No Bull Real Estate - Newcastle

Agency investigated for $1,000,000 plus in missing funds

2012-01-31T17:12:00.001-08:00

A real estate agency is under investigation by NSW Fair Trading for more than $1 million in missing funds, from two different parts of its business.

The agency, Dougmal Harcourts in Warilla - which comprised sales and strata management businesses - is being investigated for $200,000 in missing funds from the firm’s trust account, along with an additional $850,000 that's unaccounted for from its strata management sinking fund pool.

Fair Trading Commissioner Rod Stowe said Fair Trading had been notified of a significant deficiency in trust accounts by the licensee-in-charge on 24 January and launched an immediate investigation. The real estate agency side of the business is now closed.

Mr Stowe said approximately $200,000 is unaccounted for in the agency’s trust account, affecting seven groups of consumers in the process of buying a property.

“Fair Trading is contacting these consumers to advise them of the situation and how they may make a claim on the Property Services Compensation Fund,” he said.

Fair Trading said the agency also manages 236 strata schemes, involving approximately 1,800 clients.

“Approximately $850,000 out of a total sinking fund pool of $4.3 million administered by the agency is unaccounted for,” the commissioner said.

“There should be no immediate impact on the day to day operations of the 236 schemes, however the loss of nearly 20 per cent of the sinking fund pool will be addressed in the course of the investigation and by the manager.”

Harcourts NSW CEO Sadhana Smiles told Real Estate Business that the investigation solely related to the real estate sales and strata management components of the Warilla-based business. This franchise had been terminated, she confirmed.

She added that the property management company that is based in the same physical premises is run as an entirely separate business, and is not being investigated.

Mr Stowe said Fair Trading had responsibilities under the Property, Stock and Business Agents Act and associated legislation, such as the Residential Tenancies Act, to protect property buyers, sellers, tenants and landlords.

“Real estate agents are in a position of great responsibility and trust and are expected to act with honesty and propriety at all times,” he said.

“Agents are expected to take their professional oath seriously and comply with laws that govern the industry, including ensuring appropriate arrangements are in place to manage clients’ money.”

Mr Stowe said claims to the Property Services Compensation Fund must be made in writing to the Fair Trading Commissioner within 12 months of a person becoming aware of the failure to account, or within two years of the date the failure to account took place, whichever period ends first.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Property prices to grow 5% in 2012

2011-12-18T18:23:00.001-08:00

After a pessimistic year in most housing markets across the country, the outlook for 2012 is generally a return to growth, according to Australian Property Monitors' annual State of the Market Report.

Despite earlier signs of growth, a sustained spring revival in buyer activity failed to materialise.

In the quarter to October, national median house prices fell by 1.6 per cent and were down by 4.2 per cent over the year.

But, looking forward, the news isn't all bad.

Australian Property Monitors (APM) senior economist Andrew Wilson said 2012 will be a mixed bag when it comes to housing, with some capital cities set to revive strongly while others will remain flat.

Darwin, Perth and Brisbane have the best prospects for price growth, while Sydney and Canberra are also expected to achieve reasonable growth in the year.

Nationally speaking, Mr Wilson said property prices should grow somewhere between three and five per cent.

Meanwhile, Brisbane, Darwin and Perth are all expected to achieve growth between five and 10 per cent.

Melbourne and Adelaide on the other hand, are only expected to achieve growth of three per cent.

"Demand for housing will intensify in 2012, particularly in Sydney, Canberra and Perth, which will see housing markets reenergised albeit at different levels," Mr Wilson said.

"Australia's economic fundamentals are strong, and are well positioned to weather any downturn in international markets. This coupled with renewed buyer confidence, will be the key to driving prices growth in the New Year."

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Jesmond

2011-12-14T19:59:00.001-08:00

Jesmond is a suburb of the city of Newcastle. It is situated about 10 km west of the Newcastle Central Business District (CBD) in the Hunter Region of New South Wales, Australia. Its location being so close to the CBD is a major advantage towards the development and prosperity of this suburb. The area is both a commercial centre as well as a residential neighborhood. The profile of its residents is essentially multicultural, as the suburb caters to many international University students who attend University in the neighboring suburb of Callaghan. The suburb also offers good quality housing for the aged specifically with many such facilities located here.

Jesmond boasts of a number of good amenities that makes it very convenient for those residing here. According to the 2006 census, the population of Jesmond is 2,442 people.

History

Jesmond was originally known as Dark Creek. The area started seeing some development when workers moved in to work in the landowner’s steam saw mills. Some population also was employed as workers in the local orchards, mines and quarries. By the year 1883, the village had a population of 600. In the 1880s, John Campion opened a soap works in Jesmond, which caused a further influx of people into this region. By the early 20^th Century, his brand became extremely popular throughout the entire New South Wales region.

As far as the source of the name of Jesmond is concerned, there is some ambiguity about it. Some believe that it is named after a Tyneside town in North England and others believe it to be named after Jesmond Dene, a park in Jesmond.

Amenities

Jesmond Park, Heaton Park and Maclure Reserve have large open areas where a number of games can be played. These parks can be used for children’s activities, for bicycling, for walking and jogging, as picnic areas and also for skating. Jesmond has its own soccer team called Jesmond Football Club. They are known as “The Rams.” Their beginning dates back to 1928, and they have a proud history of many wins.

Jesmond has a number of schools including Heaton Primary and Jesmond Primary. It has good access to the University located in Callaghan.

The transport in this area is reasonably good. The bus services are regular and function well. There are a number of commercial establishments and shopping areas here. And, Blue Gum Road is a commercial hub for Jesmond.

Overall, Jesmond is a nice, comfortable suburb for residence. With its many amenities and a well-developed real estate, it offers a good investment in the form of purchase. Many properties are also available on rent.

For further information about real estate deals in this area, do contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Buyer activity to edge higher on rate cut

2011-12-11T18:17:00.001-08:00

The majors' decision to pass on the Reserve Bank's rate cut in full is likely to stimulate buyer activity, RP Data's Cameron Kusher has claimed, although it won't send property values soaring.

According to RP Data's research analyst, the rate cut will encourage an improvement in consumer confidence which in turn will create more retail sales transaction activity.

But while Mr Kusher expects sales activity to increase, he said it is unlikely the rate cuts will provide enough stimulus to result in any significant turnaround in property value growth.

"We suspect that consumers will remain cautious and continue to pay down their debt. Given this, the cut will likely provide welcome relief to home owners and may encourage some increase in sales activity next year, however, it is unlikely to provide a stimulant for property values to once again start increasing given the broader economic conditions," he said.

"Undoubtedly interest rate cuts improve housing affordability."

In stating this however, Mr Kusher said capital city property values have fallen by 4.0 per cent over the 12 months to October 2011 while rental rates have risen by 4.6 per cent which also improves affordability.

"Although history can be a guide to the future, we feel that conditions are somewhat different this time round - property values are higher than they have been before and although interest rate cuts and value falls help boost affordability, it remains much more affordable to rent than it is to purchase," Mr Kusher said.

A raft of economic indicators suggests market conditions may be somewhat different than those of the past.

Retail trade has grown by just 3.4 per cent over the 12 months to October 2011 which is well below the decade average growth of 5.4 per cent annually. GDP Data released for the September 2011 quarter this week shows that the Australian economy expanded by 2.5 per cent over the year compared to an average expansion of three per cent annually over the past decade.

The data also showed that households continue to save around 10 per cent of their income which is at levels not seen since the since the mid 1980's.

The total value of housing finance commitments have grown by just 4.1 per cent over the 12 months to September and have fallen by 1.3 per cent when refinances are removed. These figures are well below the respective decade averages of 9.4 per cent and 8.9 per cent.

Mr Kusher said that considering the European Governments are currently experiencing a debt crisis, not to mention the ongoing weakness of the US economy, these markets are certainly not looking as strong as they were over the past 10 years.

"Given the overall cautious nature of Australian consumers and the weak economic conditions in a number of other advanced economies , it would seem unlikely that even if the Australian economy continues to perform comparatively well, credit for housing will be as freely available as it has been in the past over the next 12 months."
rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

RBA lowers the cash rate by 25 basis points to 4.25%

2011-12-05T20:24:00.001-08:00

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 4.25 per cent, effective 7 December 2011.

Growth in the global economy has moderated this year after a strong performance in 2010. Some of the slowing reflected temporary factors, and as these passed, the pace of expansion in the United States and much of Asia began to pick up around mid year. China's growth has been slowing, as policymakers there had intended. Trade in Asia is now, however, seeing some effects of a significant slowing in economic activity in Europe.

The sovereign credit and banking problems in Europe, to which European governments are still seeking to craft a full response, are likely to weigh on economic activity there over the period ahead. Financial markets have experienced considerable turbulence, and financing conditions have become much more difficult, especially in Europe. This, together with precautionary behaviour by firms and households, means that the likelihood of a further material slowing in global growth has increased. Commodity prices have reflected this, declining further over recent months and taking pressure off CPI inflation rates. This has increased the scope for some easing in monetary policy in a number of countries.

Information about the Australian economy suggests output growth has been close to trend, with demand growth stronger than that. The terms of trade have now peaked and will decline somewhat in the near term, but they remain very high. In response, investment in the resources sector is picking up very strongly, with much more to come. Some related service sectors are enjoying better-than-average conditions. In other sectors, changed behaviour by households and the high exchange rate have had a noticeable dampening effect. The unemployment rate has increased a little since mid year, though it remains close to 5 per cent.

CPI inflation on a year-ended basis remained above the target at the latest reading, due to the effects of weather events last summer, but is now starting to decline as production of key crops recovers. Moreover, with labour market conditions now softer, the likelihood of a significant acceleration in labour costs outside the resources and related sectors in the near term has lessened. Accordingly, the Bank's current judgement is that inflation is likely to be consistent with the 2–3 per cent target in 2012 and 2013, abstracting from the impact of the carbon pricing scheme.

The reduction in the cash rate as a result of the Board's previous decision flowed through to lending rates, which are now around their average level of the past 15 years. Short-term market interest rates have tended to decline a little further in recent weeks, though term funding conditions for financial institutions have become more difficult. Credit growth remains subdued and asset prices have declined further over recent months. The exchange rate has been quite variable over the past few months, but remains at an historically high level.

Overall, the Board concluded, on the basis of all the available information, that the inflation outlook afforded scope for a modest reduction in the cash rate. The Board will continue to set policy as needed to foster sustainable growth and low inflation over time.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Property prices ready to climb again

2011-11-03T18:28:00.001-07:00

Property commentators are “quietly confident” that property prices have bottomed out and will steadily increase from here on in.

Speaking to Real Estate Business, RP Data’s chief executive officer Graham Mirabito said all the data suggested the property market has hit rock bottom.

“We are starting to see house prices track sideways, which is really good news for the property market. It suggests we have hit the bottom and will now see things improve,” he said.

Earlier this week, RP Data’s Home Value Index recorded the lowest drop in capital city home values in seven months.

The Index, which captured nearly 251,000 sales in the first nine months of 2011 alone, showed the September monthly decline was actually the smallest decline since February 2011 and was crucial in reversing a trend of accelerating capital losses since end March 2011.

Capital city home values fell just 0.2 per cent, while regional house values actually managed to increase, growing 0.1 per cent.

“We are quietly confident this is the bottom, but there are still a few things in the mix to know for sure. We will definitely know whether or not this is the case by February, March,” Mr Mirabito said.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Reserve Bank lowers the cash rate by 25 basis points to 4.5 per cent

2011-11-01T15:32:00.001-07:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 4.5 per cent, effective 2 November 2011.

Recent information is consistent with a moderation in the pace of global growth, though fears of a major downturn have not been borne out so far. The pace of US economic expansion picked up in the September quarter, but is still only moderate and leaves considerable spare capacity. China's growth has slowed, as policymakers there had intended. Output in Asia has now recovered from the effects of the Japanese earthquake, and domestic demand in the region is generally expanding. Trade performance, however, is starting to see some effects of a significant slowing in economic activity in Europe, where the prospects are for economic weakness to continue. Commodity prices, while still at high levels, have generally declined over recent months.

Financial markets have recovered somewhat from the turmoil of recent months, helped by stronger economic data in the United States and by signs that European governments are making progress in their efforts to deal with the sovereign debt and banking problems. Equity markets have gained ground and the Australian dollar has risen significantly as risk aversion has lessened. But it is likely to be some time yet before concerns about the European situation can definitively be laid to rest and the effects of the recent turmoil on confidence may result in a period of precautionary behaviour by firms and households.

Information about the Australian economy suggests moderate growth overall. The terms of trade have now peaked and will decline somewhat in the near term, but they remain very high. In response, investment in the resources sector is picking up very strongly, with much more to come. Some related service sectors are enjoying better-than-average conditions. In other sectors, cautious behaviour by households and the high exchange rate have had a noticeable dampening effect. The unemployment rate has increased a little over recent months, though it remains close to 5 per cent.

After underlying inflation started to pick up in the first half of the year, recent information suggests the subdued demand conditions and the high exchange rate have contained inflation more recently, notwithstanding continuing sizeable increases in utilities charges. CPI inflation on a year-ended basis remains above the target, due to the effects of weather events last summer, but is now starting to decline as production of key crops recovers. Moreover, with labour market conditions now softer, the likelihood of a significant acceleration in labour costs outside the resources and related sectors in the near term has lessened. Accordingly, the Bank's current judgement is that inflation is likely to be consistent with the 2–3 per cent target in 2012 and 2013, abstracting from the impact of the carbon pricing scheme.

Financial conditions have been easing somewhat recently, with market interest rates declining a little and competition to lend increasing. But overall conditions have remained tighter than normal, with borrowing rates still a little higher than average, credit growth subdued and asset prices lower than earlier in the year. The exchange rate has been very variable over the past few months, but on the whole has remained at historically high levels.

Over the past year, the Board has maintained a mildly restrictive stance of monetary policy, in view of its concerns about inflation. With overall growth moderate, inflation now likely to be close to target and confidence subdued outside the resources sector, the Board concluded that a more neutral stance of monetary policy would now be consistent with achieving sustainable growth and 2–3 per cent inflation over time.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

RP Data rejects 'housing bubble' claims

2011-10-06T17:13:00.001-07:00

Claims that Australia is in the midst of a property price bubble have been dismissed by RP Data.

Controversial pundit Professor Steve Keen has for years been forecasting an Australian property bubble, warning that values will fall by 40 per cent over the next decade, however few share Mr Kean's radical views.

Speaking to Real Estate Business, RP Data’s chief executive Graham Mirabito said what Australia was currently experiencing was a property price correction rather than a “collapse”.

According to Mr Mirabito, a housing bubble suggests housing values increased too rapidly and are set to experience a rapid decline, a fate not likely to come to fruition in Australia.

“Investors often ask us whether or not we are in a property price bubble. Given that 60 per cent of the balance sheets of the major banks are residential mortgages, investors obviously want to know whether or not Australian banks are a sound investment,” Mr Mirabito said.

“Our response is that we are not in a bubble, but a housing correction.

“While Australians definitely like debt, more than 40 per cent of mortgage holders are more than three payments in front, so we are very good payers. In addition to this, we are currently in the middle of a population boom, so there will always be demand for property.”

Mr Mirabito said Australian property prices grew 12 per cent after the GFC, now prices have fallen by approximately 3 per cent.

“This isn’t a bubble, it is a soft landing – much softer than we have seen in other countries. Over the longer term, demand will continue to be there, which means property prices will eventually rise again.”

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Cash rate unchanged at 4.75 per cent.

2011-10-03T21:50:00.001-07:00

4 October 2011
Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.

Conditions in global financial markets have continued to be very unsettled, with uncertainty increasing about both the prospects for resolution of the sovereign debt and banking problems in Europe, and the outlook for global economic growth. While temporary impediments that had contributed to a slowing in growth in some countries over recent months are lessening, recent data suggest a continuing period of soft economic conditions in both Europe and the United States. Moreover, the uncertainty and financial volatility have reduced confidence, which could result in more cautious behaviour by firms and households in major countries.

It will take more time for evidence of any effects of the recent European and US financial turbulence on economic activity in other regions to emerge. Thus far, indications are that economic activity is continuing to expand in China and most of Asia. Nonetheless, recent events have led forecasters to reduce their estimates for global GDP growth, which is now expected to be about average this year and next. Prices for commodities have declined over recent weeks, though in general they remain high.

Australia's terms of trade are very high, which has increased national income considerably. Investment in the resources sector is picking up very strongly and some related service sectors are enjoying better than average conditions. In other sectors, cautious behaviour by households and the earlier rise in the exchange rate have had a noticeable dampening effect. The impetus from earlier Australian Government spending programs is now also abating, as had been intended. While there remain good reasons to expect solid growth over the medium term, the indications are that the pace of near-term growth is unlikely to be as strong as earlier expected, due both to local and global factors, including the financial turmoil and related effects on business confidence.

Underlying inflation stopped falling and began to increase earlier this year. The Board has been concerned about the prospect of a further pick-up over the period ahead, but over recent months has been weighing the question of whether a period of weaker than expected conditions would contain that pick-up in inflation. Recently revised data show a pick-up to date in the underlying pace of price rises that was less sharp than initially indicated. Moreover, with labour market conditions now a little softer and households more concerned about the possibility of unemployment rising, the likelihood of a significant acceleration in labour costs outside the resources and related sectors is lessening.

Taking into account all the recent information, the path for inflation may now be more consistent with the 2–3 per cent target in 2012 and 2013, abstracting from the impact of the carbon pricing scheme. This assessment will be reviewed on receipt of further data on prices ahead of the Board's next meeting. An improved inflation outlook would increase the scope for monetary policy to provide some support to demand, should that prove necessary.

The Board noted that financial conditions have been easing somewhat, with interest rates for some housing and business loans declining slightly due to increased competition and the fall in some funding costs in financial markets. The exchange rate has also declined from the very high levels of a few months ago. Credit growth remains low, however, and asset prices have declined.

At today's meeting the Board judged the current cash rate remained appropriate. As always, the Board will continue to assess carefully the evolving outlook for growth and inflation.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Islington

2011-09-27T18:11:00.001-07:00

Islington is a suburb of Newcastle situated in the Hunter Region of New South Wales in Australia. It has a convenient location very close to Newcastle Central Business District (CBD), located just 2 miles from the CBD.

Initially Islington started out as a residential area, but it now has an industrial area as well as is in close proximity to the Hunter Institute of Technology. Since it is located close to Hamilton and to the Hunter Institute of Technology, it does offer a more economical alternative to Hamilton in terms of cost of living. The population of Islington as per the 2006 census is 1530 people. Currently, a lot of young professionals are making Islington their home.

History
Islington was established in the early 1870s as a primarily residential area. It is located on Maitland Road that later became a part of Pacific Highway and then by-passed because of the Sydney-Newcastle Freeway in 1998. Being located on a bustling highway caused the suburb to develop and prosper further. Thus, small factories began setting up shop here, and the area thrived even more. Islington is located on the northeastern end of the Beaumont Street, which is famous as the restaurant precinct of Newcastle. Maitland Road, the main business area of Islington, has a number of shops and other business establishments located there. It is known as the antique area of Newcastle.
The Regent Theatre, one of the oldest in this area, opened in the year 1928 at the corner of the Maitland Road and Beaumont Street. A relic of the past, it shut down in 1964 unable to stay profitable with the advent of television in a big way. The building later reopened as a hardware store in 1969 and continues as the same today.

Amenities
Islington has Islington Park and Throsby Creek as the main recreational attractions. Children’s play equipment, a cycle way and a skating track are available for use at these places.
Islington has a public school called Islington Public School in Hubbard. The Hunter Institute of Technology is also located in Islington.
There is a very good public transport network in the Islington area. Most of the people living here utilize the public transport. There is a frequent bus service to a variety of areas, and there is easy access to the railway station at Hamilton located approximately 500m from Maitland Road. This is very convenient for most travelers.

The real estate in Islington is well developed. The rents are reasonable, and the houses are affordable. With close proximity to great shopping areas and amenities and a location close to The Hunter Institute of Technology, Islington offers a great place for residence.
For best real estate deals in Islington, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Buyers more cautious now than 2 years ago

2011-09-25T17:31:00.001-07:00

Australians are more worried now about the state of the economy than they were during the depths of the GFC.

Research from RFi shows people are being particularly cautious when it comes to borrowing, with many preferring to save their money instead.

“What is interesting to note is that many Australians are choosing to save for no particular reason. They have no savings goal. They just want to save in a bid to help them feel more comfortable about the future,” RFi director Alan Shields said.

According to Mr Shields, prolonged interest rate stability is having a negative impact on consumer confidence.

“We are at a place now where the RBA has not moved for the best part of a year and that makes people nervous – it creates uncertainty.”

In addition, the constant negative news stories spilling out of the United States of America and Europe are adding to growing buyer pessimism.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

'Economic tsunami' to swamp Australian property prices

2011-09-11T17:37:00.001-07:00

An ‘economic tsunami’ would undermine world markets and send Australian property prices back to levels not seen since the late 1990s, an American economic forecaster and author has warned.

Harry Dent, who is in Australia to promote his book, The Great Crash Ahead - How to Prosper in the Debt Crisis of 2010-2012, was reported to have said that the world will experience a second, deeper downturn, which will arrive in the first half of 2012.

He said the downturn would begin in Europe, spreading across the globe to US, China and eventually Australia, according to a report in the Daily Telegraph.

"Australia is probably the best place in the world to survive this, but we do think Australia will not escape as well as it did from the last crisis (in 2008),'' Mr Dent said.

He said the centre of the coming debt crisis would be real estate.

"People in places like Sydney or Tokyo or Miami say, 'Hey, real estate can never go down here, we're a great place, everyone wants to move here, there's not much land for development', and what I say is that is exactly the kind of place that bubbles,'' Mr Dent said.

"Outside Hong Kong and Shanghai, Australia is the most expensive real estate market in the world compared to income.''

Mr Dent believed Australia's house prices would return to late 1990s or early 2000 levels, the report said.

Driving all these changes is simple demographics, specifically the peak of the baby boomers' spending, Mr Dent said.

"We predicted this (current) downturn in the US 20 years ago,'' he said.

"We said that in 2007 the peak number of baby boomers will reach their peak spending. They would have bought all their homes and then they will start saving for retirement ... and that you are going to see this downturn.''

China would also feel the brunt of the expected drop-off in spending.

To survive the incoming "economic tsunami'', Mr Dent said investors should sell their excess real estate and buy up assets in US dollars.

"Gold and silver are going to crash, they're a bubble,'' he said.

"Once we write down all these crazy debts, we are going to destroy a lot of dollars that were created in the boom and that makes the (US) dollar a lot more valuable.''

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Newcastle, Australia: ramshackle glamour on apricot beaches

2011-08-30T18:55:00.001-07:00

Newcastle, says the Lonely Planet guide, has "surf beaches, a subtropical climate, diverse dining, nightlife and arts… and is a unique blend of imagination, sophistication and laid-back surf culture."

