Latest Property News from Ted Hanson

THE OBSTACLE IN OUR PATH In ancient times, a king had a boulder placed on a roadway. Then he hid himself and watched to see if anyone would remove the huge rock. Some of the king's wealthiest merchants and courtiers came by and simply walked around it. Many loudly blamed the king for not keeping the roads clear, but none did anything about getting the big stone out of the way. Then a peasant came along carrying a load of vegetables. On approaching the boulder, the peasant laid down his burden and tried to move the stone to the side of the road. After much pushing and straining, he finally succeeded. As the peasant picked up his load of vegetables, he noticed a purse lying in the road where the boulder had been. The purse contained many gold coins and a note from the king indicating that the gold was for the person who removed the boulder from the roadway. The peasant learned what many others never understand. Every obstacle presents an opportunity to improve one's condition. 1. One in four work from home: ABS Almost a quarter (2.4 million) of people employed in November 2008 worked some hours at home in either their main or second job, according to figures released this week by the Australian Bureau of Statistics (ABS). 'Catching up on work' was the main reason given, by over one-third (34 per cent) of people who worked at home in their main or second job, followed by 'wanting an office at home/no overheads/no rent' (22 per cent of people). Read More... Almost a quarter (2.4 million) of people employed in November 2008 worked some hours at home in either their main or second job, according to figures released this week by the Australian Bureau of Statistics (ABS). 'Catching up on work' was the main reason given, by over one-third (34 per cent) of people who worked at home in their main or second job, followed by 'wanting an office at home/no overheads/no rent' (22 per cent of people). Men who worked some hours at home were most commonly managers or professionals (both 31 per cent), followed by technicians and trade workers (18 per cent). Women who worked some hours at home were most likely to be professionals (39 per cent) followed by clerical and administrative workers (23 per cent). The figures show that around one in every twelve employees (764,700 people or 8 per cent) worked more hours at home than any other single location in their main or second job. Of these people: The majority (83 per cent) were aged 35 years or older 55 per cent were women 39 per cent were in families that had children aged under 15 years old The main reason for working from home was 'wanting an office at home/no overheads/no rent' (37 per cent), followed by 'operating a farm' (21 per cent) and 'flexible working arrangements' (15 per cent) 31 per cent worked 35 hours or more at home in all jobs. The proportion of employed people who worked only or mainly at home in their main or second job remained unchanged from November 2005 to November 2008 at 8 per cent. People who were owner-managers in their main job were much more likely to use their own home for their main location of work (27 per cent of the 1.9 million owner-managers) than employees (1.4 per cent of the 8.2 million employees). Women who were owner-managers in their main job were more likely to use their own home for their main location of work than male owner-managers (45 per cent compared with 18 per cent). The survey collected further information about the number and types of locations of work. Of the 10.1 million people at work in November 2008, 41 per cent worked at two or more locations in their main job. Top 2. Drop in land prices improves affordability New homes are becoming more affordable, with median land prices across Australian capital cities falling 1.5 per cent in the December quarter, according to the latest residential land report from building association HIA and property information and analytics provider RP Data. HIA Chief Economist, Dr Harley Dale said the modest drop in median land prices in a number of markets across Australia was playing a part in making new homes much more affordable. Read More... New homes are becoming more affordable, with median land prices across Australian capital cities falling 1.5 per cent in the December quarter, according to the latest residential land report from building association HIA and property information and analytics provider RP Data. HIA Chief Economist, Dr Harley Dale said the modest drop in median land prices in a number of markets across Australia was playing a part in making new homes much more affordable. The HIA-RP Data Residential Land Report shows the price of raw land in Australia's capital cities was slightly higher than regional areas. The capital city median price fell 1.5 per cent to $182,718. The most expensive city was Sydney with a median price of $250,000. The most affordable capital city was Hobart, with a median price of $135,000. "The price growth in raw land for new residential development was unsustainable and it is pleasing that we have had some modest reductions," Harley Dale said. "The recent decline follows an appreciation of 111 per cent over the past eight years, so we are hardly talking about a major correction." RP Data National Research Director Tim Lawless said that despite the modest fall during the December quarter, Australian land prices have been resilient to any material falls. "Over the 12 months capital city land prices have actually risen, which is in