempted to look up her skirt and undressed in front of her.

CFO

Colliers say it would “vigorously defend” allegations against CFO Sean Unwin. Photo: Louie Douvis

 

They’re renowned for their slick suits, shiny cars and ability to wax lyrical about anything with four walls and a roof.

But if you caught a real estate agent in a particularly candid moment, what kind of trade secrets might they let slip?

Janet McNeill, of McNeill Real Estate, says creating a sense of urgency is one of the most common tactics used by agents.

Agents

Real estate agents let slip their trade secrets. Photo: Paul Jeffers

 

She is one of the country’s richest and most divisive figures and she’s Australia’s only representative on Forbes list of the world’s 100 most powerful women.

Gina Rinehart has been named the world’s 51st most powerful woman by the magazine, which regularly ranks global figures on their wealth and ability to influence public policy.

A mining magnate, Rinehart is also well known because of her public battle with her children as they fought over the family fortune, as well as for her patronage of senior coalition figures, including Australia’s deputy prime minister and National’s leader Barnaby Joyce.

GR

JOE ARMAO/THE AGE
Gina Rinehart is valued at US$9.9 billion, and is noted for turning her inherited mining assets into “something much larger”.

 

 

From humble beginnings in the wool-making north England town of Dewsbury, the four Burgess brothers have amassed a Sydney property empire worth more than $11 million.

NRL superstars Sam, Luke, Tom and George moved to Australia to play Rugby League at the personal bequest of Oscar-winner Russell Crowe who is the co-owner of the South Sydney Rabbitohs.

Since second-eldest Sam moved to the Rabbitohs in 2010, the brothers have snapped up a combined six properties in coastal locations such as Bondi, Coogee and Maroubra.

SB

Sam Burgess and his wife Phoebe Hook are responsible for the majority of the Burgess’ property portfolio – with three homes totalling a combined $7million

 

 

Australia’s strong property market is headed for a ‘dramatic and destabilising’ end, according to leading economic group the OECD.

In its latest outlook, the Organisation for Economic Cooperation and Development warns of a crash rather than comfortable end to the housing boom, and householders should prepare for higher interest rates in 2017.

‘Domestically, the unwinding of housing-market tensions to date may presage dramatic and destabilising developments, rather than herald a soft landing,’ the report states.

AHP

Australian capital city house prices are on the rise again, up 1.6% in May and 5% for the year

 

 

The amount of money Australia’s home buyers owe their banks rose above $1 trillion for the first time in April.

In percentage terms, the rise in the value of outstanding home loans since March was only a modest 0.5 per cent, but it lifted the annual growth rate to a five-year high of 7.4 per cent.

And it lifted the total of owner-occupier housing debt held by Australian lenders to $1.005 trillion in April from $998.8 billion in March.

HL

The seasonally adjusted figures from the Reserve Bank of Australia on Tuesday showed the value of home-owner debt is now eight times its level of 21 years ago. Photo: Louise Kennerley

 

 

Two Australian teenagers have launched legal action against their family to secure A$90 million (NZ$96 million) left to them by their billionaire grandfather Len Buckeridge.

The West Australian construction barron died in 2014, aged 77, and there is a growing family feud over his A$2.5 billion estate.

Two grandchildren, 19-year-old Esperance Stephen and her 16-year-old sister Alba, have launched a bid in the Supreme Court of Western Australia to secure their A$90 million slice of the fortune held in trusts.

Fam

SUPPLIED
Esperance Stephen, 19, has been caught up in the Buckeridge family feud.

 

 

THE hotel component of Surfers Paradise landmark the Marriott Resort and Spa is under new ownership after changing hands for $70 million.

The property has been sold by Marriott Vacation Club, which acquired it for $85 million in a deal that settled last July and some months later opted to about a third of its 329 suites into 88 timeshare units.

Marriott

Surfers Paradise Marriott Resort & Spa.

 

 

 

THEY AREN’T even built yet, but 391 inner Sydney apartments flew off the shelves at the weekend despite wider industry talk of a development glut.

Developer Lendlease released its final stage of Darling Square on Saturday, but within four hours all units were gone with dozens of keen buyers left out, unable to secure an apartment.

Purchasers parted ways with up to $3.5 million for a three-bedroom penthouse and one studio apartment was sold off for $630,000.

DS

The final release of units at Darling Square sold out in less than four hours.

 

 

AS FRESHLY-MINTED PRINCIPALS, Andrea Bonner and Sally Shaw’s business relationship is unique in more ways than one. They’re the vibrant duo behind Tasmania’s revolutionary estate agency, PropertyWise Launceston, and have established a new set-up that sees their sales and property management departments working closely yet independently. Story by Iolanthe Gabrie.

two

SOURCE: ELITE AGENT

 

 

Just three years after purchasing the stunning Altona mansion for $52million, it seems Chinese property developer Wang Zhijun and his wife are already tired of the maintenance it requires.

Mr Zhijun has put the estate’s waterfront garden, which runs along the Point Piper mansion, back on the market for $27million.

While there is currently no liveable structure on the land, the block itself measures in at 1012 square metres – three times bigger than most modern house blocks.

PP

The garden on the left of the picture that runs alongside the house and down to the water is up for sale

 

 

Chinese buyers have taken centre stage on Australia’s property scene following an exponential surge in real estate investment from offshore markets.

China is by far the biggest foreign buyer of residential and commercial property, proposing $24.3 billion of spend in 2014-15 – more than triple the United States and six times the outlay from Singapore, the Foreign Investment Review Board annual reports shows.

AUS

Australian first home buyers and Chinese investors are unlikely to compete for the same property. Photo: Alistair Walsh

 

 

Leon Kamenev has sold two technology companies for close to $1 billion. But he is trying to combine commercial success with altruism with his latest online venture.

Kamenev, whose fortune was valued at $539 million in the BRW Rich List published this week, is a director of and owns a stake in Matific, an online mathematics education tool with a presence in 46 countries around the work.

LK

Leon Kamenev isn’t focused on the bottom line with his new venture.Louie Douvis

 

 

 

BILLIONAIRE residential property founder Harry Triguboff — founder and head of the Meriton Group empire — has topped the BRW Rich 200 list for the first time ever.

The 83-year-old’s wealth soared to a record $10.62 billion this year as his company surged in value due to the property boom.

HT

Harry Triguboff has topped the BRW Rich list for the first time.

 

 

A group of young property developers burst on to the BRW Rich 200 list this year, riding the property boom to huge fortunes in their 30s and early 40s.

Tim Gurner is the list’s youngest debutant, aged only 34 and with a $460 million fortune. He is joined by Paul Blackburne and Jonathan Hallinan.

rl

Property developer Tim Gurner will be the youngest debutant on the BRW Rich 200 this year.Vince Caligiuri

 

INDIAN investors burned in one of the world’s biggest Ponzi schemes look set to get millions of dollars from the sale of a luxurious Sanctuary Cove mansion.

The house, on the waterfront at 1019-20 Edgecliff Drive, is being auctioned next month — furnishings and all.

It is owned by Pearls Infrastructure Projects Ltd, part of India’s embattled Pearls group, owner of the Sheraton Mirage Hotel.

sc

Indian investors burned in one of the world’s biggest Ponzi schemes look set to get millions of dollars from the sale of a luxurious Sanctuary Cove mansion

 

 

A Brisbane couple’s house has sold for $600,000 more than the asking price, going for a whopping $2.08 million.

The owners were looking for anything over $1.5 million for their Sinnamon Park property, but last minute negotiations with a determined buyer resulted in the home selling pre-auction for just shy of the suburb price record of $2.2 million.

NGU

Agent Kylie Franco celebrates the sale with vendors Julie and Darryl Beutel. Photo: Supplied

 

 

IT wasn’t just the lure of the hot local property market that got America’s number one real estate broker Fredrik Eklund excited about being on the Gold Coast.

It was the dolphins at SeaWorld.

He was on the Gold Coast to speak to almost 4000 real estate agents at property guru John McGrath’s Australasian Real Estate Conference and revealed he was looking forward to swimming with the dolphins.

$mil

 

 

Sydney is losing out as priced-out purchasers, desperate to get a foothold in the property market, increasingly turn to Melbourne to find more affordable homes to buy.

Melbourne property developers and agents are celebrating a massive 30 per cent jump in inquiries from Sydneysiders eager to purchase in the southern capital – some without even seeing what they’re buying – knowing they could be shelling out up to half of what a similar property in Sydney might cost.

