The decline in loan application activity may be a result of rising coronavirus cases in many states, as well as the delay of a new government-issued stimulus package.
Blog
Day: August 6, 2020
After rebranding its Home trade-in model, Knock is now helping sellers swap homes in Denver. Its goal is to reach 11 markets before the end of 2020.
Twenty-five percent of homebuyers reported the pandemic has caused them to move — or speed up their moving timeline, according to a survey by Redfin.
EXp World Holdings, the parent company of the virtual cloud real estate brokerage, posted a net income of $8.3 million in the second quarter.
National Taxibox bookings have increased by 198 per cent as Millennials look to move back home to see out COVID-19 fallout. Picture: Supplied
New data shows a rise in young adults packing it in to move back home to their parents to ride out the rest of the coronavirus pandemic.
National results showed a 182 per cent spike in people between the ages of 18 and 24 hitting the Taxibox site, with bookings for the mobile self-storage company rising 198 per cent as they moved back to the comfort of their parents’ homes.
MORE: Brisbane’s biggest penthouse for sale
Tammy Hembrow splashes big bucks on Gold Coast mansion
‘It’s taken a pandemic’ but 43pc ready to ditch home loans now
Emily Dafter (centre) stored her gear to move back in with her parents Wayne and Astrid Dafter in Port Macquarie. Picture: Supplied.
Taxibox found that in the past six months, Brisbane saw a massive 214 per cent rise in new people between 18 and 24 go to their website, with bookings up even further at 243 per cent.
Taxibox found that the top suburbs across Sydney, Melbourne and Brisbane that need storage with also popular with the younger demographic – including Surry Hills, Paddington, Glebe, St Kilda and Woolloomooloo.
“With the pandemic leading to rising unemployment and many Australians, especially those in Melbourne who are re-entering lockdown and feeling the pinch – data indicates that the younger demographics (across all three states) are in the greatest need for storage,” a Taxibox statement said.
“With the average cost of rent for a unit over 863 per cent higher than renting a Taxibox, Millennials that decide to pack up and store their possessions to move back in with mum and dad have the opportunity to save on average over $2,000/month (for Sydney dwellers) and over $1,500/month (for Melbourne and Brisbane residents).”
The suburbs that topped the requests for storage were Bondi in Sydney, Richmond in Melbourne and West End in Brisbane.
Sydney suburbs with highest storage demand:
Bondi
Surry Hills/Darlinghurst
Paddington
Glebe
Woolloomooloo
Melbourne suburbs with highest storage demand:
Richmond
Clifton Hill
St Kilda
Brunswick
Prahran
Brisbane suburbs with highest storage demand:
West End
Carina
Alderley
Corinda
Nundah
*Based on a two-bedroom unit and one Taxibox per person.
Source: Taxibox
Emily Dafter, 25, who has been living independently for seven years, has recently put her gear in storage to move back home to parents Astrid and Wayne Dafter, and sister Alayna.
She had been living in Ashfield in Sydney’s Inner-West, and was moving back to her hometown at Port Macquarie.
“I am using this time to be conservative with my money knowing we’re in uncertain times, and because I moved out so young I’ve never had the chance to save.”
She said COVID-19 was certainly a contributing factor to her moving back home.
“Absolutely, if there were no COVID I would definitely remain in Sydney for the job prospects.”
Emily Dafter, pictured with sister Alayna and mum Astrid, has put her belongings in Taxibox storage and moved back home until COVID-19 workplace restrictions are lifted. Picture: Supplied.
Ms Dafter planned to store her possessions “indefinitely”.
“It really depends on when the government will advise people to physically return to work, which is when they will expect me back. Knowing the current situation in Victoria, it feels like it may be a while.”
She said COVID-19 had given her the benefit of ‘working from home’ which had not been available previously.
“I also moved to Sydney to chase the opportunities in my field (sustainability) which aren’t available at home. So for the first time in my life I am able to work from Port Mac in my dream job.”
Her studio apartment, she said, was convenient when she was out all the time, but did not work well when she was in isolation move or working from home.
“My lifestyle/living situation was suited to not spending much time at home,” she said.
FOLLOW SOPHIE FOSTER ON FACEBOOK
The post Coronavirus sparks rise in adults moving back in with their parents appeared first on realestate.com.au.
The Sands Torquay golf club and resort is being sold via an expressions of interest campaign after receivers were appointed.
A major resort and golf course on the Surf Coast will hit the market this month after receivers were appointed.
