Archive for June, 2012
Docklands' standing as a Melbourne property investment hotspot is set to be bolstered with the opening of a community garden on Geographe Street.
The location is advertised as a great place for residents to get their hands dirty pottering in the garden, or simply to sit back and relax amongst the lime trees and flower beds.
"Docklands residents have formed a gardening group and have planted a range of edible herbs and veggies. There are lemons and limes on the trees and rosemary for roasts alongside barbeque facilities for everyone to use," said lord mayor Robert Doyle.
"With a fire to gather around on a cold day, a range of garden beds and fruit trees, the Docklands garden provides a great new meeting place for locals and visitors alike."
Experienced property investors understand the importance of community projects such as the Docklands garden, an initiative that is sure to attract more residents to the growing suburb.
A free family fun day of music, food and celebrations will officially open the gardens on July 15, and celebrity gardener Vasili Kanidiadis will be on hand to offer tips and advice.
Posted by Sara Pritchard
Sydney is set to become a world nightlife destination with the announcement of a new draft strategy and action plan entitled OPEN Sydney: Future directions for Sydney at night.
Those with Sydney investment property stand to benefit from the plan, which involves a number of initiatives aimed at supporting later retail trading, as well as providing more after-dark cultural experiences for the community.
"Sydney has an exciting, diverse range of choices available during the day," said Sydney's lord mayor Clover Moore yesterday (June 27).
"Residents have told us they'd like to see these choices extended into the evening, making our city an exciting after-hours destination that will greatly benefit our night-time economy."
The NSW capital already has the strongest night-time economy in the country according to the City of Sydney, contributing over $15 billion dollars into the local economy every year.
Furthermore, almost one-third of jobs in the city are driven by after-dark visitors.
Amongst the ideas raised by the draft strategy include hosting Australia's first ever Nuit Blanche – or White Night – in which the city's museums and art galleries stay open late.
White Nights are already an important part of the social calendar in many European cities, including cultural destinations such as Brussels, Rome and Madrid.
The City of Sydney is also exploring the idea of establishing the country's first 24-hour library.
By providing more family-friendly nightlife entertainment options for visitors and residents, it is hoped that the city will be able to further cut down on crime and unscrupulous behaviour.
"Safety is … a paramount concern and providing more entertainment options is an important part of this. It encourages greater cultural and social diversity in the evenings, making the city a more inclusive night-time environment," added Moore.
"We'll be working to get the mix right – balancing the interests of residents, business and tourism, to ensure that Sydney after dark is an exciting destination with something for everyone to enjoy."
More late night dining options are also on the cards, including street side food trucks and market events to cater for a growing population.
The announcement will likely increase Sydney's standing as a top tourism and overseas experience destination, therefore boosting the city's commercial and retail industry – all good news for prospective property investors.
Posted by Grace Neale
A new initiative from the NSW Government is set to modernise Sydney's rail system.
Work has already begun on improving reliability and increasing the number of services offered and it is hoped that with long-term planning and investment, Sydney rail will eventually be able to cater for an additional 100,000 commuters during peak traffic hours.
"Sydney’s rail system needs to be modernised," said minister for transport Gladys Berejiklian on June 20.
"Sydney’s Rail Future is a long term plan to increase the capacity of Sydney’s rail network through investment in new services and upgrading of existing infrastructure. It is a plan to improve the customer’s experience."
In a document outlining the plan, titled Sydney's Rail Future: Modernising Sydney’s Trains, the NSW government predicts that population in Sydney will increase to 5.1 million by 2021 and six million by 2031.
It is hoped that these new improvements will cater for that population growth.
Other problems currently facing the Sydney rail system include an outdated network which is struggling with overly complex and inefficient technology.
Among the solutions planned is a second harbour crossing, with a new tunnel allowing services to extend directly to the Sydney CBD and create the largest increase in capacity to the Sydney rail network for 80 years.
The Property Council of Australia (PCA) has firmly supported the announcement.
"The reforms aspire to create a network designed to anticipate and encourage growth, and recognise the role of Sydney’s CBD as our economic jewel in the crown," said PCA NSW executive director Glenn Byres on June 20.
"Sydney’s profile as an economic powerhouse means future growth is inevitable and it is essential that the rail network keeps pace."
Mr Byrnes admitted that the project would bring economic and logistical challenges, but said that the government had made the right move by planning for the future and starting now.
The NSW government extensively consulted the public as well as industry and transport experts ahead of the announcement, identifying that the top three requirements of commuters were time, comfort and safety.
The plan is a good sign for Sydney property investment as it shows continued commitment from the NSW government towards improving the city's infrastructure while catering for a growing population.
This latest initiative comes just weeks after the NSW government announced that it would be investing $116 million into construction of an Inner West Light Rail Extension from Lilyfield to Dulwich Hill.