Priced out

Gayatri Mahil, 30, and her husband Gautam Manu, 38, are among a growing number of Sydneysiders who are buying investment properties in Melbourne. Photo: Kirk Gilmour

 

Furniture strewn across the street, residents snoozing on sofas and a man stumbling headfirst into a tree.

These were the scenes Daily Mail Australia found on the streets on Wednesday in Inala, a south-western suburb of Brisbane that has been identified as the potential new location of the next installment of the controversial docu-series Struggle Street.

The first Struggle Street series, filmed in Mount Druitt in western Sydney, was condemned by some critics as ‘poverty porn’, but the series’ producers and broadcaster SBS defended it as a slice of real life for many Australians living in the country’s urban sprawl. The second series is expected to start filming in Queensland in coming weeks.

Struggle Street - the residents of Inala, west of Brisbane, are up in arms about SBS planning to film the next episode of Struggle Street in their neighbourhood, Inala, Queensland, 19 May 2016.

Struggle Street – the residents of Inala, west of Brisbane, are up in arms about SBS planning to film the next episode of Struggle Street in their neighbourhood, Inala, Queensland

 

 

 

The Block Australia is facing a challenge – finding appropriate development sites.

“We’ve competing with every developer in town,” said The Block‘s producer Julian Cress who, like many smaller developers, is feeling the squeeze from a wave of cashed-up offshore players scouring Melbourne’s inner and middle-ring suburbs for viable projects.

“It’s getting almost impossible to find buildings like this,” said Cress about the show’s latest project, a heritage-listed building in Ingles Street, Port Melbourne.

The Block

SMH
The former factory office being redeveloped by The Block Australia reality show.

 

 

A real estate agent at the centre of an investigation into millions of dollars of missing clients’ money has been blocked from selling two million-dollar houses next door to each other.

Consumer Affairs Minister Jane Garrett said Consumer Affairs Victoria (CAV) has put caveats on the two Melbourne properties, both worth more than $1.5 million, the Herald Sun reported.

This comes as compensation claims by LJ Hooker customers affected by the closure of six Melbourne offices almost tripled from four to 11 in the past week.

LJH

The lavish property boasts an ‘alfresco entertaining area’ as well as a formal lounge

 

One of Australia’s richest men, James Packer, wants to build the country’s tallest building, with a A$1.5 billion hotel and apartment complex that connects to the Crown Casino in Melbourne with a skybridge.

The 90-level tower will rise to 323 metres, eclipsing the Australia 108 apartment tower at 319 metres which is under construction nearby.

It will also pip the Q1 tower on the Gold Coast, which measures 322 metres, courtesy of a spire atop its roof.

JP

SUPPLIED
Artist impression of Crown’s Queensbridge Hotel Tower.

 

No beef with China over Kidman? Australia needs to work out its position in an evolving world of Chinese property investment, Savills says.

 

 

 

CHINESE appetite for overseas property will only grow stronger in 2016, Chinese real estate agencies predict.

A poll of 150 China-based agencies revealed 149 of them believed Chinese spending on foreign real estate would jump to levels beyond what 2015 had experienced, according to the latest report from Investorist, an off-the-plan property sales platform.

Chinese Buyers

This year will see an unprecedented number of foreign Chinese buyers, many China-based agents say. Picture: Mitch Cameron

 

 

Businessman buys four Vaucluse properties to knock them down

Menulog sale means millions for Russian refugee Leon Kamenev

Leon Kamenev has come a long way since he arrived in Australia in 1990 as a refugee from the old Soviet Union.

From those early days in Sydney learning English by day and delivering pizzas at night he last week spent just shy of $80 million for four properties in Vaucluse to build his own private compound.

Leon Kamenev has been revealed as the buyer of the $80 million property amalgamation in Vaucluse. Photo Paul Jones

Leon Kamenev has been revealed as the buyer of the $80 million property amalgamation in Vaucluse. Photo: Paul Jones

 

 

 

FOREIGNERS searching for homes in Queensland have eyes only for the Gold Coast.

Internal data from realestate.com.au shows six of the top 10 suburbs looked at by potential offshore buyers were all on the Glitter Strip.

If the interest levels are anything to go by, the Gold Coast should see a flood of international buyers, with the biggest number of foreigners looking at Surfers Paradise — led by Kiwis.

GC

The Gold Coast figures in six of the top 10 home searches by overseas buyers. Photo: Tourism Australia

 

 

Property owners caught up in the collapse of six Melbourne LJ Hooker offices face mortgage defaults and serious financial pressures as the fate of millions collectively owed to them hangs in the balance.

Unsuspecting vendors, who say they sold their properties with LJ Hooker because of the company’s strong reputation, are awaiting further instructions from Consumer Affairs Victoria following a probe announced by the watchdog on Friday.

About 110 homeowners, landlords and tennants have been affected by the sudden closure of the Glen Waverley, Keysborough, Mount Waverley, Burwood, Doncaster and Box Hill franchises.

Judy Thanh Truc and Joseph Ngo

Judy Thanh Truc and Joseph Ngo. Photo: Supplied

 

 

  • Property prices have increased in unexpected areas across Australia
  • Figures have peaked to 29.9 per cent outside of big cities such as Sydney
  • Demand in housing in bigger cities has led families to look for alternatives
  • Millfield in New South Wales has a $354,000 12-month median price
  • The Sydney market fell to $695,788 in the December quarter

Gold Mine

Australia’s most unexpected suburbs are taking the crown for the highest growth in housing prices according to property reports for 2016. This Kensington Gardens South AustraliaSold for $1,150,000

 

 

Homeowners and landlords will be compensated after funds from a LJ Hooker franchisee trust account went missing, the State Government says.

Consumer Affairs Minister Jane Garrett said on Saturday that the Victorian Property Fund would return money those out of pocket.

Hundreds of thousands of dollars had gone missing from the real estate agency trust, leaving homeowners and landlords out of pocket.

LJ

Six LJ Hooker branches in Melbourne’s wealthy eastern suburbs run by the same couple have been forced to close

 

Sex sells, the tax bills suggest.

The Australian Tax Office has pursued Sydney madam Jamelie Lahood for $16 million in income tax, interest and penalties.

Ms Lahood was said to have owed nearly $2 million during some years as she ran Stiletto, one of the city’s most expensive brothels. Her earnings between 2008 and 2014 placed her among the top 0.1 per cent of Australians.

Brothel

The interior of a room at Stiletto Bordello. Photo: Fiona Lee Quimby

 

 

 

HIGH property prices and job uncertainty hasn’t dampened enthusiasm for homeownership with a new survey revealing it’s still the great Australian dream.

The survey of current renters, who do not own any property, has revealed most want to be living in their own home within five years.

Only about a quarter of those surveyed thought they would be living in the same rental property in five years time.

REAL ESTATE IS GOVERNMENT CASH COW

HOW YOU COULD BE A PROPERTY MILLIONAIRE

demand

Renters have not given up hope of one day owning their own homes.

 

 

INNER west house prices have shot up roughly $1 million over the last 10 years, making the region Australia’s most consistent real estate market for price increases.

Research shows median house prices in Ashfield, Burwood and Canada Bay councils grew almost $100,000 each year since 2006, outpacing price growth in markets such as southwestern Sydney, where a new airport at Badgerys Creek is slated for construction.

Walker

16 Walker St, Canada Bay, sold for $657,000 in 2005 and again in 2016 for $1.59 million Source:Supplied

 

 

Australia’s strongest performing markets for new home building and population growth have been revealed in the latest Housing Industry Association (HIA) Population and Residential Building Hotspots report.

HS

“More than 220,000 new dwellings were commenced last year, so it’s no surprise there was a strong performance among housing hotspots across Australia,” HIA economist Diwa Hopkins says.

 

 

Banking giant Westpac has stopped lending to foreign buyers of Australian property in a surprise move that is likely to spark concerns about a slowdown in residential construction, particularly in capital city apartments.

Australia’s apartment construction boom is being partly driven by a wave of foreign buyers, with many borrowing from local banks in Australia to fund part of their purchase.

Westpac said that it, and subsidiaries St George, Bank SA and Bank of Melbourne, would immediately halt all lending to non-residents and temporary visa holders.

$

Louie Douvis
Westpac said that it, and subsidiaries St George, Bank SA and Bank of Melbourne, would immediately halt all lending to non-residents and temporary visa holders.

