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Sydney, Melbourne house prices: Suburbs littered with empty apartments. DESPERATE landlords are having to slash rents to get citydwellers to move into their properties as new data shows our cities are littered with empty homes. While there’s a mixed picture for Melbourne and Brisbane, Sydney has just recorded its highest vacancy rate in at least 13 years — as SQM Research figures now show 2.8 per cent of the city’s units and houses are sitting unoccupied.
And they say it’s only going to get worse in the coming months. That adds up to 19,572 residential rental dwellings estimated to be sitting vacant and available for rent, and experts say it could signal a dramatic slowdown in the city’s economy. The new data shows this worrying downturn in the Harbour City has forced a fall in the asking rent for a house by 0.8 per cent on average and it could lead to tighter regulations on new developments, which could hamper the city’s booming construction sector. Mr Christopher said there are three mains reasons behind the alarming figures. Nocookies | The Australian. World Population Day: How ‘megacities’ are expanding. THE incredible expansion of the world’s major cities has been highlighted in compelling images shot over the last three decades.
The maps, published by news.com.au for United Nations World Population Day, aims to highlight the importance of global population and the increasing demand for urban expansion. The current world population sits at 7.6 billion, with China, India and the United States being the three most populous countries. Australia sits at 54 on the list with 24.7 million people, but the national population is expected to hit 25 million this August, a milestone that wasn’t projected until 2051. Descartes Labs, a predictive intelligence company, has tracked expansion in ‘megacities’ including Las Vegas and Beijing using before and after aerial shots. Jason Schatz, applied scientist from Descartes Labs explained the images were captured using Landsat, which is a series of Earth observing satellites. Beijing, China Chongqing, China Sao Paulo, Brazil Dubai, United Arab Emirates.
Chinese investors now after smaller, higher-quality real estate in Australia: report. Chinese investors and developers are targeting smaller, higher-quality real estate assets in Australia in response to Beijing’s recent restrictions on capital outflows, says a report by KPMG and the University of Sydney. Tighter control of overseas direct investments and deal-approval regulations saw Australia’s share of China’s global spend fall 11 per cent to $US10.3 billion ($13.5b) in 2017, faring better than the United States (down 35 per cent) and Europe (down 17 per cent) in the year. Australian commercial real estate was second only to mining in popularity for Chinese buyers, attracting one-third of all Chinese investment in Australia, worth $4.4b, or 11.5 per cent of China’s total spending on real estate globally, says the report Demystifying Chinese Investment in Australia, which was released on Tuesday.
While deal numbers were steady, the value of investments in the real estate sector fell 22 per cent from 2016. Intercontinental Hotel, Double Bay, was bought for $139m in 2017. Camden council challenges family’s right to keep cabin on wheels in their backyard. Parking a caravan in your backyard or driveway is an Australian property right that’s as old as Vegemite and almost as common. But what if the caravan looks like a small holiday cabin on wheels and gets brought in on a crane? “Go for your life” is the answer from the NSW Land and Environment Court (LEC). In a decision that could pave the way for many such “mobile structures” to pop up across the state, the court has upheld a Sydney family’s right to put one on their land without getting development consent from the local council. In an unequivocal judgment, Senior Commissioner Susan Dixon found that the Russell family of Currans Hill in south-west Sydney had every right to put the structure in their backyard in October last year.
It overturned an order from Camden Council which had claimed that the caravan was an unauthorised development and demanded that it be removed. “So you can see that there’s pressure on them in terms of space. But Camden council disagreed. Property sizes, prices in Australia: Has ‘home ownership’ dream changed? AUSSIES have long aspired to owning a house on a large plot, yet that dream is all but gone in our cities. Sure, we still want the house, though perhaps not the quarter-acre of land with a flower garden and Hills hoist. Of course, high property prices have played a role in this change, but so too have modern zoning rules and a general desire to be more efficient with what we have. Look around — the result has been bigger houses on smaller plots. And it’s not just that the houses are bigger than the red-bricks and bungalows of previous eras, they also extend to the boundaries of suburban plots to eliminate the traditional front yard.