contrast to the housing market where values fell by 2.9 per cent over the 2008 calendar year," Mr Lawless said. "The improvement in housing affordability together with a demonstrated stabilisation of housing prices during the first quarter of 2009 should boost confidence among both buyers and developers. Australian population growth is at record levels while housing construction remains constrained creating a widening gap between housing demand and supply." HIA expects that further easing in median land prices combined with very low mortgage rates, stable construction costs, and the boosted First Home Owner Grant will continue to make house and land packages an appealing option for some months to come. Top 3. $564 million just waiting to be claimed As difficult economic conditions continue around the globe, there has never been a better time for Australians to make their claim on a share of $564 million. In the current financial year to April 2009, Australians have made their claim on over $40 million. But over 645,000 Australians could claim their part of a lot more than that right now, according to the Australian Securities and Investment Commission. Read More... As difficult economic conditions continue around the globe, there has never been a better time for Australians to make their claim on a share of $564 million. In the current financial year to April 2009, Australians have made their claim on over $40 million. But over 645,000 Australians could claim their part of a lot more than that right now, according to the Australian Securities and Investment Commission. ASIC said the money currently owed to individuals and businesses ranges from $1.00 to over $990,000, which is the amount sitting in an unclaimed Commonwealth Bank account in Western Australia. The largest amount already claimed this financial year was more than $3.1 million from a deceased estate. ASIC's Senior Executive Leader - Consumers and Retail Investors, Delia Rickard encourages people to search for their unclaimed money which could be found from banks, credit unions, building societies, life insurance companies and friendly societies. `Searching is free and there's no cost involved in claiming your lost money - the only thing you need to do is provide proof that the money is yours or you are the beneficiary', Ms Rickard says. Australians searching for forgotten money can do so by logging onto ASIC's free online database at www.fido.gov.au and typing in their name. ASIC encourages anyone who thinks they might be entitled to unclaimed money to contact the Infoline directly on 1300 300 630 or email infoline@asic.gov.au during business hours. `However it is important to remember that there is some information we're unable to publish online for privacy reasons, so if people don't have any luck online they should ring ASIC's Infoline and speak to one of our customer service consultants,' Ms Rickard said. They will be able to conduct a comprehensive search for forgotten funds, including unclaimed money from shareholdings where the company has been unable to contact a shareholder, old bank accounts and forgotten insurance policies. For more information about unclaimed money, go to http://www.fido.gov.au/unclaimedmoney. Top 4. Never enough tradies The latest HIA-Austral Bricks Trades Report indicates that despite the drop in building activity skill shortages for many trades remain across Australia. Read More... The latest HIA-Austral Bricks Trades Report indicates that despite the drop in building activity skill shortages for many trades remain across Australia. Even with significantly reduced building activity over the last twelve months, trade availability on a national basis has only seen a very modest improvement over the first quarter of 2009 with many trades still in short supply. According to the report, trade availability improved in the March 2009 quarter, from -0.06 to -0.05, meaning trades were still in short supply. Top 5. I've been framed! There's no doubt that pictures look better when framed - whether it is photos of loved ones, an expensive masterpiece or the kids' artwork - yet current economic conditions have left many of us with little spare cash for such luxuries. With functionality and cost effectiveness in mind, a Dutch designer has come out with Do Frame Tape, a self-adhesive vinyl tape with an ornate picture frame design printed on it. The generous roll means you can easily and cost effectively frame paintings, photos, artwork and posters, create a grand feel by framing light switches and power points. Or maybe even give your home an original boost by framing an empty space in which the kids can put up art or pose creating their own living installations. Top 6. Unpaid bills thorn in Mafia princess's paw Crime never pays, so someone else usually ends up footing the bill. This is a lesson that Mafia princess Victoria Gotti - daughter of mob boss John "Dapper Don" Gotti - is learning, as she faces losing her palatial home in Long Island, New York over unpaid loan repayments, the New York Post reported recently. The former reality-TV star owes nearly NZ$1M for a mortgage loan on the $6.8M mansion that became famous in the show "Growing Up Gotti." Victoria took possession of the home during divorce settlement with her ex-husband in 2005. She claims her ex secretly took out a near $1.4M loan in 1997 without her knowledge and has left her to foot the bill. The home is currently on the market for over $2.5M less than the previous asking price.