 

 

While the country debates the pros and cons of negative gearing, one industry insider says there is another property tax that is of “some concern”.

Cameron Kusher, senior analyst of property data firm CoreLogic, said in his latest Property Pulse newsletter out today that stamp duty needs to be scrapped in favour of a universal land tax.

In the 2014-15 financial year, while state and local government taxation revenue was recorded at $89.278 billion, more than half of that was made up of property taxes.

Insider

Property taxes are the most important sources of revenue for governments however, the reliance on volatile stamp duty revenue provides its challenges according to Cameron Kusher. Picture: Nigel Hallett

 

 

 

He’s gone from the Birdman to the burger man, so Michael Keaton could be excused for hamming it up a little as Ray Kroc, the man who turned a fast-food joint into the world’s biggest franchise. But in the first trailer for The Founder, released on Friday, Keaton mostly plays it straight, albeit with a side order of ruthless.

This is the story of the man who stumbled across a mini-franchise in the five-restaurant chain established by the McDonald brothers in California and ran with it – leaving its true founders for dead. Note the wry look on Keaton’s face in the final frame as he holds the business card with “Ray Kroc, Founder” written on it. He knows it’s a crock, but history, as they say, is written by the victors – especially in commerce.

MCDS

Michael Keaton as McDonald’s founder, Ray Kroc.

 

 

AS THE ticket price of a pint-sized pad in the city rises to meet that of a beachside family-friendly home out of town, an increasing number of househunters are opting for the latter and never looking back.

For Brad and Fleur Frost, moving out of Melbourne just over a year ago for a cheaper life on the coast near Geelong was a no-brainer.

Aussie

Brad and Fleur Frost with their seven-month old daughter, Bowie, are embracing their move out of Melbourne. Picture: Sally McCann Photography

 

 

Sydney real estate agent John McGrath has made many millions out of the city’s booming property market over the past three decades.

The 52-year-old has built up a chain of highly successful real estate agencies worth hundreds of millions of dollars.

He is the author of motivational book You Don’t Need To Be Born Brilliant and was a judge on entrepreneurial television show The Shark Tank.

But in the past week, McGrath has learned the stock market is a very different beast from the housing market.

MCG

 

 

WHEN the sale sign went up on her Mermaid Beach shack, 85-year-old Joan Schuh admits a few tears were shed.

The great grandmother is set to say goodbye to her family beach house after six decades.

Her late husband Bill helped her parents build the in 1956 on the sand dunes of Nobby Beach during a time when there was only dirt roads and scrub.

“It has been a beautiful holiday home,” she said.

shack

This is the first time this beach shack has been offered to the market for more than 60 years. Pictured: Joan Schuh at the house. Picture: John Gass

 

 

HE MADE more than $250,000 in commission just last week, but David Malouf says he’s “nowhere near” where he wants to be in his career.

The 27-year old real estate agent, who hasn’t even been in the game for five years, has already clocked up more than $70 million worth of property sales.

While the eye-watering sums of money add up pretty quickly in Malouf’s turf, Sydney’s exclusive eastern suburbs where prices range from $600,000 to a whopping $40 million, the young gun said he wasn’t always dealing with so many zeros.

DM

The $70 million man: David Malouf has racked up millions in sales by the age of 27.

 

 

A GRAND home worth approximately $20 million has been given to the National Trust of Australia, making it the largest donation on record.

Philanthropic former newspaperman James Fairfax has handed over his historic Retford Park property at Bowral in the NSW southern highlands.

The generous donation also comes with a multi-million dollar endowment for the property’s ongoing conservation and maintenance.

give

Former newspaper publisher and philanthropist James Fairfax gifted his Retford Park property to the National Trust.Source:News Limited

 

Owners of a rare Surfers Paradise property which has been in the family for more than 50 years have finally decided to sell.

Just 150 metres from the beach, the modest two-bedroom cottage at 204 Surf Parade sits in a high-density development area where it is overshadowed by neighbouring apartment towers and the Crown Plaza resort.

rare

Will this old cottage survive a likely sale to developers?

rare 2

The cottage sits in the heart of developer territory.

 

 

Real estate company McGrath has gone into a two-session trading halt to review its earnings forecast as the housing market eases.

McGrath, which only listed on the Australian share market in December, said in a statement to the ASX that it requested the trading halt so it can assess “how McGrath is progressing against the prospectus forecast.” The company will update the market before trade begins on Tuesday.

It last traded at $1.30 a share and has consistently traded below its $2.10 a share offer price in the past five months since floating.

trading halt

John McGrath rings the bell at the ASX as his real estate company began trading in December. Pic: James Croucher

 

 

The record price for an Australian terrace house has been smashed with the $13 million sale of a four-bedroom, five-bathroom property in Sydney’s Potts Point.

record

The facade has gone from being an eyesore to one of the most beautiful in Challis Avenue.Photo: Anthony Johnson

 

 

INVESTORS in search of properties that will deliver high capital growth in the years ahead may find southeast Queensland and certain fringe suburbs of Melbourne safe bets.

These regions accounted for the bulk of high growth property markets in Hotspotting.com.au’s latest Top 10 Best Buys report, which forecasts the 10 best locations for property investors seeking capital growth.

Queensland locations in the report included the Gold Coast, Ipswich and Logan, while the Melbourne regions included the City of Casey and Epping.

BOOM

Gold Coast suburbs are expected to record some of the biggest jumps in property prices in the years ahead

 

 

 

Another day, another bad news story for those trying to get on the property ladder.

This week a survey found 58 per cent of Australians believe the next generation will never own their own homes.

But for those sick of the grim outlook, they need to understand that change is also in their hands.

In fact, it is actually in the best interests of all generations that the housing market returns to a more reasonable level of growth.

Rent

An Australian study has found more than half of Australians believe they will never own a property. Photo / Michael Craig

 

 

 

The Chinese appetite for offshore property, including Australian homes, in 2016 is expected to exceed the buying spree of last year, according to an industry survey.

The poll of China-based real estate agencies found 149 of 150 of them expect demand to surpass their 2015 appetite, according to Investorist, an online platform for off-the-plan sales.

china

A poll of China-based real estate agencies found 149 of 150 of them expect demand to surpass their 2015 appetite. Photo: Angela Wylie

 

 

 

Trying to find – then successfully snare – a home or investment property can be incredibly stressful.

You’re out of your depth, prices have been out of control and, probably at least once, you’ve found yourself out of luck. But, for anxious buyers, the tide is slowly turning.

Property price growth is at its slowest in three years, with Melbourne the highest at an annual 9.8 per cent and Sydney at 7.4 per cent, says CoreLogic RP Data. Auction clearance rates dropped to 73 per cent and 76 per cent respectively last weekend, on APM figures. Plus the banks have neatly removed investor competition with targeted rate slugs.

SHSH

Vendors expect a premium to forgo an auction. Photo: Anna Kucera

 

 

 

 

  • Stars from the Channel Nine program ‘The Block’ had the challenge of picking their perfect renovation
  • Carlene Duffy, Dani Wales and Kara Demmrich selected favourite revamps in their capital city
  • All three admitted there was nothing they could do to improve the properties in Brisbane, Sydney and Melbourne 
This renovation is yet to be completed - but set to be something very special! Originally built in 1858, the home became known as ‘Scarba House’ and was set up as a children’s welfare home.

This renovation is yet to be completed – but set to be something very special! Originally built in 1858, the home became known as ‘Scarba House’ and was set up as a children’s welfare home.

 

 

 

  • Anytime Fitness founder Jacinta McDonell is selling her million-dollar home in Balmain in Sydney’s inner west
  • Ms McDonell reportedly paid $3.3 million for the Terry Street home when she purchased it in 2014 
  • The sandstone property has three bedrooms, three bathrooms, a powder room and a self-contained guest cottage 
  • The property also features a heated mineral pool, an entertaining terrace, a built-in barbecue and a double garage 

AF

 

 

 

For British-born and bred Talitha King, the idea of one day owning her own home was little more than a dream.

Talitha grew up in bustling Tooting in London’s south-west, a suburb where a tiny one-bedroom flat would cost about £300,000 ($560,000) in today’s market. A modest three-bedroom unit might cost more than £500,000.

But a chance meeting with Busselton electrical salesman Daniel King changed her prospects in more ways than one

ADREAM

 

 

 

Prime Minister Malcolm Turnbull has given Australia’s banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.