The mortgagee for the Sands Torquay appointed Stephen Hathaway of Helm Advisory as receiver soon after the business’s previous operator went into voluntary administration.
The golf course and health resort is being offered as a going concern, on a walk-in, walk-out basis, by Colliers International agents Guy Wells, Gus Moors and Joseph Lin.
RELATED: Top Geelong suburbs of past 20 years
Super site opens chance for inner city homes
Multiple offers for coveted lifestyle property
The trio will oversee the expressions of interest campaign from mid-August to September 23. But agents have already had suitors on the phone who were keen to bid.
The resort covers 195 hectares and includes a championship links golf course, designed by nine-times PGA Tour winner Stuart Appleby.
Also on site is a hotel with 112 upscale rooms, a health club and pool, and a restaurant and bar.
Mr Hathway described the resort as a great investment opportunity, regardless of market conditions caused by the coronavirus pandemic.
Originally opened in 2007, the resort generates multiple income streams, including golf club memberships and green fees from public users, accommodation and conferencing, health club memberships and revenue from food and beverage offerings.
Agents said golf course memberships and green fees had been increasing since the closure of the border of metropolitan Melbourne.
Administrators PKF Melbourne continue to trade the business.
The Sands Torquay golf club and resort is being sold via an expressions of interest campaign after receivers were appointed.
Mr Wells said groups that had tried to hold talks with the previous owners about acquiring the resort had reached out to show their interest.
“Whether they are the eventual buyers, or someone else, is too early to tell, but the phone has been ringing,” he said.
The asset will be sold as vacant possession, including all plant and equipment and the right to operate the business, Mr Wells said.
“They’re buying the right to operate the business, but it will be all plant and equipment, walk in, walk out,” Mr Wells said.
It has been reported the receiver hopes to sell for about $15m, which it is estimated would cover all creditors.
Holiday Inn: New residential tower to rise in Geelong Quarter project
“The end price will be borne out through the process but there has been interest circling that number,” Mr Wells said. “So I think if we can get there or a bit more it will be a good result.”
The sale could open the door to a rebrand, refurbishment or a reposition for the hotel to capture the growth in domestic tourism expected in the medium term.
“As we unlock from these restrictions we’re not going to be travelling overseas,” Mr Wells said.
“So people are going to be travelling at home, so the Surf Coast and Great Ocean Road, which is so often focused on international tourism, is going to be a playground for domestic tourists, which is a great outcome for everyone.”
The post The Sands Torquay on the market after lenders call in receivers appeared first on realestate.com.au.
Kings Quarter first purchasers Michael and Eileen Maskrey at Kingston. Picture: CHRIS KIDD
MICHAEL and Eileen Maskrey are the first buyers in Kingston’s new lifestyle precinct Kings Quarter.
And their excitement for writing their next chapter is infectious.
When the couple first saw the promotion for the development at Kingston Park — at the former high school that was relocated almost a decade ago — they had an inkling that it might be perfect for them.
And when the time came, the couple pounced at the opportunity to secure their preferred block, site No.1.
Kings Quarter purchasers Michael and Eileen Maskrey, Knight Frank property consultant Mickey White and development director Traders in Purple Jennifer Cooper. Picture: CHRIS KIDD
Kings Quarter artist render.
Michael said they have lived in Taroona for about 50 years and, for a while, had been looking for something new.
As they spend a lot of time in Kingston, he said they would like to be closer to the area’s shops, amenities and the beach.
Michael said the appeal of Kings Quarter was broad.
“One, we like the location where you can walk to everything that Kingston has to offer without needing a car,” he said.
“The quality of the build is appealing. When you look at what is on offer, we thought the value for money was excellent.
“And lastly, we like the idea of a mixed community lifestyle.”
Kings Quarter artist render.
Kings Quarter artist render.
The Maskreys chose a four-bedroom freestanding house with mountain views, a nice change from their Taroona river views.
“The thought of having an ensuite, a walk-in wardrobe, a good size living area, indoor-outdoor entertaining — it is very exciting,” Eileen said.
“We also like the philosophy of how the landscaping will be done and how the irrigation and water usage will be sustainable, which is so important these days.”
Eileen said Taroona had been a fantastic place to live and suited their lifestyle, but she could see a family moving into their home when they sell.
“We have never lived in a brand new house before,” she said.
“Mike has lived in a centuries old stone cottage before and in Taroona our home is from the 1950s era.”
Eileen said once they saw Kings Quarters, and realised it was affordable, it felt like a done deal on the spot.