Latest Property News from Ted Hanson

Friday 22 May 2009 ~Dance Like No One's Watching~ We convince ourselves that life will be better after we get married, have a baby, then another. Then we are frustrated that the kids aren't old enough and we'll be more content when they are. After that we're frustrated that we have teenagers to deal with, we will certainly be happy when they are out of that stage. We tell ourselves that our life will be complete when our spouse gets his or her act together, when we get a nicer car, are able to go on a nice vacation, when we retire. The truth is there's no better time to be happy than right now. If not now, when? Your life will always be filled with challenges. It's best to admit this to yourself and decide to be happy anyway. One of my favorite quotes comes from Alfred D Souza. He said, "For a long time it had seemed to me that life was about to begin -real life. But there was always some obstacle in the way, something to be gotten through first, some unfinished business, time still to be served, a debt to be paid. Then life would begin. At last it dawned on me that these obstacles were my life." So, Work like you don't need money. Love like you've never been hurt and Dance Like no one's watching And remember..........Happiness is a journey, not a destination and that time waits for no one. 1. Housing finance jumps Australians are again borrowing to buy homes, according to the latest figures released by the Australian Bureau of Statistics (ABS). March 2009 housing finance figures show that demand for mortgages across all major categories, especially for owner-occupiers, first homebuyers and the construction of dwellings, continues to show solid growth. Read More... Australians are again borrowing to buy homes, according to the latest figures released by the Australian Bureau of Statistics (ABS). March 2009 housing finance figures show that demand for mortgages across all major categories, especially for owner-occupiers, first homebuyers and the construction of dwellings, continues to show solid growth. There has been solid improvement in growth since October 2008, with the value of loans for owner occupiers rising by a large 7.3 per cent whilst the number of dwelling commitments for the construction of dwellings was up by an impressive 13.9 per cent. The number of first homebuyer commitments as a percentage of owner-occupied commitments rose to a record 27.3 per cent. In fact, the number of first homebuyer commitments for the month, at 17,652, showed a 100 per cent increase on the 8,818 who entered the mortgage market in August 2008. The March data also showed a re-emergence of investor interest, which increased for the first time since December 2008. The value of investor housing fixed-loans commitments increased by 4.7 per cent. A number of commentators had not expected this to happen until later in the year. The overall value of housing finance commitments for all dwellings rose for the fourth month in a row, by 6.7 per cent. During the previous month, February, it had risen by 1.3 per cent. Mortgage Choice CEO Michael Russell remarked this week that the March ABS figures demonstrate the resilience of our housing market at a time when the global economy is really feeling the brunt of the financial crisis. "The strong growth we see in the results also demonstrates the positive effect of Federal and State Government stimulus and incentives, which have combined with other positive factors - very low interest rates, relatively steady housing prices, improved housing affordability and healthy population growth, along with increasing rents and historically low rental vacancies rates - to create a 'buyer's market'," Mr Russell said. "The number of housing finance commitments by first homebuyers as a percentage of the all owner occupied commitments for March was 27.3 per cent, setting a record as the highest proportion since the first homebuyer series commenced in 1991." This compared to the previous record set in February of 26.9 per cent, which was an increase on 26.5 per cent in January, 25.7 per cent in December and 23.6 per cent in November. "The number of first homebuyers jumped to 17,652, which is a 23.3 per cent increase on February's figure (14,321) and a 100 per cent increase on the 8,818 we saw enter the mortgage market in August 2008, before interest rates began to fall rapidly and Government stimulus measures were applied," he added. Loans for the construction of dwellings grew 13.9 per cent (compared to 2.6 per cent in February) and for the purchase of new dwellings (up 8.8 per cent, from 4.2 per cent in February) also showed significant improvement, as did demand for loans for the purchase of established dwellings (up 3.8 per cent, following 0 per cent in February). "The March figures - showing positive growth across all categories - are fantastic news