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Landlords in Adelaide are in an enviable position as rental vacancies dropped for the second consecutive month, down to a low of 1.23% according to the Real Estate Institute of SA (REISA). The vacancy rate in the city and North Adelaide fell to 1.21% for the month of August, down from 2.21% in July. REISA president Robin Turner said “quality properties” were renting quickly, and investor interest had also stepped up a notch.  “It seems spring fever is hitting all sectors of the market at the moment, with rental demand increasing even before spring started,” Turner said.  “This vacancy rate has been steadily declining since June, so next month’s result is also expected to be very tight.”   Investors seeking high yields should turn their attention to western areas, where suburbs west of West Terrace, between Port Road and Anzac Highway but excluding Glenelg suburbs, experienced a vacancy rate of just 0.53%, down from 0.85% in July. In the suburbs north of North Adelaide, between Port and Payneham Roads, just 1.07% properties were untenanted in August, while suburbs in Adelaide Hills, from Crafers to…

As $1 million begins to mean less and less in Melbourne real estate, a fresh batch of postcodes are poised to make seven-figures the new suburb standard. Several outer eastern suburbs, as well as two inner north-western pockets, are the latest to edge into the high $900,000 median house price range, the September House Price report from Domain Group shows. Blackburn North and South will soon join Blackburn proper in the million-dollar club, alongside neighbour Burwood East, if house price growth continues on its current trajectory. Ascot Vale and Flemington, previously overlooked because of the presence of public housing in the area, are also set to become two of only a handful of western suburbs that command a $1 million price tag. Six months ago, suburbs such as St Kilda, Moonee Ponds and Box Hill North threatened to smash through the benchmark. They have since made good on that threat, now all boasting medians in excess of $1.1 million. Highett, North Melbourne and Abbotsford were all new entrants to the club during September quarter, while it was a different fortune for Wheelers Hill, which fell out of the club when prices dropped 4.8 per cent in the quarter. Blackburn South…

New research revealed that parking spaces and pools are no longer the biggest considerations when purchasing a new home. First homebuyers are now placing fast broadband connections higher up on their list of key priorities when it comes to making purchasing decisions. The NBN Ready Homes report revealed when searching for a new property, the majority (80 per cent) of Aussie house hunters rate a good broadband service as a major factor in their decision making process. Two thirds (66 per cent) of Aussie buyers say they would negotiate a lower price or even reject their potential home altogether (16 per cent), if it is not available. NBN General Manager of Build Partnerships Julian Nachmias said for many buyers, a fast internet connection is no longer a luxury but an expected addition to Australian properties. “Whether you’re a prospective buyer with a large family, a young couple who works from home or retirees with a passion for online entertainment, access to fast broadband is increasingly as important as having running water and electricity available in your home.” Tech-savvy real estate agents are also…

Sydney The boom is back, with Sydney’s property prices on the rise. While the median house price has hit a new high at $1,068,303, price growth doesn’t mean the same thing for everyone. With plenty of home hunters scouting out Sydney suburbs, if you’re a property owner who is dreaming of a lifestyle change, escape to the country or simply ready to cash out, now might be your time to sell. If you’re a first time buyer, you could find your perfect home at a more affordable price by exploring the apartment market for hidden gems. ApartmentsUp 0.9%Median Price $685,865 HousesUp 2.1%Median Price $1,068,303 Melbourne All eyes are on Australia’s cultural capital, after a strong year of growth with house prices reaching a record high of $773,669 and units up to $466,779. The rising market is gaining the attention of new investors and seasoned pros alike, as one to watch over the coming months. As a more affordable alternative to Sydney, Melbourne is a more accessible market for both investors and first home buyers. Melbourne’s thriving apartment market is a gold mine…

The massive growth in China’s middle class has been a godsend for the Australian wine industry, with exports jumping 51% in the last year to $474 million, making it the top export market by value for the first time. The rise of China is no more apparent than in the fact that just a decade ago, sales there were worth just $27 million. Wine Australia’s Export Report, released today, reveal double digital growth for local exporters in the 12 months to 30 September 2016, up 10% to a total value of $2.17 billion. Overseas fans are not only drinking more, they’re drinking better, with bottled exports up 14% to $1.8 billion and the average value increasing by 9% to $5.47 per litre, a 13-year high. Only the UK disappointed, posting a small drop in sales, down 1% to $361 million. Europe overall disappointed, down 3% to $570 million. Northeast Asia is now Australia’s number one export region, growing 35% – $177 million – to $678 million. North America was up 3% to $639 million, while Southeast Asia grew 11% to…

The REIV’s latest quarterly results show a positive market for vendors in Melbourne – with solid price growth, high clearance rates and strong buyer demand. Melbourne’s inner and middle suburbs were the main growth drivers in the September quarter with house prices in these regions up 4.2 and 3.5 per cent respectively. REIV CEO Geoff White said that the top growth suburbs were widespread across the city – from Seaford in the outer south east to Williamstown and Werribee in the west. He added that unit and apartment prices also increased across the city, up 2.1 per cent to $545,500.  Regional Victoria remained stable with the median house price increasing 0.4 per cent to $348,500.