“Talking to our friends about it, to a person, they all said it was a fantastic idea and that we had done the right thing,” she said.
Kings Quarter artist render.
Kings Quarter artist render.
Knight Frank property representative Mickey White said the precinct had been well received by the market.
“The sales display gives people confidence in the quality of what Kings Quarter offers and we have a ton of information that we provide to buyers including information about buying off the plan,” she said.
“Michael and Eileen were our first buyers and since then a few homes here have been snapped up by investors — it has been a good mix so far.
“Kings Quarter homes are a great investment when buying at today’s prices.”
Traders in Purple Tasmanian development director Jennifer Cooper said Tassie architects LXN had completed the design and a contact with a local builder would be finalised in the future.
She said the aim was for construction to start in early 2021.
Stage One, known as Birch Row, is on the market now with houses and townhomes available and more stages to come in the future. Contact Knight Frank or Harcourts Kingborough for details.
The sales display suite is open twice per week, Thursday and Saturday, or potential buyers can make private appointments.
For details including the precinct’s masterplan visit kingsquarter.com.au
The post Kingston lifestyle precinct hits the market running appeared first on realestate.com.au.
Chippies, brickies and tilers are expected to abandon Melbourne and go west as Victoria’s 10-year building boom stalls over the next two years.
The state’s homebuilding economy growth will plunge from top of the nation to the bottom by 2022, according to the Housing Industry Association.
It’s the second industry-shaking blow in days after Premier Daniel Andrews on Monday announced just five people would be allowed to work on new home sites at any given time during a six-week “pilot light phase” for the industry as the state battles COVID-19 cases.
RELATED: Victorian unit approvals plunge in May an ‘alarm bell’: UDIA
Master Builders: new limits may cut $456 million in revenue from construction a day
How COVID lockdown will affect property and construction
It also comes as industry guidance has warned construction workers will need to carry a permit to go to work on Melbourne building sites from 11.59pm Wednesday night, or risk being fined.
HIA senior economist Tim Reardon said COVID-19 would cost the state its “quite remarkable” six-year reign as Australia’s new homes powerhouse with plunging migration and international student numbers to erode the population growth driving demand for new homes.
Mr Reardon said Victoria’s housing industry had consistently outperformed its 10-year average for a decade, but with the number of new homes being built to fall from 55,000 in the past financial year to 44,000 across the next 12 months, the industry will lose jobs.
International demand has lead substantial skyscraper construction in Melbourne over the past decade. Picture: David Caird.
Builders working on apartment complexes around the city will be the most at risk, but the $25,000 federal government HomeBuilder grants are expected to provide a short-term boost for new house construction.
“Even with HomeBuilder and other government support programs, it’s difficult to see Victoria getting back to building the same number of homes in the next few years,” Mr Reardon said.
“Victoria has been attracting skilled building workers from a number of states, particularly out of WA and SA, but as employment opportunities slow there, and pick up in the west, we are likely to see some of those skilled building trades go back west.”
Carpenters, bricklayers and even tilers are among those likely to relocate.
Skilled builders are expected to abandon Melbourne over the next two years.
Prime Minister Scott Morrison on Wednesday flagged “serious issues” with how Victoria’s stage four lockdown would affect major construction projects and said the federal government would be watching how the state moderated its initial plans for the industry.
It was not clear if these concerns related to housing construction projects.
The Master Builders Association of Victoria yesterday warned the “pilot light phase” could impact up to $456m in revenue for the state a day.
At a press conference on Wednesday, Mr Andrews said they were working through special consideration to allow specialist trades and supervisors to move between various project sites under the new restrictions under a COVID safe plan.
Despite the current concerns, HIA’s latest Housing Scorecard showed how successful Victoria had been prior to COVID-19 at driving jobs growth, demand from international students and major infrastructure projects — with all three spurring its construction industry.
Those working on apartment construction are expected to be hit hardest. Picture: Jay Town.
The scorecard measures industry activity based on new house and unit construction, renovations, housing finance and migration figures.
It ranks states based on how they are performing against their own 10-year average.
The HIA report suggested that by 2022 Western Australia, currently at the bottom of the nation’s rankings, will replace Victoria at the top.
It is expected to rise as a result of falling international migration around the country, of which it has almost no reliance on at all.
The post Coronavirus: Tradies will abandon Victoria as building economy plunges over next two years appeared first on realestate.com.au.
A 45m marina berth in Rozelle is for sale.
