IMAGINE Buying a “home” for less than $150,000 just 10 minutes from the centre of Hobart.
OK sure, this one is not your traditional bricks-and-mortar investment, but this tiny house can take you anywhere, on water at least.
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TASMANIANS are pocketing more of their income with mortgages and rents becoming more affordable.
But the number of local first home buyers decreased significantly in the June quarter, down 8.2 per according to the latest REIA Housing Affordability Report.
But there are signs that dismal figure is turning around, according to Master Builders Tasmania.
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Building approvals data for July, which were not counted in the June quarter figures, shows that buyers are starting to take advantage of the generous government stimulus packages, which could total as much as $45,000 thanks to the Tasmanian Government’s $20,000 first home buyers grant and the Federal Government’s $25,000 HomeBuilders scheme.
Those financial incentives are also on top of the First Home Loan Deposit Scheme and various state concessions.
1st year carpenter apprentice Oscar Bresnehan (front) with Master Builder’s chief executive Matt Pollock and 3rd year carpenter builder’s apprentices Joel Millhouse. Picture: RICHARD JUPE
“Dwelling approvals totalled 321 in July, a jump of 50 per cent compared to June, and 28 per cent above the total number of dwelling approvals in July 2019,” Master Builders Tasmania executive director Matthew Pollock said.
“HomeBuilder has boosted confidence in the residential sector which is starting to show up in the approvals numbers.
“We should see more HomeBuilder supported activity showing up as new dwelling approvals towards the end of the year.”
generic pic of builder inside new house under construction
In the June quarter, first home buyers in Tasmania made up a tiny 1.9 per cent of all first home buyers in Australia, according to REIA.
The average loan to Tasmanian first home buyers also increased to $303,089, an increase of 0.3 per cent over the quarter and an increase of 1.7 per cent compared to the June quarter 2019.
Mr Pollock said low interest rates were also helping to boost the debt servicing capacity of Tasmanian households.
“Which means for those with the required savings it’s still a very good time to be investing in that new home.” Mr Pollock said
Wilson Homes CEO Tim Ribbons said the market tightened significantly in March and April, the height of the lockdown, but picked up significantly in July.
He said the government stimulus packages had boosted confidence in buyers and the industry, with Wilson Homes now expecting to post a record-breaking year for new home deposits.
“In June we took 27 deposits. In July and August we have taken about 150,” he said.
Mr Robbins said first home buyers made up about 75 per cent of those new home deposits.
“Around Hobart they are looking at Brighton, Kingston, Austins Ferry,” he said. “Elsewhere its places like Devonport and around Launceston.
“Compared to this time last year (before COVID-19) we are well up.”
Meanwhile, the REIA report also found that rents in Tasmania had become more affordable over the last quarter, with the proportion of income required to meet median rents decreasing to 28.5 per cent, a decrease of two percentage points over the quarter and a decrease of 1.4 percentage points compared with the June quarter 2019.
This is believed to be the result of more properties entering the rental pool due to the impact of closed borders on short-term accommodation providers such as Airbnb, forcing more stock into the market.
Nationally, REIA president Adrian Kelly said rental affordability had improved in both the June quarter and the past year.
“Rental affordability has not been this high since December 2007, a positive for renters in these COVID times,” he said.
In terms of mortgages, the proportion of income required to meet home loan repayments in Tasmania also decreased to 29 per cent, a drop of 0.6 percentage points over the quarter but an increase of 1.7 percentage points from the June quarter 2019, according to the REIA report.
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Building a brokerage from the ground up is no easy task, especially in the middle of a pandemic. But these three women did just that, and they think other women should, too.
Adelaide’s north is home to the highest yielding suburbs across Australia’s capital cities, new data shows.
Househunters looking for an investment property with a promising rent return should consider buying in Adelaide’s north.
All but two suburbs on the list of top 10 highest yielding areas across Australia’s capitals are in the city’s northern region, according to latest realestate.com.au.
Elizabeth Downs, which has a median house price of $190,000, topped the list with a 7.9 per cent yield, followed by Elizabeth North ($158,000 median and 7.8 per cent yield) and Elizabeth South ($172,000 median and 7.7 per cent yield).
Davoren Park ($175,000 median and 7.4 per cent yield) and Smithfield Plains ($186,000 median and 7.3 per cent yield) rounded out the top five.
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In comparison, Greater Adelaide has a median house price of $480,000 with a rental yield of 4.23 per cent.
Chief economist at realestate.com.au Nerida Conisbee said with capital growth so uncertain in the current market place, many investors were focusing on rent returns.
“The areas that continue to see the highest yields in Australia are dominated by the Elizabeths in northern Adelaide,” she said.
“Even close proximity to an Elizabeth will give you a high yield.”
However, she warned high yielding suburbs often had both low capital growth and rental demand.
The Elizabeth Downs house at 18 McCullogh Street, which is currently being rented out for $250 per week, is on the market with a $199,000 to $219,000 price guide. Pic: realestate.com.au
But LJ Hooker Craigmore/Elizabeth investment manager Benjamin Watkins said they were often inundated with applications for rental properties in the northern suburbs.
With plenty of development over the past few years, he said more people were attracted to the area and there was a wide range of property on offer, from older homes to newer ones.
“We’ve always had strong competition,” he said.
“And that area covers so many demographics, from affordable to middle class (properties).”
As an investor in the area himself, Mr Watkins believed it was a good area to buy an investment property.