Speaking at Westpac’s 199th birthday lunch – a day after the Australian Securities and Investments Commission launched legal action against the bank for allegedly manipulating the bank bill swap rate (BBSW) – Turnbull said many Australians were asking whether banks had lived up “to the standards we expect”.

MT

Prime Minister Malcolm Turnbull has given Australia’s banks a bollocking for unethical behaviour. Photo / AP

 

 

WHAT if Australia was being hunted down by a threat that nobody noticed?

That could be happening right now. A new leak of official information suggests Australia has barely paid attention to a problem that could bring the country to its knees.

A secret official report was leaked this week saying the debt held by Australian households before the GFC was so high there was likely to be a tidal wave of defaults. That could have seriously hurt Australian banks and maybe even caused a recession, according to analysts.

AUS PROB

We’ve been so worried about government debt we’ve missed the problem staring us in the face.

 

 

 

FORMER Australia Cricket Captain Michael Clarke is the star recruit for this year’s Australian Real Estate Conference, AREC.

Clarke will join a diverse range of speakers who will reveal their secrets of success before more than 3000 real estate agents at the industry conference themed Rainmakers.

He will “translate’’ his sporting leadership to elite business performance and talk about the tools needed to get your team moving fast when failure is looming.

MC

Michael Clarke will be a guest speaker at AREC.

 

 

 

SOLD

Almost two-thirds of Australians believe the next generation will never be able to afford their own home (stock image)

AUSTRALIA’S housing market is 40 per cent overvalued based on price to income measures, with one expert warning an entire generation is now praying for a property crash.

In its latest round-up of global housing, The Economist found prices have risen in 20 out of 26 countries it tracks, with San Francisco, Vancouver, Sydney and Shaghai in particular singled out.

In those four cities, prices have increased by 12 per cent a year over the past three years, “twice the average national pace”.

40%

Melbourne from the air. Picture: Tim Carrafa

 

 

Australia’s Reserve Bank is likely to hold the cash rate this month, but the soaring Australian dollar is becoming a concern.

Fifteen economists surveyed by AAP expected the central bank to keep the cash rate at a record low 2.0 per cent for a 12th consecutive month at its Tuesday meeting.

RB

Reserve Bank of Australia Governor Glenn Stevens speaks before the House Of Representatives standing committee. Photo / Getty Image

 

 

  • A unit completely gutted by its owners with a coveted Sydney postcode a has sold at auction for $820,000
  • The apartment in Potts Point doesn’t have a kitchen, bathroom or bedroom, but it does have harbour views
  • The property has been advertised as a development site with an open plan space and exposed floors and walls

View

A unit completely gutted (top right) by its owners has sold in Sydney’s coveted Potts Point (top left) for $820,000, without a kitchen, bathroom or bedroom and exposed floors and walls. Although the apartment does have harbour views (inset) the new owners certainly have their work cut out. It had been advertised as a development site with an open plan space and exposed floors and walls.

 

 

She is currently undertaking huge renovations on her mammoth $6 million waterfront Sydney home.

And Jennifer Hawkins has revealed that she is indeed very hands on with the project.

‘I always walk through the building site in a bikini and heels,’ the 32-year-old joked to The Morning Show host’s Larry Emdur and Kylie Gillies on Thursday.

JH

A 30-year-old, three-bedroom house in a suburb best known as Noosa’s less-swanky neighbour – it’s not quite the stuff of mega-rich dreams.

Queensland’s “billionaire tradie” rents the decidedly normal home for just a few hundred dollars a week despite a court hearing that he was rich enough to put him in Australia’s top 100 wealthiest.

PH

Phillip Harrison was charged with drug offences and granted bail in Brisbane. Photo: Facebook

 

AUSTRALIA’S love affair with property is sowing the seeds for a painful debt crisis that could plunge the nation into recession, a leading economist says.

The nation sits second on a list of the seven most vulnerable countries as households load up on debt amid record-low interest rates to buy homes, shares or just hit the shops.

CASH

Australia is bracing for a debt crisis, experts warn

 

 

Sydney’s housing affordability crisis is being artificially inflated by up to 90,000 properties standing empty in some of the city’s most desirable suburbs, experts say.

Vacant properties were among the “perverse outcomes” of tax incentives that encouraged some investors to favour capital growth over rental returns, according to the analysis by the UNSW’s City Futures Research Centre.

Housing Shortage

The mismatch between housing supply and need could be artificially inflating Sydney’s housing shortage, experts say. Photo: Supplied

 

 

 

A tradie pulled over by police in a luxury sports car has more than $590 million in the bank but isn’t at liberty to say how he got it, a Brisbane court has heard.

Phillip Johnathan Harrison was granted bail in the Brisbane Magistrates Court on Saturday, a day after police pulled him over in an Audi sports car and found quantities of ice, Viagra and ecstasy.

The court heard the bricklayer and carpenter told officers he was worth $12 billion and later explained to his lawyer he’d been given the car by the government.

Bricklayer

The 29-year-old bricklayer claims he is worth $12 billion. Photo / iStock

 

 

A NEW suburb has emerged as the property market’s latest hotspot for house sellers and it isn’t by the beach.

The family-friendly suburb of Pacific Pines experienced a 43 per cent increase in the number of houses sold between 2014-15.

Ppines

Pacific Pines has emerged as a Gold Coast property hotspot. Photo: Regi Varghese

 

  • Jin Lin is the managing director of Sydney property group Aqualand
  • He is heir to a $5 billion Chinese development empire
  • Lin, 27, paid a record $52 million for exclusive Vaucluse mansion
  • He studied finance at Macquarie University and had a $7m home at 21
  • Rejects claims the Australian property market is a bubble ready to burst
  • Says Chinese investors will continue going ‘back and forth’ to buy homes

Jin

Jin Lin is managing director of property development company Aqualand who said he bought the historic $52m Villa Igiea mansion at Vaucluse for his baby daughter. He disputes there’s a property bubble about to burst

 

 

 

AUSTRALIA’S oldest real estate group is now in new hands, after its managing director secured a deal to buy the group.

After more than a year of negotiations, Richardson and Wrench group managing director Andrew Cocks bought the organisation from the Wong family which had owned it since 1988.

Mr Cocks who joined the group in 2009 said since then he had worked to make the organisation stronger for the future.

Outgoing chairman of Richardson &Wrench Holdings, Neil Wong, said they had decided to part with the asset after a refocus of the group’s investments.

Cocks

New Richardson & Wrench owner Andrew Cocks.

 

 

 

Real estate agent ordered to pay back a $14,000 first home owner grant plus a penalty because she spent too much time at her boyfriend’s house

  • Vanessa Falvo purchased a three-bedroom home in Collaroy in 2009
  • She was provided with a $14,000 first home owner government grant
  • In 2014 she was ordered to repay it plus a 60 per cent penalty
  • Ms Falvo challenged the order but judgement ruled against her on Monday

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The beach at Collaroy in Sydney’s northern beaches, where Ms Falvo acquired a home in 2009 and received a $14,000 government grant to purchase

 

 

The rickety Melbourne cottage made famous by Beyonce has sold for $650,000 at auction.

The ramshackle house on Brunswick’s Beith Street went under the hammer on Saturday, after the global superstar filmed a scene for her No Angel video clip on the porch in 2013.

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Beyonce. Photo / Getty Images

 

 

 

 

  • Hedge-fund investor and economist say Australia in midst of housing bubble
  • John Hempton and Jonathan Temper went undercover three weeks ago
  • They toured western Sydney suburbs, the epicentre of the housing bubble
  • They viewed housing developments and met with 20 mortgage brokers
  • Brokers were advising them to lie on loan application documents
  • Sydney’s poorest suburbs have properties selling for more than $500,000

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‘Australia is simply in a league of its own when it comes to mortgage lending’: Australians have a greater proportion of mortgage debt than other countries

 

 

 

 

UNEXPLAINED delays, six “missing” floors and no public consultation haunt the closed door approval of a 64-storey Surfers Paradise tower that councillors suspect could eventually house the city’s second casino.

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Could a second casino be coming to the Gold Coast in Surfers Paradise? The developer behind an approved tower won’t confirm or deny they are considering it.

 

 

 

They may not be as grand as some houses you’d see in Sydney’s eastern suburbs, but investors from there are still buying up properties in some of Brisbane’s much less glamourous areas.

Domain reports that estate agents in Brisbane’s suburbs have been inundated with Sydney buyers interested in buying property in usually ‘unfavourable’ places as they believe they can make a profit on the houses over time.