Posted by Grace Neale
Urgent action is needed to meet a significant social housing shortfall in Cairns, the minister for housing and public works Bruce Flegg said today (June 27).
According to the Queensland government, 1,573 households were seeking long-term social housing in Cairns during the month of May.
Of that number, 400 were considered as a having a very high need for housing.
"The southern corridor is a significant growth area of Cairns, and the high demand for social housing in the area is causing overcrowding issues," said Flegg.
"Planning to cope with this growth is essential."
The shortage in Cairns is indicative of a state that is dealing with a rapidly growing population and is in need of greater real estate investment.
A report released last year by Housing Industry Australia (HIA) titled Housing to 2020 suggested that Queensland will need to build 471,000 dwellings over the next ten years in order to keep up with demand.
In particular, there is a growing need for Brisbane property investment, as the same report indicated that the population of the state capital would grow to over four million by 2056.
"HIA estimates that Australia will require in the order of 1.6 million homes over the nine years to 2020," said senior economist Andrew Harvey on September 1 2011.
Posted by Tyler Wyndham
Property industry analyst and economic forecaster BIS Shrapnel is predicting positive signs for Sydney property investment, and for a general improvement in residential market conditions across the country.
The BIS Shrapnel housing market forecast predicts that the median house price in Sydney will increase from $640,000 to $750,000 over the next three years – a rise of 17 per cent.
Brisbane and Perth are expected to be the biggest movers, forecasted to see growth of 20 and 22 per cent respectively.
Darwin (15 per cent), Adelaide (nine per cent) and Hobart (five per cent) are also facing positive predictions.
"The stars are beginning to align for New South Wales, where there is a substantial dwelling deficiency already in place; and in the resource states, where weak dwelling commencements in recent years and accelerating population growth are now seeing a rising dwelling deficiency emerge," BIS Shrapnel said yesterday (June 25).
"With the local economic outlook becoming more positive and some stabilisation and improvement overseas, purchasers are forecast to wade back into the market in greater numbers, translating to greater sales volumes and a pickup in price growth over 2013-14 and into 2014-15," said senior manager and study author Angie Zigomanis.
“While overseas economic conditions are expected to remain challenging, improving local economic conditions should move to the forefront of people’s minds and begin to have a more substantial impact on purchaser sentiment."
Ms Zigomanis predicts that property investors will enter the market in greater numbers, as prices bottom out and rental growth continues. More people are also expected to move to upgrade their properties, as demand for quality real estate increases.
This latest prediction comes as New South Wales faces considerable population growth. The latest census results, issued by the Australian Bureau of Statistics, indicate that the state gained an additional 368,483 people over the 2006-11 period, an increase of 5.6 per cent.
Percentage of population growth in the capital city of Sydney was even greater, increasing by 6.6 per cent since 2006, leading to an occupied private dwellings rate of 92.8 per cent.
The median weekly income in the state also rose, growing exactly $100 from $461 to $561. However people in the greater Sydney area typically receive more than that, with a median weekly wage of $619 for individuals and $1,683 for families – well above the national average of $1,481.
Posted by Grace Neale
The Melbourne property investment market may soon feel the benefit of increased tourism revenue, as the government prepares to launch a new audio-visual campaign aimed at promoting Victoria.
Melbourne's Federation Square will play host to the $40,000 initiative, which will see video of Victoria's lush scenery and culture screening four times daily, starting from July 1.
Minister for tourism and major events Louise Asher announced the project on Friday (June 22), emphasising that bringing more tourists into Victoria will provide a range of economic benefits for the community.
"The initiative supports the Coalition government's commitment to deliver a stronger and more vibrant regional Victoria, which includes ensuring the dispersal of visitors across the regions and growing the state's $15.3 billion tourism industry," said Ms Asher.
Increased tourism can have major benefits on a city's economy, and therefore positively impact the real estate investment market.
More than 2.2 million tourists visited Federation square in 2011 and the landmark is frequently the most visited attraction in Melbourne, according to statistics from Tourism Research Australia.
"By broadcasting our strong regional tourism branding daily to commuters and crowds in Melbourne's CBD we will be ensuring that regional Victoria is at the forefront of holiday makers' minds," asserted Ms Asher.
Posted by Sara Pritchard
Natural resources and mines minister Andrew Cripps has pointed to new data from the Australian Bureau of Statistics as an indication of the importance of mining in ensuring the continued success of the Queensland economy.
"Mining continues to be the engine room for jobs growth in Queensland and a major contributor to the economic lifeblood of our communities," said Cripps in a statement released today (June 25).
According to research published by the Centre for Environmental Management in March 2011, the resource boom provided Brisbane with a total direct economic stimulus of $10,382.80 over the 2009-2010 year.
That additional income has provided a boost to Brisbane property investment and both commercial and residential property is in hot demand as people seek to invest in real estate in the state capital.