Actually, this leaves a lot out, including history – the rough swimming pool at the Bogey Hole, hacked out of the rock by convicts, the light-house on a point, Nobbys Head, spotted by Captain Cook in 1770 – and architecture.

Christ Church, built in 1817, has a window by Edward Burne-Jones and William Morris; the Longworth Institute, which houses a superb secret bar at weekends, is a breathtaking baroque building from the 1890s.

There is fabulous Art Deco: two public swimming baths on the lip of the ocean (one, Merewether, the largest in the southern hemisphere), an exceptionally glamorous theatre and so many terrific buildings with neglected ground floors that I zigzag through the city like a bee between flowers, trying to see from across streets what is too easily missed at close quarters.

There are all the usual pleasures: good restaurants, astonishing beaches, lovely walks. Darby Street has cute interiors shops, designer boutiques and more good coffee joints than one street deserves. If you stopped off in them all, you'd blast off.

"There was a time when you could have shot a cannon down here and not hit anyone," says Marni Jackson of Renew Newcastle, watching in satisfaction as crowds of visitors and locals shop or sip coffee in Hunter Street Mall.

In 2009, Marcus Westbury, a Melbourne-based journalist who can't seem to leave his hometown alone, started striking deals with property owners. Their buildings were empty. They didn't want the obligations cheap tenants would bring. But what about free tenants – creative types who would revive the mall but could be swiftly ousted if something better came along? "The transitional nature of the projects is the point," he explains. "Creative people were being prevented from trying things for really stupid reasons. This way, if they fail, never mind."

"Artists invariably lead to gentrification," adds Marni: "look at London or Berlin. The idea is that we work ourselves out of a job; in the meantime, we change the story of what's going on in Newcastle."

The non-tenants are as quirky and alluring as the rest of this place. In Make Space, six women make and sell clothing, jewellery and art. "You might not make a cent," Suzie, who fashions clothes out of her collection of vintage scarves, says happily, "but it's nice to be part of a community and share your craft."

A few doors away, Shannon sits among his enormous, vivid landscape photographs. "I was a fitter for 14 years and never liked it, but I love this," he says. He opens at 10am, leaving early mornings free for taking photographs, but many RN shopkeepers take a more casual attitude to shop hours. Curiosity shop Odditorium, for example, sports a sign saying "gone on school run"; those children must be educated in
another state.

I wait outside Before It Began, a tiny vintage clothing shop that was formerly a tattoo parlour, for 40 minutes before Bonnie arrives and unlocks. Her co-owner Rhea was inside all the time, napping. Well, it is lunchtime, I suppose. Still, their nook, stuffed with cheap, eclectic clothes, is fun, and they also run a weekly club night.

There's Vox Cyclops, a record store staffed by proper slackers ("Where's the name from?" I ask. "We pulled two words out of a hat," is the drawled response); a design studio; and an art collective, Arthive, that used to be a beauty salon and still has the spa bath, now full of painting materials.

These places make Newcastle vibrant, and unusually accessible for tourists: everyone willingly shares insider knowledge.

When Nobbys Head lighthouse opens for the first time in several decades, for a photography exhibition organised by the indefatig-able Marni, I walk up, in glorious sunshine, along a finger of land half covered in beach, until I can turn and stare at the city.

The baths' glorious yellow competes with the colour of the sand; the high rises shout their presence while the lovely old constructions whisper theirs. To the north-west, coal ships lumber past the little ferry; to the south lies a headland that, according to proud locals, has sunk more ships than the Bermuda Triangle. Yet everyone is amazed that I am writing about their town.

I ponder this. In its heyday, Newcastle had wealth, sunshine, a thriving theatre district – and a fug from the steelworks that repelled tourists more effectively than a xenophobic cannibal loose on the streets. It was also pretty rough.

The self-image needs to catch up to reality: Newcastle's ramshackle glamour is just as alluring as a tower, an arch or an opera house, it's just different. And isn't difference just what we tourists spend our time and money trying to find?

Getting there

Qantas (08457 747767; www.qantas.com ) has two flights a day from London to Sydney from £828. Trains (131 500 from New South Wales only; www.131500.com.au ) from Sydney to Newcastle leave from Central Station, cost from £6.65 return and takes two hours 40 minutes.

When to go

The best time of year to visit is summer (between Dec and Feb), when temperatures are around 77F (25C), although the weather never gets really cool: winter is around 60F (16C).

Further information

Newcastle Visitor Centre (the Maritime Centre, 3 Honeysuckle Drive; 412 Sandgate Road, Shortland; and also in the Hunter Wetlands Centre; 1800 654 558; www.visitnewcastle.com.au ) has free guides and maps for tourists. www.renewnewcastle.org and

www.australia.com have more information, as do local blogs such as www.urbaninsider.com.au and www.thenovocastrianfiles.com .

The inside track

This Is Not Art Festival (0061 2 4927 0675; www.thisisnotart.org ) is an alternative arts festival set up by Marcus Westbury before he dreamt up Renew Newcastle. It takes place in October.

The wine country of the Hunter Valley is an easy day trip from Newcastle. Hunter Discovery Tours (0061 400 306350; www.hunterdiscoverytours.com.au ) or Aussie Wine Tours (0402 909090; www.aussiewinetours.com.au ) provide pickup from Newcastle and tailored tours including lunch stop; prices are also individually tailored. Slattery (0408 649 696; www.helicharter.com.au ) offers helicopter tours of Hunter Valley from £115 for three people for
10 minutes.

The 6,200 acres of sand dunes at Stockton Bight, halfway between Newcastle and Port Stephens, are mainland Australia's largest moving coastal sand mass, and are worth seeing, as is the Sygma, shipwrecked there in 1974. Port Stephens 4WD Tours (4984 4760; www.portstephens4wd.com.au ) offers a 90-minute beach and dune tour that includes sandboarding opportunities for £30.

Blackbutt Reserve (Carnley Avenue, New Lambton; 4904 3344; www.newcastle.nsw.gov . au/recreation/blackbutt_reserve ) is a 445-acre park, four miles from Newcastle city centre, where native Australian animals lurk, such as possums, koalas, kangaroos, emus and wombats. Take a Spotlight Tour (adults £7; children £3.75) on Saturday evenings April-September.

What to bring home

Clothes from Darby Street, vinyl from Vox Cyclops, art from the Arthive and home decorations from Betty Mim, if you're strong and rich enough to pack them and pay the overweight penalty.

The best hotels

Chifley apartments ££
Self-catering apartments with pool near the fancy new waterfront Honeysuckle development, but across the train tracks from the old town (0061 2 4910 4910; www.chifleyhotels.com.au ; from £120).

Hotel Sebel ££
Smart, spacious rooms and a central location near the old town and the railway station; also right by the beach and the beautiful Art Deco swimming baths (4032 3700; www.mirvachotels.com ; from £110).

Crowne Plaza £££
The town's smartest hotel, also located in Honeysuckle; played host to David Beckham and his LA Galaxy team-mates when they came to play the Newcastle Jets last year.Corporate but efficient, with bay views (0871 423 4896; www.ichotelsgroup.com ; from £160).

The best restaurants

One Penny Black £
This open-air café with short but tasty menu, great coffee and homemade chocolates was inspired by Renew Newcastle artists' use of the space; when the artists went elsewhere, OPB moved in to become the hub of the mall (Hunter St Mall; 0421 506651).

Nor' East ££
Charming restaurant on the water at the Honeysuckle development, with an open kitchen inside and optimistic amateur fishermen on the pier beyond the window. Delicious, inventive combinations of fresh local produce and lovely staff (150 Wharf Rd; 4929 6444; www.noreastdining.com.au ).

Bacchus £££
Newcastle's only hatted restaurant (their equivalent of Michelin stars) was built as a Methodist church and has been gorgeously redecorated, with spirits where the altar once was and sumptuous French-Australian fusion food (141 King St; 4927 1332; www.bacchusnewcastle.com.au ).

What to avoid

The industrial area across the bay, unless you have a particular interest in defunct steelworks.

The Bogey Hole on a windy day, except from a distance: the waves get high and the rocks dangerously slippery.

Walking between Newcastle town centre and outlying districts, even, for example,
Bar Beach which is only five minutes in a car: it's a hot and hilly walk.

Shopping on a Monday: most shops, whether smart Darby Street ones or Renew Newcastle venues, are shut.

via telegraph.co.uk

Posted via email from No Bull Real Estate

Hamilton

2011-08-29T15:43:00.001-07:00

Hamilton is a suburb of Newcastle in New South Wales, Australia. There are 4 suburbs here that bear the name Hamilton i.e. Hamilton South, Hamilton East, Hamilton North and Hamilton. All of them are located fairly close to each other. Except for Hamilton, all the others are predominantly residential areas. Hamilton is a commercial area located just 4 km from the Central Business District (CBD) of Newcastle. Hamilton is a cosmopolitan area and is largely multicultural in nature. The combined population of all of them according to 2006 census is 9,431 people.

A prosperous business area located around Beaumont Street, Hamilton has a number of shopping establishments like restaurants, retail outlets, florists, hairdressers, cafes and restaurants, pharmacies and so on. Hamilton Business District Committee is actively involved in organizing events like Hamilton Music, Food and Wine Festival.
History
Hamilton got the status of a Municipality on 11 December 1871. It is believed to be named after Edward Hamilton who was the Governor of the Board of Directors of Australian Agricultural Company (AA Co.) from 1857 to 1898. This was so because AA Co. had a large hand in the development of this area. They owned the coal mine here as well as most of the other land. Originally, Hamilton is believed to be known as Pittown, which meant borewell or Happy Flat.

Pittown initially grew around today’s Beaumont Street to cater to the growing needs of the coalminers and their families who made this area their home in the mid 19th century. Later, the area thrived further with the completion of a tramline and a station in 1887. From 80 retail outlets in 1909 to 400 retail outlets in 1928, the suburb of Hamilton saw massive progress. In 1947, a group of settlers originally of Italian heritage settled in the suburb of Hamilton and closeby. This community frequented Beaumont Street and its adjoining areas and even today Exchange Hotel located here continues to be a place for their get-togethers.

Amenities
Hamilton has many sporting facilities like sporting ovals, tennis courts and Bowling Club. There are parks too for recreational purposes. A branch of Newcastle Region Library is located here. There are 3 public schools situated here including Hamilton Public School, Hamilton North Public School and Hamilton South Public School. Public transport is good in this area. There is easy connectivity by buses to the CBD. There is easy access to large commercial and shopping areas. The real estate is well developed here due to proximity to amenities and comfortable living. There are homes available for both renting and purchase, which work out as a very good investment too. For more information and the best real estate deals in Hamilton, contact No Bull Real Estate, your most reliable real estate agents in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Honey, I shrunk the new house - the McMansion's days are numbered

2011-08-23T17:50:00.001-07:00

New research has revealed that while Australians have the world's biggest homes, our hunger to make them even bigger has been satisfied.
Australian Bureau of Statistics figures to be released today show in the nine months to March, the average floor size for a new freestanding house was 243.6 sq m, down from a high of 248 sq m two years ago.
The average new Victorian house was 246.9 sq m.
New flats were the smallest in a decade, with the national average 133.7 sq m and just 126.2 sq m in Victoria.
CommSec chief economist Craig James, whose organisation commissioned the data, said the McMansion's days looked numbered.

Rising utility costs, smaller blocks of land and Generation Y's preference for smaller houses were factors.
"I think it is in its death throes," Mr James said. "It's hard to find reasons why you would see home size continuing to increase."
Stockland chief executive of residential, Mark Hunter, said over the past four years its typical four-bedroom house had shrunk from 300 sq m to 250 sq m.
Buyers were foregoing extras such as a media room, dining room or fourth bedroom. The double garage was being replaced by a single-car garage and carport.
"The savings they can achieve by not having that can be put towards what we would call living a bigger lifestyle," Mr Hunter said.
Metricon spokeswoman Yvonne Abood said builders were increasingly able to do more with less space and smaller budgets.
"Designs are smarter, modern and affordable," Ms Abood said.
But demand for bigger homes such as Metricon's five-bedroom, five-bathroom Monarch remained strong.
CommSec's analysis showed new homes in Australia were 10 per cent bigger than the US and 9 per cent bigger than New Zealand.

via news.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Elermore-Vale

2011-08-22T21:14:00.001-07:00

Elermore Vale is a suburb on the western outskirts of Newcastle in New South Wales, Australia. According to the 2006 census, this suburb has a population of 4,730 people.

History
The earliest industry in Elermore Vale was coal mining, chicken farming and cattle farming. It was only in the early 1900s that the area started becoming more of a residential area. A public school was established in the year 1960. Many other amenities were also developed in the mid 20th century that caused the population of this suburb to increase with more settlers moving in.

Amenities
Elermore Vale has two public schools currently: Elermore Vale Primary and Wallsend South Public School. There are childcare facilities and three Preschools in this suburb namely Elermore Vale Pre School on Jubilee Road, Elermore Vale Early Learning Centre and Elermore Before and After School Care. Public transport in this area is improving, and buses cease to run by 7 pm. This causes some inconvenience to those who wish to take public transport for travel at nights. The suburb is well connected to closeby suburbs and is relatively close to Cardiff Railway Station.
Elermore Vale has a Fitness Centre located on Wallsend Road. Many sporting ovals, fields and parks are also located here. Thus, the area has enough in terms of sporting facilities for its residents. The area boasts of its own commercial centre with many shopping areas, restaurants and eateries. The suburb is also home to 3 churches.
Elermore Vale is mostly inhabited by people having school going children and elders. Most of the workers here are professionals. The average age of people residing here is a comparatively youthful 35 years. The approximate rent in this area is $320 per week. It is a pleasant area to live in and has sufficient amenities for all comforts of daily living. Elermore Vale is centrally located and one can access the beach as well as the shopping, hospital and other requirements quite easily. It is also very green with lots of trees. The suburb also has a retirement village whose construction was riddled with much controversy.

The real estate in this area is well developed. It has lovely suburban housing and very pleasant surroundings. The homes here are available both for renting and for purchase. To have more information about the real estate deals in Elermore Vale, do contact No Bull Real Estate, your friendly and well-renowned real estate agents in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Cooks Hill

2011-08-16T17:29:00.001-07:00

Cooks Hill is an inner city suburb of Newcastle in New South Wales, Australia.

History
Cooks Hill originated from the coalmines present in the area. The suburb developed through land sales from Brooks Street onto Darby Street. A large commercial centre was established at Darby Street bringing more prosperity to the suburb. Darby Street was originally named Lake Macquarie Road and was actually a public access road into the AA Company Coal mine land. Cooks Hill was severely damaged during the 1989 Newcastle earthquake when several buildings were badly damaged. Since then, the area has been rebuilt and has seen rapid growth. Cooks Hill has beautiful tree-lined streets, rows of Victorian terrace houses, turn-of-the-century timber cottages and corner pubs. It has a beautiful blend of houses available for purchase and renting. According to the 2006 census, Cooks Hill has a population of 2,930.

Amenities
Cooks Hill has good sporting facilities in the form of sporting ovals and netball courts. There is a Fitness Centre located on Brooks Street and a couple of Parks that have play equipment and recreational spaces – Centennial Park and Nesca Park. Cooks Hill has its own sporting Club for Football called the Cooks Hill United Football Club. The local rugby Club is the Cooks Hill Rugby Union Football Club, very innovatively called “The Brown Snakes.” The Brown Snakes was established in 2007 and are a youth-oriented senior Rugby Club. Their home ground is at Hawkins Oval at Wickham.
The area has its own public school called the Newcastle High School and is also a part of Newcastle Grammar School. City Library, which is the largest library in Newcastle, is also accessible easily to the residents of Cooks Hill. Public transport is adequate, but the bus service is not too regular along Darby Street. The location is good for reach to the Central Business District.
Darby Street is the most popular street in this area. It is also nicknamed “eat street” due to the location of around 25 eateries here. These cafes, restaurants and pubs provide varied dining experiences. Some popular pubs are The Cricketeers Arms Hotel, The Delaney Hotel, The Commonwealth Hotel and The Oriental Hotel.

Cooks Hill has the well-known Christ Church Cathedral. The suburb also is an art lover’s delight and houses Newcastle Region Art Gallery in Laman Street. This is a huge art gallery and displays works by significant artists like Sidney Nolan, William Dobel, Peter Preston among others.
Cooks Hill is a wonderful suburb with a well-developed real estate. A great haven for both renters and property owners, Cooks Hill offers great properties for both. For the best deals on real estate, contact No Bull Real Estate, your trustworthy, friendly real estate agent in Newcastle today.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Carrington

2011-08-07T16:22:00.001-07:00

Carrington is a suburb of Newcastle in New South Wales in Australia. It is close to the harbour and the central business district, and it services the port. It is a suburb well separated from the other suburbs, and it can be reached by Cowper Street Bridge over Throsby Creek. Carrington is named after Lord Carrington, the governor of New South Wales in 1887 at the time when the area became a Municipality. According to the 2006 census, the population of Carrington is 1,796.

History
The Aboriginals knew Carrington as “mud crab”. Earliest industry here was fishing and gathering oysters and mud crabs. To begin with, Carrington used to be under the water at high tide and evolved slowly by dumping activity of ships, which saw the island emerge out of the dumped mud. People started settling in the area in the 1860s, and it soon grew as a residential area. It started developing into a prosperous suburb.
After being declared a Municipality in 1887, Carrington held its first Council meeting in 1988.
In the early 20th century, steel workers started to move in this area due to the presence of BHP, which is the world’s largest mining company and has its headquarters at Melbourne, Australia. Later the population further swelled with the presence of the Carrington Hydraulic Power Station. This Power Station is one of the oldest and most important landmarks in Carrington and was built in the year 1877. Thus, the area has been a hub of industrial and commercial activities.
During the Great Depression of the 1930s, most of the population was hit badly due to loss of employment. But, the area developed rapidly in the later 20th century.

Amenities
Carrington has some wonderful sporting facilities and parks. The most enjoyable recreational activities one can indulge in here are fishing and rowing. There is also a Bowling Club and an area for children’s activities.
Carrington Public School is a Public School located on Young Street. Carrington is reasonably connected to nearby areas through bus services. The Central Business District can be approached easily through bikes.

The real estate in the area is well developed though a little expensive. Homes and apartment units are easily available for rent and sale here. The area is popular with those investing in real estate due to its progressive development, comfortable living and proximity to good amenities.
For good deals on real estate in this area, do contact No Bull Real Estate, your trustworthy and friendly real estate agents in Newcastle today!

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Callaghan

2011-08-04T19:30:00.001-07:00

Callaghan is a suburb of the city of Newcastle in New South Wales in Australia. It is located 10 kms. from Newcastle’s central business district. The main campus of University of Newcastle, a premier University, is located in Callaghan.

Origin
Callaghan is named after Sir Bede Callaghan who was the Chancellor of University of Newcastle from 1977 to 1988 in recognition of his huge contribution to this area. Callaghan is synonymous with the University of Newcastle, which is among the top 10 Universities in Australia for many years and is renowned for its research facilities. The University has over 35,500 students on its rolls and has huge expansion plans. The place provides a great institution for studies and research for students far and wide. The University contributes tremendously to the amenities in the area. Most real estate here is residential with many units rented out to the students here.
Being home to the University, Callaghan has a good public transport network with high-speed buses. Callaghan is serviced by Warabrook station on CityRail’s Hunter line.

Sports facilities
Good sports facilities are available at The Forum Sports and Aquatic Centre located on the University’s Callaghan campus. The facilities are available for use both for the students and for other locals. The Centre has indoor and outdoor facilities for basketball, squash, tennis, netball, a heated pool, a gymnasium and outdoor ovals for various outdoor sports.

Other amenities
Two childcare centres – Kintaiba Child Care Centre and Wonnayba Child Care Centre are located on the University’s Callaghan campus and are open to use for the public and the students. The general public also has the opportunity to become members of the libraries located on the campus of the University on payment of a nominal fee. The closest shopping complex and commercial centre are located at Jesmond.
Thus, Callaghan is a quiet, peaceful suburb in Newcastle with the prestigious University of Newcastle’s campus located here. Many residential units are located here. These are always in demand on rent due to the large population of students both from within Australia and internationally who have made the University and this area their home. The real estate here is affordable and well developed, and the area offers a comfortable living with access to good amenities.
For further information about real estate deals in this area, contact No Bull Real Estate, one of the most trusted and family-owned real estate agents in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Birmingham Gardens

2011-08-02T15:49:00.001-07:00

Birmingham Gardens is a suburb of the city of Newcastle in New South Wales in Australia. Birmingham Gardens is a residential area situated very close to the University of Newcastle and is a part of Newcastle’s central business district. According to the 2006 census, the population of Birmingham Gardens is 1,846. Most of the residents belonging to this suburb are people over 55 though due to its proximity to the University, a lot of younger people are making this place their home.

History
The Birmingham Gardens area was first subdivided in the 1930s. The area developed rapidly subsequently due to the low cost of land available. Mr. T.M.Burke named the suburb after the English town of Birmingham. Mr. Burke had originally subdivided this area, which was initially owned by Newcastle Wallsend Coal Company and sold to Commonwealth Oil Refineries.

Amenities
The area has a public park at Harold Myers Park. This is a regular place to visit for the locals. Schools close to Birmingham Gardens include Our Lady of Victories Catholic Primary in Shortland and Heaton Primary in Jesmond. The nearest high school is Callaghan College at Jesmond and the University of Newcastle is barely any distance away.
Due to the presence of the University, high-speed transport buses are readily available. There are a few shopping centres in this area. And, buses run frequently to these shopping places.
Birmingham Gardens Cinema was a suburban cinema that operated in this area since the mid 1960s. This cinema started out as a community hall in 1932. It was named Regal in the late 1940s. The last incharge, Mr. Bruce Avard, successfully ran the cinema since the 1960s. The cinema showcased arthouse and foreign language movies and was quite a popular hangout. The cinema closed down in 2006 following concerns about its structural safety. There are talks of the Newcastle City Council’s plans to redevelop this site, which are largely opposed by the community.

Overall, Birmingham Gardens is a small, quiet suburb. It is a peaceful neighbourhood and small and large homes and apartments are easily available for rent and purchase. There are adequate amenities in this suburb, and the University attracts many students to this suburb who are always on a lookout to rent properties.
If you are interested in investing in Birmingham Gardens and want to know about the latest deals in this area, contact No Bull Real Estate, your neighbourhood trustworthy real estate agent in Newcastle today!

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Interest Rates remain unchanged at 4.75 per cent

2011-08-01T21:34:00.001-07:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.

The global economy is continuing its expansion, but the pace of growth slowed in the June quarter. The supply-chain disruptions from the Japanese earthquake and the dampening effects of high commodity prices on income and spending in major countries both contributed to the slowing. It is still not clear how persistent this slower growth will be. The supply-chain disruptions are now gradually abating and commodity prices have softened of late, though they generally remain high. In China most indications suggest only a mild slowdown so far.