Many Sydney investors were not even inspecting the properties in person and were relying solely on photographs, while skipping inspections altogether, Domain reported.

Sydney

 

 

 

AUSTRALIAN cricket vice captain David Warner and his wife Candice have secured a bullish $7 million plus sale of their South Coogee home three weeks ahead of auction.

The sale was well above the $6.25 million paid two years ago by the couple who listed following their $4 million purchase of a oceanfront building block in Maroubra.

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Cricketer Dave Warner at the South Coogee home he has just sold. Picture: Bob Barker.

 

 

 

A DODGY real estate agent has been jailed for more than three years for misappropriating about $1.9 million of clients’ cash.

Huntingdale’s Anthony Vito Brancatella, 43, skimmed the money from scores of customers’ trust accounts, which estate agents use to safeguard deposits paid by buyers.

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Anthony Brancatella stole almost $2 million from homeowners and buyers. Picture: Carmelo Bazzano

 

 

 

HOME to some of the world’s most famous surf beaches, the Gold Coast suburb ofCoolangatta is one of the last remaining areas south of the Glitter Strip to still retain a small-town vibe while being full of amenity.

Nestled between Kirra and the NSW border, “Cooly”, as it is affectionately known to many locals, features the sheltered Greenmount and Rainbow Bay beaches — the Gold Coast’s only north-facing beaches.

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Life members Barrie Thorne and Peter Flannery from Kirra SLSC. Picture: John Gass
Pumping surf at Snapper Rocks. Picture: Luke Marsden

 

 

SOME kicked off 2016 by dieting or quitting cigarettes — Nathan Birch bought 18 properties and signed the paperwork on his 200th piece of real estate.

The Western Sydney native’s busy January means he now owns a staggering $50 million worth of real estate at just 30 years old.

It’s a portfolio that turns over $3.5 million in gross rental income a year, with a net profit of roughly $500,000.

Birch

Nathan Birch outside one of his properties in Kellyville Ridge. Picture: Jonathan Ng

 

 

 

After three years of soaring property prices in Sydney, house prices have fallen by the largest quarterly drop on record.

Sydney’s median house price dropped 3.1 per cent over the December quarter 2015, the first drop since June 2012, the Domain House Price Report released on Thursday shows.

sydney

Sydney’s growth run may be up, with the first quarterly drop in median house prices since 2012.Photo: Rob Homer

 

 

 Vaucluse has notched up another last-minute trophy sale for 2015 of $36 million bought by billionaire supermarket chain owners from China.

rich lister

A home owned by Alastair Walton, and his former wife Gilly, at 9 Coolong Road, Vaucluse, has sold for $36 million.

 

 

MOVE over Clive Palmer, China’s richest man may be planning a multi-billion dollar dinosaur theme park on the Gold Coast.

Wanda chief executive Wang Jianlin, who has flagged building a “major” theme park on the Coast, is reportedly chasing a majority share of Legendary Entertainment — the company which produced Jurassic World.

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A still from the movie trailer for Jurassic World. Source: YouTube

 

 

capital

Sydney remains the most expensive, with prices up 11.5 per cent. Photo / Supplied

 

 

They are far from the CBD, removed from the tourist trail and unlikely to end up on a postcard.

But these Sydney suburbs have been named as the cream of the affordable crop – the most liveable places in which people can actually afford to live.

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Photo: Gary Warrick

 

 

THE days of “quote it low, watch it go” for real estate agents are over, with new anti-underquoting legislation coming into force on January 1, 2016.

The amendments made to the Property Stock and Business Agents Act of 2002 include stringent record-keeping requirements for real estate agents and the banning of terms such as “offers over”, “offers above” and “bidding from”, when setting price guides. Plus symbols after dollar figures and vague terms such as “mid $2 millions” will also be no more.

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43 Dorking Road Cabarita was one of many Sydney suburb records in recent years. A booming market has led to confusion around underquoting.Source:Supplied

 

 

Record-low interest rates, strong demand and record sales volumes kept the Australian property market going strong in 2015.

In 2016, supply will continue to support demand, but will demand hold up in the long-term?

The WBP Property Group has analysed the market and are out with forecasts and trends. Here’s a breakdown and analysis of the national market:

will 2016

 

 

The new spruikers of Australian property aren’t real estate agents, or even based in the country.Rather, they’re migration agents, accounting practices, insurance companies, mortgage brokers and wealth management businesses in China.

Sprui

Referral networks are connecting Chinese buyers with Australian developers and real estate agents.Photo: Supplied

 

 

WHEN is a discount, not quite a discount? That’s when it is actually a “deferred discount” which slashes 25 per cent off your mortgage — for now.

There is a new breed of home loan scheme on the block after developer Horizon Housing and lender Bank Australia joined financial forces to create a mortgage initiative that lets buyers “put off” 25 per cent of their mortgage until the day they actually sell up and move on. However long that may take.

modern mort

Home sweet home, finally: Kyle Topp and Christina Stig in front of their new home in Murwillumbah.
Kirsten Craze news.com.au

 

 

Two brothers who bought a beachfront cottage after winning the lottery almost 40 years ago have slowly watched their home become the smallest house on the Gold Coast’s best street.
Lot winner
1 Hilda Street is known as the smallest home on millionaires’ row. Photo: Supplied

 

 

It’s the have-to-sells – homeowners moving overseas, going through messy divorces, with deceased estates – who go to auction, six days before Christmas, in a cooling market.
Desper
Auctioneer James Hurley from Under the Hammer at the auction of 26A Yule Street, Dulwich Hill which sold for $1135,000 on Saturday. Photo: Fiona Morris

 

 

 If you’re struggling to secure a last-minute holiday rental at Palm Beach this Christmas holiday, join the crowd.

A lower Aussie dollar is fuelling strong demand for holiday rentals as Sydneysiders opt for a “staycation” by the beach rather than cop expensive overseas travel costs.

Lux ren

Palm Beach’s Karala has been rented out for $25,000 a week until late January.

 

 

 A much-needed review of real estate training standards has been announced by NSW Fair Trading, but there is a lot of work to be done.

For more than 10 years we have urged successive governments to review the educational standards applying to real estate agents and to take the requisite remedial action.

RETRA

The training of real estate agents has gone under the microscope. Photo: Jessica Shapiro

 

 

A woman found to owe almost $400,000 to her former boss in Australia has launched a real estate career in New Zealand under a new name.

The New South Wales Supreme Court found bookkeeper Nina Carrington owed her ex-employer about A$372,000 after she transferred money from the business to her own accounts between 2008 and 2011.

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Summit real estate agent Carolina Wiseman, formerly known as Nina Carrington. Photos / Supplied

 

 

MIAMI Ice will rise again in the form of an 18-storey tower planned for the former site of the Gold Coast icon.

The city’s former iceworks were demolished more than two years ago but elements of the famous building, which once featured in the music video for John Farnham’s Two Strong Hearts, will become part of the new project.

MI

The former Miami Ice site on the corner of Gold Coast Highway and Kratzmann Ave, Miami just months after the building was demolished. Photo: Kit Wise

 

 

Frank Partlic and his family were toasting on Tuesday night after selling their home for a record price.

The next morning they were standing among the debris of their almost-decimated house after a tornado ripped through the Sydney property.

Syd tor

PETER RAE/FAIRFAX

 

 

SOME of Sydney’s most notorious public housing blocks are to be blown up and replaced with a new metro train station.

The Turanga and Matavai tower blocks on Phillip Street in Waterloo and four neighbouring smaller public housing blocks are to be destroyed and the area completely redeveloped, under sweeping plans unveiled by the Baird government.

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The area will be completely redeveloped under the plan. Picture: Supplied

 

 

This year may have been a hard one for those looking to break into the property market, but those on the top haven’t skimped on the spending.

As 2015 draws to an end, the most expensive properties sold this year in Australia have been revealed – with the priciest on the list going for $39.9 million.

The majority of the homes on the 10 most expensive list were in Sydney’s eastern suburbs, with only one sold outside New South Wales – a $20m palatial residence sold in Brighton, Victoria in May, realestate.com.au reported.

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WA’S luxury property market is continuing to operate at extremes.

While two new suburbs took spots on the state’s million-dollar median price list in the past three months, many established high-end suburbs are suffering dramatic price plunges.

Perth 1m

Views like this have helped push Quindalup’s median price past $1 million.

