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Property Investors back in the market
Property Investors back in the market
Attractive yields, low interest rates and the ability to earn a positive return are luring investors back into the property market, according to the Real Estate Institute of Australia.
Institute president David Airey says first homebuyers have dominated the market for the past nine months largely due to the grants on offer, but there’s increasing evidence investors are back.
The seasonally adjusted value of finance commitments for investment housing increased for the second consecutive month in April, according to Australian Bureau of Statistics data.
The rise was due to investment in existing housing, with investment in new dwellings declining.
“This is the first time investment in housing has increased for two consecutive months since mid 2007,” says Airey.
“Investors are returning to the market because of strong rental returns creating positive gearing and excellent capital growth prospects.”
Airey says based on median house prices and rents, investors can expect a positive return – based on a 25 per cent deposit and using an interest-only loan – in six of the eight capital cities.
“History shows that fortune favours the brave and astute investors may see this as a great opportunity to invest in quality property with great long-term growth prospects.”
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Property prices set to recover
Residential property prices will start recovering during 2009 and 2010, according to a forecast by BIS Shrapnel.
The recovery is expected to be generated from the current demand for property in the most affordable suburbs.
BIS Shrapnel’s Residential Property Prospects 2009 to 2012 report asserts that lower interest rates, growing rents and housing shortages mean that conditions are ripe for a sustained recovery in residential property prices.
With confidence slow to recover during 2009 and 2010 due to the current economic situation prices are only expected to gradually pick up during that time.
But once unemployment has peaked at the start of 2010 and 2011 price growth is forecast to strengthen and return to double-digits in 2011 and 2012.
Interest rates are expected to rise, but according to BIS Shrapnel the first hike won’t be until 2011.
BIS Shrapnel senior project manager and report author Angie Zigomanis says the surge in first homebuyer demand means all the activity is at the lower-priced end of the market.
It’s forecasted that 180,000 first homebuyers will enter the market in 2009 and while demand in that sector will ease after the Federal Government’s Boost Scheme has ended, it’s believed the momentum has already been carried over to upgraders and investors.
According to the report the total value of housing loans increased by 14 per cent over the first four months of 2009; evidence that there is already demand in the market beyond first homebuyers.
“From here the recovery in housing demand is expected to broaden and deepen,” says Zigomanis.
“By the end of 2009 strong turnover of the most affordable properties will be flowing through into the bulk of households positioned towards the middle of the market, as people who have sold their existing dwellings to first homebuyers upgrade to their next home.”
“We expect rising confidence in the prospects for an economic recovery in 2010, so investors are likely to return in greater numbers attracted by increased rental returns and low interest rates.”
“In many instances, rental returns are now running close to mortgage repayments.”
Sydney, Melbourne and Adelaide are expected to show the strongest price growth through to 2012.
Housing affordability in Sydney and Melbourne is now at its best level in about a decade, while prices in Adelaide are below that of the other mainland cities.
Brisbane, Hobart and Canberra are projected to have more moderate growth, while Perth and Darwin are expected to have weak price growth due to the decline in the resources sector.
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Australia’s property market still active
The number of first homebuyers in the market reached record highs in April, according to figures from the Australian Bureau of Statistics.
First homebuyers accounted for 28 per cent of all owner-occupied housing finance commitments.
It was an increase from the 27.3 per cent recorded in March and the highest proportion since recording of data started in 1991.
Overall the number of new housing loans lifted in April by 0.9 per cent, the highest level in 14 months.
Loans for new construction increased by 1.3 per cent to reach 5641, which was a seven-year high.
CommSec economist Savanth Sebastian says the consumer sentiment index has surged out of recession territory. It rose by 12.7 per cent to reach a 17-month high.
“A combination of a firmer sharemarket, super-low interest rates, a stronger Aussie dollar and most importantly, the news of Australia avoiding recession has lifted consumer spirits.”
“It all comes back to job security and if consumers start feeling that employment prospects are holding up relatively well in the current environment, optimism will follow.”
Sebastian says the likelihood of further rate cuts is diminishing.
“A sustained improvement in housing activity and stability in global economic conditions is likely to see the Reserve Bank remain on the interest rate sidelines in the near term.”