The central scenario for the world economy over the next couple of years envisaged by most forecasters remains one of growth below the pace of 2010, but at or above long-term averages. Downside risks have increased, however, as concerns have grown over the outlook for the public finances of both Europe and the United States.

Australia's terms of trade are now at very high levels and national income has been growing strongly. Investment in the resources sector is picking up very strongly and some related service sectors are enjoying better than average conditions. But in other sectors, cautious behaviour by households and the high level of the exchange rate are having a noticeable dampening effect. The impetus from earlier Australian Government spending programs is now also abating, as had been intended.

The resumption of coal production continues, but a full recovery of flood-affected production now looks unlikely before early next year. Precautionary behaviour by households also looks likely to keep some areas of demand weaker in the near term than earlier expected. Overall, growth in real GDP through 2011 is now likely to be at about trend. Over the medium term, overall growth is still likely to be at trend or higher, unless the world economy deteriorates noticeably.

Growth in employment has moderated and the unemployment rate has been little changed, near 5 per cent, for some time now. Reports of skills shortages remain confined, at this point, to the resources and related sectors. After the significant decline in 2009, growth in wages has returned to rates seen prior to the downturn, though productivity growth remains weak.

Year-ended CPI inflation has been high, affected by the extreme weather events earlier in the year. As these effects reverse over the next couple of quarters, CPI inflation should decline. But measures that give a better indication of the trend in inflation have begun to rise over the past six months, after declining for the previous two years. While they have, to date, remained consistent with the 2–3 per cent target on a year-ended basis, the Board remains concerned about the medium-term outlook for inflation.

It is appropriate under such circumstances for monetary policy to exert a degree of restraint. Most financial indicators suggest that it has been doing so, as a result of the Board's decisions last year. Credit growth has declined over recent months and is very subdued by historical standards, even with evidence of greater willingness to lend. Most asset prices, including housing prices, have also softened over recent months. The exchange rate is high. Each of these variables is affected by other factors as well, but together they point to financial conditions being tighter than normal.

At today's meeting, the Board considered whether the recent information warranted further policy tightening. On balance, the Board judged that it was prudent to maintain the current setting of monetary policy, particularly in view of the acute sense of uncertainty in global financial markets over recent weeks. In future meetings, the Board will continue to assess carefully the evolving outlook for growth and inflation.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Property prices stagnate

2011-07-31T18:00:00.001-07:00

Property prices flatlined in June, new data has revealed.

According to the latest RP Data – Rismark Hedonic Home Value Index, prices fell 0.2 per cent in June and 0.9 per cent over the quarter.

But while house prices continue to slide, the rate of decline is negligible, especially in comparison to previous months.

“In January we saw Aussie home values fall by 1.2 per cent, which was the weakest monthly result on record. Over the March quarter home values were down by 1.8 per cent. Since that time we have seen the rate of decline slow along with an improvement in our leading indicators, like vendor discounting and time on market,” RP Data’s research director Tim Lawless said.

Improvements in the leading indicators suggest the housing market may be approaching the bottom of the cycle, according to Mr Lawless.

“The average selling time reached a high of 58 days back in March and is now down to 52 days. In contrast, the level of vendor discounting has risen 6.8 per cent in June as vendors become more willing to meet market price expectations,” he said.

“Listing volumes have recently levelled and are now about 2.6 per cent lower than their peak last month.”

But despite these modest improvements, Mr Lawless said the readings remain above the average, highlighting that any return to capital gains is likely to be a way off.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Broadmeadow

2011-07-26T17:01:00.001-07:00

Broadmeadow is geographically the center of Newcastle city in Australia. A bustling suburb, it has a population of 1,730 people as per the 2006 census. These days, Broadmeadow is very popular with young families due to its wonderful surroundings and proximity to amenities along with affordable real estate.

History
Broadmeadow developed around “Nineways,” which as the name suggests is the convergence point of 9 roads or tramlines. Originally, Broadmeadow was a part of the Newcastle Pasturage Reserve of 648 hectares. The area developed around the Great Northern Railway, the road of Newcastle’s western suburbs and the construction of the Sydney to Newcastle Railway line way back in the 1880s. Nineways initially was just a green space in the center of the roundabout where the roads or tramlines intersected. But later, this area was rebuilt with traffic lights that were linked to 4 roads. The other roads were slowly partially or totally closed.
The famous Century Theatre was once located at Nineways. This was rebuilt after World War II. It was grand with lavish foyers and had a capacity of seating 1600 people. It was a landmark in Newcastle and popular for hosting both stage and screen performances. It closed down in the 1970s. In the 1989 Newcastle earthquake, the theatre was damaged and later pulled down amid great sadness and controversy. Thus was lost a relic of history.

Transport
Broadmeadow Railway station is a great hub for transport in Newcastle. It opened on 15th August 1887. It has three platforms and trains running up to Sydney. Until the 1970s, the railway yards here were the second-largest coal facilities for the steam engines. Newcastle buses provide a good mode of transport in Broadmeadow with regular high-frequency bus services.
An aerodrome was situated at Broadmeadow that began operations in 1929 and closed down in 1963. This was utilized by RAAF during World War II.

Amenities
There are two important High Schools here – Hunter School of Performing Arts and Merewether High School. Broadmeadow has Energy Australia Stadium and International Sports Centre along with Broadmeadow Racecourse that holds horseracing events regularly. Other sporting facilities in Broadmeadow include a skate park and tennis parks. There are many local parks for recreation as well.
A commercial centre with shops and eateries is located at Nineways. Broadmeadow is a quiet place with all the comforts of daily living within easy reach. Hence, the area is gaining acceptance with younger crowds moving in to make it their home. Broadmeadow is a great place to buy a home in.
For great local deals on property in Broadmeadow, contact No Bull Real Estate, your friendly, trustworthy real-estate agents in Newcastle today!

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

First home buyers edging back

2011-07-20T18:47:00.001-07:00

First home buyers are slowly starting to come back into the market, although most remain coy when it comes to taking on debt, new research has found.

According to the Australian Bureau of Statistics, first home buyers accounted for 15.4 per cent of all owner occupier finance commitments last month.

There were 8,226 new home loan commitments by first home buyers during the month of May – 17.2 per cent higher than during the previous month.

While first home buyers only make up a small portion of the market, RP data research analyst Cameron Kusher said they form an important component of the market.

“When first home buyers purchase, it actually allows for more rental accommodation in the market - it also enables existing home owners to upgrade out of their first home into a superior second home,” he said.

“The volume of first home buyers in the market has historically been quite responsive to cuts in interest rates but not necessarily as responsive to increases in mortgage rates.”

As at May 2011, standard variable mortgage rates were recorded at 7.8 per cent which were slightly above the 10-year average level.

When mortgage rates dived in late 2008, first home buyers rose from just 19 per cent of all owner occupier finance commitments when mortgage rates peaked to a peak of 28.5 per cent by May 2009.

“Clearly the First Home Owners Grant Boost provided further stimulus to the market and as mortgage rates started to rise and the Boost was wound back, we saw first home buyer numbers fall to a low in February 2011 to 14.9 per cent,” Mr Kusher said.

Mr Kusher said that it’s unlikely we will see first home buyer activity increase much more in the short-term given current housing market conditions.

He believes that consumers have become extremely ‘debt cautious’ – a trend he expects to continue for the foreseeable future.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Go Gecko chief Geoff Doyle ousted as agencies teeter in wake of property slump

2011-07-20T17:07:00.001-07:00

GOING, GOING, GONE: Tough times in the Queensland property market have taken their toll on pioneering capped commissions real estate agency Go Gecko and its founder Geoff Doyle. Source: The Courier-Mail

THE property market slump has claimed the scalp of some Go Gecko real estate agencies as well as founder Geoff Doyle - ousted after five years heading the company.

Brisbane-based Go Gecko Pty Ltd called in administrators on Tuesday, becoming the latest victim of a statewide property downturn.

Mr Doyle, chief executive of the company that made a name for itself by offering capped commissions, was asked to resign by the board of directors.

Incoming chief executive Noel Scully was coy about Mr Doyle's departure.

"There's a number of reasons for the CEO (leaving), but I cannot comment any further," Mr Scully said.

More than 40 franchisees were called to a meeting on Tuesday night where they were told that about eight company-owned agencies were now under review.

Mr Scully said the administration was regrettable and difficult conditions were behind the decision. He said as few as two outlets would close and franchisees would be unaffected.

A spokesman for the administrator, Vincents Chartered Accountants, said there would now be "a review to work out what happens from here".

Founded in March 2006, Go Gecko were the "pioneers of capped commission real estate" in Australia, expanding to more than 50 outlets across the country in just a few years.

According to its website, there were plans to grow to 150 outlets within four years.

It recently increased its cap from $5950 to $6950, with one source saying this was to make franchises more attractive in the more expensive Sydney and Melbourne markets.

Real Estate Institute of Queensland chair Pamela Bennett said a capped commission meant Go Gecko had to survive on large volume and a strong rent book for cashflow.

"People often underestimate the costs of running a real estate," she said, adding property deals across the state were down about 45 per cent from their high in 2007.

"There is probably under 5 per cent (of agencies) that have closed doors ... but sales staff numbers are down about 30 per cent," she said.

Mr Doyle did not respond to requests for comment.

via couriermail.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Beresfield

2011-07-19T19:00:00.001-07:00

Beresfield is a suburb situated to the north west of Newcastle in New South Wales in Australia. It is located just 22 kms. from Newcastle’s central business district. And, it comes under City of Newcastle local government area.
According to the 2006 census, Beresfield has a population of 3,116. It is a thriving suburb that has access to good amenities and has a well-developed real estate.

Location
Beresfield is located on a low ridge that arises from the areas surrounding the wetlands and floodplains of the Hunter River. It is located close to the suburbs of Thornton, Tarro and Woodberry that have a similar location. Beresfield is bisected by Anderson Drive that was previously known as Maitland Road. Towards the northern part of Anderson Drive are located a shopping centre and a railway station. The part to the south of it has the Newcastle Memorial Park cemetery and crematorium along with sporting arenas.

Amenities
The Railway Station was opened way back in 1925 on the Hunter Line. New England Highway lies south of the Railway Station.
The first Public School was Upper Hexham Public School. Other schools here are the Beresfield Public School and the Francis Greenway High School. The shopping centre is relatively big and has a post office, supermarket, doctors, petrol stations, and many other stores of daily convenience located here. Newcastle Regional Library has a branch in Beresfield. The suburb offers great facilities for sports like swimming pool, cricket ground, rugby and soccer fields, golf course, and bowling club. And, it is no surprise that it has a number of known clubs for cricket, soccer, and bowling.
There are many churches in this area, the most notable being Anglican Church of St. Paul’s that was opened in 1949.
Many clubs and associations function out of this area like the Local Scouts, Girl Guides, Lion’s and Rotary Clubs etc. The Girl Guides are particularly active especially in community service. They organize fundraising, cleaning and other community drives.

Industry
The earliest industries in this area were coal mining and poultry processing. The Kent Colliery was located here and also the Steggles Poultry Processing Plant.
Beresfield is a suburb that has a small population and most people are employed in the manufacturing industry notably technicians. The average house price in Beresfield is $320,000 and the average rent on properties per week is $300. Beresfield is close to good facilities, schools, shopping areas, sporting arenas, and a good area to invest in a home. Whether from the point of view of investment or personal use, the real estate here is a good buy.
For more information about lucrative real estate deals in this area, contact No Bull Real Estate, one of the friendliest and most trustworthy real estate agents in Newcastle today!

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Westpac predicts rate cut

2011-07-17T18:15:00.001-07:00

Westpac’s chief economist Bill Evans has shocked the market by forecasting a series of interest rate cuts.

Mr Evans said low consumer sentiment could force the Reserve Bank of Australia to slash the official cash rate by up to 1 per cent in 2012.

“We were all talking not long ago that rates could go up, but if the consumer remains subdued there may be interest rate reductions and if that occurs that would be a very strong stimulus for the consumer to save less and spend a little bit more,” he said.

But it seems not everyone shares Mr Evans’ view on rates.

Last week ANZ’s head of Australian economics and property research Ivan Colhoun said he expects the Reserve Bank to keep the official cash rate on hold at 4.75 per cent until February 2012, when it will start raising rates again.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Warners Bay

2011-07-07T21:51:00.001-07:00

Warners Bay is a suburb of the City of Lake Macquarie in New South Wales in Australia. It is located on the eastern side of the picturesque Lake Macquarie. It has a great location just 15 kms. from Newcastle’s Central Business District, thus it is a thriving suburb both from the point of view of industry and tourism. Warners Bay has a population of 7009 as per the 2006 census.

History
The suburb owes its name to Jonathan Warner, the first settler in this area. There were a number of subdivisions carried out in this area in 1840, 1855, 1885 and 1927. The area developed at a very slow pace in the beginning of the 20th century and only became a popular residential area towards the last half of 20th century.
The Warner family had built a farm and an orange orchard near their sprawling family home. They also had a coal mine. These were the earliest industries in this area, and the earliest settlers were the workers engaged in these trades. The coalmine ceased operations in 1884.
The earliest modes of transport were through horse or water. It was only in 1931 that a private bus service covering Warners Bay began. This service was later taken over by the government in 1937 and extended to Newcastle. A railway station was planned for this area but never actually materialized even though land was earmarked for it. This actually slowed down the growth in this area.
The first Post office opened in 1927. The first school opened in 1892, which became a public school in 1904. Warners Bay High School opened in 1966.

Modern Suburb
Today Warners Bay is a beautifully developed suburb. Businesses like cafes, shopping areas, restaurants, the “Centro” shopping centre, boutiques, shops selling mementoes and those of tourist interest thrive around the lake. These offer a great area to shop, laze around and eat out. The lakeshore provides a great picnic spot for recreational activities like sailing, paddle-boating, swimming etc. There is also a large industrial estate situated along Hillsborough and Macquarie roads. Many businesses operate from here including furniture stores, gardening centres, gymnasiums, ice rink, bowling alley and so on. If you want to explore this suburb, you must go on a bike ride, as there are numerous bike trails, and one trail goes by the lakeshore.

Warners Bay also has many sporting clubs like the Warners Bay Bulldogs (AFL), Warners Bay Panthers (Football) and Warners Bay/Cardiff Junior Cricket Club along with the Hunter Ice Skating stadium. This is home to Ice Skating Club that has many champion skaters to its credit.
It is a quiet and really scenic suburb. After the expansion of a shopping centre in the 1980s, the area just flourished with many people choosing to reside here. This is a suburb that offers comfortable living, all amenities, natural beauty and great recreational activities. Properties are reasonably priced, and the real estate market is well developed. Do check out the latest deals on homes and apartments in Warners Bay by contacting No Bull Real Estate, you trusted real-estate agents in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Interest Rates remain unchanged at 4.75 per cent

2011-07-04T22:02:00.001-07:00

At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.

The global economy is continuing its expansion, but the pace of growth slowed in the June quarter. The supply-chain disruptions from the Japanese earthquake and the dampening effects of high commodity prices on income and spending in major countries have both contributed to the slowing. The banking and sovereign debt problems in Europe have also added to uncertainty and volatility in financial markets over recent months.

A key question is whether this more moderate pace of growth will continue. Commodity prices have generally softened of late, though they remain at very high levels. Despite the challenging international environment, the central scenario for the world economy envisaged by most forecasters remains one of growth at, or above, average over the next couple of years. A number of countries have tightened monetary policy but, overall, global financial conditions remain accommodative and underlying rates of inflation have tended to move higher.

Australia's terms of trade are now at very high levels and national income has been growing strongly, though conditions vary significantly across industries. Investment in the resources sector is picking up strongly in response to high levels of commodity prices and the outlook remains very positive. A number of service sectors are also expanding at a solid pace. In other areas, cautious behaviour by households and the high level of the exchange rate are having a noticeable dampening effect. The impetus from earlier Australian Government spending programs is now also abating, as had been intended.

A gradual recovery from the floods and cyclones over the summer is taking place, though the resumption of coal production in flooded mines continues to proceed more slowly than initially expected. The recovery will boost output over the months ahead, and there will also be a mild boost to demand from the broader rebuilding efforts as they get under way, but growth through 2011 is now unlikely to be as strong as earlier forecast. Over the medium term, overall growth is still likely to be at trend or higher, if the world economy grows as expected.

Growth in employment has moderated over recent months and the unemployment rate has been little changed, near 5 per cent. Most leading indicators suggest that this slower pace of employment growth is likely to continue in the near term. Reports of skills shortages remain confined, at this point, to the resources and related sectors. After the significant decline in 2009, growth in wages has returned to rates seen prior to the downturn.

Credit growth remains modest. Signs have continued to emerge of some greater willingness to lend and business credit has expanded this year after a period of contraction. Growth in credit to households, on the other hand, has slowed. Most asset prices, including housing prices, have also softened over recent months.

Year-ended CPI inflation is likely to remain elevated in the near term due to the extreme weather events earlier in the year. However, as the temporary price shocks dissipate, CPI inflation is expected to be close to target over the next 12 months. In underlying terms, inflation has been in the bottom half of the target range, though a gradual increase is expected over time.

At today's meeting, the Board judged that the current mildly restrictive stance of monetary policy remained appropriate. In future meetings, the Board will continue to assess carefully the evolving outlook for growth and inflation.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

New home building to slump further

2011-07-03T22:56:00.001-07:00

Residential building activity is set to continue its weak run for the next couple of years as consumer confidence nosedives and credit activity tightens across the nation.

According to the Housing Industry Association’s National Outlook report, residential building activity will decline by 13 per cent over the next two years.

HIA chief economist, Dr Harley Dale said a lack of government stimulus and poor consumer confidence will lead to a decline in the construction of new housing over the next 24 months.

"Housing starts are forecast to decline over 2010/11 and 2011/12, reaching a low of 143,770,” Dr Dale said,

"Sentiment and activity in the new housing industry has been buffeted by higher interest rates, continuing tight credit conditions, incessant chatter about a fictitious property bubble, an astoundingly high taxation burden, and a complete lack of progress on policy reform to reduce unnecessary new housing costs.

"Instead of taking real steps to remedy a range of housing supply problems, governments seem happy to extract ever-increasing amounts of tax, fees and charges from the new home industry.”

In contrast to new home building, renovation activity is expected to rise.

“Growth of 2.7 per cent is forecast in 2011/12 and 4.6 per cent in 2012/13, which would take annual renovations expenditure to just over $33 billion,” Dr Dale said.

“This level would be close to the record high for expenditure on renovations, which under ABS revisions is now recorded as having occurred in 2004/05.”

via rebonline.com.au

aaaa No Bull Real Estate

Posted via email from No Bull Real Estate

Wangi-Wangi

2011-06-30T18:14:00.001-07:00

Wangi Wangi is a suburb of the City of Lake Macquarie in New South Wales in Australia. It projects eastwards into Lake Macquarie and forms a peninsula.

History
Aborigines were occupying this area a long time ago. A campsite has been found here. The word wangi means water, night owl or dark green tree. So, it is commonly thought that wangi wangi could mean a place that has a lot of water, night owls and dark green trees. This description is very apt for this suburb. The initial settlers and fishermen who lived here also used the same word in reference to peninsula. Point Wollstonecroft was at one time called "Little Wangi.” There is a sketch that was done by Captain Dangar in 1826 that actually depicts Wangi Point as being called “Wonde Wonde.” There is thus a mystery surrounding the exact meaning of the term wangi. It seems to be meaning many things at the same time.
The earliest subdivision took place in the year 1916. A Newcastle businessman formed the Wangi Wangi Development Company and began the subdivision. Most initial sales were for the weekenders. In no time, the area became a haunt of the mining community especially around Christmas time when the mines were closed down due to winter.

As indicated above, tourism was the earliest industry in this area with the area being a popular retreat for miners. The earliest transport was through ferries. The roads were in really poor condition and were mostly avoided. In the early 20th century, some efforts towards building good roads were begun. A bus service also started in the 1930’s, and there was a train service to Toronto as well.The first Post Office in the town opened in 1923. First Public School opened in the year 1920. Wangi Power Station was begun after World War II by the Railways Department and completed by the Electricity Commission in 1958.

Wangi Wangi is also well known for the famous artist Sir William Dobell. He made it his weekend home initially but later moved in and breathed his last here in 1970. His home now houses a museum. Sir Dobell was an accomplished painter in his lifetime. He won the prestigious Archibald Prize in 1945 and the Wynne Prize in 1948.

Today, this is a well-developed suburb. It is active in the sporting arena and has its own Rugby League team called the Wangi Warriors. It also has a Bowling Club, Athletics Club and Netball Courts. Living here, you live in close proximity to parks, petrol station, shopping areas, sporting facilities and good eateries. It is also very green and has a number of bushwalking tracks. Thus, Wangi Wangi offers a peaceful and comfortable area to have your home in. To know more about the homes and other properties available in this area, contact No Bull Real Estate, your very own reliable real estate agents in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Speers Point

2011-06-29T16:11:00.001-07:00

Speers Point is a suburb of the City of Lake Macquarie and comes under the local government area. It is situated just 17 km from the city of Newcastle in New South Wales Australia. Located on the northern shore of Lake Macquarie, Speers Point is situated near Cockle Bay and Warners Bay. It has a population of 3103 as per the 2006 census with almost 85% people being Australian born.

History
Speers Point was established in the year 1828. It is named after William Speer who bought land here in 1870. There were some aboriginal names associated with this place like Milloba and Biddaba when the Awabakal tribe of Macquarie inhabited this area. The name Speers Point has remained over time. Two subdivisions took place in 1902 and 1912.

Some of the earliest industries to be set up here were a colliery, a dairy and an orchard. In 1843, Lochend Colliery began mining operations, which went on till the year 1916. Later, Speers Point Gully mine was operated by Mr. T.H.Rhodes. Smelter operations were also carried out here from 1896 to 2003.
Speers Point Park was transferred to the Lake Macquarie Council in the year 1910. Earliest mode of transport was through steam trams that operated from the year 1912. These operations, however, ceased due to financial troubles, and a private bus service began operations in 1931. In 1920, a ferry service was also started. Now, cars are the most commonly used mode of transport with as many as 75% of people driving to work in cars.

First Post office opened in 1916 and shut down in 1976. The 1989 earthquake caused some destruction in this area, which has since been repaired. The first Public School opened in the year 1957.
Speers Point is very active in terms of sporting activities and clubs. There is Speers Point Amateur Sailing Club, which is well patronized by the locals. A swimming centre is also located here along with the Speers Point Park, which has playgrounds, barbecue facilities, and stage areas and welcomes dogs. A bowls club is also located here.

Speers Point is a small suburb that has some beautiful homes, which overlook the lake. It has reasonable amenities in the form of shopping areas and places to eat. It is also close to the city of Newcastle and thus offers a home away from the bustle of a large city. If you wish to live in lush greenery and enjoy outdoor activities in the Lake close by, opt for homes in Speers Point. The real estate is well established and reasonably priced. Reach out to No Bull Real Estate, a family-owned and credible real-estate agent, in Newcastle for the best properties in this area.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Regional Relocation Grant

2011-06-28T16:16:00.001-07:00

Regional Relocation Grant

The Regional Relocation (Home Buyers Grant) Act 2011 will operate for four years, commencing 1 July 2011. The scheme will provide applicants with a one-off payment of $7,000 to assist them with the cost of relocating from their metropolitan home to a regional home.