 

 

It’s still deeply ingrained in the Australian psyche, the idea of growing up in a traditional house on a block of land. However, increasing numbers of families are opting to switch the backyard for a balcony and live in high-rise apartment towers.

highrise

Mark Thurlow and Kelly Carroll with their two children, Mason and Charlie, on the balcony of their high rise apartment in Melbourne. Photo: Paul Jeffers

 

 

 The ACT government was flooded with more than 800 applications for the 77 residential blocks released in the new suburb of Moncrieff on sale day last month, with such heated competition that every block was nabbed within three minutes of the sale opening.
act
An aerial image of the new suburb of Moncrieff. Photo: supplied

 

 

Off-shore money is powering Sydney’s trophy home market with eight out of the top 10 sales this year funded by overseas business interests.
TProp
The only trophy home sale needing FIRB approval this year was the $27.08 million Rose Bay waterfront mansion, Indah, bought by barrister Georgina Black and her husband, chief of the UK’s property giant Telereal Trillium Graham Edwards. Photo: Supplied

 

 

Sydney apartment developers could run into trouble in 2016 as investors elect to walk away from their deposits, according to well-known Sydney estate agent Douglas Driscoll.
DD
Douglas Driscoll says developers bought sites in 2015 on very tight margins. Photo: Rob Homer

 

 

  • McGrath shares drop on debut as property market cools
    McGrath, Australia’s first real estate agency to list on the stock exchange, fell 8.6 per cent from its initial public offering price on debut in Sydney, a week after data showed home values in the city dropped the most in five years.

The shares traded as low as $1.92 compared with the offer price of $2.10.

JMC

 

 

 

 Sydney sellers are pulling out of the auction market in droves, unwilling to gamble on the lowest clearance rates since the boom began three years ago.
SSM
Ben Allen withdrew his property at 12/2 Waratah Street, Rushcutters Bay, from auction and instead opted for private treaty. Photo: Wolter Peeters

 

 

Australia’s largest apartment owner and developer, Meriton’s Harry Triguboff, has issued an Australia-wide danger alert to all those involved in the dwelling market including owners, buyers, banks and politicians at the local, state and federal levels.

HT

“As we are approving more buildings, we must simultaneously increase migrants,” says Harry Triguboff.

 

 

 A three-hour buying frenzy in Chatswood secured developer Platino $160 million worth of sales and smashed the suburb’s record.

In total, 106 of 111 newly launched apartments in Platino’s Chatswood Place development sold, predominantly to upgraders already residing in the area.

This included the sale of two penthouse apartments to the same buyer, for a total of $8.1 million.

Chats

On completion, Chatswood Place will be a $300 million boutique mixed-use development. Photo: Supplied

 

 

 They’re each as well known for their beautiful beaches, stunning coastline and great cafes and restaurants nearby, as they are for their lovely homes.

Yet when it comes to capital growth, house prices in Australia’s premier beachside suburbs have pretty much ebbed and flowed, often matching economic tides.

SB

 

 

 

One of Australia’s largest real estate companies is looking to make its share market debut next month, giving the company a A$282 million ($307 million) market value.

Founder and chief executive John McGrath said the float will help fund its expansion of franchises and company-owned real estate agencies.

KP

Photo / Getty Images

 

 

 

House prices will rise by as much as two-and-a-half times the average salary during the next five years, a top estate agent predicts.

LHP

 

 

 

A cluster of 31 apartment blocks stacked on their sides has won this year’s world building of the year title.
SING
Architect Ole Scheeren wanted to create a village atmosphere with plenty of communal spaces. Photo: Büro Ole Scheeren

 

 

 

Three worldwide cities have seen the price of luxury homes increase by more than 10 per cent in the past year, new research has revealed.

Vancouver in Canada saw prices rise by 20.4 per cent during the year to September while those in Australia’s Sydney rose by 13.7 per cent. The only other place to see double digit growth in the year was Shanghai in Asia at 10.7 per cent.

Van

The average price of luxury homes in Vancouver has risen 20.4 per cent in the past year

 

 

 

PLENTY of property owners are keen to be in a new house by Christmas with the number of homes listed for sale on the increase.

Figures released by SQM Research reveal property listings rose to 363,653 during October – up 7.3 per cent on September.

 

 

 

The Block winners Dea and Darren Jolly face a huge fine and will be required to rebuild the heritage-listed Melbourne home they controversially demolished without a permit.

Last month it was revealed the reality-TV pair had knocked down and levelled an early-20th-century home in East Kew after obtaining only a partial demolition permit.

THE B

PAT SCALA

 

 

 

Chinese investors being offered zero-deposit home loans over Australian apartments will be charged credit card interest rates, raising fears of increased offshore speculation in the already heady property market.
Mel
‘The York’, a large apartment development in Melbourne’s West Brunswick, is one of the properties where the no-deposit loan applies. Photo: Paul Jeffers

 

 

 

Jone Wang is listening intently as property spruikers sell the merits of a brand new townhouse in Melbourne’s Thornbury over an off-the-plan apartment in Sydney’s Epping.

CH I

DAVID GRAY/REUTERS

 

SQ

 

 

If you’re a Gen Yer who believes you’ll never be able to afford to buy a home, take some inspiration from Jeremy Iannuzzelli.

The young Australian has a portfolio of seven investment properties, and one more soon to settle, which means he currently has AU$750,000 ($806,000) worth of equity and a portfolio worth more than AU $2.5 million.

And did we mention he’s only 25?

25

Real estate businesses have been warned they face serious consequences if they exceed the limits of the advice they can provide.

Following ASIC action, the Supreme Court of NSW found that Park Trent Properties Group unlawfully carried on a financial services business for more than five years by providing advice to clients to purchase investment properties through an SMSF.

supreme-court

 

 

 

The wellbeing of mortgage holders and those who already own their own homes tends to be substantially higher than those who have no plans to buy a house, according to the RaboDirect Financial Health Barometer 2015.

150604-trentham-house_620x380

 

 

 

For the first time in history, Australia has a seriously rich Prime Minister. But with this first comes the dilemmas that have plagued wealthy US presidents for decades.

PP

 

 

 

The Ray White Group has been named as Australia’s inaugural winner of the Family Business Award at the 2015 EY Entrepreneur Of The Year Awards, held at The Star on Thursday 15 October – a milestone for a real estate business to receive this honor.

RW

 

 

 

1210_clontarf2_sp

(Tourism NSW)

 

 

 

 Forget shoes and cars, Chinese millionaires with cash to spare are thinking about “trying on” Sydney mansions before buying them.

Chinese property and lifestyle concierge Monika Tu will place 20 Chinese nationals from five Shanghai high-net worth families in palatial homes around Sydney at the start of the Chinese New Year celebrations in early February 2016, for between one month and six months.

CM

Black Diamondz Property Concierge’s Monika Tu with one of the properties which will be available to clients to try before they buy. Photo: Michele Mossop

 

 

 

Footballers flex their real estate muscle while a billionaire property agent jets in from New York.

Footb

Burgess brothers, Luke, Sam, George and Thomas. Photo: Anthony Johnson

 

 

 

 Australia’s largest master-planned community gets under way at Caloundra on Thursday morning after almost 11 years of planning and environmental checks.

Stocklands’ Caloundra South development on 2360 hectares of coastal land to the south of Caloundra plans to provide 20,000 homes over the next 30 years and will eventually be home to an estimated 50,000 people.

Sub

Stockland’s new 6-Star Green Star housing development Photo: Supplied

 

 

 

 Melbourne’s property market streaked away from the rest of the country over the September quarter, according to figures released Thursday, proving Australia’s most liveable city also boasts its strongest real estate market.
Auction
Agent and auctioneer Antony Woodley of Collins Simms Real Estate in action last month.Photo: Paul Jeffers

 

 

 

A young Australian property investor has failed in his bid to evict his mother and has been ordered to reimburse her after a verbal property agreement between the two turned sour.

The man served his mother and his three siblings with a notice to vacate their home in Melbourne’s outer north-east in October last year.

Evict

DEAN KOZANIC/FAIRFAX NZ

 

 

 

Overseas buyers invited to have first dibs on Melbourne developments

Developers are increasingly launching Melbourne apartments overseas to capture strong demand from foreign buyers, and some are inviting them to have first dibs.

Aprt m

 

 

 

Why Sydneysiders are pulling up stumps

An “extraordinary surge” in population has pushed Victoria to the top of the national ladder after it gained an extra 97,500 citizens in the year to March, a growth rate of 1.7 per cent.