But he says it’s still a good time for investors to get into the market.
“Investors should think long and hard about property investments.”
“Rents are rising at double-digit rates, construction is not yet keeping pace with population (although latest signs are encouraging), interest rates are low and home prices are rising.”
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Australia avoids falling into recession
The Australian economy grew 0.4 per cent in the March quarter, narrowly avoiding falling into recession, at least in the technical sense.
A recession is commonly defined as occurring when an economy experiences two successive quarters of negative growth.
Australian Bureau of Statistics data reveals that after going backwards in the December quarter, Australia’s economy turned things around in March, thereby avoiding a recession, on paper at least.
Federal Treasurer Wayne Swan says the positive outcome “is a testament to Australia’s resilience amid the global recession and compares starkly with nearly all other advanced economies”.
“Of the other 22 OECD (Organisation for Economic Cooperation and Development) economies that have reported March quarter outcomes, 20 have contracted,” Swan says.
“G7 economies contracted by an average of 2.2 per cent in the March quarter.”
Swan emphasises that the Australian economy is not “out of the woods” just yet, with the full impact of the global recession still having a way to run.
However, CommSec chief economist Craig James has declared that the worst of the economic slowdown is now over.
“It’s becoming clearer by the day that forecasters became too pessimistic, failing to give equal weight to the responsiveness of policymakers as to the fundamental problems faced by the US economy,” James says.
“One thing is clear – Australia went close to talking itself into recession. Our economic conditions were nowhere near as bad as other parts of the globe, but somehow we all thought they were as bad.
“If Australians focus on the opportunities that lie ahead then the rebound could be much quicker and stronger than envisaged only a month ago.”
Why I moved to Australia’s Far North Queensland
Australia is the world’s oldest continent and a land of extremes.
Reknown for its magnificent landscapes, spectacular coastlines, rainforests and rugged outback.
Sydney was host to the Olympic Games 2000 showing the world one of the most exciting spectacles. 80% of the 18 million Australian population live on its beautiful coastline.
Far North Queensland’s Great Barrier Reef stretches over 2,300 km and offers superb diving in azure crystal waters. The wet tropics are the largest areas of rainforest in Australia, providing us with clean air and water.
Cairns is the thriving and sophisticated metropolis of Far North Queensland and, with its international airport, the entry point for overseas visitors to this area.
Port Douglas and the Daintree Rainforest are favored holiday destinations and the Tableland with its cooler climate attracts visitors looking for a relaxing lifestyle in a rural surrounding. Golf is one of the favoured sports of Australians and visitors take advantage of the many excellent golf courses of world standard. Because of its excellent lifestyle and beautiful climate, many people from interstate and overseas have moved to Cairns, be it permanently or temporarily. I am the one who wants to stay for ever. Eternally!
It’s a pleasure inform you about this great part of the world. Nick Jacobs
Nick Jacobs
Australia’s property market still active
The number of first homebuyers in the market reached record highs in April, according to figures from the Australian Bureau of Statistics.
First homebuyers accounted for 28 per cent of all owner-occupied housing finance commitments.
It was an increase from the 27.3 per cent recorded in March and the highest proportion since recording of data started in 1991.
Overall the number of new housing loans lifted in April by 0.9 per cent, the highest level in 14 months.
Loans for new construction increased by 1.3 per cent to reach 5641, which was a seven-year high.
CommSec economist Savanth Sebastian says the consumer sentiment index has surged out of recession territory. It rose by 12.7 per cent to reach a 17-month high.
“A combination of a firmer sharemarket, super-low interest rates, a stronger Aussie dollar and most importantly, the news of Australia avoiding recession has lifted consumer spirits.”
“It all comes back to job security and if consumers start feeling that employment prospects are holding up relatively well in the current environment, optimism will follow.”
Sebastian says the likelihood of further rate cuts is diminishing.
“A sustained improvement in housing activity and stability in global economic conditions is likely to see the Reserve Bank remain on the interest rate sidelines in the near term.”
But he says it’s still a good time for investors to get into the market.
“Investors should think long and hard about property investments.”
“Rents are rising at double-digit rates, construction is not yet keeping pace with population (although latest signs are encouraging), interest rates are low and home prices are rising.”
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