Buying a house is not the only expensive property purchase you can make in Sydney if you happen to require a place to park your boat.
Marina berths are some of the hottest and hardest to find real estate across Sydney’s harbour locations.
When berths do come up for sale, they can cost as much as an inner city apartment or a house in western Sydney.
MORE: Inside Karl Stefanovic’s new waterfront mansion
First-home buyers to benefit from stamp duty changes
House price falls largest in 16 months
This marina berth has a $650,000 guide.
While most marina berths can only be rented on Sydney Harbour, there is one that can be purchased outright in the inner west.
Located at the exclusive Balmain Cove Marina in Rozelle, the 45m berth is advertised as “residential land” with a $650,000 guide. That is the same price as a one-bedroom apartment on George St in Haymarket, or a three-bedroom house in Blacktown.
Balmain Realty principal Scott Robertson said the marina berth is a rare opportunity to park a super yacht or a few smaller boats.
A one-bedroom apartment at 718 George St in Haymarket has a $659,000 guide.
A yacht of this size could theoretically dock at Balmain Cove.
“This would be one largest marina berths that you could possibly own on Sydney Harbour,” he said.
While the guide may sound like a lot, it’s nothing when 45m yachts can cost upwards of $15 million — the same price as the current inner west residential record.
The berth sits on a strata title and comes with security, power, and lighting, as well as water and sewer pumping facilities.
This house at 38 Ross St, Blacktown, is one the market with a guide of $690,000.
Mr Robertson said marina berths are attractive to not only boating enthusiasts, but also investors.
“Marina berths are generally hard to find, so they are prized when they do come up for sale,” he said.
Like all good things that sound too good to be true, this marina berth does come with a catch. It can only be purchased by investors or residents who own an apartment in the Balmain Cove development.
The berth is one of the largest in Sydney.
A penthouse in the complex at 189/5 Wulumay Cl, Rozelle, is currently for sale with an guide of $2.4 million. Mr Robertson said the penthouse is one of the first three-bedroom properties to come up for sale in the area in several years.
If purchasing a marina berth is out of the equation, Double Bay Marina currently charges $3300 per month for vessels of 15.5m in size — 29.5m smaller than this berth. This would set you back $500 a month more than renting the average Sydney house, according to SQM Research.
SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER
The post Sydney marina berths selling for the same price as a house appeared first on realestate.com.au.
No. 104 Captain Cook Crescent in Narrabundah is up for sale.
Bold and dramatic, this striking concrete creation is seeking its first live-in owner.
Built by Classic Constructions and dubbed The Kew, the Narrabundah property was crowned the Housing Industry Association ACT/Southern NSW Home of the Year and Display Home of the Year in 2017 and has since served as a display home.
MORE: Inn-turned-homestead seeks new custodian
Selling agent Dan McAlpine, from Belle Property Kingston, said the design of the two-storey, four-bedroom property at 104 Captain Cook Crescent made the most of 654sqm lot and natural light, which was complemented by feature lighting.
The house uses all space on offer.
“It’s been designed really well for the block, especially given it’s a relatively small block but they’ve maximised both natural light aspect and position,” Mr McAlpine said.
“The inclusions are exemplary, and it’s got something for everyone. In reality, it’s been built with family living in mind, but it also has really broad appeal.”
The home combines a minimalist theme and sleek lines with warm natural tones and textures to create a contemporary yet homely vibe.
The lower level has been dedicated to living space, while all the bedrooms are located upstairs.
Built for entertainment.
Slick interiors.
Consideration has also been given to sophisticated technology and energy efficiency, with Cinescope security monitoring system, automated blinds, solar panels and double-glazed windows and doors.
The rumpus room has an integrated Blu-ray and surround sound theatre acoustics.
“The house has a really smart use of technology in terms of how the whole place has been put together, from security to one ‘kill switch’ for all the lights for the whole property. So, out you go and one button turns everything off.
An innovative design.
“Everything has been designed and thought about for long-term use.
“Classic Constructions are a very highly regarded builder in Canberra not only in greenfield suburbs but in established suburbs as well for knockdown, rebuilds.
“The person who buys this home gets to have all of the benefits without having to go through the long, drawn-out process of building and add-on costs. The new owner will simply have to move in and unpack. There’s nothing more to do.”
The property will go to auction on 29 August at 3pm. Mr McAlpine expects it to fetch a sale price in the high $1 millions.
The post Award-winning Narrabundah concrete display home beckons its first resident appeared first on realestate.com.au.