The next fastest-growing states, NSW and Western Australia, had growth rates of only 1.4 per cent, which was also the national average and the slowest rate for a decade.

If you want a freestanding house in Sydney for less than $600,000 you have to move out 55 kilometres. In Melbourne you can still get one for $300,000.

Bob Birrell, Australian Population Research Institute

SS

Australia’s population growth rate is now well below the 2.1 per cent achieved during the height of the mining boom. Photo: AFR

 

 

 

Inside Brisbane’s VERY exclusive rooftop bar which only welcomes ‘well-dressed and good-looking’ people – and you’ll have to fork out $2,000 for a beer

A newly opened rooftop bar in Brisbane that charges up to $2,000 a seat only welcomes ‘well-dressed’ and ‘good-looking’ people.

Eleven rooftop bar in Fortitude Valley has caused a fuss among its customers since it opened because of its strict dress code and minimum bar spend.

People have claimed they have been turned away from the rooftop bar because women are dressed too ‘s***y’ or men are not wearing laced-up leather shoes.

Roof

PHOTO via Instagram

 

 

 

The best performing prestige suburbs around Australia

When you think of the top prestige suburbs in Australia, places like Sydney’s Point Piper and Melbourne’s blue-ribbon Toorak automatically spring to mind. But the best performing A-listers this spring turn out to be ones that may have passed you by completely.
LST
14 Leopold St, Mont Albert, Melbourne Photo: domain.com.au

 

 

 

USA: Worries for real estate mount as Uber independent contractor suit moves forward

NAR warns of potential ‘drastic shift’ in how real estate brokers do business

Uber

 

 

 

USA: ‘Liar loans’ are back in the US

The pitch arrived with an iconic image of the American Dream: a neat house with a white picket fence.

But behind that picture of a $2.95-million home in Manhattan Beach, California, were hints of something darker: liar loans, those toxic mortgages of the subprime era.

MB

The Manhattan Beach story recalls a time when borrowers, lenders and investors all misjudged the potential danger. Photo / iStock

 

 

 

Dive into these 10 amazing swimming pools in Australia

 Given the Australian climate, our love of the outdoor lifestyle comes as no surprise. We spend every summer flocking to the nearest beach, and for those who don’t like getting sand between their toes or sharing the water with wildlife – there’s always the pool.

From a suspended cliff-top sanctuary in Victoria, to a natural swimming pool with a jetty in Sydney, these 10 amazing swimming pools have us dreaming of summer.

Pool

 

 

 

Joe Hockey reveals investigation into $1 billion worth of foreign-owned real estate

The federal government is investigating $1 billion worth of real estate allegedly bought in breach of Australia’s foreign property investment laws.

Treasurer Joe Hockey announced a ramp-up in Foreign Investment Review Board investigations as he revealed the forced sale of more properties purchased illegally by overseas investors.

JH

 

 

 

VIDEO: Real estate ad upsets working moms

The ad shows Chase and Jeffrey Costello on one side dressed in suits, a mother with three children on the other. The mother with three children is tied up, while a daughter paints her face. There is a baby sitting on the floor with a colander on her head, and a duck standing in the disheveled room.

MUMS
The NEW Australian Prime Minister Malcolm Turnbull’s journey from Newtown worker’s cottage to Point Piper mansion

Long before Malcolm Turnbull ascended to the highest political office in the country and took the keys to his official Sydney residence Kirribilli House, he had already amassed a fortune – much of it from Sydney’s property market.

The 29th prime minister has come a long way from his 1978 first-home purchase in Newtown, to his $50 million-plus trophy waterfront home in Point Piper.

MT
Developers roll out the celebrity red carpet to help market apartments

 When it comes to selling real estate, what’s in a name?

Competing property developers are signing up celebrities to impart cachet to their apartment projects in an increasingly crowded market.

Since Academy Award-winning actress Charlize Theron was enlisted earlier this year as the face of the Capitol Grand tower in South Yarra, other identities in fashion and food have lent their creativity to the boom in high-rise bricks and mortar.

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Richard Branson warns real estate industry about online threat

One of the world’s great entrepreneurs has warned agents that they could be digitally disrupted just as his business once was.

Richard Branson told the Titans of Real Estate conference that his Virgin Megastores were rendered obsolete by iTunes – but that the Virgin Group was able to survive because it had diversified into other fields, such as mobile phones.

RB

 

 

 

Australia: $4 million mansion left to charity to help homeless

A treasure in life and beyond. Australian woman, Lily Fardell, dubbed the “Fair Lady of The Hill”, has left a personal legacy which will raise an estimated $A4 million ($NZ 4.5m) for St Vincent de Paul.

Char

 

 

 

‘It’s like walking back in time’: One of Bondi’s last beachfront properties – bought for just $37,000 in 1969 – is now up for sale for $10MILLION

With its prime position at Australia’s most famous beach, this sprawling oceanfront property that was once sold for five figures is now expected to fetch a scorching price tag of up to $10 million.

Just a stone’s throw away from Sydney’s popular Bondi Beach, the three bedroom property with breathtaking views was purchased for just $37,000 in 1969.

The rare piece of real estate has been home to retired fruiterer Frank Rando, 79, and his wife Giustina for almost half a century but the pair have decided to ‘downsize’, according to Domain.

Beach

Forced sale of apartment owned by Australia’s own ‘Wolf of Wall Street’

 The mastermind behind one of Britain’s biggest financial fraud schemes is to have his luxury Darling Point home forcibly resold as part of the proceeds of crime.
Wolf

Interest rates on hold but economists tip cut for Melbourne Cup Day

The official interest rate remained on hold at 2 per cent on Tuesday but economists say the Reserve Bank of Australia may be forced to cut rates by November, making Melbourne Cup day a winner for mortgagees and spring buyers.

RBA

 

 

 

 

Sydney property market set to be flooded by homes this spring

Sydneysiders are looking to put their homes up for sale in ever greater numbers this spring as some experts predict this selling season could be the last gasp before the boom subsides.

Agents around the city are reporting a spike in inquiries from home owners looking to sell in the next few months; in many cases the volume of these “appraisals” is up more than 70 per cent on previous years.

Syd

 

 

 

Real estate agents share their open-house horror stories

Real estate agents have seen it all when it comes to sellers’ open homes.

Australian real-estate agents share their worst open-home experiences. 
OH

Dump in Brisbane’s Dutton Park soars $170,000 over reserve

 A contender for Australia’s worst house has rocketed almost $170,000 over reserve.

A dozen eager bidder buyers willing to battle with big money for jumble of rotting, scrap wood.

DUMP

 

 

 

Melbourne’s hottest suburbs for house price growth

The top end of Melbourne’s property market is roaring back as house prices in inner-eastern suburbs record a big lift.

South Yarra had the fastest growth over the past financial year, with house prices rising 48.9 per cent to a median of $1.56 million, Domain Group data shows.

Melb

 

 

 

 

The Silence of the Lambs’ house up for sale, dungeon not included

Buffalo Bill’s house from the Academy Award-winning thriller from The Silence of the Lambs has been put on the market, but is anyone brave enough to buy it?

BB

 

 

 

What a transformation! Renovator Cherie Barber turns a humble Sydney cottage into a luxurious home – and TREBLES her money

What was once a dilapidated property with its boarded up windows and crumbling interior, has now been transformed into a stunning contemporary home that any family would be happy to call their own.

RQ

Renting, not buying, is boosting Australia’s start-ups

Choosing to rent homes rather than buy them can spark a much greater entrepreneurial spirit in Australia, and provide a major boost to the economy, say an increasing number of small businesses. 

Ploughing money into mortgages, especially early in life, can leave people tied down to jobs that mightn’t suit them instead of proactively creating opportunities for themselves – and for others.

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Deborah Hutton sells Tamarama home for more than $4 million

Media darling Deborah Hutton became the latest beneficiary of Sydney’s booming property market on Friday evening when she sold her Tamarama home for more than she expected.

The former model and TV presenter listed her Wonderland Avenue home two weeks ago with $4 million hopes. Agent Debbie Donnelley, of Phillips Pantzer Donnelley, was unable to disclose the sale price but a source said it was for well in excess of that amount.

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Frank Gehry’s squashed brown paper bag building in Sydney wins national award

It’s been called everything from “a tree house” and “squashed brown paper bag” to a masterpiece, but now the Frank Gehry-designed Dr Chau Chak Wing Building in Sydney is also one of the country’s “best” new buildings.