"The latest ABS statistics show that in May 2012, employment in mining reached another record high of 72,400 direct full-time jobs," Cripps added.
"That’s 12,600 new jobs, or a 21 per cent increase, over the 59,800 people employed in mining in May 2011."
Furthermore, Cripps stated that for every mining job created, an additional three jobs are indirectly generated, suggesting that the industry is in fact underwriting upwards of 290,000 full-time jobs in Queensland.
That would mean that the mining industry is now responsible for 17 per cent of Queensland employment.
Posted by Tyler Wyndham
More than $3.4 million has been set aside for coastal infrastructure works in New South Wales, it was announced earlier this week.
Of this total, $1.65 million has been dedicated towards improving the safety of moorings in the coastal town of Bermagui.
Deputy premier Andrew Stoner noted the value of the investment in boosting tourism income in the region, in a statement released June 20.
“Bermagui is an extremely popular centre for recreational fishing hosting regular tournaments of national significance,” said the deputy premier.
“The works will bolster regional tourism by providing a higher standard of mooring facility, which will in turn attract higher visitation.”
That is good news for those considering purchasing Sydney investment property, as increased tourism numbers will have flow on economic benefits for the rest of that state – particularly the capital city.
A further $20,000 will be used to evaluate the extent of the damage caused by concrete degradation on the Bermagui Mooring Jetty.
Stoner also explained that plans were in place to design a new cathodic protection system for the jetty, which is a technique used to prevent corrosion of metal surfaces and ensure the long-term sustainability of the facilities.
The remaining $1.8 million has been set aside to fund improvements to the Eden Mooring Jetty and Eden Wharf.
“Eden Mooring Jetty and Eden Wharf are both important port facilities utilised by the commercial fishing industry, small cargo vessels and recreational craft with Snug Cove an important safe haven used mid-point in the Sydney to Hobart Yacht Race,” said Stoner.
The Sydney to Hobart Yacht Race – also referred to as the Bluewater Classic – is an annual event which begins on Boxing Day of each year. The hotly contested race typically draws a huge television audience in Australia and overseas.
Road improvements, new car parking and improved power and water services are also set to make the Eden facilities more appealing.
The announcement is a further promising sign for the future of NSW real estate investment and shows a government commitment towards improving infrastructure in the state.
“This project is a part of the NSW government’s commitment to regional infrastructure and recognition of the value it provides to local communities,” said Andrew Constance, who represents Bega in the New South Wales Legislative Assembly.
The works are part of a larger $51 million upgrade of coastal port and river entrances that the NSW government is planning on carrying out over the next four years.
Posted by Grace Neale
Melbourne's population has grown by 9.7 per cent since 2006, according to the latest census results from the Australian Bureau of Statistics.
There are now an additional 1,652,427 people in the Victorian capital. Those people are also getting paid more, with median weekly wages in Victoria increasing from $456 in 2006 to $561 when the census was conducted in August 2011.
Population growth is one of the major factors affecting Melbourne property investment today, alongside commercial viability and economic stability.
Earlier this month, planning minister Matthew Guy announced intentions to expand Melbourne’s Urban Growth Boundary in order to further housing development and provide more homes for Melbourne citizens.
The move is set to expand Melbourne’s urban boundaries to the north, west and south east by 6,000 hectares. An increase in suburban population is good news for the retail industry and for the city's economy as a whole.
The Housing Industry Association (HIA) applauded the decision, noting the importance of further property investment in the region.
“The announcement of new land being earmarked for housing construction is good news for the Victorian community,” said HIA regional executive director Gil King.
“Victoria needs a sensible and forward looking expansion policy that caters for the growing population’s need for housing.”
Posted by Sara Pritchard
The 2011 census has confirmed that Queensland and Western Australia are leading the way in population growth, with the recent mining boom drawing in people from around the world.
The latest statistics will be seen as a positive sign to those interested in Brisbane investment property, as Brisbane is the capital and most populous city in Queensland.
The results were released this morning (June 21) and also show a 49.2 per cent increase in the average property rental fee in Australia.
The median weekly rent in Queensland currently stands at $300.
The total Australian population stood at 21,507,717 when the census was conducted in August 2011, up 8.3 per cent from the 2006 results.
In Queensland the population has grown to 4,332,739 from 3,904,533 at the time of the previous census.
The median weekly income in Queensland has also seen a boost, likely bought on by the resource boom. It now stands at $587, up $111 from 2006 and $10 higher than the national average.
That's good news for those looking at investing in property in Queensland, as higher wages provide people with more disposable income which will flow back into the economy and make further population growth likely.
The results follow a study released last week by National Housing Supply Council, which found that the shortfall in Australian housing was increasing in the face of a growing population.
Posted by Tyler Wyndham