The metropolitan area means the local government areas of the Sydney metropolitan area, Blue Mountains, Hawkesbury, Gosford, Wyong, Wollondilly, Wollongong and Newcastle.

The regional areas are participating local government areas which are located outside of the metropolitan area.

Eligibility Requirements

To be eligible for the $7,000 Regional Relocation Grant, the following criteria apply:

All applicants must be natural persons and must not purchase the regional home in his or her capacity as trustee
At least one applicant must be an Australian citizen or permanent resident as at the completion date of the regional home purchase
All applicants must have entered into an agreement to purchase a home within a regional area, on or after 1 July 2011 and on or before 30 June 2015
All applicants must have owned and occupied the metropolitan home as their principal place of residence within 12 months before the commencement date (contract exchange date) of the regional home purchase
The consideration for the purchase or the unencumbered value of the regional home must not exceed $600 000
All applicants must sell the metropolitan home either before or within 12 months after the completion date of the regional home purchase
All applicants must occupy the regional home as their principal place of residence for at least 12 continuous months commencing within 12 months after the completion date of the regional home purchase
An applicant must not have received an earlier grant under the Regional Relocation (Home Buyers Grant) Act 2011.

via osr.nsw.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Killingworth

2011-06-26T19:01:00.001-07:00

Killingworth is a small town located south of West Wallsend and west of the Sydney-Newcastle Freeway. It is part of the West Ward of the City of Lake Macquarie local government area and Ward D of City of Cessnock. Killingworth is a small town and has a population of only 720 as per the 2006 census.

History
Killingworth owes the origin of its name to that of Killingworth in England or the town of a similar name in the USA, it is not certain which one. Initially, coal-mining activity began in the Killingworth colliery. The earliest settlers in this area were those who came to work in the coal mine. The earliest subdivisions happened in the year 1901. Coal mining activities began from the year 1888 till the Great Depression when the operations stopped for a short period of time. When the economy looked up, the mining operations restarted. Thus, the mine has had a checkered history of closures and reopenings.

The history of Killingworth colliery is pretty interesting. Caledonian Collieries Limited purchased the original mine in the year 1895. It was, thereafter, renamed Killingworth Colliery in 1897. There was an unfortunate incident, which took place in the year 1910 when a big explosion ripped through the pit in the mine. Fortunately no human lives were lost, but the operations ceased for a short while before restarting in August 1911. This was then renamed as West Wallsend Extended Colliery in 1915. Today, it is operated by Coal and Allied, and the mine has been modernized with much better operational facilities. This coal mine has been linked with the evolution of Killingworth to a thriving small community.

A brick kiln and a sawmill were operated close to the colliery. This was mainly used for construction of houses in Killingworth. A large wagon repair shop was also opened close to the coal mine’s railway line, which was used to transport the ore mined from the colliery.

The first Post Office opened in 1900. The first Public School opened in the year 1891.

Killingworth is a quiet, unpretentious suburb that offers good amenities like parks and playgrounds, and has good transport to schools and shopping places. The real estate is well priced, and hence makes for a good investment both for purchases and leases. You can find homes and units to suit your convenience in Killingworth. So, pick up the phone now and call No Bull Real Estate, your family-owned, trustworthy real-estate agents for the best offers in Newcastle.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Fassifern

2011-06-21T19:56:00.001-07:00

Fassifern is a suburb of the City of Lake Macquarie in New South Wales in Australia. It is located close to the suburb of Toronto. Fassifern is located on the western shores of Lake Macquarie close to Fennell Bay, which has mangrove and she-oak trees along its shores. Fassifern has big expanses of native bush land towards its north and west regions.

History
The earliest subdivision in this area dates back to the year 1888. Fassifern saw a spurt in growth due to the earliest industries that operated here. A sawmill was functioning here in 1883. Then in 1886, the Northumberland Land and Coal Company owned by the Croft family started a colliery here. The Railway Station opened here in the year 1887. This station was very close to the colliery. It was initially called Wyee and later the name was changed to Fassifern. No one knows how the name Fassifern originated. This railway station is a major railway station between Sydney and Newcastle.

The Northumberland Land and Coal Company operated a number of collieries in the area. There was one colliery name Olstan, which operated a short distance away from this one. Olstan closed down a long time ago. In 1950, Northumberland Colliery was renamed Newstan Colliery. It was then leased by the NSW Electricity Commission and the coal mining operations are still being carried out here. The coalmine was a source of livelihood to many settlers here and in the nearby suburbs. An arsenic plant was also operational in this area that processed ore from Warialda but closed down due to multiple difficulties like patent problems, difficulties with transportation of the ore and the complaints of the landowners about the toxic fumes that originated here.
Later, from the years 1898 to 1940, the NSW Government Railways opened a large gravel quarry. The gravel from this quarry was used for the construction of platforms in the Newcastle district.

The first Public School in Fassifern opened in 1922. Recently Charlton Christian College opened close to this Public School.
Fassifern is a quiet suburb and very popular with those who like a peaceful life. The suburb is located very close to Lake Macquarie, which offers a great place for many outdoor recreational activities. It is also a well-developed suburb and amenities like good shops, schools, parks and public transport is minutes away. The area has tranquil neighbourhoods and very low crime rates. It is an ideal place for those who would also like to see birds that frequent the vast bush land here.
So, if you are looking to rent or buy good homes or apartment units, Fassifern would be a great choice for you. Contact, No Bull Real Estate, your reliable and friendly real-estate agents in Newcastle for more details and real estate deals in this area today!

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Rathmines

2011-06-09T15:59:00.001-07:00

Rathmines is a beautiful suburb of the City of Lake Macquarie located in New South Wales, Australia. Rathmines is on the western part of Lake Macquarie close to the towns of Toronto and Morisset.

History
Rathmines is a town set up around the year 1840 when Europeans known as the Hely Family settled here. It was named by them after a town of a similar name – Rathmines in Ireland. Rathmines came about by a subdivision in 1920.
The earliest industries in this area were vineyards and fruit orchards. There was a thriving cattle industry here as well, which was unfortunately destroyed due to an outbreak of the deadly pleuro-pneumonia in the 1960s. This completely wiped out the cattle industry around the Lake Macquarie region.

Rathmines is perhaps best known due to the presence of an RAAF base here from 1939 to 1952. The RAAF station was established here under the command of Wing Commander Hewitt in the year 1939. This was an important base that looked after maintenance, repair, communications and training activities. During training, many of the personnel got their families to live near the base, which caused the population of the town to swell. The base also was the largest wartime flying boat base in Australia at that time. Lake Macquarie providing the most suitable location for it, as it was the largest salt water lake in the Southern Hemisphere. It had in 1943 14 Catalinas, 2 Seagulls, a Dolphin and a Dornier.

In 1945, the base was at its largest capacity and had 3000 RAAF personnel, 230 buildings, marine facilities and 40 aircrafts. The unit stopped functioning in the year 1952, and after WWII was used for training for some time. In 1962, the base was bought by the Lake Macquarie Council from the Commonwealth government. The base is now a tourist spot with a large portion set aside for development of homes and the remaining as a tourist must visit place. The original Rathmines base was heritage listed by New South Wales Government and continues to be a place where history related to WWII can be experienced.

Amenities
Rathmines got its first Post Office in 1940. A separate Post Office functioned for the RAAF base, which was closed when the base shut down. A Provisional Public School was opened in October 1941. It later became a public school. Rathmines is a well-developed suburb. It is a great place for shopping with a wonderful shopping strip. It also offers really beautiful picnic spots and playgrounds along the waterfront. Coupled with its historical significance, it is a wonderful place to visit or live in. Rathmines is also actively into sports having many local sporting teams like the popular, Westlakes Wildcats FC.
If you are looking to buy a home here or lease a property, do contact No Bull Real Estate, one of the most reliable real-estate agents in New South Wales today.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Coal Point

2011-06-08T22:18:00.001-07:00

Coal Point is a suburb located on the western side of Lake Macquarie near the town of Toronto in New South Wales. It is a suburb of the City of Lake Macquarie.

History
Coal Point was named so because of the location of the first coal mine in the area. The town of Coal Point has an interesting history that is interlinked with the town of Toronto. Reverend Threlkend who started an aboriginal mission in the Toronto area started coal mining activities at Coal Point in 1840. Coal mining activities were conducted here from 1840 to around 1906. Thus, Reverend Threlkend set up the town at Coal Point with the original inhabitants being the workers engaged in coal mining activities.
The initial subdivision done in 1887 of the Toronto Estate by The Excelsior Investment and Building Company and Bank Ltd. led to the formation of Coal Point. This area around Lake Macquarie is largely affluent and has settlers from the higher socio-economic strata of society.

In 1946, The Coal Point Progress Association was formed for the welfare of the Community. Progress Hall was built by the efforts of the founding members of this Association who raised funds to buy the land on which this Hall stands today. It is one of the largest Community owned halls around Lake Macquarie today.
The earliest industry in this area was coal mining. The methods of doing coal mining were very primitive initially. The mine was run without machinery and coal was transported in wooden schooners onto larger vessels. There was also a shortage of manpower to run the mine. Due to these problems, the mine changed hands many times till the mining operations ceased in the year 1906.

Transport
Initially, in the 1920s, all transport was through ferries. Later, the Railway network extended till Toronto providing better rail connectivity.

Amenities
The first Post Office in this area was opened in 1946 and shut down in 1980. The first Public School was established in 1955. The town offers good amenities for daily living. The real estate in Coal Point is well developed. There are a number of investments available in the form of homes or building units on the waterfront overlooking the Lake Macquarie or in the leafy reserves. The properties are affordable, attractive and promise a great living experience. You could try leasing or buying property as a sound investment decision in real estate in the Coal Point area. For further information and attractive deals in the Coal Point area, contact your friendly real estate agent, No Bull Real Estate today.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Reserve Bank Board leave rates unchanged at 4.75 per cent

2011-06-06T21:44:00.001-07:00

At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.

The global economy is continuing its expansion, led by very strong growth in the Asian region, though the recent disaster in Japan is having a major impact on Japanese production, and significant effects on production of some manufactured products further afield. Commodity prices have generally softened a little of late, but they remain at very high levels, which is weighing on income and demand in major countries and also pushing up measures of consumer price inflation. In response, a number of the countries with stronger expansions have been moving to tighten their monetary policy settings over recent months. Overall, though, financial conditions for the global economy remain accommodative. Uncertainty over the prospects for resolution of the banking and sovereign debt problems in Europe has increased over the past couple of months, which has been adding to financial market volatility.

Australia's terms of trade are reaching very high levels and national income has been growing strongly. Private investment is picking up, led by very large capital spending programs in the resources sector, in response to high levels of commodity prices. Outside the resources sector, investment intentions have been revised lower recently. In the household sector thus far, there continues to be a degree of caution in spending and borrowing and a higher rate of saving out of current income. The impetus from earlier Australian Government spending programs is now also abating, as had been intended.

The floods and cyclones over the summer have reduced output in some key sectors. As a result there was a sharp fall in real GDP in the March quarter, despite a solid increase in aggregate demand. The resumption of coal production in flooded mines is taking longer than initially expected, but production levels are now increasing again and there will be a mild boost to demand from the broader rebuilding efforts as they get under way. Over the medium term, overall growth is likely to be at trend or higher.

Growth in employment has moderated over recent months and the unemployment rate has been little changed, near 5 per cent. Most leading indicators suggest that this slower pace of employment growth is likely to continue in the near term. Reports of skills shortages remain confined, at this point, to the resources and related sectors. After the significant decline in 2009, growth in wages has returned to rates seen prior to the downturn.

Overall credit growth remains quite modest. Signs have continued to emerge of some greater willingness to lend, and business credit has expanded this year after a period of contraction. Growth in credit to households, on the other hand, has softened, as have housing prices. The exchange rate remains, in real effective terms, close to its highest level in several decades. If sustained, this could be expected to exert continued restraint on the traded sector.

CPI inflation has risen over the past year, reflecting the effects of extreme weather and rises in utilities prices, with lower prices for traded goods providing some offset. The weather-affected prices should fall back later in the year, though substantial rises in utilities prices are still occurring. The Bank expects that, as the temporary price shocks dissipate over the coming quarters, CPI inflation will be close to target over the next 12 months.

At today's meeting, the Board judged that the current mildly restrictive stance of monetary policy remained appropriate. In future meetings, the Board will continue to assess carefully the evolving outlook for growth and inflation.

via rba.gov.au

No Bull real Estate

Posted via email from No Bull Real Estate

Constructions approvals up slightly

2011-05-25T18:59:00.001-07:00

The Housing Industry Association is urging the federal government to inject more funds into housing construction.

While the latest data from the Australian Bureau of Statistics found that building activity actually rose slightly in the first quarter of 2011, the HIA believes more needs to be done in order to help this trend continue.

HIA chief economist Harley Dale said that seasonally adjusted residential building work done increased by 1.9 per cent to an annual level of $47.6 billion in the March 2011 quarter.

“It is good to see a modest rise in residential building activity in early 2011, a result driven primarily by a 5.6 per cent increase in new construction of other dwellings,” he said.

“Unfortunately work done on detached houses was flat over the quarter rather than also posting a rise. The trend in new home building activity nevertheless turned down from late 2010. Leading indicators of new housing activity point to an acceleration of this downward trend in 2011/12 at a time when we clearly need the opposite to be occurring.”

In the March 2011 quarter, seasonally adjusted new residential building work done increased by 7.3 per cent in New South Wales and was up by 1.7 per cent in Victoria, 2 per cent in Tasmania, and 27.4 per cent in the Australian Capital Territory.

Work done was flat in Western Australia and fell by 5.2 per cent in Queensland and 0.7 per cent in South Australia.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Toronto

2011-05-23T15:52:00.001-07:00

Toronto town is situated within the city of Lake Macquarie in New South Wales in Australia. This town is very close to the central business district of Newcastle, and is a major commercial centre for the suburbs on the western side of Lake Macquarie.

History
Toronto is named after its popular cousin in Canada -- Toronto. Edward Hanlan, a world champion sculler, visited Australia in the year 1884. In the same year, The Excelsior Company who were the developers in this area started subdividing the area. They named the subdivision Toronto in the honor of the place that Mr. Hanlan hailed from in Canada. That is how the town of Toronto got its name.
Originally, Toronto had an Aboriginal mission called Ebenezer set up by Reverend Threlkend in the year 1829. Subsequently, Rev. Threlkend started a coal mine in this area at Coal Point in 1840. The Aboriginal mission shut down in 1890 due to the reduction in the number of Aboriginals in this area..
The major industries in Toronto in the 19th century apart from coal mining were crops a fruit farming, brickworks, and dairy farming. These days, Toronto is a major commercial centre and has many thriving businesses and a flourishing tourism and real estate industry.

The first Post Office of the town opened in 1889 followed by a Public School in 1890. Toronto High School opened in 1962. The first hotel called Toronto Hotel was completed in 1888, and a School of Arts was built in 1893. The town got its water supply and sewerage facilities in the early 20th Century.
Toronto has benefitted from its proximity to Newcastle and Lake Macquarie. Due to this, Toronto has seen an influx of population resulting in a thriving economy and widespread development.

Transport
The local Railway Station was shut down in the year 1990 due to low usage. In 1891, a tram service stated between Toronto and Fassifern. Fassifern Railway Station is utilized by local folks for train travel. Toronto is a hub for all suburbs on the western side of Lake Macquarie. And, bus services to all places close by including to Fassifern Railway Station are operated by Toronto Bus Service, a private bus operator.

Attractions
Toronto Foreshore Park: This is the site of Rev. Threlkend’s second mission for Aboriginals. One can have great views of the shoreline and can walk right up to the water. There are lake cruises operating from here.
Toronto Historical Museum: The old Railway Station has been restored and is a part of the Toronto Railway Station Heritage Centre. This is located at the western end of the Park. One can have a look at the various historical photographs on display here.
Rathmines: This is a recreational area on the lake foreshores. It is a great place to be outdoors and offers picnic areas, boat ramps, great views of the lake, playground and a bowling club.
Toronto Hotel: Built in 1888, this is the first hotel of Toronto. It has impressive pillars and history associated with its more than a century old structure.
Besides these, Toronto also offers lovely churches, shopping centers, library, Art Gallery and Mining Museum for its visitors.

The western side of Toronto is largely a dry area and not very well developed. But, the eastern part is green and well developed with some expensive units, homes, restaurants, businesses and so on. As this part is in close proximity to Lake Macquarie, this is a great tourist destination with rowing, boating, fishing as the favorite activities.
Toronto is a beautiful suburb with elegant lakefront homes along with reasonably-priced units and homes. If you wish to buy or lease some real estate, get more information about exciting real-estate investments in this area through No Bull Real Estate, your most trustworthy real estate agents in Newcastle.

Posted via email from No Bull Real Estate

Toronto

2011-05-23T15:50:00.001-07:00

Attractions
Toronto Foreshore Park: This is the site of Rev. Threlkend’s second mission for Aboriginals. One can have great views of the shoreline and can walk right up to the water. There are lake cruises operating from here.
Toronto Historical Museum: The old Railway Station has been restored and is a part of the Toronto Railway Station Heritage Centre. This is located at the western end of the Park. One can have a look at the various historical photographs on display here.
Rathmines: This is a recreational area on the lake foreshores. It is a great place to be outdoors and offers picnic areas, boat ramps, great views of the lake, playground and a bowling club.
Toronto Hotel: Built in 1888, this is the first hotel of Toronto. It has impressive pillars and history associated with its more than a century old structure.
Besides these, Toronto also offers lovely churches, shopping centers, library, Art Gallery and Mining Museum for its visitors.

Posted via email from No Bull Real Estate

Fennell Bay

2011-05-19T20:44:00.001-07:00

Fennell Bay is located in New South Wales in Australia. It is a lovely suburb of the City of Lake Macquarie. Fennell Bay is situated to the north of the town of Toronto.

History
The name Fennell Bay came about due to its early settler, Richard Fennell, who started living here in 1847. The area was subdivided in 1882. Some of the early businesses in this area were a sawmill that operated in the year 1883 and a mine called South Stockton was also operational. Modern amenities came in the 20th century with a Post Office opening in 1947 followed by a Public School in 1959. The earliest bridge used for transportation was built from timber structures. The second bridge was built in 1967.

Attractions
Fennell Bay is a unique place due to its fossil forests. It is located in the northwestern corner of Lake Macquarie. These fossil forests hold a great significance from the point of view of geological and Aboriginal history. There are a large number of trees that are silicified and still standing upright. The trees are believed to be covered in volcanic ash from a volcano that must have erupted a long time ago along the eastern part of the coastline. This fossil forest is called Kurrur Kurran. It is a geological marvel but has not been maintained very well. The earliest records of these forests were found as early as 1834. It is believed that a lot of these petrified trees especially the fossil wood has been taken away as mementoes by the locals or as garden beautification aids to other places. The fossil trees might not be visible above the water surface anymore, but it is believed that some part of them is present below the surface. Hence, a visitor can see the amazing sight of birds that seem to walk on water. It is worth visiting this place for its geological significance and for its unique fossil forest.

Fennell Bay is situated close to Lake Macquarie thus offering pleasant places to spend time outdoors. It is a small suburb that offers cozy homes for rent and sale. The homes are attractively priced to offer you a good investment opportunity. It has good shopping and eating places close by.
If you want to live in a place surrounded with natural beauty but affording you the amenities of a city life then consider moving to Fennell Bay.

For more information about the properties available in Fennell Bay or surrounding areas, contact No Bull Real Estate, your friendly and reliable real estate agent.

Posted via email from No Bull Real Estate

Booragul

2011-05-04T18:13:00.001-07:00

Booragul is a suburb of the City of Lake Macquarie. It is located to the north of Toronto in New South Wales. Booragul in aboriginal means “summer” or “warm place.”

The history of Booragul dates back to the early 19th Century when in 1829, Madame Rens of Sydney received a grant of 914 acres in the Teralba Parish. She, however, did not develop it, thereby, the property reverted to the Crown. In 1830, it was granted to Captain James Ranclaud whose wife and son could not maintain it after his death in 1832, and they too lost it back to the Crown. It was then granted to Dr. James Mitchell in 1842. Subsequently, there were 4 subdivisions in the early 20th Century. His daughter, Margaret Quigley and her descendants helped in the development of Booragul.

The earliest industry in Booragul was a slaughterhouse. During World War II, the Defence Department used a section of the town as an army camp. This at the end of the war started being used for housing of air force personnel. The first Railway Station opened in 1926, and the town got its first Post Office in 1953. Booragul Public School opened in 1955 followed by Booragul High in 1958. Booragul Public School has a great history and is a prestigious educational institution in the Lake Macquarie area. It is located against the backdrop of beautiful Lake Macquarie and offers a wonderful place for both studies and play to its students.

Places of Interest in Booragul

• Quigley Memorial: The Quigley Memorial is located at the top of Mikal Way, Booragul.
• Booragul Cemetery: It is behind the Railway Station extending into the woods. It is in serious state of neglect.
• Lake Macquarie City Art Gallery: This is located in Booragul. Lake Macquarie City Art Gallery is an exceptional cultural and tourist destination. It has a serene location on the banks of Lake Macquarie. Extremely child friendly, it has a Family Activity Center and also hosts a number of courses for both children and adults. This is a great place to enjoy the best works of art from artists from all around Australia. It has beautifully landscaped grounds, a sculpture park and an award-winning exhibition facility renowned all over Australia. You could get an exposure to tasteful Aboriginal projects here too as a part of the program.

If you enjoy shopping, then the shop here offers a veritable treat of superb quality handcrafted ceramics, jewellery, glass, textiles, books, cards, and other merchandise. You can buy some really valuable items here at reasonable prices.

Booragul thus offers pleasant surroundings, good places for shopping, eating out, indulging in fun and games, and art and culture.
Booragul is a good place for setting up your home or investing in real estate. For further information or for any queries, contact No Bull Real Estate, an award-winning real estate agent in Newcastle and Lake Macquarie.

via No Bull Real Estate

Posted via email from No Bull Real Estate

Boolaroo

2011-04-28T21:27:00.001-07:00

Boolaroo is a suburb of Newcastle located in New South Wales, Australia. It is situated close to Lake Macquarie and lies on the border of other suburbs like Toronto, Speers Point and Warner’s Bay. A small part of Boolaroo juts out into Lake Macquarie and is a charming place to enjoy the natural beauty of the lake and to indulge in activities like fishing and boating.
Boolaroo is an aboriginal word that means “place of many flies.” Like many other places in Australia, Boolaroo becomes very hot during the summer months and has a large number of flies, perhaps that is how the name came about.