Australia’s transition towards more part-time work continued last month, as a plunge in full-time work was offset by more casual hiring. The jobless rate fell to 5.6 per cent from an upwardly-revised 5.7 per cent in August, which was previously reported at 5.6 per cent, the Australian Bureau of Statistics said on Thursday. Overall employment fell 9800 in the month, compared to forecasts for a 15,000 job increase. The jobless rate matched the 5.6 per cent forecast by economists. Australia’s steady jobless rate remains a source of confidence for the Reserve Bank of Australia, but there are widespread concerns that not enough higher-paying full-time jobs are being produced. Full-time employment decreased 53,000 to 8.11 million jobs and part-time work rose 43,200 to 3.84 million. The participation rate slipped to 64.5 per cent from 64.7 per cent. Traders pushed the Australian dollar down by around a third of a per cent to US76.97¢ from around US77.33¢. Source: https://www.afr.com/news/economy/monetary-policy/jobless-rate-falls-to-56pc-on-shift-to-parttime-work-20161020-gs6hmx#ixzz4NajnIrhs

The “cowboy” developers who knocked down the 157-year-old Corkman Irish Pub on The “cowboy” developers who knocked down the 157-year-old Corkman Irish Pub on the Melbourne city fringe without a permit now face fines of more than $2 million – double the original estimate – after they allegedly dumped waste containing asbestos on another development site they own in the city’s west. The latest alleged infringement carries with it a maximum penalty of $758,000, according to Victoria’s Environment Protection Authority. The EPA is investigating possible criminal behaviour by the owners of the site, developers Stefce Kutlesovski​ and Raman Shaqiri​. Neither Mr Kutlesovski nor Mr Shaqiri, who jointly run developer Makshaq, could be reached for comment. The dumped waste was found at a site at 93 Furlong Road in Cairnlea in the city’s west, 34 kilometres from the pub site in Carlton, following a community tip-off to the EPA. Investigations by the EPA confirmed it contained asbestos and came from the Corkman pub site. The dump site is where Makshaq is selling apartments in a new development called Havenlea which they describe as an…

Singapore investor Straits Real Estate has sold a William Street tower in central Melbourne for around $170 million, after acquiring it only a year ago for $125 million. The extraordinary deal, negotiated quietly off-market, adds more than a third to the value of the 26-storey tower at 114 William Street since its acquisition from Kyko Group last August. The deal was brokered by Colliers International’s Nick Rathgeber and Leigh Melbourne, who did not respond to requests for comment. Straits Real Estate is a subsidiary of the Singapore-listed investment company Straits Trading Company. It acquired the property through a mandate to CorVal Partners, the specialist property fund manager established by former Multiplex chief executive Andrew Roberts. The acquisition was the first for the Singaporeans in the Australian market. “We see a very significant opportunity to enhance the yield of the property through upgrading and repositioning the building,” its chief executive Desmond Tang said last year. CorVal is still involved in managing the asset, which has now been sold to another offshore player. A year ago, when fully leased the asset’s net…

Victoria’s population has hit 6 million, according to figures released by the Australian Bureau of Statistics (ABS) today. ABS acting Director of Demography Phil Browning said that in the year ending 31 March 2016, Victoria grew by 1.9 per cent, adding an extra 114,900 people to the population. “This is the fastest population growth for Victoria since 2009 and is well above Australia’s growth rate of 1.4 per cent. New South Wales was the next fastest state, increasing by 1.4 per cent. Queensland and the Australian Capital Territory were not far behind, with both growing at 1.3 per cent,” said Mr Browning. Net overseas migration was the main contributor to growth in Victoria, adding 62,800 people to the population over the year ending March 2016. The remainder of Victoria’s population change was explained by natural increase (+37,600) and net interstate migration (+14,500). “The last time Victoria was growing this fast, back in 2009, the breakdown of Victoria’s growth was different, with net overseas migration at 84,200, natural increase 34,600 and a net interstate migration inflow of just 500 people.” The…

Catalina Blandon didn’t like the American dream, so she boarded a plane to Melbourne. The Colombian had done her research, and knew the weather was going to be unpredictable. She had also read that there were a lot of koalas and kangaroos and that the residents were friendlier than Sydneysiders. She initially thought she would only stay for six months to study English, but the 27-year-old has remained in Melbourne for three years and now calls it home. Ms Blandon, who is completing a business diploma at a private college, is among about 175,000 international students who are bolstering the state’s economy. The Andrews government is celebrating new figures which show that international education in Victoria grew by $600 million in 2015. This brought its value to the Victorian economy to a record high of $5.8 billion, making it the state’s largest service export. Chinese, Indian, Vietnamese and Malaysian students make up the bulk of Victorian international student enrolments, which grew by 12 per cent in 2015, according to Australian Bureau of Statistics figures. International Education Minister Steve Herbert said…

In the first 15 days of spring, CoreLogic’s home value index has risen 1.6 per cent and in Melbourne it is up 2.3 per cent. Halfway into September, the data provider’s daily home value index shows a 5.3 per cent quarter-on-quarter growth in Sydney home values – up from the 3.9 per cent at the end of August – and a 5.1 per cent quarterly increase in Melbourne, up from 3.4 per cent. CoreLogic’s figures as of September 14 also showed an improvement in Brisbane, Adelaide and Perth. The Queensland and SA capitals turned positive, while the pace of decline in Perth slowed. The latest short-term figures are not necessarily definitive. The Reserve Bank of Australia last month singled out CoreLogic, saying it had ‘overstated’ price growth in Sydney and Melbourne. Figures from rival data provider SQM Research for the three months to 13 September show a more moderate picture, with Sydney houses unchanged and units up 1.1 per cent. While the numbers for the first two weeks of spring, suggest buyers are making use of record low borrowing costs –…