for those with their eye on the economy and more specifically the housing market," Russell concluded. Top 2. Extended welcome The decision announced in the Federal Budget to extend the boosted First Home Owner's Grant has been welcomed by housing industry bodies around Australia. The boosted grant, which was increased in October 2008 to $14,000 for existing homes and $21,000 for new homes, was due to end on 30 June 2009. Read More... The decision announced in the Federal Budget to extend the boosted First Home Owner's Grant has been welcomed by housing industry bodies around Australia. The boosted grant, which was increased in October 2008 to $14,000 for existing homes and $21,000 for new homes, was due to end on 30 June 2009. The extension means it will continue in its current form until the end of September, when the grants will be lowered to $10,500 for existing homes and $14,000 for new homes for a further three months. From January 2010 it will return to a flat rate of $7,000. The Real Estate Institute of Australia (REIA) commented that the Government had made an accurate and overall assessment of the property market in their decision to extend the FHOG Boost for a further six months. REIA President David Airey said the sale of existing homes is just as important as the sale of new homes to stimulate the economy. "This decision will benefit the property industry greatly and have tremendous flow-on effects to those in the business of servicing the property industry such as solicitors, conveyancers, financiers, valuers, removalists, furniture suppliers and a range of trades people," Mr Airey said. Housing Industry Association's Ron Silberberg said that given the long lead times on major infrastructure projects, it makes sense to utilise the housing industry to kick-start economic activity. "Most of the spending on housing will take place over the next year," Mr Silberberg said. "The Budget also recognises the need to invest in skills in the down time so that there will be a greater availability of people with employable skills when the recovery takes hold," he said. Robert Caulfield, Managing Director of Archicentre said home ownership not only underpinned the economic status of the housing industry but needed to be seen as a long term investment in social and health infrastructure for Australian families. "Despite the tough economic conditions ahead there are a number of fundamentals underpinning the value of the Australian property market including strong demand and historically low interest rates," Mr Caulfield said. Archicentre has seen an 18 per cent jump in its pre purchase house inspections in the first quarter of 2009 when compared with the last quarter of 2008. Top 3. Scammers make bent meals of rent deals Recently we've become aware of scammers using the anonymous nature of the internet to advertise rental properties in an attempt to rip off unsuspecting renters. Many of the properties involved in these scams are advertised as affordable, inner-city apartments and the rent requested is below the current market value. Read More... Recently we've become aware of scammers using the anonymous nature of the internet to advertise rental properties in an attempt to rip off unsuspecting renters. Many of the properties involved in these scams are advertised as affordable, inner-city apartments and the rent requested is below the current market value. One of the many services real estate agencies provide is assurance of the legitimacy of the properties they advertise. By taking out the agency middleman, fraudsters are targeting popular real estate websites, placing fake rental listings with rents as low as $250 per week. The overseas-based scammers often use photographs and details of real homes sourced from 'For Sale' or 'For Lease' internet advertisements, providing detailed descriptions of the property on offer, or hijacking legitimate rental listings by changing the e-mail address or other contact information and placing the modified ad on another site. Typically, the scammers give credible explanations as to why the owner is overseas, often portrayed as having respectable jobs that require international travel. "I have found a procedure that will allow us to make a fast and safe deal and through this way you will see [the apartment] and decide if you will stay in the apt or not before I receive my payment" one email scams reads. "This way you will receive the keys in less than 2 days, if you move fast as well." Prospective tenants are asked to sign a lease agreement and instructed by the purported landlord to wire-transfer money in exchange for apartment keys that never arrive. Conducted through Western Union, the wire transfer the fraudsters instruct would-be-renters to use is irreversible and final. The scam is invariably difficult to trace as scammers tend to communicate via `free' email