PB

 

 

 

Selling entire blocks of houses to developers is the way of the future: agents

Just two days after a record 46 neighbouring homeowners in The Hills district put their houses up for sale together in one massive block in the hope of attracting a $180 million offer from developers, 10 owners in St Leonards have also grouped together to sell.

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Real estate agency slapped with $40,000 penalty

Agents and principals have been put on notice about making “grand claims” in their marketing, after one business was punished for misleading advertising.

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VIDEO: Buyer of James Packer’s $70 million Sydney mansion revealed as Dr Chau Chak Wing

The $70 million buyer of James and Erica Packer’s Vaucluse mega-mansion is well-connected Australian-Chinese billionaire businessman Chau Chak Wing, Domain can reveal.

Dr Chau is best known for his $20 million donation to build the landmark Frank Gehry-designed Dr Chau Chak Wing Building of the University of Technology, Sydney.

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First-home buyers: How old is too old to buy a home?

First-home buyers borrowing more than ever

First-home buyers are not giving up their dream of home ownership despite rising prices, with data released Friday showing they are borrowing more than ever to secure a home.

Home loan data from the Australian Bureau of Statistics shows first-home buyers took out an average loan of $340,200 in June – the highest on record and up 10.2 per cent ($31,600) on last year.

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Pressured real estate boss banned for fraud

An agency director has been slapped with a 10-year ban after making unauthorised withdrawals from a trust account to save his failing business.

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INTERNATIONAL: Artists bring colour into a community by painting all 209 houses in the neighbourhood

While most governments are about preventing graffiti filled streets, in a small town of Mexico, they have welcomed it.

Authorities have collaborated with a group of street artists Germen Crew to help transform the town of Palmitas into a rainbow mural, painting all 209 homes and adding a bright and bold filter over the neighbourhood which was formerly suffering from an urban decay persona.

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VIDEO: The evolution of the Australian dream: High property prices alter home ownership dreams

Rising property prices are dashing the great Australian dream of the family house on a quarter-acre block for an ever-growing number of young people.

Instead, the dream now comes in many forms. For some people, it’s owning an inner-city apartment. For others, it’s travelling the world, or more simply, living a healthy life.

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Sydney Harbour penthouse sells for $24 million

He left school at 14, but at the age of 80 Cyril Maloney bought four apartments atop “The Toaster” for A$13.9 million ($15.4m) to create a super penthouse overlooking Sydney Harbour.

This week, the grand home of the late pub baron and his widow, Margaret, sold for about A$22 million.

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A surge in interest for the country’s most expensive property has buoyed real estate agency Ray White to enter another, equally plush, asset class: luxury yachts.

In a deal signed yesterday, the century-old real estate agency will parlay its experience marketing luxury property into selling luxury motor boats, with exclusive distribution rights for classic Italian motor yacht builder Ferretti Group.

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The controversial Sirius apartment building at The Rocks – loved by some, loathed by others – could enjoy a new lease on life with a modern makeover designed by one of Sydney’s leading architects.

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The Offshoring Experience

While outsourcing in property management has been a buzzword on everyone’s lips for some time, Pamela Thomson from McGrath Neutral Bay has made it work for the incredibly busy group of McGrath offices on the Lower North Shore of NSW.

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The big dumping of snow in the ski-fields in the past few weeks has reignited interest in Thredbo apartments with picture-book views and prices that have barely moved in a decade.

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Frenzied bidding between six developers resulted in an unrenovated Granville house selling $1.53 million over reserve at auction.

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In any boom there are going to be winners and losers; those who have cashed in their chips and those who never got a seat at the table.

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Bill and Paddy Pettigrove are lifelong renters. For 34 years they lived in a three-bedroom house in Elwood, a leafy, bayside suburb of Melbourne.

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McGrath Estate Agents, which has 68 offices in NSW, Queensland and the ACT, posted record residential volumes of $12.3 billion in 2014-15.

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Australia’s property brokers are cashing in on China’s stock market calamity.

The almost $US4 trillion rout is fuelling demand for less volatile assets in one of China’s favourite real-estate markets, where a plunging Australian dollar is making property cheaper for offshore investors.

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EMMY THIES IS THE PRINCIPAL of House Estate Agents in Toowoomba. Having started her own office at the age of 23, just five years later she has a thriving business with a team of 25 people and a bag of prestigious awards. With an unmatched energy, zest, and passion for both real estate and her team, Emmy speaks frankly about her views on leadership, structure, culture, and how she continues to reach and exceed the goals she sets herself.

 

 

 

Melbourne house prices are set to fall 9 per cent, while Sydney prices continue to climb and then hold their value, analysis has found.

The paper under review for the Economic Record found Sydney prices would “continue to rise till the end of 2015 then start plateauing with no anticipated sharp falls”.

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THE mega mansions and private estates dotted along London’s ‘Billionaire’s Row’ – the most expensive street in Britain – are worth 150 times the national average, according to Zoopla’s 2015 Property Rich List.

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A decaying 1880s former post office and grocery store had would-be renovators lining up in Erskineville on Saturday to watch it sell for $1,115,000 under the hammer.

The building, still with its old Rosella signage visible from the back yard, also had a bit part as a prop for the 1982 movie Midnight Spares which starred such legends as Max Cullen, Graeme Blundell and Jonathan Coleman.

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An Australian couple are turning the tide of Asian investment in Australian property by becoming the very first overseas investors to take advantage of Vietnam’s newly relaxed laws on overseas property ownership.

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One of Sydney’s highest profile property firms has been hit with a wave of complaints about underquoting, after sales at a cluster of auctions exceeded the price guides given to prospective buyers by up to 33 per cent.

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As Sydney property prices skyrocket and so many people are buying investment properties, there’s been a big jump in the number of people struggling to pay off a million-dollar mortgage

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The Chinese sharemarket collapse in which $3.7 trillion has been wiped off the value of stocks in three weeks could see a flight to the relative safety of Australian property, experts believe.

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Paris is set to have a new skyscraper.

This follows narrow approval given this week to the Tour Triangle, which will become the third tallest building in the City of Light. The approval follows an initial rejection in 2014.

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Beyonce’s bootylicious bod has reportedly inspired the design of a curvaceous building set to be built in Melbourne’s CBD.

The Premier Tower, designed by Elenberg Fraser, has planning permission and will be built at 134 Spencer Street, near Southern Cross Station.

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The Sydney market is booming, but sellers don’t have it all their own way.

New data from the Domain Group shows five suburbs where many vendors are still having to offer buyers a discount to get a sale away.

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  • One of the best female agents in the last 15 years – Interview

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SYDNEY, AUSTRALIA - MARCH 10: Emma McKinney of New South Wales falls in the women's U17 2000m steeplechase during day one of the Australian Junior Athletics Championships at Sydney Olympic Park Athletic Centre on March 10, 2011 in Sydney, Australia. (Photo by Cameron Spencer/Getty Images)

SYDNEY, AUSTRALIA – MARCH 10: Emma McKinney of New South Wales falls in the women’s U17 2000m steeplechase during day one of the Australian Junior Athletics Championships at Sydney Olympic Park Athletic Centre on March 10, 2011 in Sydney, Australia. (Photo by Cameron Spencer/Getty Images)

 

 

 

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Vivien Yap at home with her Ferrari. Pic Michael O'Brien - The West Australian - 27th February 2013 - FAIRFAX and FIN REVIEW OUT

Vivien Yap at home with her Ferrari. Pic Michael O’Brien – The West Australian – 27th February 2013 – FAIRFAX and FIN REVIEW OUT

 

 

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TO GO WITH AFP STORY AUSTRLIA-TIMOR-GAS-COMPANY (FILES) An undated handout photo shows the Goodyn A gas production facility of Australian resources giant Woodside located off the North-West coast of Australia. Woodside warned 28 July 2004 that it may abandon its multi-billion dollar Timor Sea oil and gas project in a move that would threaten the economy of East Timor, one of the world's most impoverished nations. A boundary dispute between East Timor and Australia centres on a demand from East Timor that the border of the oil field between the two countries be redrawn to half way between the countries as the Australian government has been accused of trying to bully the fledging nation, by claiming two thirds of the continental shelf, citing an agreement with Indonesia who East Timor gained their independence from. AFP PHOTO (Photo credit should read AFP/AFP/Getty Images)

 

 

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