Though the history of Boolaroo extends way back to the early 19th Century, the town actually started flourishing in the 1890’s. William Brooks, a European, was one of the first few residents of this town. He was given a grant of around 1300 acres of land by the government. Stockton Borehole Coal Mine opened in 1886. This led to a sudden population influx in the area as people rushed to work in this mine. The actual town of Boolaroo came about at the turn of the century following 3 subdivisions in 1892, 1899 and 1902. The most famous families of this area, well-known a century later, are the Hawkins, Frith and Gilbert families. The Hawkins family started a family business in 1896, which later flourished into a transport company. Sulphide Corporation was set up in 1897. It has had a chequered history. After it failed to work, it quickly started operating as a normal lead smelter. This later became a zinc production plant, which did not survive either and was shut down in 1908. Many businesses worked here but none seemed to thrive. It has been completely cleared since the smelter operations ceased. Finally, the site wound up in the year 2003.
The early industries in those days were a transport and construction firm and a sawmill. In the early 20th Century, a Post Office, Public School, and a Railway Station opened in the town.

A fire brigade opened in 1910. The town got its own branch of the Bank of New South Wales in 1937. Now, the small town houses many families and has charming houses. The town has a library, church, cinema and several shops and offers all amenities for a comfortable living.
Boolaroo was in the news due to the earthquake that struck Newcastle in the year 1989 with Boolaroo as its epicenter. Thirteen people died and over 200 were injured. There was destruction of many buildings. But, the town has since then been rebuilt, and now has some lovely buildings.
Real estate in Boolaroo is flourishing as the town is close to beautiful Lake Macquarie and yet retains the character of a small, serene town. The properties in Boolaroo are very reasonably priced and are a good real estate investment.
Contact No Bull Real Estate for further information about exciting properties in Boolaroo today.

Posted via email from No Bull Real Estate

Important tips to sell your house

2011-04-12T21:35:00.001-07:00

You have decided to sell your house, and you are looking at getting a good price for your house. But, don’t just rely on luck to get yourself a good buyer. You need to put in some thought and preparation to sell your house for the best possible price. Here are some handy tips that can help you achieve the same.

Price your home right:

You require a professional real estate agent like No Bull Real Estate if you are looking to sell a house in Newcastle. With their expertise and years of experience, No Bull Real Estate can provide you the best valuation for your house. Thus, you can have a handy estimate of what your house can sell for. Remember that properties go through cycles of highs and lows. So, do not benchmark against the topmost property rates in Newcastle. Rely on your local real-estate agent No Bull Real Estate to provide you an analysis of the best price that you can aim to sell your property for.

Clean your house:

You want to showcase your house in the best possible manner to the buyer. So, get down to cutting the clutter. Pack any stray furniture, items that have not been used for long, books, knick-knacks or just about anything that would make your house look neater and much more presentable. It would help if you ask your real-estate agent like No Bull Real Estate to help you with a stylist who could provide you with professional tips on how to make your house look alluring and saleable. We all know that appearances matter a lot, and professional help can go a long way in giving your home the perfect look.

Pay attention to the exterior of the house:

It is said that first impressions are lasting. You would not want a buyer to turn away before even entering your house. So, make sure that the exterior of your house looks warm and inviting. Get a fresh coat of paint outside if required. Any repairs to hide ugly stains must be undertaken immediately. Mow the lawn and clean the driveway to leave a favorable impression on the minds of the buyer even before they have stepped into your house.

Get any repairs done immediately:

Survey your house and check to see if any area requires any repairs or painting to be done. This is the right time to replace a broken tap, broken sink, chipped tiles, discolored handles, squeaky hinges, doors that do not close properly, cracked glass and so on. Also, remember to remove anything that you would like to take away with you. You do not want the buyer to see something that they will not have later on.

Move the pets:

If you have pets, move them away for a few days. Not all buyers are amenable to pets. Also, get a deep cleaning done to take away the pet odors, which could be offensive to some buyers.

Promote your house well:

Take the best pictures of the house from the choicest angles. Share them with your real-estate agents, so that they can display them. You could be sure that buyers would be enticed to enquire about your house when they see appealing pictures.

Do a quick sale:

Discuss in depth with your real estate agent like No Bull Real Estate about settlement procedures. As soon as you get a buyer offering the right price, your real estate agent will ensure that all the paperwork is completed as per the buyer’s convenience. Make sure that different scenarios of settlement have already been discussed by you with your real estate agent so that in the absence of any ambiguity, the sale can be sealed swiftly for you.

Diligently follow all the tips given above and have a professional and ethical real estate agent like No Bull Real Estate to guide you, and you will get that dream buyer for your home really soon.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Things to consider when you wish to buy a home

2011-04-07T18:13:00.001-07:00

Things to consider when you wish to buy a home

Buying a home is a major decision in a person’s life. It is thus very important to go about it in a methodical manner. Here, I talk briefly about the various factors to be considered when you make that decision to buy a home:

Finances:

It is crucial to be aware that buying a home requires substantial financial investment. Take a good look at your financial situation. What are the assets you own, your liabilities, your annual expenses and earnings, your savings, your credit card loans, car loans and other loans? It is very important to be aware of your exact financial situation as it exists, and then calculate the loan payment that you can make every month. This will determine the amount of home loan and the tenure that you would like to go for when you plan on buying your home. You need to look around and understand the various loans on offer and the corresponding fees and interest rates. Your real estate agent, just as No Bull Real Estate in Newcastle, has the expertise to help you make an informed decision.

Location:

Australia offers great cities where homes are an attractive investment to make. If your heart desires an off-beaten path, and you would like to have a home in the lap of nature yet close to all modern amenities, Newcastle could be a good area to buy a home in. There are lovely suburbs and large cities, and one can decide upon what kind of property one might be interested in buying. A real estate agent like the No Bull Real Estate could be of real help with the knowledge of all local deals and information in the Newcastle area.

Real Estate Agent:

Once you have zeroed in on the area you wish to buy a house in, a real estate agent can be of crucial help in selecting the property that you might wish to buy. If you are planning to buy a house in Newcastle, No Bull Real Estate – one of the oldest and most ethical, family businesses, could provide you valuable local advice relating to a good investment home versus a home to live in. You can also understand which properties are more lucrative depending upon the area or location of your choice. A real estate agent is also a big help in matching your needs with the amenities close to the properties you might be interested. Thus, it is a really good idea to seek professional advice from real estate agents who can not only make the entire process of selecting a home smoother, but help you with the necessary formalities and paperwork, provide you financial advice, and help you buy your dream home. No Bull Real Estate is one of the oldest real estate agents in Newcastle and have the expertise to deal with all your real-estate requirements.

Government Approvals:

Many mandatory approvals are required while purchasing a property. You might seek professional help in ensuring that all such approvals are appropriately taken.
These are some crucial factors one must consider before intending to buy a house either as an investment or as a home for personal use.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Rents continue to rise

2011-04-07T00:43:00.001-07:00

Rental rates have increased in the past 12 months despite slow growth in property values.

Weekly rental rates increased nationally by 1.4 per cent and by 2.7 per cent in the capital cities over past 12 months, according to the RP Data March 2011 Quarterly Rent Review.

The rise in rates can be attributed to sluggish property value growth over recent months, RP Data report analyst Cameron Kusher said.

“With limited purchasing activity based on concerns about affordability, we are likely to see increasing demand for rental properties,” Mr Kusher said.

Melbourne and Darwin recorded no growth in house or unit rents, while Sydney’s house rents remained unchanged over the quarter.

Sydney and Melbourne are the only two cities that recorded growth in dwelling values over the past month based on the February RP Data and Rismark home value index.

Darwin is the most expensive capital city to rent a house at $520 a week.

The capital city tied with Sydney to be the most expensive city to rent a unit, with both boasting an average rent of $430 a week.

Hobart has the cheapest units for rent at $280 a week and Adelaide the cheapest houses at $330 a week.

James Mitchell

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Rental market tightens further

2011-03-29T21:44:00.001-07:00

Rents are expected to grow faster than inflation, according to SQM.

Figures released last week by the property research house found that vacancy rates were down nationally for the month of February when compared to January 2011, recording a national vacancy rate of 1.7 per cent.

This is the second consecutive month-on-month decline on vacancies. This is a trend on a national scale, recording falls in all national cities.

“Comparing this figure with data from the same month last year, we can see that there has not been a large degree of change, with a year-on-year difference of only 395 listings, recording a very slight increase compared to February 2010,” SQM Research managing director Louis Christopher.

“Overall, these vacancy statistics reveal an ongoing tight rental market nationwide, with some cities recording tighter results than others.

“This has been resulting in higher than average rental growth per annum as in the case in Sydney, where rents have grown on a compounded basis by 8.8 per cent per annum for the past five years.

“With this type of vacancy rate result, it implies once again that this year we will see rents grow faster than inflation.”

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

No Bull Real Estate - Blackalls Park

2011-03-20T15:41:00.001-07:00

Blackalls Park is a nice suburb in New South Wales situated on the western side of Lake Macquarie. It is a small community close to the towns of Fassifern and Toronto in New South Wales. It has a population of 2774 as per the 2006 census.

Blackalls Park has an interesting history. There was a Blackall family, which were the very first settlers in this town. In 1891, a tramway opened between the Toronto and Fassifern towns. As the Blackalls family were the only inhabitants of this town, the platform came to be known as Blackalls Platform after its first users. And, thus the town was named Blackalls as well. Later, the town got renamed as Blackalls Park to avoid confusion with a similarly named town Blackhall in Queensland.

With more people moving in came development. Early occupations in this town were growing crops like potatoes, millets, arrowroot, sorghum etc. Industries like broom making, fish curing and goat rearing were among the earliest business activities in this town. These industries mostly utilized local resources like goats, fish and fibers of local lilies used to make brooms. The first Post Office in Blackalls Park came up in 1923. A Primary school opened in 1952. Blackalls Park has always been a popular location for excursions and a lovely day out spent among nature’s beauty. Blackalls Park is surrounded by the breathtaking Lake Macquarie that offers sylvan spots for fishing, boating and idyllic picnic spots. Blackalls Park is a beautiful, quiet suburb in Newcasle away from the hustle bustle of a busy city life yet having all the comforts of daily living.

Blackalls Park offers a great opportunity for reasonably priced investments in real estate in Newcastle. For further information about great real estate deals, contact No Bull Real Estate in Newcastle today!
No Bull Real Estate is your friendly neighborhood Real Estate Agency. No Bull Real Estate handles all kinds of residential sales and property management. No Bull Real Estate is a highly accomplished real estate agent having won REINSW (Real Estate Institute of New South Wales) Award for Excellence in 2008 and 2010.

These awards are a reflection on our commitment to deliver the best real estate deals to our customers at the lowest prices and in an ethical, transparent and honest manner. No Bull Real Estate endeavors to build lasting relationships with its Customers. No Bull Real Estate is a Family Enterprise and our motto is to deliver the best real estate services with the highest level of professionalism and ethics.
Experience No Bull Real Estate’s award-winning service and hospitality today along with the best real estate deals! Call us now.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

No Bull Real Estate - Awaba

2011-03-15T22:36:00.001-07:00

Awaba is a picturesque and cozy town located in the city of Lake Macquarie in New South Wales in Australia. It lies to the west of the town of Toronto. It is a tiny and charming town with a population of just 350 as per the last census conducted in 2006.

Awaba is an aboriginal word that means “a flat or a level surface.” The town was established in the year 1885. It has a peculiar old time charm associated with itself. The township came around after a timber depot opened here, and a Railway Station began functioning in the year 1887. The town also has coal mining activities, and the Awaba State Coal Mine was established in 1948. Awaba is a part of Awaba State Forest. Awaba also has a Fire Station, a Post Office and a Primary School.

Awaba is a beautiful town that offers an opportunity of staying close to the nature. The beautiful Lake Macquarie with its lovely beaches and glistening waters is a short distance away. One could also enjoy living near the lush forest with mountain bike riding and four wheel driving as a favourate activity in the area.

For further information, contact No Bull Real Estate, and we would be happy to help.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Property sales slump by 20%

2011-03-09T19:04:00.001-08:00

The number of property transactions fell 20 per cent in 2010, new research has revealed.

According to statistics from RP Data, sales volumes fell in every capital city, with Darwin recording the biggest drop at 30.3 per cent.

Research analyst Cameron Kusher said sales volumes of houses and units in late 2010 slumped to similar levels of those recorded during the depths of the Global Financial Crisis.

“2010 was undeniably a sluggish year for sales activity in the residential property market with volumes at their lowest level in a decade,” Mr Kusher said.

“Although we are not anticipating much in the way of property value growth during 2011 some indicators suggest that sales volumes will improve. Unemployment is at 5.0 per cent, wages are growing at a level above inflation and limited growth in property values coupled with wage growth is likely to improve housing affordability.”

Posted via email from No Bull Real Estate

Survey finds Australian homes most overvalued in world

2011-03-06T21:49:00.001-08:00

The latest quarterly index of global house prices published in The Economist shows Australian homes are the most overvalued in the world, ahead of Hong Kong and France / File Source: Herald Sun

AUSTRALIANS love to watch their home values rise but a leading magazine says they are way overvalued.

The latest quarterly index of global house prices published in The Economist shows Australian homes are the most overvalued in the world, ahead of Hong Kong and France.

While the magazine said the local economy was strong, its index may renew fears of a house price bubble in Australia.

"There may be good reasons for Australian prices to have risen so far but people made similar, and ultimately incorrect, arguments for the run-up in prices in the West," it said.

The ratio of house prices to rents in Australia is 56 per cent above its long-run average between 1975 and 2010, it found.

The ratio in Hong Kong, the second most overvalued market, is 54 per cent followed by France at 48 per cent.

In the US, which experienced a hefty decline in property prices during the global financial crisis, house prices to rents were only overvalued by 3 per cent.

via news.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Cash rate to remain at 4.75%

2011-02-28T20:21:00.001-08:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.

The global economy is continuing its expansion, led by very strong growth in the Asian region. Commodity prices have risen further over recent months, pushing up measures of consumer price inflation in many countries. A number of countries have been moving to tighten their monetary policy settings. Overall, though, financial conditions for the global economy remain accommodative.

Australia's terms of trade are at their highest level since the early 1950s and national income is growing strongly. Private investment is picking up, mainly in the resources sector, in response to high levels of commodity prices. In the household sector thus far, in contrast, there continues to be caution in spending and borrowing, and a higher rate of saving out of current income. The effects of the natural disasters over the summer have reduced output, but production levels should recover over the months ahead, and there will be a mild boost to demand from the rebuilding efforts as they get under way.

Asset values have generally been little changed over recent months and overall credit growth remains quite subdued, notwithstanding evidence of some greater willingness to lend. Business balance sheets generally are being strengthened, and the run-up in household leverage has abated.

The labour market firmed in 2010, with unusually strong growth in employment and a decline in the rate of unemployment. Most leading indicators suggest further growth in employment, though most likely at a slower pace. Reports of skills shortages remain confined, at this point, to the resources and related sectors. After the significant decline in 2009, growth in wages has returned to rates seen prior to the downturn.

Inflation is consistent with the medium-term objective of monetary policy, having declined significantly from its peak in 2008. These moderate outcomes are being assisted by the high level of the exchange rate, the earlier decline in wages growth and strong competition in some key markets, which have worked to offset large rises in utilities prices. Production losses due to weather are temporarily raising prices for some agricultural produce, but these should fall back later in the year. Overall, looking through these temporary effects, the Bank expects that inflation over the year ahead will continue to be consistent with the 2–3 per cent target.

At today's meeting, the Board judged that the current mildly restrictive stance of monetary policy remained appropriate in view of the general macroeconomic outlook.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

New legislation to impact home buyers

2011-02-14T14:58:00.001-08:00

The National Consumer Credit Protection Act has come under scrutiny, with industry pundits arguing the new laws will negatively impact both buyers and sellers.

RE/MAX WA managing director Geoff Baldwin is concerned that the newly introduced NCCP Act will negatively impact any borrower over the age of 35, and could potentially impact those who are selling to upgrade.

“Effectively the new responsible lending obligations on banks and brokers depict that a borrower should have the capacity to repay the loan in full at retirement age without selling their owner occupied property,” Mr Baldwin said.

“These changes mean that a borrower aged, say 55 can no longer take out a loan over 30 years but will be restricted to a much shorter term unless they can demonstrate that they will have superannuation or other assets they can sell to finalise the loan at retirement.”

According to Mr Baldwin, the impact that these legislative changes could have to the property market has been totally underestimated.

“There has been little or no public education or communication to ensure people are aware of how they may be affected,” he said.

“Obviously this would mean much higher repayments and in many cases it will disqualify people and exclude them from the market.”

Matthew Sullivan

No Bull Real Estate

via rebonline.com.au

Posted via email from No Bull Real Estate

A History of Holmesville

2011-02-08T15:51:00.001-08:00

Holmesville is named for Joseph Holmes, and originally was a Private Town because it was a privately set up town by Joseph Holmes to house the many miners working in the local mines. The story began in 1856 when Joseph Holmes, his 19 year old wife, Mary, his relative John Holmes (a cousin?) and his wife Emma, came to Australia on the “Herald:” They moved around a bit after their arrival, their children being born in different suburbs. In 1862 Joseph, then living at Minmi, applied for and received a grant of 101 acres - Portion 47 for 100 pounds. The family settled here in the area which today is called “Private Lane” or referred to locally as “Down The Lane”. In 1895, Joseph bought Portion 49,100 acres for two hundred pounds. This was subdivided into town allotments, the first sale of land was recorded on the 29th April 1898. Joseph and Mary Clark Holmes had 12 children. The eldest son, Joseph, died from injuries, in the mine collapse that left his father permanently stooped, when they were working together. Joseph and his parents are buried in the West Wallsend Cemetery. The town went ahead, some blocks being paid off over a period of time, some due to default returned to Joseph. In the early days there were many little local shops dotted around the town, selling sweets and daily necessaries.

The first shop building still remains on the corner of Charlotte and George Street, it closed its doors in September 1997. The Post Office section closed 1994. The cousins, John and Emma, settled in Estellville in their Portion 48 grant. They suffered a tragedy in their family when their 3 year old son, William, was bitten by a black snake. Imagine this! The cottage was situated in bushland, no doctors or nurses handy. Wallsend was approached by a track through the bush. The lad’s father returned home about 3pm to be met by his frantic wife. He rushed to the cottage, tried to scarify it with the razor, but noticed the red line of poison already moving up the leg. John turned tail and ran along the track to Wallsend for the doctor who came at once. By the time the doctor arrived back the boy was dead, although the body was still warm. We don’t know for sure just why John and Emma returned to England, but it would seem feasible that the isolation where they lived, no medical help readily available and the death of their loved son was motivation enough. Descendants of both lines have made contact in the past years, and are endeavouring to find out more about this return to the homeland.

The Holmesville Hall was built by Simeon Hartland in 1906, to provide a place for his Grandson, Jack Bramwell, to skate. The hall was known for many years as Hartland’s Hall. When the Hall commemorated its centenary, Hartland descendants attended the special afternoon arranged by Holmesville “Where Old Friends Meet”. Another well known landmark is the beautiful Holmesville Hotel, built in 1904. There was a marvellous centenary celebration in 2004, the year that our well known resident, Jennifer Hawkins was crowned Miss Universe.

Another heritage building is the little Congregational Church in St Helen Street, built in 1903 by William Holmes, youngest son of Joseph who donated the land. Since 1977, the church has been part of the Uniting Church, and today is affiliated with the West Wallsend Church. Holmesville Services are still held monthly and the local Fellowship Group meets in the Church Hall. There is a lot of history in our area and if interested, it is possible to find out more at the local Museum situated in the grounds of the local West Wallsend High School. It is manned by enthusiastic volunteers who live in Holmesville, Barnsley and Wakefield, and are on duty each Wednesday during school terms from 10 am to 2 pm. It would take many books, to tell all there is to about Holmesville.

There was one written for the town’s Centenary Celebrations in 1998, and that could only tell part of the story. Holmesville today It still has a lot going for it. The local Tennis Courts in George Street, could be utilised more, there are two good courts available for hire. The Holmesville Skatepark gets full use by the youngsters. Holmesville Hall possibly is one of the best used local halls in Lake Macquarie and the Hall Management Team look forward to the upgrades promised by the Council in due course. The owners of the Holmesville Hotel are constantly putting on events to make attending the premises more attractive. There is a little shopping centre down on Appletree Road, housing a butcher, hairdresser and fruit and refreshment shop. A “State of the Art” fully manned Fire Station in Holmesville opened its doors in June 2010, so residents should be assured of quick response in times of need. There are active groups meeting in the town. Holmesville “Where Old Friends Meet” celebrated its 38th birthday last November. It has good entertainment and finishes with a popular afternoon tea. Held in the Holmesville Hall on the second Saturday each month, except December when there is a breakup dinner on the 1st Saturday. The Holmesville Progress Association is a small group, geared to liaising with authorities where possible to improve the local area, notifying Council on things needing to be attended to. They support the Precinct Meeting, the Save Our Suburbs group, and has remained active in other ways, including the necessary in depth research necessary for the West Wallsend War Memorial Committee Project.

They were also part of the successful Holmesville Skatepark Committee. They are concerned about the proposed new subdivision plans, which if successful means an end to endangered wildlife and fauna in the area. The plans for a new Asphalt Plant in Cameron Park is also on the no, no, list. Progress members do not seek glory, but quietly continue to work for the benefit of the local area. Over the past 13 years, the Progress Association has also been caretakers for the Monday morning Friendship group held in the Holmesville Hall. Providing somewhere for folk to meet, have morning tea, chat and maybe do craftwork. All made possible by dedicated leaders.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Australians delay property purchases

2011-02-02T20:27:00.001-08:00

Despite the RBA’s decision to keep the cash rate on hold yesterday, the threat of higher rates is stopping Australians from purchasing property.

According to a new survey conducted by Homeloans Ltd, 45 per cent of Australian home buyers said they would delay purchasing a property this year.

The Homeloans Home Buyer Barometer Q1 2011, which surveyed 2000 Australian first home buyers, homeowners and investors, found just six per cent of those planning to buy a property this year would do so within the next six months, while 74 per cent have reconsidered how much they are able to spend.

Homeloans’ chairman and chief executive officer Tim Holmes said Australians continue to take a cautious approach to purchasing property.

“In my experience, such overarching caution is unprecedented outside of an economic downturn,” Holmes says. “But it’s a complex economic situation at present.

“There are now so many variables which have a profound effect on the Australian economy and consumer confidence, such as the recent floods and the just-announced flood levy tax. These obviously create some uncertainty.

“Although the RBA obviously made the decision to keep official interest rates on hold today, it’s difficult to predict what it will do in months to come, particularly in light of the recent disasters. However, it is clear that concerns about finances are keeping Australians on their toes.”
No Bull Real Estate

via rebonline.com.au

Posted via email from No Bull Real Estate

RBA decides to leave the cash rate unchanged at 4.75 per cent

2011-01-31T19:49:00.001-08:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.