accounts. The ACCC's Infocentre has warned that the perpetrators are extremely difficult to trace, with the scams incurring expensive and potentially fruitless investigations. How you can spot a rental scam: You are asked to wire money. Wire transfer is often a sign of a scam because the money, just like sending cash, is difficult to recover The contact claims to be out of the country. Even so, they still have a plan to get the keys into your hands. It might involve an "agent" working on his or her behalf - in this case, be sure to look into the agency, perhaps even drop by the office. Some scammers even create fake keys You are asked for a security deposit or first month's rent before you have met a landlord or signed a lease. It's NEVER a good idea to send money to someone you've not met for an apartment or house you've never seen; The contact avoids answering standard questions such as the full address of a property or where the bond is being lodged. Their stories are full of inconsistencies. If you were overseas and wanting to rent out your apartment, wouldn't you put it in the hands of a local agent or a trusted friend who could vet prospective tenants in person and do rental inspections? Top 4. The Great Australian Renovation Australians are investing at increasing levels in renovating their homes, particularly in sustainable designs and materials, building advisory body Archicentre said this week. About 80,000 Australian households conduct major renovations annually, averaging $90,000-$100,000 per renovation. Read More... Australians are investing at increasing levels in renovating their homes, particularly in sustainable designs and materials, building advisory body Archicentre said this week. About 80,000 Australian households conduct major renovations annually, averaging $90,000-$100,000 per renovation. The total value of home renovations in Australia in 2008 was over $7 billion. Managing Director of Archicentre, Robert Caulfield said that renovations, unlike new home starts that can take several months to kick off, are usually 'hammer ready' and can be started quickly. "Importantly, renovations of Australia's existing housing stock can provide a return to the community by improving housing sustainability in the form of environmental design and the introduction of water and energy saving products to support national environmental policies," Mr Caulfield said. "The vast majority - 75 per cent of homeowners and builders - have said that their primary renovation need is for the retrofitting of homes with Environmentally Sustainable Designs (ESDs) and a range of energy-savings measures and technologies." Renovations are also labour-intensive, which can only be a good thing in the current climate. Archicentre's research shows that of the total cost of the average renovation, materials account for 46 per cent and labour 33 per cent, while fees (consultants, levies, permits and GST) make up the balance. Top 5. Best house in Australia Move over Miss Universe, the best home in Australia has just been crowned. THE CNBC International Property Awards Committee has announced a Byron Bay residence has won Best Property Australia in the Asia Pacific division of the awards. Sharon Fraser, the architect and owner of the winning property `Amileka', in the Byron Bay Hinterland, says she is thrilled to be recognised on an international level for the house she is already so proud of. Later this year, top-scoring winners from the Asia Pacific Property Awards will compete against other winners from Europe, the UK, the Americas and Arabia to find the ultimate World's Best in each category. Last year, the Asia Pacific region scooped five World's Best awards. This year's judges included Peter Bolton King, of the National Federation of Property Professionals, Wilhelm Harnish, Master Builders of Australia (MBA) and Thijis Stoffer, International Consortium of Real Estate Agents Association. `Amileka' was also the recipient of the 2008 Australian Institute of Architects NSW Country Division Architecture Award. Top 6. Grounds for more use If you believe the hype, nearly 1.5 billion people enjoy a cup of coffee every day. So where do all the coffee grounds go when the percolator has drained? We can't account for it all, though we do have some ways you can put your coffee grounds to good use - Rubbing coffee grounds on your hands, just like vanilla essence, is a great way to remove odours after cooking with raw onions, garlic etc. Keep the odours out of your fridge by putting coffee grounds inside an old stocking and placing it in the fridge - like bicarb-soda, it will absorb lingering smells Sprinkle coffee grounds around the base of your garden plants to stop garden pests like snails and slugs from feasting on your flora A mix of coffee grounds and sugar is said to revive houseplants that have turned yellow in winter.