HIGHEST YIELDING SUBURBS IN AUSTRALIAN CAPITAL CITIES
(Suburbs, state, median house price, yield)
1. Elizabeth Downs, SA – $190,000, 7.9%
2. Elizabeth North, SA – $158,000, 7.8%
3. Elizabeth South, SA – $172,000, 7.7%
4. Davoren Park, SA – $175,000, 7.4%
5. Smithfield Plains, SA – $186,000, 7.3%
6. Elizabeth Park, SA – $201,500, 7.2%
7. Elizabeth East, SA – $212,500, 7.2%
8. Zuccoli, NT – $225,000, 7.1%
9. Bridgewater, TAS – $285,000, 6.9%
10. Elizabeth Grove, SA – $225,000, 6.8%
(Source: realestate.com.au)
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This house at 2/56 David Low Way, Sunrise Beach, has sold for $10m.
RENOWNED building designer Paul Clout has sold his jawdropping beachfront Sunshine Coast home for $10 million — the latest in a string of big sales in Noosa’s red hot property market.
The three-level house at 2/56 David Low Way, Sunrise Beach, is in the exclusive Beaches estate and offers direct beachfront access from a private gate and ocean views from almost every room.
The view from the living area of the home at 2/56 David Low Way, Sunrise Beach.
The sale was negotiated by Cameron Urquhart Tom Offermann Real Estate, who said properties in the gated estate rarely came up for sale because they were so tightly held.
“There are only eight properties and discerning purchasers are seeking ultra-luxury right on the beach, such as this 2018 HIA Sunshine Coast House of the Year,” Mr Urquhart said.
Paul Clout designed this at home at 2/56 David Low Way, Sunrise Beach.
The house was designed by Paul Clout for himself and his family to live in and has three large bedrooms, four bathrooms, plus an office.
The home has multiple living areas covered in American oak floors and a statement Statuary marble feature wall with a huge integrated fireplace.
Every room in the house has ocean views, except the study.
Sliding doors open out to the terraces around the wet-edge pool, spa, conversation pit and alfresco.
The kitchen features an island bench and a butler’s pantry in Statuary marble, 2-pac cabinetry with American oak doors and panels, and integrated appliances.
The pool area of the home at 2/56 David Low Way, Sunrise Beach.
The master suite has a terrace and an open ensuite with a free-standing, oval bath tub, double shower and walk-in wardrobe.
The other bedrooms also have open bathrooms with baths and kitchenettes.
Building designer Paul Clout has just sold his Sunrise Beach home for $10m. Picture: Drew Fitzgibbon.
There’s even a rooftop terrace, offering panoramic views from Lions Head in the Noosa National Park to Mooloolaba and beyond.
The home has been fitted with the latest home technology, custom-built features and high-end finishes.
The impressive open plan kitchen and dining area.
Tom Offermann Real Estate principal Tom Offermann said the property sold to an interstate buyer after attracting interest from overseas expats and multiple virtual tours.
“As you would expect with a designer’s own home, it integrates perfectly with the seascape and the elements,” Mr Offermann said.
“It’s a house that flows beautifully … without being too big and having too many bedrooms which are never used.”
Mr Offermann said he believed the effects of COVID would last many years, in terms of the change to people’s thinking about how they invest their money.
The bedrooms come with open bathrooms and freestanding baths, plus balconies of course.
“Some people who’ve been really successful are now saying; ‘Damn, I’m just going to spend it on myself, while others are saying; ‘I don’t want to live in a big city anymore’, or ‘I won’t be going overseas so I’ll invest in a holiday home,” he said.
“A lot of decisions are being driven towards investing in locations like Noosa.”
The home is of contemporary design, with premium finishes and custom-built features.
The post Designer’s amazing Noosa beachfront pad sells for $10m appeared first on realestate.com.au.
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No. 3A Mullen St, Balmain, is perfect for the cinema fan.
A converted Balmain semi is shaping up to be the perfect place to isolate from coronavirus over the summer months.
With an outdoor cinema and fire pit, the new owners of 3A Mullens St, Balmain, will no longer need to worry about battling the crowds at Sydney’s popular moonlight cinemas.
The three-bedroom property is being sold by Project One project director Elena Chakar, and ADM Capital investment director Damon Petrie.
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Under their ownership, the couple have transformed an original weatherboard cottage into two, two-storey semis, with the other one selling in 2017 for $1.9 million, according to CoreLogic.
Listed with McGrath Balmain’s Scott Bunnell and Cindy Kennedy, the semi is set to go under the hammer on September 12 with a $1.8 million price guide.
The family residence is equipped with high end contemporary finishes and is perfect for the entertainer, with a spacious open plan kitchen and living area flowing out to the rear.
The kitchen has stone benches.
The living room with a sandstone wall is connected to the rear courtyard.
Ms Chakar said the home has been designed with entertaining in the mind, with the backyard centred around the projector wall.
All of the three bedrooms feature built-in wardrobes, with the main also having an integrated ensuite bathroom with a rain shower. Smeg gas appliances, a walk-in pantry and stone benchtops can be found in the kitchen, while a stylish wooden wine cellar is located beneath the staircase.
The bathroom is integrated into the main bedroom.
The wine is kept below the stairs.
While the backyard cinema is bound to be popular with both kids and adults throughout the summer months, there is also established gardens, a water tank and a barbecue deck outside.
The listing comes as the inner west auction market continues to see a buyer resurgence. An analysis of CoreLogic’s auction reports found the clearance rate in the Sydney region has been above 75 per cent for the past three weekends, with the strongest rate of 89.5 per cent achieved a fortnight ago.
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