Global output grew strongly in 2010, notwithstanding the relatively subdued performance of several of the major economies. The Chinese and Indian economies in particular have recorded very strong expansions, and price pressures, particularly for food and raw materials, have picked up. Concerns about sovereign creditworthiness in Europe have remained prominent and uncertainty from this source seems likely to persist for some time. Overall, however, the global economy continues to look strong going into 2011. Commodity prices have remained high and in many instances have risen further over recent months.

Australia's terms of trade are at their highest level since the early 1950s and national income is growing strongly. There have been further indications that private investment is beginning to pick up in response to high levels of commodity prices. In the household sector thus far, in contrast, there continues to be caution in spending and borrowing, and an increase in the saving rate. Asset values have generally been little changed over recent months and overall credit growth remains quite subdued, notwithstanding evidence of some greater willingness to lend.

Employment growth was unusually strong in 2010. Most leading indicators suggest further growth, though most likely at a slower pace. After the significant decline in 2009, growth in wages picked up somewhat last year. Some further increase is likely over the coming year.

Inflation is consistent with the medium-term objective of monetary policy, having declined significantly from its peak in 2008. Recent data show underlying inflation at around 2¼ per cent in 2010. The CPI rose by about 2¾ per cent, reflecting the once-off effect of the increase in tobacco excise. These moderate outcomes are being assisted by the high level of the exchange rate, the earlier decline in wages growth and strong competition in some key markets, which have worked to offset large rises in utilities prices. The Bank expects that inflation over the year ahead will continue to be consistent with the 2–3 per cent target.

The flooding in Queensland and Victoria is having a temporary adverse effect on economic activity and prices. Some production of crops and resources has been lost and some other forms of economic output have also been lower in the affected areas.

Prices for the relevant commodities have risen and are likely to remain elevated in the near term. Resumption of production is occurring at differing speeds by region and industry. In setting monetary policy the Bank will, as on past occasions where natural disasters have occurred, look through the estimated effects of these short-term events on activity and prices. The focus of monetary policy will remain on medium-term prospects for economic activity and inflation.

The floods also resulted in damage or destruction to physical capital in the affected regions. Over the next year or two, the efforts to repair or replace infrastructure and housing will add modestly to aggregate demand, compared with what would otherwise likely have occurred. The extent of this net additional effect will depend on the full extent of the damage, the speed of the rebuilding, and the extent to which other public and private spending is deferred. The Bank's preliminary assessment is that the net additional demand from rebuilding is unlikely to have a major impact on the medium-term outlook for inflation.

The Bank will of course continue to assess the effects of the floods and the subsequent recovery, along with all the other factors having a bearing on economic conditions. At today's meeting, the Board judged that the current stance of monetary policy remained appropriate in view of the general macroeconomic outlook.

No Bull Real Estate

via rba.gov.au

Posted via email from No Bull Real Estate

Aussie dwelling values treading water

2011-01-30T19:15:00.001-08:00

Aussie dwelling values rose by a seasonally-adjusted 0.4% in the December quarter, and 4.7% over the year. The capital city market peaked in May 2010 and remains below this threshold today. Over 2010, Melbourne (+8.4%) and Sydney (+6.6%) were the best performers. Perth (-2.3%) and Brisbane (-1.0%) were the worst.

Based on more than 357,000 sales in 2010, the market-leading RP Data-Rismark Hedonic Home Value Index reported modest 4.7 per cent growth over the 2010 calendar year across Australia’s combined capital cities, which was in line with original Rismark and RP Data forecasts.

In the ‘Rest of State’ markets, which cover the circa 40 per cent of homes not located in the capitals, dwelling values rose by an even meeker 0.8 per cent during 2010 according to RP Data-Rismark’s Hedonic Index. According to RP Data’s Tim Lawless, this soft result likely reflects the weaker demand and supply fundamentals in regional areas.”

Across all regions throughout Australia, RP Data-Rismark estimates that the national median dwelling price was $420,000 in the three months to December. In the capital cities, the median dwelling price was a higher $475,000. Across the cities, the most expensive capital city is Sydney ($525,000), followed by Canberra ($510,000), Melbourne ($505,000), Darwin ($481,000), Perth ($465,000), Brisbane ($435,000), Adelaide ($387,000) and Hobart ($325,500).

Almost all of the growth in capital city home values was experienced in the first quarter of 2010, when dwelling values grew by 3.6 per cent (compared with 4.7 per cent over the year).

Rismark’s managing director, Christopher Joye, commented, “The RBA’s four interest rate hikes in 2010, which were topped up by a fifth via the banks, conspired to snuffle out capital growth during the remainder of the year. Indeed, the capital city housing market very clearly peaked in May 2010, and remains below this point today.”

In the month of December, capital city dwelling values continued to flat-line with an insignificant 0.2 per cent (seasonally-adjusted) increase in home values (November’s previously reported -0.2 per cent decline has revised to -0.1 per cent). Dwelling values in the ‘Rest of State’ areas tapered by -0.3 per cent in December in seasonally-adjusted terms.

In the December quarter, Australian dwelling values were broadly stable. In the capital cities, RP Data-Rismark’s National Hedonic Index rose by only 0.4 per cent (seasonally-adjusted). In the ‘Rest of State’ markets, house values were off by -0.4 per cent in seasonally-adjusted terms.

Melbourne dwelling values led the way in the December quarter with 1.1 per cent capital growth, followed by Sydney (+0.9 per cent), and Adelaide (+0.4 per cent).

In contrast, home values in Perth (-1.9 per cent), Darwin (-1.7 per cent), Canberra (-1.3 per cent) and Brisbane (-0.5 per cent) all went backwards in seasonally-adjusted terms during the final three months of the year.

Over the 12 months to end December 2010, the best performing cities were Melbourne (+8.4 per cent), Sydney (+6.6 per cent), and Darwin (+4.8 per cent). The worst performers were Perth (-2.3 per cent) and Brisbane (-1.0 per cent). Canberra (+2.5 per cent) and Adelaide (+3.6 per cent) fell slightly short of the national, value-weighted capital growth rate.

RP Data’s director of research, Tim Lawless, believes that interest rates are likely to be the primary determinant of housing market performance over the coming year.

“The interest rate futures market is not pricing in a full rate hike until March 2012. While that seems optimistic, if borrowers only have to wear one rate hike between now and March 2012 Australian dwelling values have a good chance of realising higher-than-expected capital gains. A long-term pause in interest rates would be welcomed by all segments of the housing market. If, however, the RBA raises rates several times in 2011, we think dwelling values will struggle to obtain much forward momentum over the year”, Mr Lawless said.

While capital gains have been uninspiring, investors are benefiting from a tight rental market. Nationally, gross yields for apartments and houses are 4.7 per cent and 4.0 per cent, respectively. The most attractive apartment yields are found in Darwin (5.7 per cent), Brisbane (5.3 per cent), Canberra (5.3 per cent), and Sydney (5.0 per cent). Melbourne and Perth have the lowest apartment yields, with returns of just 4.1 and 4.3 per cent, respectively.

Christopher Joye said, “The flat-lining in Australian home values since early 2010 is an encouraging sign from a valuation and fundamentals perspective. We are seeing rapidly rising household disposable incomes combined with no house price growth over an extended period of time. Rismark’s national dwelling price-to-income ratio has already fallen from 4.7 to 4.4 times. Depending on what happens to interest rates, this trend could continue during 2011.”

“If the futures market is right, it will be happy days for Australia’s housing market with the prospect of reasonable capital growth. We expect, however, to see the RBA lift rates considerably more than that implied by the futures market in the face of rapidly brewing inflation and wage pressures, and our central case is, therefore, little-to-no capital growth in Australian home values with a resultant improvement in the market’s valuation fundamentals. As rates start declining in 2012, this should unleash some attractive affordability dynamics. When all is said and done, the key question will be whether the RBA waits for burgeoning wage and consumer price inflation to manifest in the official statistics, or whether it tries to pre-emptively staunch these problems.”

According to Tim Lawless, the real-time variables tracked by RP Data also point to the prospect of a tepid housing market in 2011, subject to what happens with rates.

“Leading up to Christmas the number of homes being advertised for sale ramped up very quickly with the capital city markets peaking at just under 127,000 listed properties compared with 89,000 homes for sale at the same time the previous year. Auction clearance rates were hovering slightly below 50 per cent at the end of last year, and average selling times and vendor discounting had both been trending in favour of buyers. These factors imply that we should see further improvements to buyer leverage in 2011, subject to the course of interest rates,”, Mr Lawless said

“The experience of the housing market after the 2003 boom affords some macro guidance as to what to expect in 2011. In 2004 and 2005, capital city home values increased by just 2.3 per cent per annum after a spate of interest rate increases. We could see a similar outcome in 2011 depending on what the RBA decides to do”, Mr Lawless added.

No Bull Real Estate

via rpdata.com

Posted via email from No Bull Real Estate

Banking reform could result in 'huge cost savings'

2010-12-14T14:10:00.001-08:00

Treasurer Wayne Swan introduces the Competitive and Sustainable Banking System reform plan in Canberra. Picture: Gary Ramage Source: The Australian

DAWN Stocks wanted to change her $550,000 mortgage to another lender.

But she found the big problem was not the exit fees, but the $24,000 cost of paying a new round of mortgage insurance for the loan with the new provider.

Stocks is one of the many unhappy customers who have responded to the "Compare, ditch and switch" campaign being launched by consumer advocacy group Choice.

"I'm locked into my mortgage because I can't afford to pay a new lender for more mortgage insurance," she wrote on the Choice website this month.

While the market digests the package of measures announced by Wayne Swan on Sunday aimed at producing a more "competitive and sustainable banking system", Choice is arguing that consumers should be on the front foot now, shopping around and comparing bank offerings and testing the market.

Richard Lloyd, director of Choice's Better Banking Campaign, argues that one of the more potentially powerful changes flagged in the Treasurer's package is not the end of mortgage exit fees, which is to come into force from July next year (parliament willing), or the review of bank account portability, but the fact the government has promised to look at ways to make mortgage insurance portable from lender to lender.

The Swan package has already been criticised for being more about the wrapping than the Christmas present, but Choice does see it as "a good starting point" for change, provided that the banks get on board and consumers themselves become more proactive.

"There are potentially huge savings in costs from these reforms," says Lloyd.

"There is huge potential here for much more movement in the home loan market, as people start to question the value of their deal following the recent rate hikes. A recent poll suggests that there are more than a million borrowers who would like to change their mortgage over the next six to 12 months if it could be made easier."

Lloyd argues that the government could move earlier with measures to make mortgage insurance more portable which, he says, would open up the market to more competitive pressure -- not just for new loans taken out from July 1 as envisaged in the announcement.

It is clear that the real potential impact of the proposed changes will fall very differently on different age groups and bank customers.

Young people looking at new home loans and who are prepared to do their homework are more likely to benefit from an array of new deals, while older people who are coming to the end of their mortgage life and are traditionally less interested in switching banks will be less affected by the changes.

More worrying, however, could be the implications for the less financially literate, who are more dependant on personal loans and credit card advances, and small business owners, who may end up bearing the brunt of higher fees and charges as the banks seek to repackage those products, such as mortgages and deposit accounts, under the political spotlight, and lay off the costs elsewhere.

As Reserve Bank governor Glenn Stevens warned the banking inquiry, there is always the danger of "unintended consequences" of proposals to change the banking system.

The Swan package was put together in the heat of a highly politicised debate and released even before the Senate Standing Committee on Economics had a chance to hold its public hearings, which are now under way.

While Swan's package in supposedly aimed at making the big banks more competitive, the sharemarket has already signalled that it believes the measures will put more pressure on the second-tier banks that are less able to absorb changes such as the abolition of exit fees.

In theory, the abolition of mortgage exit fees should save those mortgage holders who want to switch loans midstream anywhere from $600 to $7000 a loan.

Even if they don't, the impact of the potential to shift mortgage providers more easily should put competitive pressure on banks to think twice about how much they put up their mortgage rates.

That said, expectations are that the banks will seek to recoup the lost exit fees with higher upfront fees for mortgages or in fees and charges elsewhere.

"The government has made its decision (on mortgage exit fees) and so be it," says Stephen Munchenberg, chief executive of the Australian Bankers Association. "But our concern is that there are real costs (in setting up a new mortgage), and so far as exit fees do represent deferred costs upfront in establishing a mortgage, the banks will have to decide what they do about those costs."

Michael Peters, business law lecturer at the Australian School of Business, is sceptical about the impact of the removal of exit fees.

"Will the removal of an exit fee of up to $1000 for a $300,000 loan change the world?" he said yesterday. "It's fundamentally unlikely.

"There are laws and policies in place, but the market favours the big balance sheets (and big banks) and they will always dominate the financial markets.

"There will be a lot of catharsis going on, but don't bank on any real changes."

Peters argues that it would be better if the banks introduced a standard statutory term for home loans with no exit or establishment fees. This, he says, would allow for the evolution of a secondary market in home loans.

He says this could generate an opportunity for the smaller banks that would be able to offload their existing home loans and continue to make new ones.

On the face of it, the Swan package will help new borrowers with the advent of mandatory "key fact sheets", which are supposed to provide how much they will pay each month and over the life of their loan and, according to the announcement, 'where they can shop around so they can compare lenders side by side".

That could be useful, but it will not take the onus from would-be borrowers making sure they are comparing like with like when they shop around.

Low-income customers, particularly in remote areas where there are few banks or ATMs, could also benefit from the review of ATM fees.

Swan has called on the Reserve Bank and Treasury to set up a task force to further monitor whether more action is needs to "boost competition and transparency on ATM fees".

The Reserve Bank has already been monitoring ATM fees, introducing a number of significant reforms that came into effect in February last year, including the abolition of interchange fees and more disclosure of fees charged.

The RBA estimates that those reforms have already resulted in a reduction in fees paid by ATM consumers of about $120 million a year in their first year of operation and have also been followed by the addition of another 1500 ATMs around the country, increasing numbers by 6 per cent.

The Reserve Bank's submission to the Senate Economics Committee inquiry into competition in the banking sector notes that the income from fees in the domestic banking sector has grown at an average rate of 10 per cent a year since 1997.

But it notes that the growth in fees has been significantly less than the growth in balance sheet assets since 2002. This has led to a decline in the ratio of fee income to assets from a peak of 1 per cent to close to 0.6 per cent last year.

The figures, from the RBA's annual survey of bank fees published in June, show that in recent years the banks have reduced fees on the politically sensitive areas such as exception fees on deposit and transaction accounts for both business and personal customers.

But there had been an increase in other fees charged to business, particularly the fees on undrawn loan facilities.

The survey showed that fee income received by banks from households rose from $4.5 billion in 2007 to $5bn in 2009, while fee income from businesses rose from $6.2bn in 2007 to $7.6bn in 2009.

The annual growth rate on fees from households dropped from 8 per cent in 2007 to only 3 per cent in 2009, as the banks responded to consumer pressure, while the growth rate in fee income from business rose from 7 per cent in 2007 to 13 per cent in 2009.

The RBA survey also shows a shift in the nature of fees charged to householders, with a decreasing reliance on fees from bank deposits (in the wake of consumer scrutiny) and an increasing reliance on fees from personal loans and credit cards.

In the five years to 2008, fees from housing grew by an average of 7 per cent a year and fees from deposits grew by 6 per cent a year -- while fees from personal loans grew by 11 per cent a year and fees from credit cards jumped by a significant 17 per cent a year.

The more fundamental change -- if it ever happens -- could be the move towards bank account portability. Swan has called on former Reserve Bank governor Bernie Fraser to do a feasibility study on whether bank customers could be moved from bank to bank in much the same way that mobile phone customers can now move to different service providers, keeping their original phone number.

If this were to happen, it would potentially affect all bank customers, making it easier for them to take their business elsewhere if they have a problem with their existing bank.

But early indications are that the technological costs in standardising bank account data between banks to facilitate portability could be prohibitively expensive.

Harry Senlitonga, a senior analyst with Datamonitor, says that only 5 per cent of Australian consumers switched their bank transaction accounts over the past year. He notes that there are substantial difficulties in changing bank accounts, including having to reorganise bank debits and deposits.

He notes that the reduction in transaction fees for deposit accounts also reduce the attraction of shifting to a new banker.

But he argues that making it easier to switch bank accounts will be a trigger for some customers to change accounts as it will "open their eyes wide to other products".

But he argues the benefit in terms of actual fees saved by moving accounts with be small.

The ABA's Munchenberg says the fear is that the cost of developing account number portability would "far outweigh" the benefits.

"There is a whole host of reasons why it is very complex. It is not like mobile phones where there is a standard approach to numbers," Munchenberg says.

"But there are things which can be done to make it easier to move bank accounts and we are happy to talk to Bernie Fraser on how this might be done."

As with the abolition of mortgage exit fees, Munchenberg also notes that the technological costs involving in standardising bank accounts for portability would also weigh heavier on smaller lenders than the big banks.

Deutsche Bank analyst James Freeman says the reform package was not as onerous on the major banks as expected.

"None of the highly mutual-friendly measures that had been canvassed by the press (wholesale guarantees for mutuals, risk weighting changes, franking credit proposals, Australia Post distribution) were included," Freeman says. "In fact, many of the funding cost proposals will aid the major banks and potentially improve sector returns.

"Lack of distribution remains the single biggest impediment for mutuals and these proposals do nothing to change this."

via theaustralian.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Housing affordability hits 10yr low

2010-12-09T20:51:00.001-08:00

Belinda Luc

Australia has suffered the largest annual decline in housing affordability since the beginning of the decade, according to the Real Estate Institute of Australia (REIA).

The REIA Deposit Power Housing Affordability Report released yesterday, has revealed that over the September quarter, the total number of loans (excluding refinancing) was down 2.9 per cent to 101,364. Housing affordability also declined 0.2 percentage points nationally in the September quarter.

Meanwhile, over the year, the total number of loans fell 28.3 per cent - the largest annual decline in Australia since March 2001, according to the report.

The proportion of income required to meet loan repayments increased 5.8 percentage points over the year to be 34.8 per cent.

"Housing affordability has reached a new low in Australia which is of great concern", REIA president David Airey said.

"Compared to the same quarter of the previous year, all states and territories recorded a decline in housing affordability.

"The largest decreases were evident in New South Wales and Victoria where the proportions of income required to meet loan repayments increased 6.5 and 7.5 percentage points respectively," Mr Airey said.

Keith Levy, national manager of Deposit Power, said there had been reduced sales from property investors in the last quarter, as many purchasers appeared to be taking a ‘wait and see' approach.

No Bull Real Estate

via rebonline.com.au

Posted via email from No Bull Real Estate

RBA decides to leave the cash rate unchanged at 4.75per cent.

2010-12-06T20:12:00.001-08:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent.

Since the previous Board meeting, concerns about the creditworthiness of a number of European governments have again become the main focus of financial markets, with a marked rise in sovereign bond spreads for some euro-area countries and an increase in volatility. At the same time, recent data suggest that the Chinese and Indian economies have continued to grow strongly and price pressures, particularly for food, have picked up in China as well as a number of other economies in Asia. Modest growth is continuing in the United States.

For Australia, the terms of trade are at their highest level since the early 1950s, and national income is growing strongly as a result. Recent information indicates that, as had been expected, private investment is beginning to pick up in response to high levels of commodity prices. In the household sector thus far, there continues to be a degree of caution in spending and borrowing, which has led to a noticeable increase in the saving rate. Asset values have generally been little changed over recent months and overall credit growth remains quite subdued, notwithstanding evidence of some greater willingness to lend.

Employment growth has been very strong over the past year, though some leading indicators suggest a more moderate pace of expansion in the period ahead. After the significant decline last year, growth in wages has picked up somewhat, as had been expected. Some further increase is likely over the coming year.

The exchange rate has risen significantly this year, reflecting the high level of commodity prices and the respective outlooks for monetary policy in Australia and the major countries. This will assist, at the margin, in containing pressure on inflation over the period ahead. Over the next few quarters, inflation is expected to be little changed, though it is likely to increase somewhat over the medium term if the economy grows as expected.

Following the Board's decision last month to lift the cash rate, and the subsequent increases by financial institutions, lending rates in the economy are now a little above average. The Board views this setting of monetary policy as appropriate for the economic outlook.

No Bull Real Estate

via rba.gov.au

Posted via email from No Bull Real Estate

How to lease your property faster

2010-11-30T20:26:00.001-08:00

First impressions are critical when a prospective tenant inspects your property.

First, decide what sort of tenant you are targeting.

There are tenants who want to save money and are happy to live in a property that is not in first class condition. There are others, such as professional people, who are happy to pay top rent, but expect the property to present at its absolute best.

There is no doubt that well presented properties achieve top rents and usually attract the best quality tenants. That adds up to a higher investment return, together with fewer and shorter vacancy periods.

Here are some valuable property presentation tips

1. Tend the gardens, mow the lawns and clean the windows, paths, gutters and outside paintwork. These are all things seen from the street, and you don't want prospective tenants to dismiss the property before getting to the front door.

2. Repair or replace leaking taps, sticking doors, broken light fittings, loose door handles, rotten floor boards, leaky gutters and torn flyscreens.

3. If you are thinking about painting, only paint those areas that really need it unless you plan on doing the lot. New paint may only make those areas left unpainted look even shabbier. Use light, neutral colours as strong colours may not be to the tenant’s taste. If paint is generally in good condition, touch up the scruffy bits.

4. If your property is in a noisy area (such as a main road) inspection times should occur when the noise is at its lowest.

5. Get rid of odours that you may not notice but prospective tenants will, such as cigarette or pet smells. It may be worth having the carpets and curtains cleaned, neither of which is very expensive.

6. Open the curtains and blinds to let the sun and the view inside. Nobody likes a dark house, and the view will make the rooms feel bigger.

7. Have the property clean, tidy and uncluttered at inspection times.

8. If your property has a pool, ensure the pool and the surrounds are sparkling clean. You want the prospective tenants to think it is an asset, not a burden. If the filter or the pool needs professional repairs, it is better to do it now rather than putting it off. The repairs are usually tax deductible.

9. Ensure that all electrical wiring and power points are safe. This includes any electrical appliances to be included with the property.

10. Take out comprehensive insurance cover on the property (including public liability). You don’t want to be sued by a prospective tenant who accidentally injures themselves while inspecting the property.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

New home sales spiral downwards

2010-11-29T21:22:00.001-08:00

Despite a slight uptick in October, new home sales are significantly lower than this time last year.

According to the latest data from the Australian Bureau of Statistics, new home sales fell by 9 per cent in the three months to October to be 17 per cent lower than 2009.

In addition, detached house sales also fell 10 per cent in the three months to October, while the sale of multi-units was up by 1 per cent.

HIA chief economist Harley Dale said that ahead of the damaging impact being felt from the November interest rate hikes, a raft of leading housing indicators provided compelling evidence of a renewed new home building downturn in 2011.