Latest Property News from Ted Hanson

Friday 15 May 2009 If Only We Believe... To believe is to know that every day is a new beginning. It is to trust that miracles happen and dreams really do come true. To believe is to see angels dancing among the clouds, to know the wonder of a stardust sky and the wisdom of the man in the moon. To believe is to know the value of a nurturing heart, the innocence of a child's eyes and the beauty of an aging hand, for it is through their teachings we learn to love. To believe is to find the strength and courage that lies within us when it is time to pick up the pieces and begin again. To believe is to know we are not alone, that life is a gift, and this is our time to cherish it. To believe is to know that wonderful surprises are just waiting to happen, and all our hopes and dreams are within reach . . . if only we believe. Author Unknown 1. Who's helping with the mortgage? ASIC, in conjunction with Consumer Affairs Victoria (CAV), has released a report examining how lenders and mortgage brokers respond to borrowers experiencing financial difficulties. The report, Helping home borrowers in financial hardship (REP 152), found that while some lenders are responding well to the needs of their customers, there is generally room for improvement. Read More... ASIC, in conjunction with Consumer Affairs Victoria (CAV), has released a report examining how lenders and mortgage brokers respond to borrowers experiencing financial difficulties. The report, Helping home borrowers in financial hardship (REP 152), found that while some lenders are responding well to the needs of their customers, there is generally room for improvement. The report provides guidance to industry on how to improve practices. ASIC's Senior Executive Leader, Deposit takers, credit and insurance providers, Greg Kirk said the report highlights the importance of industry taking an active role in dealing with hardship. "With forecasts of growing unemployment, we can expect to see increasing numbers of borrowers experiencing mortgage stress," Mr Kirk said. "In many cases, however, financial difficulties will be temporary, allowing problems that arise to be resolved." Mr Kirk stressed the importance that lenders and intermediaries have processes and procedures in place to provide constructive responses to financial hardship. These include procedures to identify customers in hardship, to provide clear and timely information to customers on their right to seek relief and to engage sufficiently with a customer's circumstances in order to provide appropriate and flexible assistance. The report found that: * Information about financial hardship is usually only provided following payment default, making it very difficult for borrowers to take positive action at an early stage. Equally concerning, this information is often insufficient for borrowers to understand their options and make informed choices; * Some lenders do very little to identify borrowers who may require hardship assistance. Many lenders leave this identification of need to collection officers who may not be trained for the purpose. For example, one lender only identifies hardship where the borrower raises the need for assistance themselves; * Lenders appear to prefer offering short-term assistance, such as a three-month payment moratorium, rather than genuinely engaging with, and responding to, a borrower's specific situation. For example, a home loan borrower who has lost income through reduced overtime may need their loan to be extended with lower repayments over a longer period. In such circumstances, a short moratorium is a very temporary fix, leaving the borrower likely to default when repayments resume; * Some lenders have adopted policies that are inconsistent with the rights and remedies available to borrowers under the Uniform Consumer Credit Code. For example, by refusing hardship assistance once payments are more than 60 days overdue or limiting any variation in repayments to a maximum period of six months; and * Despite clear industry standards mortgage brokers generally have a limited understanding of their role in responding to financial hardship. While most brokers say they offer assistance, there is little evidence of formal policies and procedures to ensure it is done effectively or constructively. Mr Kirk said this report examined industry practices as at late 2008 and there are already moves within some sectors to improve. On 5 April 2009, the Federal Treasurer announced an agreement with the four major banks wherein they commit to assist borrowers who are experiencing financial difficulty as a result of the global recession. "ASIC is confident industry will welcome the guidance provided by the report, and we'll continue to work with them to promote better outcomes for borrowers," he said. "Helping home borrowers in financial hardship' also provides guidance for borrowers. Further information for borrowers