For better or worse, our suburbs are looking very different to the ones we grew up in. “The lot sizes in older suburbs can be 600 or 700sq m [and] up, while the lot sizes today can be 350 or 450, and that inherently means you have a narrower block,” says Brookfield. “Some bigger blocks are getting two houses, not just one.” “Old houses are seen as dowdy. How retirees are changing Sydney's economic power balance. The distribution of economic power in our biggest cities is shifting as the baby-boomer generation moves into retirement. Regions of Sydney and Melbourne, which traditionally had the highest incomes, are surrendering that position as their communities get older.
This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Beginning of dialog window. End of dialog window. When Prince Harry met Harry Am I the everyman Australian? Michael Hing says he is the everyday relatable Australian, according to the 2016 census. Prince Harry attended the premiere of Christopher Nolan's World War II film Dunkirk where he met stars Harry Styles, Mark Rylance, Tom Hardy, Cillian Murphy and more. Beyonce debuts her twins on Instagram The superstar introduces her twins, Sir Carter and Rumi to the world.
DMX charged with evading $2.1 million in taxes DMX charged with evading $2.1 million in ... The Wheel set construction The Wheel set construction. Premier Gladys Berejiklian announces housing affordability reforms. First home buyers will be helped into the property market with more than $1 billion of stamp duty concessions and measures to level the playing field with investors under reforms unveiled by Premier Gladys Berejiklian to tackle housing affordability. But the NSW government is being criticised for an absence of measures to boost the construction of affordable housing for low and medium-income key workers such as nurses, teachers and police.
This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Caption Settings Dialog Beginning of dialog window. Police convinced remains are Leveson Berejiklian announces housing ... Berejiklian announces housing affordability reforms NSW Premier Gladys Berejiklian has announced changes to stamp duty from July 1. Forensic tests conducted in the Royal National Park have led police to believe that the human remains found are that of missing man Matthew Leveson Bones found in Matthew Leveson search. Gosford now the most affordable spot in Greater Sydney for first home buyers. The most affordable spot for Sydneysiders looking to buy their first home is so far from the city it barely counts as Sydney at all. Gosford, 65 kilometres from Sydney’s centre, on the Central Coast and the cusp of the Greater Sydney, is the cheapest area for first time buyers. Domain Group’s First Home Buyers Report, released on Friday, deemed just 11 suburbs “affordable” – under $459,010 – based on the average New South Wales first home buyer loan size in the 12 months to March in addition to a 20 per cent deposit.
This two-bedroom townhouse sold in May for $410,000 – just short of Gosford’s median house price of $412,500. Photo: Supplied. If you include the $10,000 boost from the First Home Owner Grant for new properties an extra six suburbs are rendered affordable – 17 in total. “Declining affordability is pushing first home buyers further and further out,” Domain Group data scientist Dr Nicola Powell said. He said stamp duty concessions could increase demand and therefore prices. How China's real estate bubble pushes up prices in Sydney. It didn't seem a hotbed of revolutionary anger. It was one of the big, global conferences that usually are the domain of the powerful and the respectable.
But at China's annual Boao Forum in March, emotions ran high in the session on real estate prices. The five panellists on stage were debating whether China's property market was a bubble waiting to burst. The expert panel, mostly Chinese, was divided. This upset other experts, who argued stridently that prices would be solidly supported by the strong flow of population from the country to the cities, so-called urbanisation. But it was in the question and answer session that the real anger showed. We younger Chinese can't afford to buy homes in the cities, he pointed out. In China, home of the communist revolution against the landed classes, talk of an uprising isn't a light matter. "You think our kids are frustrated with property prices," says Hasan Tevfik, research analyst at Credit Suisse in Sydney.
Will that deter Chinese buyers? Sydney, Melbourne property prices: Regional centres new inner city as buyers look further out. Gosford city centre on the NSW Central Coast. Picture: Gregg Porteous IT’S got all the hallmarks of trendy inner city neighbourhoods. Coffee shops with a vast array of roasts, a small bar with a cosy nook to settle into. But this isn’t Sydney’s Newtown, Melbourne’s Carlton and Brisbane’s New Farm — all minutes from the CBD.