"Fiscal stimulus has all but run its course. We now face a combination of higher interest rates, on-going severe credit constraints, and inadequate progress in addressing perennial supply side obstacles such as a lack of readily available, affordable land. These factors have rendered Australia's new home building recovery unsustainable," Mr Dale said.

"The lack of available credit for small and medium sized development continues to impose a massive additional constraint on Australia's new home building industry."

"Viable measures are required to ensure greater competition in our banking system and they need to take into account the obstacle that a lack of credit presents to boosting Australia's housing supply."

In the month of October 2010, detached new house sales increased by 5.9 per cent in Victoria, 7.4 per cent in Queensland, and 0.9 per cent in Western Australia. Meanwhile both NSW and South Australia recorded a drop in sales activity.

No Bull Real Estate

via rebonline.com.au

Posted via email from No Bull Real Estate

Christmas rate hike is unlikely - RBA

2010-11-28T13:45:00.001-08:00

THE Reserve Bank of Australia (RBA) has indicated that the cash rate is likely to stay at its current level of 4.75 per cent for the rest of the year, a parliamentary committee has heard.

Reserve Bank of Australia (RBA) governor Glenn Stevens said market forecasts of a rate rise in February next year were realistic.

"For the period in which we are going into in the near term, I think that the monetary policy setting is about the right level," Mr Stevens told the House of Representatives Standing Committee on Economics today.

"At the moment most commentators and market pricing do not anticipate any sort of near term change by us for quite some time and I think that's probably a reasonable position for them to have based on the information we have now."

Pundits predict rates may stay on hold until at least April.

Citi senior economist Joshua Williamson said the RBA was likely to keep rates on hold "for a good four to five months now".

"Since they did go (increased rates) in November we've seen the unemployment rate rise, we've seen the housing finance data remain weak and (the construction and investment) partial data suggests that the GDP will be a little bit weaker than probably what the consensus was expecting," Mr Williamson said.

"Not only will they not go in December but it's unlikely we think they'll actually go in the first quarter of next year."

Futures market betting on the likelihood of a December interest rate rise yesterday fell from 2 per cent to zero.

This year's rate rises have made Australians tighten their belts.

On online survey by mortgage broker Loan Market also found that almost two-thirds of respondents were re-assessing their spending due to higher mortgage repayments.

Loan Market's chief operating officer Dean Rushton says four official rate hikes by the Reserve Bank of Australia (RBA) in 2010 has had a major impact on economic activity, especially in the retail sector which is desperate for improved trade this Christmas.

"Many Australians are struggling with the cost of everyday goods as well as services such as power and water, and they needed some interest stability,'' he said.

Unsurprisingly, 35 per cent of the 452 respondents to the survey said the RBA and banks had "turned Santa into Scrooge''.

Seventeen per cent said they would be cooking up sausages on the barbie rather than prawns or other festive treats.

However, 38 per cent said it would be "Christmas as usual'', despite the increase in mortgage repayments.

No Bull Real Estate

via news.com.au

Posted via email from No Bull Real Estate

Treasury sounds the alarm on 'property bubble'

2010-11-21T20:45:00.001-08:00

Source: The Australian

A SENIOR Treasury official has sounded the alarm over Australia's property market.

He has warned that the prospect of a sudden and dramatic drop in prices is "the elephant in the room" and should not be ignored by the Federal Government.

While the Government and Reserve Bank insist Australia does not have a housing bubble, it remains such a worrying concept that Treasury has privately sought reassurance from its analysts that prices are not artificially high and that Australia does not face the kind of house price collapse that has hit Britain and the US.

Documents obtained by The Australian under Freedom of Information laws show the Treasury officials preparing the so-called Red Book of briefs for the incoming government were as divided as private sector economists about the strength of the property market.

Phil Garton, the manager of Treasury's Macro Financial Linkages Unit, sent colleagues a draft paper on the rise in household debt, prospects for further growth in the debt-to-income ratio and the potential implications of slower household debt growth.

His email prompted an exchange with Steve Morling, currently the general manager of the Domestic Economy Division, who argued the paper should "make a bit more about the risks".

"The elephant in the room is house prices or more specifically the risk of a precipitous drop in them, perhaps from an external shock or perhaps from their own internal dynamics when affordability constraints or capacity debt levels see prices and expectations of house prices start to move in the opposite direction," Mr Morling wrote on June 15.

"(I) know there are very supportive fundamentals, but prices rose by 50-60 per cent in three to four years in the early part of this decade, with largely unchanged fundamentals, so they can have a life of their own.

"And given what's happened elsewhere I'm far less sanguine about this - and the interplay with debt - than in the past."

Mr Garton agreed that there would be risks if the fundamentals of low interest rates, unemployment, and financial deregulation "reversed significantly". But he maintained the price growth in the early 2000s was based on a "lagged response" to improvements in the fundamentals, and questioned how Australia could have maintained a bubble for more than six years.

Mr Morling said other bubbles had lasted that long, and the fundamentals were often used to justify price rises - including in Britain where a debate over lack of supply drove property prices higher "before the British property bubble burst".

"(I) think price expectations can take over from the fundamental drivers that you have identified for extended periods, including generating house price falls," he wrote.

With house prices static at best - the market is particularly soft in the capital cities - there are renewed doubts over the boom of the past decade and whether prices are sustainable.

A spokesman for Wayne Swan said yesterday the Treasurer retained the view that Australia did not have a property bubble, citing recent reports and statements by Westpac and the RBA.

"Of course, we expect our officials to test and debate policy within the department - it is an important and normal process of government," the spokesman said. "However, it is the considered position of the Treasurer and the Treasury that our housing market reflects the fundamentals of supply and demand and not a bubble - specifically that Australia is simply not building enough new houses."

Read the full story at The Australian.

via news.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Capital gains and rental markets over five years for housing

2010-11-16T16:52:00.001-08:00

During the last five years, capital gains in the housing market have been lower than the preceding period however, conditions have been such that rents and values have increased by fairly equivalent amounts during the period.

During the five years to September 2010, the Australian residential property market has experienced a variety of conditions, modest growth conditions in 2005/06, rapid appreciation in 2007, falling values in 2008 followed by another strong growth phase in 2009/10. Despite the range of conditions over this five year period, overall property values have increased at the average rate of 7.1% year on year.

Property values across the combined capital cities have increased by a total of 40.5% for houses and 42.2% for units over the last five years. On an average annual basis this represents growth of 7.0% for houses and 7.3% for units. In dollar terms, house values have increased by a total of almost $140,000 over the last five years and unit values have increased by approximately $123,000.

Five years ago, house values were 18% greater than unit values and as at September 2010 the differential was recorded at 17% indicating that the price differential has remained relatively consistent over the period. With median house prices currently recorded at $485,000 and units at $415,000, affordability factors have likely contributed to the superior performance of units to houses over the period.

Over the same period rental rates have also ramped up and, similar to the capital gain performance, the growth has not been uniform from year to year. Between September 2005 and the end of 2008, rental rates were typically trending upwards at the rate of almost 11% year on year. In 2009 capital city rents increased by just 0.9% and we are now seeing the first evidence of rental

growth once again returning to the market.

Rental rates have increased by a total of 41.2% for houses and 46.6% for units over the last five years. Note that the total growth in rents is slightly superior to the total growth in property values over the period. Given this growth the dollar value of weekly rents have increased by $127/week for houses and $135/week for units.

Whilst the gap between house values and unit values has remained quite consistent, the gap in rental costs has closed markedly. During September 2005, rental rates for houses were 6.7% greater than unit rents, today the gap has closed to just 2.8%.

Over the five years highlighted, Darwin has recorded the greatest total growth in property values for houses (92.3%) followed by Melbourne (61.0%). Meanwhile, Sydney has been the poorest performer (22.0%) followed by H

obart (30.6%)*.

In terms of rentals, house rents have recorded the greatest increases in Darwin (76.5%) and Perth (60.2%). Rental growth has been comparatively less in Adelaide (32.6%), Brisbane (32.7%) and Sydney (33.8%).

For units, Darwin has again recorded the strongest value growth during the past five years (99.8%) followed by Adelaide (69.6%). Unit rental growth has well and truly lagged in Sydney (27.8%) and to a lesser extent also in Brisbane (44.8%).

Unit rental growth over the last five years has also recorded significant increases in Darwin (84.0%) and Perth (61.7%). The three largest cities have recorded the lowest levels of rental growth at 39.6% (Melbourne), 40.6% (Brisbane) and 42.8% (Sydney).

For houses, if you purchased at median prices during September 2005, we estimate the current gross rental yield would be recorded between 5.7% (Sydney) and 10.7% (Darwin). Whilst for units the current yield is recorded between 6.9% (Brisbane) and 12.3% (Darwin).

Overall the results highlight the virtues of having a long-term hold strategy in relation to property purchases with property values, rents and subsequently yields having historically proven to increase over time. Over the next 12 months we are anticipating fairly flat growth in property values however, we do expect that rents and yields will improve. With an insufficient supply of homes, upwards pressure will remain on housing prices over the long term, however price inflation will be offset by affordability constraints which will hamper prospective purchaser’s ability to enter the residential market. As a result, competition for rental accommodation is likely to intensify and weekly rents will rise. These conditions highlight just how imperative it is that Government’s find a solution to housing supply issues, as the national graphs highlight, over the last five years conditions have been such that either property values have increased, rental rates have increased or both have been climbing. Supply is clearly a large contributor to these prevailing conditions.

* All Hobart data is one month in arrears
via RP Data Property Pulse

No Bull Real Estate

Posted via email from No Bull Real Estate

RBA decided to raise the cash rate by 25 basis points to 4.75 per cent.

2010-11-01T21:22:00.001-07:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to raise the cash rate by 25 basis points to 4.75 per cent, effective 3 November 2010.

The global economy grew faster than trend over the year to mid 2010. Global growth will probably ease back to about trend pace over the coming year as strong recoveries in the emerging world give way to a more sustainable pace of expansion and growth remains subdued in the United States and Europe. At the same time, concerns about the possibility of a larger than expected slowing in Chinese growth have lessened recently and most commodity prices have firmed, after a fall earlier in the year. The prices most important to Australia remain at very high levels, with the result that the terms of trade are at their highest since the early 1950s. The turmoil in financial markets earlier in the year has abated, though sentiment remains fragile.

Information on the Australian economy indicates growth around trend over the past year. Public spending was prominent in driving aggregate demand for several quarters but this impact is now lessening. While there has been a degree of caution in private spending behaviour thus far, the rise in the terms of trade, which is now boosting national income very substantially, is likely to lead to stronger private spending over the next couple of years, especially in business investment.

Asset values are not moving notably in either direction, and overall credit growth remains quite subdued at this stage notwithstanding evidence of some greater willingness to lend. The exchange rate has risen significantly this year, reflecting the high level of commodity prices and the respective outlooks for monetary policy in Australia and the major countries. This will assist, at the margin, in containing pressure on inflation.

The demand for labour has continued to firm. While the labour market is not as tight as in 2007 and 2008, some further strengthening would appear to be in prospect, judging by the trends in job vacancies. After the significant decline last year, growth in wages has picked up somewhat, as had been expected. Some further increase is likely over the coming year.

Given these conditions, the moderation in inflation that has been under way for the past two years is probably now close to ending. Recent information suggests underlying inflation running at about 2½ per cent, with the CPI inflation rate a little higher due mainly to increases in tobacco taxes. Both results were helped somewhat in the latest quarter by unusual softness in food prices. Inflation is likely to rise over the next few years. This outlook, which is largely unchanged from the Bank's earlier forecasts, assumes some tightening in monetary policy.

For some time, the Board has held the stance of monetary policy steady, which has resulted in interest rates to borrowers being close to their average of the past decade. This allowed some time to observe the early effects of previous policy changes and to monitor the uncertain global outlook. The Board is also cognisant of differences in the degree of economic strength by industry and by region.

However, the economy is now subject to a large expansionary shock from the high terms of trade and has relatively modest amounts of spare capacity. Looking ahead, notwithstanding recent good results on inflation, the risk of inflation rising again over the medium term remains. At today's meeting, the Board concluded that the balance of risks had shifted to the point where an early, modest tightening of monetary policy was prudent.

via rba.gov.au

AAAANo Bull Real Estate

Posted via email from No Bull Real Estate

Options narrowing for first home buyers

2010-10-17T14:22:00.001-07:00

FIRST home buyers are being priced out of the market by interest rate rises and skyrocketing utility prices.

Finance approvals to first home buyers have fallen to six-year lows and made up 15.5 per cent of the total loans market in August, according to Australian Bureau of Statistics data released yesterday.

CommSec economist Savanth Sebastian said the numbers were well below a May 2009 peak of 28.5 per cent market share.

"The hangover effect from the first home buyer grant coupled with rate hikes mean people are finding it more difficult to buy," he said.

"The rise in utility prices is also a factor, when you are looking at the household budget there isn't really much room to move."

The news comes as more budget pain is forecast for first home buyers. Westpac chief executive Gail Kelly warned there will be more rate rises.

She said banks' borrowing costs had increased because of the global financial crisis.

"Over time, rates are going to go up," she said.

"We can look into our costs of funding and we can look into our profile of the costs over the next 18 months and we can see that those costs of money for the next 18 months are going up."

JPP buyer's advocate Catherine Cashmore said frustrated first home buyers made up the bulk of her business.

"Finding a two-bedroom apartment in the city for under $500,000 for first home buyers is very difficult now," she said. "They will get outbid at auction by mum and dad investors who are buying a second home."

Ms Cashmore said she encouraged first home buyers to compromise while still finding a good investment.

"They don't want to live in the suburbs, they want to live in the city, close to all the shopping strips and public transport," she said.

via news.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Weak housing outlook expected for rest of year

2010-10-14T15:09:00.001-07:00

A fall in land sales activity over the July quarter has spelt a weak outlook for housing for the September quarter.

According to the latest Residential Land Report by the Housing Industry Association (HIA) and RP Data, the weighted median residential land value for Australia eased by 3.6 per cent over the July quarter.

"That is a sobering outlook, particularly in the context of a very tight rental market, which is already placing enormous pressure on low and middle income renters and aspiring first home buyers," HIA chief economist Harley Dale said.

RP Data senior research analyst Cameron Kusher agreed, commenting that falling land volumes and values indicated affordability factors rather than a lack slowdown in buyer demand.

"Australia's growing population is providing plenty of demand for vacant land, the issue is the price and location of the available land," Mr Kusher said.

"Overall, this data suggests that sales activity for vacant land will continue to soften over the coming months," he said.

Belinda Luc

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

WINNERS - REINSW Awards for Excellence - Small Residential Agency 2010

2010-10-13T18:09:00.001-07:00

We are very proud to announce that No Bull Real Estate is this years winner of the prestigous award REINSW Awards For Excellence - Small Residential Agency 2010.

Edith & Jon would like to take this opportunity to thank all our vendors, landlords, buyers, tenants and suppliers for their ongoing support and we look forward to another successful year by maintaining our motto

No Bull Real Estate....our name says it all

Excellence endures and sustains. It goes beyond motivation into the realms of inspiration. It is about going beyond what we expect from ourselves.

The REINSW Awards for Excellence celebrate the outstanding achievements of real estate professionals across New South Wales, and recognises them as the foundation and future of the real estate industry. The awards also aim to encourage companies to strive for even greater success into the future.

Our winners represent excellence in service, creativity, determination, differentiation and commitment. They were selected for their demonstrated achievements of the highest level in their category.

Posted via email from No Bull Real Estate

Winners - REINSW Awards For Excellence - Small Residential Agency 2010

2010-10-13T18:08:00.001-07:00

We are very proud to announce that No Bull Real Estate is this years winner of the prestigous award REINSW Awards For Excellence - Small Residential Agency 2010.

No Bull Real Estate....our name says it all

Our winners represent excellence in service, creativity, determination, differentiation and commitment. They were selected for their demonstrated achievements of the highest level in their category.

Posted via email from No Bull Real Estate

WINNERS - REINSW Awards For Excellence - Small Residential Agency 2010

2010-10-13T18:07:00.001-07:00

We are very proud to announce that No Bull Real Estate is this years winner of the prestigous award REINSW Awards For Excellence - Small Residential Agency 2010.

No Bull Real Estate....our name says it all

[[posterous-content:pid___0]]

Our winners represent excellence in service, creativity, determination, differentiation and commitment. They were selected for their demonstrated achievements of the highest level in their category.

Posted via email from No Bull Real Estate

Median house price to tip $1m

2010-10-13T17:20:00.001-07:00

Sydney's median house price is expected to eclipse $1 million within the next few years, new research has found.

Just a decade ago, Sydney's median house price was $328,000 with few believing it would surpass $500,000.

However, the latest data from Australian Property Monitors found that over the next decade Sydney's inner city region is expected to maintain an average growth of 7.6 per cent with the median property price reaching $1.2 million.

This is not the first time predictions like this have been made. Earlier this year, Residex's chief executive officer John Edwards told Real Estate Business that Sydney had traditionally achieved a consistently high growth rate, which would force houses to tip the $1 million price bracket sooner rather than later.

Matthew Sullivan

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Housing figures flat in August

2010-10-12T17:45:00.001-07:00

Housing finance figures for the month of August have reflected a flat market with a lull in investment housing finance activity, the latest official figures show.

According to the Australian Bureau of Statistics, the number of commitments for established housing increased 1.4 per cent in August, in seasonally adjusted terms.

Meanwhile, the value of investment housing commitments fell by 3.9 per cent in August 2010, seasonally adjusted.

Real Estate Institute of Australia president David Airey said while investment housing had been "the bright spark" of housing finance earlier this year, this is no longer the case.

"We are seeing the cumulative effect of six increases in official rates between October last year and May this year and concerns about further increases in the months ahead, particularly from first home buyers and investors" Mr Airey said.

"The message for the Reserve Bank is clear, the latest finance commitments confirm a flat housing sector with no further tightening of monetary policy necessary," he said.

Belinda Luc

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Statement by Glenn Stevens - Rates to stay unchanged

2010-10-04T21:03:00.001-07:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.5 per cent.

The global economy grew faster than trend over the year to mid 2010, but will probably ease back to about trend pace over the coming year. Recent information is consistent with a more sustainable, but still strong, pace of growth in China and most of the Asian region. In Europe and the United States, growth prospects appear to be modest in the near term, a legacy of the financial crisis and its impact on private and public finances. Financial markets are still characterised by a degree of uncertainty, and are responding both to differences in growth outlooks between regions and evident strains on public finances and banking systems in several smaller countries in Europe. Most commodity prices have changed little over recent months, and those most important to Australia remain very high.

Information on the Australian economy shows growth around trend over the past year. Public spending was prominent in driving aggregate demand for several quarters but this impact is now lessening, while the prospects for private demand, and in particular business investment, have been improving. This is to be expected given the large rise in Australia’s terms of trade, which is now boosting national income very substantially.

Asset values are not moving notably in either direction, and overall credit growth is quite subdued at this stage, notwithstanding evidence of some greater willingness to lend. Inflation has moderated from the excessive pace of 2008. The effects of the rise in tobacco taxes aside, CPI inflation has been running at around 2¾ per cent over the past year. That looks likely to continue in the near term.

The current stance of monetary policy is delivering interest rates to borrowers close to their average of the past decade. The Board regards this as appropriate for the time being. If economic conditions evolve as the Board currently expects, it is likely that higher interest rates will be required, at some point, to ensure that inflation remains consistent with the medium-term target.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Man in shock after scammers sell his home

2010-09-12T17:55:00.001-07:00

Roger Mildenhall was living overseas when he found out last week that his property in Karrinyup which, was worth almost $500,000, had been sold in June.

He returned to Perth to find a second property he owned was also about to be sold.

Mr Mildenhall says scammers emailed his real estate agent saying he wanted to sell and even produced duplicates of the deeds to the house.

"It's been done electrically (sic) using faxes and emails and mobile phones and they have been backwards and forwards to my agent using an internet cafe," he said.

He says his neighbour told him about the sale last week and he returned to Perth just in time to stop the sale of the second property.

"They said that the house that was my rental property, had already been sold and that the locks had been changed in my own home and that was about to be sold as well," he said.

Mr Mildenhall has hired a lawyer in an attempt to get his property back and police are also investigating the scam.

Consumer Protection Commissioner Anne Driscoll says it is not yet known how the scammers succeeded.

"This is a very rare event; I'm not aware of another occasion where this has happened and it's therefore absolutely critical that settlement agents and real estate agents verify carefully that the person they're organising a sale for is actually the owner of the property," she said.

"The details of the scam need to be fully investigated for us to understand exactly what happened and how this dupe actually was so effective."

Real Estate Institute West Australian (REIWA) spokeswoman Anne Arnold said yesterday that agents need to be vigilant.

"It is increasingly going online and you have investors who own properties from abroad and they own properties in WA and you are reliant on email," she said.

"It is a really important message that you need to be doubly careful if it's overseas."

She says changes may have to be made to prevent future scams.

"The Real Estate board and REIWA would look at the need for agents to do a little bit more work around identity, but it does raise a lot of implications for agency practice so I guess we've got to think about that," she said.

via abc.net.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Interest rates damage buyer confidence

2010-09-07T23:37:00.001-07:00

Just 25 per cent of Australians think now is a good time to buy, new research has revealed.

According to Genworth's Homebuyer Confidence Index, housing affordability issues and rising interest rates are having a negative impact on buyer confidence.

Last year, more than 50 per cent of Australians thought 2009 represented a good year to buy.

This number has fallen sharply over the last year however, as rising interest rates take their toll on consumers.

"That said, there will still be opportunities for would be home buyers who are well positioned to service a loan but don't have a large deposit," Genworth's acting chief executive Paul Caputo told journalists yesterday.

Speaking at a Genworth media briefing in Sydney, Mr Caputo said lenders mortgage insurers were still insuring 95 per cent LVR loans to suitable applicants, which helps make home ownership possible sooner.

"Our historical modelling shows that while confidence has fallen slightly, it is significantly up on 2008 when falling interest rates could not offset recession fears," he said.

By Jessica Darnbrough

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Paul Hogan to sell U.S. home

2010-09-02T17:10:00.001-07:00

In the midst of Paul Hogan's Australian tax turmoil, the actor and his wife, Linda Kozlowski, have reportedly listed their Californian house for $US6.5 million.

Hogan, who started his career as a painter on the Sydney Harbour Bridge, first made a name for himself in the 1970's delivering a comical interview on A Current Affair, which in turn lead to his own show The Paul Hogan Show. He was awarded Australian of the Year in 1985 and was made a Member of the Order of Australia (AM). Hogan stared in his first film, Crocodile Dundee, in 1986, which became the most successful Australian film ever and won him a Golden Globe Award for Best Actor. Hogan has also starred in Crocodile Dundee in Los Angeles, Almost an Angel, Flipper, Lightning Jack, and Charlie and Boots.