is also available on ASIC's consumer website, FIDO." Top 2. Housing results show policy success Building approvals increased for the second consecutive month in March 2009, the first time this has occurred since late 2007, the Housing Industry Association said this week. HIA Chief Economist, Dr Harley Dale said that the modest turnaround in building approvals figures highlights the success that government policies, such as the boost to the First Home Owners Grant, have had in supporting economic activity and employment. Read More... Building approvals increased for the second consecutive month in March 2009, the first time this has occurred since late 2007, the Housing Industry Association said this week. HIA Chief Economist, Dr Harley Dale said that the modest turnaround in building approvals figures highlights the success that government policies, such as the boost to the First Home Owners Grant, have had in supporting economic activity and employment. "Evidence has emerged over 2009 to date of a recovery in a range of leading housing indicators, albeit a recovery of modest proportions in the case of building approvals," said Harley Dale. "This evidence proves the worth of continuing to look at policies to stimulate the residential sector as clearly such policies have a positive impact on construction, employment, and on the demand for manufactured products," he said. Total building approvals increased by 3.5 per cent in March 2009 due to a 3.4 per cent rise in detached house approvals, the fourth increase in a row, and a lift of 4 per cent in non-house building approvals, the second consecutive increase. Mr Dale said approvals were still down in the March 2009 quarter (-26 per cent on the March 2008 quarter) on account of the investor and trade-up buyer markets. The number of seasonally adjusted residential dwelling approvals increased in March in Victoria (+15 per cent), Queensland (+7 per cent), and South Australia (+4.9 per cent). The trend number of approvals increased in both the Northern Territory (+5.7 per cent) and the Australian Capital Territory (+1.7 per cent). The number of seasonally adjusted approvals fell by 7.2 per cent in New South Wales, 10.5 per cent in Tasmania, and 14.9 per cent in Western Australia. Top 3. $1 Farmhouse the tip of the iceberg With reports of home-buying incentives and dollar deals from all over the world, how do you tell a good deal from a heavy load? A two-storey farmhouse in the US has been advertised for sale for a dollar - the catch is the land isn't for sale, and the buyer must be able to afford to move the house away from its current location. The Washington Post reports that whoever buys the 230 square metre 1880s farmhouse will need to get permission from the town, the county and possibly the Virginia Department of Transportation. Read More... With reports of home-buying incentives and dollar deals from all over the world, how do you tell a good deal from a heavy load? A two-storey farmhouse in the US has been advertised for sale for a dollar - the catch is the land isn't for sale, and the buyer must be able to afford to move the house away from its current location. The Washington Post reports that whoever buys the 230 square metre 1880s farmhouse will need to get permission from the town, the county and possibly the Virginia Department of Transportation. The move is estimated to cost anywhere from $30,000 upwards, and it can't pass under traffic lights or power lines due to its size, meaning the buyer not only needs the money to finance the move, but also a good understanding of the approvals and processes involved. Perhaps a little more than the $1 price tag suggests! Top 4. Home building recovery underway: BIS Shrapnel Interest rate cuts and the First Home Buyer Boost Scheme are contributing to a rebound in housing demand, according to leading industry analyst and economic forecaster, BIS Shrapnel. The company is forecasting a 10 per cent rise in dwelling approvals during the June quarter of 2009, as many upgraders who have sold their older properties to first homebuyers elect to buy a new house. Read More... Interest rate cuts and the First Home Buyer Boost Scheme are contributing to a rebound in housing demand, according to leading industry analyst and economic forecaster, BIS Shrapnel. The company is forecasting a 10 per cent rise in dwelling approvals during the June quarter of 2009, as many upgraders who have sold their older properties to first homebuyers elect to buy a new house. This is on the back of the increase in national dwelling approvals of seven per cent, in seasonally adjusted terms, seen over the three months to March 2009. BIS Shrapnel senior economist, Jason Anderson, expects there will be a sustained expansion in demand for new dwellings in 2009/10, even if grants for first home buyers are scaled back. "The evidence from Victoria is that upgrader demand is already recovering in that state," Anderson