This is Gosford — on the NSW Central Coast — and it’s one-and-a-half hours by train from central Sydney. If you’re young and upwardly mobile moving a few suburbs out from the CBD is no longer enough. On Tuesday, NSW Premier Mike Baird said first homebuyers would increasingly have to choose between urban living in crowded apartment blocks or “greenfield” sites outside the city if they wanted a home with the Aussie staple of a garden. “Across the world, with increasing populations there are changing notions of the home and how it’s situated,” said Mr Baird who lives in Sydney’s sought after Northern Beaches a half-hour ferry ride from the Sydney Harbour Bridge. Play Video. Steve Keen: rebel economist with a cause. Steve Keen can only roll his eyes when you mention, as he puts it, "that bloody bet". On a balmy Sydney summer day, Keen reflects on taking and then losing a wager that house prices would plunge 40 per cent in the wake of the GFC.
That bet resulted in Keen undertaking in 2010 a well-publicised 224 kilometre hike from Canberra to Mount Kosciuszko. This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Caption Settings Dialog Beginning of dialog window. Diamond days Rates on hold As widely expected, the RBA has left rates steady for December. This award-winning residence went under the hammer. Life's a beach Prestige properties right on the water. States BBQ: Investment property RBA keeps rate at record low. The essence of Erskineville This Sydney suburb has undergone a significant transformation but maintained its village-style atmosphere and strong sense of community.
Beach shack sells for $3 million Elaine Gardens Fresh ideas needed Debt reset. Is Southeast Queensland 'Golden Triangle' about to boom? Southeast Queensland is predicted by many to be Australia’s next property hot spot. According to some pundits, the equilateral triangle around Brisbane backed by the Pacific Ocean to its east is ripe for above average capital value growth. McGrath Real Estate CEO John McGrath recently dubbed this geographic zone “the Golden Triangle” of real estate in 2015. What exactly is it? If you look at a map of the Sunshine State and draw a line arcing southwest from Caloundra on the Sunshine Coast towards Toowoomba on the Darling Downs, and then down to Surfers Paradise on the Gold Coast, the area inside that half-circle will be roughly an hour’s drive from Brisbane’s CBD … welcome to the proclaimed golden triangle of property investment.
Land value: The Gold Coast is glittering again Why should we take note? This triangular shaped region is set to boom between now and 2020, McGrath told delegates at the 2015 Australasian Real Estate Conference held on the Gold Coast. What does the broader market think? Working from home could kill off cities as we know them. Imagine if you didn’t have to battle other commuters to make it here every day? Picture: Mark Stewart MANY companies are releasing technology to make working from home easy. If you find one that works, pay very close attention. If working from home becomes functional, many office workers may no longer have to live near their offices, or even in the city at all.
That’s a giant chunk of the economy. It could set off a cascade that changes everything — including reducing the value of property inside cities and lifting the value of property everywhere else. Cities seem to be forever, but they actually ebb and flow with the patterns of the economy. During the 20th century, agriculture ceased to be the most important industry in Australia, as the next graph shows. Source: SGS Economics and PlanningSource:Supplied Cities near major ports tended to do especially well, as international trade became more and more important. OK, I admit it — they’ve been saying this for ages. That never happened. How Sydney's planners are using the 'Latte Line' to try and reshape the city.
They're calling it the Latte Line. Or perhaps the Goats Cheese Line. Whatever the cliché, a hypothetical boundary drawn on the diagonal between Sydney Airport, Parramatta and Sydney's north-western suburbs has become the guiding principle in planning the city's future. This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Captions Settings Dialog Beginning of dialog window. Sydney University receives record $35 donation Sydney's population booms Pressure on Sydney's already-stretched housing and transport needs are a "symptom of Sydney's success", says NSW Planning Minister Rob Stokes. Sydney University receives record $35 ... The University of Sydney will build part of a new health precinct with a record $35m donation from Susan and Isaac Wakil in April. Screams as HSC students receive ATAR scores Screams as HSC students receive ATAR ... Tears, shouts and quiet contemplation as Sydney HSC students get their ATAR scores.
Stocktake your tech: Keep, sell or toss? | nbn - Australia's new broadband network. Federal budget 2016: Top earners benefit most from negative gearing, Grattan Institute finds. Chinese investments in Australian property doubles as FIRB real estate approvals overall jump 75 per cent. New York style apartments in Sydney, Melbourne and Brisbane: Buying off the plan. Ghost houses: Negative gearing causing artificial shortage, University of Sydney researchers claim. Building Supertowns: Going Regional.
Fast growing towns: Toowoomba. Capital city land prices keep rising: CoreLogic RP Data.