Realestalker reports that the recently built French style mansion sits on 1.2 acres. The gated property includes a grand sweeping driveway, double garage, a handcrafted and carved hardwood front door, a formal living room with fireplace, formal dining room with a crystal chandelier, a large family room with French doors leading out to a terrace with an outdoor fireplace, a light filled gourmet kitchen, four bedrooms, and four bathrooms.

The grounds include beautiful lawns, a swimming pool, an open-air cabana with a second outdoor fireplace and mini-kitchenette, and an organic vegetable garden with a citrus orchard.

via http://www.millionplus.com.au

http://www.nobullrealestate.com.au

Posted via email from No Bull Real Estate

Gimmicks, gadgetry replace old-fashioned techniques to lure real estate buyers

2010-09-02T00:33:00.001-07:00

REAL estate agents are turning to gimmicks and gadgetry like iPhone apps in an effort to lure buyers.

The tricks have gone from baking bread and brewing coffee just before the start of an open house or setting up a sausage sizzle at an on-site auction to music video clips, iPhone applications and Facebook pages.

George Hadgelias, of Ray White Paddington in Brisbane, said agents needed to be more creative and make full use of a home's features during open house inspections.

"If we are marketing a property with a home theatre or media room we will have live concert videos playing during our opens," he said.

Mr Hadgelias said video was crucial in property marketing
"Many homes on our listings can be viewed via an online video tour," he said.

Chris Hinds, 26, is Australia's youngest RE/MAX principal, setting up RE/MAX Everything Property in Brisbane's CBD. A Gen Y-er, he produces video clips on the properties he has for sale, providing more than a virtual tours.

He said the videos put the property into a "lifestyle setting", profiling not just it but local bars, shops and infrastructure.

"Inner city property is prestigious and should be marketed like fashion or cars," Mr Hinds said.

Technology also is continuing to develop to meet the demands of information-hungry house hunters.

LJ Hooker has introduced an iPhone application that lets potential buyers view property listings and photo galleries, see listings on Google maps and find their nearest LJ Hooker agent direct from their iPhone.

And in an Australian real estate industry first, it comes bundled with SunLocator, which can give potential buyers an insight into how sunny or shady their new home may be.

It lets buyers track the path that sunlight travels over the block on any given day - overlaid on the camera screen of their phone. Predicting a property's sun exposure can help to plan the position of outdoor rooms, clothes lines and even solar panels.

Ray White New Farm has also set up a Facebook page for residents at the luxury Cutters Landing development at Teneriffe in inner-city Brisbane.

"New owners and tenants have become friends of the page and they can post photos about Cutters Landing," Ray White New Farm principal Heatley Cush said.

But sometimes the key to making a sale is ensuring agents are at the top of their game.

Mr Cush said he also kept staff and agents on their toes by using "mystery shoppers" to evaluate performance and "ensure we are always offering the highest standards of service".

via news.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

West Wallsend Community Museum

2010-09-01T23:11:00.001-07:00

A SHORT HISTORY

HOW DID IT COMMENCE?

In 1985, West Wallsend High School History Teacher, Brian Hayes, motivated by a keen interest in the local history, trialled a project, “Setting up a School Museum”, under the Participation and Equity Program. This included sending the students out into the community to interview older residents. Coming at the right time, the school was overwhelmed with the response. Local historians were keen to preserve the local history. The community handed over many items, pleased that their local history was being preserved in this way. West Wallsend and its surrounds is a community rich in local historical interest. A particular asset was that unlike most communities, the area over the years remained basically unchanged, retaining its country village outlook. It also has its share of ghost towns in the surrounding bushland. Residents came through times of depression and wars, and therefore no stranger to the need to hoard things. Garages and sheds abounded with articles and machinery that “might be needed someday”! Thanks to that, the Museum has some great things on display. Brian was in a quandary, what could be done with this rich accumulation of history arriving at the school? First of all he had to convince the School Authorities that a museum was in the best interests of the students. This achieved, he had to find a building that could house the collection. This was successful, and with help of the students, teachers, and members of the community, the collection was suitably displayed for visitors and proved a useful resource for the students.

WHAT HAPPENED THEN?
By 1986, the museum was ready to open to the public. Newspaper articles on the museum mentioned that the students used to say that “History was boring”, now it had become “Can we do the Museum again today, Sir?” The museum satisfied the aims of education, and became a place where students were encouraged to explore their cultural heritage. The collection outgrew the allotted classroom, and another project began, to build the second building which houses the domestic and research section of the museum. Completed in 1996, it was styled as a replica mining cottage, complete with wooden roofing tiles on the verandah. Brian Hayes was posted to another school, and towards the end of the 1990s, although the museum was still available to the public, it gradually slipped into the background. Concerned residents, kept saying “We really need to do something about this resource” but it wasn’t until 2005, when a notice was placed in the local “Neighbourhood News”, that those people said, “Okay! It is time! Let’s get a move on”. The initial meeting with the High School Principal, to discuss opening the museum on an official basis, was attended by just a couple of interested residents, soon there were two more volunteers, and a few months later, they were joined by another supporter, who had been part of the support group of workers in the 1990’s. Another volunteer joined the ranks recently. This remains the core group today. Originally the museum opened once a month, but quickly became weekly during school terms. No Bull Real Estate kindly donated the Museum Information Sign at the front of the school, advising the public of opening times. In October 2007, the museum celebrated the 21st anniversary of the museum opening. Brian Hayes with many others, joined in the celebrations. The volunteers appreciate the support of the community and local businesses.

WHAT CAN BE DONE TO IMPROVE THE MUSEUM?
During 2009, it was realised that if the volunteers wanted to be successful in gaining grants to improve the museum, they needed to become an incorporated group, complete with ABN number. Mount Sugarloaf is visible from far and near, and as the museum preserves the history of the entire local area, the name Sugarloaf & District Heritage Group Inc. was chosen.

WHAT ABOUT THE FUTURE?
The museum now approaches its 24th birthday, and there are plans for renaming the two buildings. The Mining Section is to become the “Ern Lambert Building” in recognition of all he did for the museum. The Domestic building will become known as the “Brian Hayes Building” in recognition of him being the motivator. Without his drive and enthusiasm, the museum would not exist. The signs were made by Multicam Routing Systems P/L with timber donated by Marshalls Timber P/L. The unveiling is planned at 10.30 am on Wednesday 27th October 2010. It is still just a small group of volunteers, working enthusiastically in preserving local history, they love talking to their visitors and showing them around the complex. There is excitement when visitors come along with artefacts that they think would be good to add to the collection.

WHAT DOES THE MUSEUM CONTAIN?
Mining, Industrial, Commercial Business items and photos. There is a new display of memorabilia from the West Wallsend Fire Station, which closed when the new station opened at Holmesville in July 2010. On view is West Wallsend Bowling Club memorabilia, and a historic stuffed bird collection from the Museum Hotel (that is a story in itself). Domestic items include very old handmade clothing, sewing equipment, house furnishings including ice chests, plus so much more. In the Research Section, there are family and town histories, school and area photos, a great collection of maps and drawings from the closed Stockton Borehole Colliery at Teralba. There is also ongoing research, for local war involvement. Local histories are on sale.

WHAT DOES IT COST TO ENTER?
We request a minimum of a gold coin donation. The museum is a non profit making concern, and therefore this support helps us acquire necessities.
WHAT IS NEEDED?
More helpers! If you are interested in history, can give the museum some time - either on an ‘on call’ basis in emergencies, or able to help out on a regular basis, then this will ensure that the museum continues showing our students, local residents and visitors what it was like to live here in times gone by.

Altogether, this is a museum to be placed on the ‘Must See’ list.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

No house price bubble for Australia

2010-08-24T23:30:00.001-07:00

Australia is not facing a house price bubble but a severe affordability crisis, a US analytics company says.

Speaking to Real Estate Business, Core Logic group executive George Livermore said the US property market faced a burst bubble during the GFC when borrowers chose to strategically default on their loans because of the dip in unemployment and the non-recourse mortgage trend.

“Some markets, like in Arizona, Florida and California, suffered a big price drop because underlying demand was never really there, so prices fell to where the underlying demand was,” he said.

“We’ve had a decade of overbuilding, over four million too many houses in the US, and it’s going to take some time to have demand back in the system,” he said.

Unlike the US market, Mr Livermore said Australia’s issue was more about average Australians being unable to buy into the property market because of a lack of supply.

“Affordability is not the same issue as a housing bubble,” he said.

“I hear talk about a housing bubble but I don’t think Australia is facing one.

“The government needs to address the issue of affordability through further supply,” he said.

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

13 Hugo Close Jesmond

2010-08-22T22:04:00.000-07:00

Terminating a lease

2010-08-22T20:52:00.001-07:00

Landlords are often faced with the situation where a tenant has breached a lease provision. Common examples are:

tenants failing to pay their rent and share of outgoings on time;

tenants failing to maintain the premises;

tenants altering the premises without the landlord’s approval;

tenants failing to take out all insurance cover as required under the lease;

tenants using the premises for a purpose outside the permitted use; and

tenants subletting the premises without consent.

What options are available for landlords in such circumstances?

Exercise a right of re-entry or forfeiture;

Terminate the lease for repudiation or breach of an essential term;

If the breach is capable of remedy, the lease may permit the landlord to remedy the breach and recover the cost from the tenant by accessing the bank guarantee or security deposit; or

If the breach relates to non-payment of monies due, charge the tenant default interest until the money is paid.

The focus of this article is on termination of the lease either by exercising a forfeiture right under the lease or the common law doctrine of repudiation.

Repudiation
It is now well settled law that ordinary contractual principles apply to all leases. Accordingly, the doctrine of repudiation is now an alternative basis for determining leases.

Generally speaking there are 3 main types of repudiatory conduct:

1.where a tenant intentionally no longer wishes to be bound by the lease;
2.where a tenant intends to perform the lease only in a manner substantially inconsistent with his obligations and not in any other way; or
3.where a tenant has breached a fundamental or essential term of the lease.

The first two limbs abovementioned are characterised as general repudiatory conduct. The third limb is more specific in nature, as it relates to the breach of a specified essential term of the lease.

1. General repudiatory conduct
Some caselaw examples of general repudiatory conduct are:

a.a landlord’s failure to register a lease when required to do so under the lease;
b.a tenant’s failure to pay rent and to comply with their repair obligations under the lease;
c.a tenant withholding rent and outgoing payments;
d.gross breaches of a quiet enjoyment provision by a landlord; and
e.a tenant abandoning the premises and returning the keys to the landlord.

However, the tenant’s failure to pay rent alone is not likely to constitute general repudiatory conduct.

General repudiatory conduct is not to be inferred lightly, and requires an objective assessment of all the circumstances relevant to the particular conduct to determine the tenant’s intention as to whether it intended to wholly renounce the lease or perform it in a manner substantially inconsistent with its terms.

2. Breach of an essential term
To circumvent the difficulties surrounding the application of the general repudiation doctrine, the courts have acknowledged landlords can specify in the lease which terms are essential in order for the landlord to terminate the lease without having to prove the abovementioned elements for general repudiation. Accordingly, most leases these days specify which lease provisions are essential to the lease bargain.

It is important that the essential terms specified in a lease are considered to be of particular importance and not cast too broadly, as a court may decide to strike down the effect of the clause.

However, a lease provision can still be treated as an essential term (even though it may not have been specified as such). The test for determining this is whether the term is of such importance to the landlord that it would not have entered into the lease unless it had been assured of a strict or substantial performance of the promise, as the case may be, and this ought to have been apparent to the tenant.

Forfeiture
Forfeiture is defined as a specified right under a lease for a landlord to determine it following a default by the tenant, which, when exercised, has the effect of bringing the lease to an end immediately.

Forfeiture usually occurs after a tenant breaches a condition of a lease or a covenant (where there is a proviso for re-entry of the premises).
Forfeiture of a lease can be effected by either the landlord re-entering, or bringing an action to recover possession of, the premises.

Forfeiture or repudiation
A landlord is not required to make an election as between these remedies when it wishes to terminate the lease due to the tenant’s default. They co-exist and may be exercised independently of each other.

However, there is a big distinction between these remedies, which needs to be carefully considered before exercising them.

The forfeiture remedy will generally only allow a landlord to recover rent owing up to the date of termination unless the lease reserves to the landlord the right to recover loss of rent for the balance of the lease term if that remedy is exercised.
Comparatively speaking, terminating the lease for repudiation will enable the landlord to recover damages for loss of rent for the balance of the lease term.
If a landlord chooses to terminate a lease for a tenant’s repudiation, it must make an unequivocal election by words or conduct to accept the tenant’s repudiation and terminate the lease. This can be done by issuing a notice of termination to the tenant and re-entering the premises.

Notice Requirements
Before terminating a lease for repudiatory conduct (including a breach of an essential term) or by forfeiture, landlords must ensure they comply with the notice requirements under section 146 of the Property Law Act 1958 (Vic). The section specifically does not apply to breaches relating to non-payment of rent.

Section 146 requires a landlord to first give a tenant a notice allowing a reasonable time to remedy the particular default before terminating the lease. If the tenant has not remedied the default within the notice period, the landlord may then terminate the lease.

Section 146 also allows tenants to apply to a court with equitable jurisdiction for relief against forfeiture of a lease. The courts have a broad discretion as to whether it will grant such relief, and will generally do so if the tenant rectifies the breach, is not likely to repeat it and will suffer greater detriment by not granting the relief.

Mitigation of loss
Landlords must take reasonable steps to mitigate their loss following termination of a lease due to a tenant’s default. This is usually done by a landlord seeking to relet the premises.

However, a landlord is only obliged to relet the premises to another tenant at a reasonable rent based on comparable evidence and on reasonable terms. In a falling market, this does not mean that a landlord is required to accept any rent that a tenant is willing to pay.

Conclusion
Termination of leases is a very complex area of law, and should not be taken lightly. Practically speaking, landlords should:

1.ensure their leases nominate key lease terms as essential terms and include a general right to recover loss of rent for the remainder of the term for any termination of a lease;
2.carefully consider their termination rights before proceeding (i.e. has the tenant breached an essential term or does the tenant’s conduct amount to a general repudiation of the lease or should the landlord exercise a right of forfeiture?);
3.ensure compliance with s.146 of the Property Law Act when exercising a termination right;
4.consider whether a tenant would be entitled to obtain relief against forfeiture before exercising a termination right; and
5.ensure they mitigate their loss following termination of a lease.

The information provided may not be relevent for your State or Country. You should seek further advise before acting on any information provided to ensure that you are working within the laws required where you live.

via nobullrealestate.com.au

Posted via email from No Bull Real Estate

Home buyers 'should wait until spring'

2010-08-19T21:53:00.001-07:00

HOME buyers should wait until spring to enter the property market, with prices set to tumble after a winter plateau, experts predict.

Sydney, Melbourne and Adelaide all recorded steady auction clearance rates over the weekend, with Brisbane - where private treaty sales outweigh auctions - the only exception, The Australian reports.

In Sydney, 61.3 per cent of the 384 homes listed were sold at auction, up 5.3 percentage points on last week's 56 per cent, according to Australian Property Monitors.

In Melbourne, 60.8 per cent of the 555 homes listed were sold, compared with last week's 67.3 per cent.

The top-priced sale was a four-bedroom, 873sqm property at Vaucluse, in Sydney's eastern suburbs, which sold for $3.7m.

Behind it was a four-bedroom, three-bathroom, 1920s residence in Melbourne's Malvern East that went for $3.4m.

Managing director of SQM Research Louis Christopher said property prices would begin to slide as early as next month.

"Because winter is a traditionally slow period, we've not felt the full extent of the struggles in our market to date," Mr Christopher said.

"We're seeing a drop in total sales . . . sellers should seriously consider their options if they're planning to trade up over the next 12 months, but for buyers it will be a great time to buy."

via news.com.au
No Bull Real Estate

Posted via email from No Bull Real Estate

House prices post largest fall since April 2008

2010-08-09T19:42:00.001-07:00

AVERAGE house price values have fallen for the first time in 17 months as interest rate hikes begin to bite.

Prices across the nation's capital cities fell 0.7 per cent, latest research from RP Data shows.

But experts say there is unlikely to be a significant downturn - as constantly predicted by a range of overseas experts - because of a national housing shortage.

In the three months to June, all capital cities experienced virtually no growth or a fall in values, with the exception of Adelaide, the RP Data-Rismark Hedonic Home Value Index has found.

Despite being the largest monthly fall since April 2008, RP Data's Tim Lawless said the result was not surprising.

"We've been seeing the writing on the wall, because we've also seen auction clearance rates deteriorating, we've seen housing finance commitments falling, suggesting demand in the marketplace has been abating," Mr Lawless said.

ANZ economist David Cannington also said the result was expected given the market had undergone so many months of continuous growth.

"While there was a fall in the month, still in annual terms, house prices are still 10.5 per cent higher than what they were a year ago," he said.

Bubble won't burst

The past few months have seen numerous predictions that Australia was experiencing an unprecedented and unsustainable housing bubble.

The Economist magazine earlier this month declared that Australian property had the poorest return on investment of the 20 countries it evaluated and US financial commentator Edward Chancellor estimated Australian house prices were more than 50 per cent above their fair value.

But local experts questioned these assertions, pointing to an undersupply of housing in the country.

Australian Property Monitors estimates there is a shortage of 200,000 dwellings in Australia, which has helped to put a floor under house prices.

ANZ’s Mr Cannington said predictions of a sharp fall in house prices were incorrect.

"We think the underlying fundamentals of the Australian housing market support house price growth, so we don’t think it's going to pop and house prices are going to collapse," he told news.com.au. "The Australian market is entering a period of flat growth or some consolidation.

"I think it's the end of the levels of growth that we saw last year, that's pretty clear, but I don’t expect that we'll see entrenched falls in house prices.

"This is just part of the cycle of coming back from those high growth rates."

Mr Cannington said the slowdown showed the recent round of interest rate increases had impacted housing affordability.

"I don't think (the RBA) wanted to see house prices growing at the rates they were growing at," he said.

RP Data’s Mr Lawless said basic housing market fundamentals remained "relatively healthy".

"If we were seeing mortgage default rates escalating then that would set off some alarm bells," he said.

Quiet market ahead

Mr Lawless said with pre-listing activity slowing down, buyers could expect fewer properties entering the market.

"We may see further declines, we may see some further increases, but it's essentially going to be a flat market going forward," he said.

There would be "more power" returning to buyers in coming months.

"It's more swinging to a buyer's market, because vendors have certainly had the power over the past 18 months or so," he said.

He said the Reserve Bank would be pleased with the result, with homebuyers almost guaranteed to be safe from a rate rise after next Tuesday’s monthly board meeting.

"Concerns about housing affordability and inflation have certainly been top of mind for the RBA," he said.

A weaker than expected inflation result earlier this week, combined with a housing market slowdown, would stave off an August rate rise, he said.

via news.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate

Jen Hawkins to build seaside home

2010-08-05T17:55:00.001-07:00

Australian supermodel Jennifer Hawkins, and her boyfriend of six years Jake Wall, have bought an $1.8 million oceanfront block of land in Sydney’s northern beaches.

Located directly on the water in North Curl Curl, the happy couple plan to build their ‘dream house’ there and already have architects and excavation plans underway.

The couple will bring their combined talents into show, Jakes building skills and Jen’s skills learnt from the Interior Design course she is currently completing via correspondence, to offer a personal touch to the house.

The former Miss Universe, now 26, has a sturdy contract with Myer, and her current net worth is believed to be more than $10 million, a vast majority of that is invested in property, including houses in Newcastle and Byron Bay, and an apartment in Kings Cross.

Posted via email from No Bull Real Estate

RBA decides to leave the cash rate unchanged at 4.5 per cent.

2010-08-03T21:51:00.001-07:00

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 4.5 per cent.

The global economy grew faster than trend over the year to mid 2010. The expansion has been uneven, with the major advanced countries recording only moderate growth overall but growth in Asia and Latin America very strong. There are indications that growth in China is moderating to a more sustainable rate as policies are now less accommodating. Similar adjustments to policies and growth rates are occurring in other countries in the Asian region. In Europe, while output in some key countries has been improving significantly, prospects for next year are more uncertain given planned fiscal contraction. US growth was stronger in the first half of 2010 but the pace of labour market improvement has been slow and the expansion may be somewhat lacklustre in the second half of 2010. Overall, the Bank expects global growth to be about trend over the coming year.

The caution evident in financial markets in the past few months has abated of late, helped by the disclosure of information about European banks. Nonetheless, the global outlook remains somewhat more uncertain than a few months ago and this is reflected in the volatility of financial prices. Commodity prices are off their peaks but those most important for Australia remain at very high levels, and the terms of trade are around their peak of two years ago.

With the high level of the terms of trade expected to add to incomes and demand, output growth in Australia over the year ahead is likely to be about trend, even though the effects of earlier expansionary policy measures will be diminishing. Consumption spending is recording a modest increase at present, with households displaying a degree of caution, but most indicators suggest business investment will increase over the coming year. Business credit has stabilised, though credit conditions for some sectors remain difficult. Credit outstanding for housing has continued to expand, but the upward pressure on dwelling prices appears to have abated.

The labour market has continued to firm gradually, and after the significant decline last year, growth in wages has picked up a little, as had been expected. Recent data for inflation were consistent with the Bank’s May forecasts, with underlying inflation declining to about 2¾ per cent, the lowest rate for about three years. The rate of CPI increase was a little above 3 per cent due to the effects of increases in tobacco taxes announced earlier in the year. Through to mid 2011, underlying inflation is likely to be in the top half of the target zone, while CPI inflation will probably be just above 3 per cent for a few quarters due to the impact of the tax changes and increases in utilities prices.

The current setting of monetary policy is resulting in interest rates to borrowers around their average levels of the past decade. With growth likely to be close to trend, inflation close to target and the global outlook remaining somewhat uncertain, the Board judged this setting of monetary policy to be appropriate.

via rba.gov.au

No Bull Real Estate

Posted via email from No Bull Real Estate

5A Irving Street, Edgeworth

2010-07-26T22:46:00.000-07:00

Govt invests in regional housing

2010-07-20T23:15:00.001-07:00

The federal government's decision to invest in regional housing infrastructure is money well spent, according to the Housing Industry Association (HIA).

Yesterday, the federal government announced it would build 15,000 new Australian homes in regional areas in a bid to solve the undersupply problem currently plaguing the nation.

HIA managing director Shane Goodwin said while the government's funding was a step in the right direction, Australia needs to create a balance between delivering new housing in urban ‘greenfield' areas and established suburban areas and in regional centres.

"Either way, funding the delivery of necessary infrastructure to support new housing is now the single greatest challenge for governments," Mr Goodwin said.

"The federal government's commitment to assisting regional cities with funding the delivery of necessary infrastructure will help bring forward housing projects without passing the costs onto new home buyers.

"Importantly, today's announcement acknowledges the critically important contribution that federal government must make in funding urban and regional infrastructure needed to facilitate and support the delivery of new and affordable housing."

via rebonline.com.au

No Bull Real Estate

Posted via email from No Bull Real Estate