said. "And this source of sales should recover in other states due to attractive interest rates." Anderson added that it is important to note that housing demand has been very uneven across the states. "There have been very strong recoveries in dwelling approvals in Victoria and South Australia, which are up 22 per cent and 18 per cent respectively," he said. "This indicates that home buyers are responding rapidly to lower interest rates and higher grants, and it is evident that the 2008 house building downturn was most shallow in these states. "These states are also leading the national recovery over the first quarter of 2009." The reason for the markedly better performance by Victoria and South Australia is that residential land affordability in Melbourne and Adelaide is much better than in other cities. Attractive land prices will also mean that residential building in Victoria and South Australia will provide greater support for those economies during the recession. In other states, dwelling approvals in Queensland, Western Australia and Tasmania were marginally lower over the three months to March 2009. At the other end of the spectrum, approvals in New South Wales remain extremely low - March quarter 2009 approvals were the lowest, in seasonally adjusted terms, for any quarter on record. BIS Shrapnel notes that the continued decrease reflects the state's dependence on medium and high-density dwelling projects. In recent years Sydney home buyers have been driven towards medium and high density housing due to the relatively high price of residential land. Mr Anderson said the global financial crisis has made it much more difficult for developers to access credit, and the plunge in apartment projects has reduced this opportunity (apartments) for all households, including first home buyers. "The differing trends across Australia mean that extension of first home buyer grants into the second half of 2009 will be particularly important for New South Wales," he said. "Given the current difficulties for developers to get finance for medium or high-density unit/apartment development, many are not in a position to schedule additional construction." BIS Shrapnel believes the slow rate of home building in New South Wales requires special attention from the State Government, given the very low rate of building even with the First Home Buyer Boost Scheme in place. The company warns that there is a substantial risk that New South Wales will be the laggard in the national economic rebound forecast for 2010. "Residential building is the traditional driver of recovery from recession, so it is vital that policy efforts are focused on this sector," he said. Top 5. Slithering out of a sale What's the last thing you'd want to see at a house inspection? While inspecting a far North Queensland beach property, a Sydney couple found themselves face to face with a giant python mid-meal. Both they and the real estate agent were taken aback as the large snake attempted to eat an ibis head-first - a task that proved unsuccessful due to the bird's sharp beak, resulting in the snake regurgitating its meal and slithering off into the bushes. The Cairns Post reports the agent Phil Holloway - who had lost his Yorkshire terrier to a snake in the area - did not believe the Sydney couple were likely to purchase the property. "I think they were a little bit shocked, to tell the truth," Mr Holloway said. "They said they had a small dog, and they were a bit worried about buying a place with big snakes around," he said. "I might have lost a sale there." Top 6. Real estate glossary: Equity "Equity", in real estate terms, can be defined as the dollar amount of a property that is actually owned. For example, if you own a house worth $250,000, but you have a mortgage of $100,000, then the amount of "equity" in the property is $150,000. As your mortgage decreases and the property value increases, the amount of equity rises.

Latest Property News from Ted Hanson

Friday 08 May 2009 Happy Mothers Day! Application for the role "Mother" We are currently seeking applicants for a divine role in the work force. Very little experience is needed, as you will have complete "on-the-job" training. Must be willing to work 24 hours a day, 7 days a week. Patience is a must. We will start you out doing some heavy lifting and carrying for about 9 months after which you will be asked to suffer extreme pain for a few hours. You will then move on to the "parent" part of our program, where you will teach, nurture, and care for little children. After they have become independent, you will be on call for the rest of your life to rescue burning chickens, save loads of laundry, lend a listening ear, etc. Pay is minimal, but the eternal rewards are priceless!!! By David Sanders WISHING ALL THE MUMS OUT THERE A FABULOUS MOTHERS DAY! 1. OCR steady at 3.0 As was widely predicted, the Reserve Bank decided to leave the Official Cash Rate unchanged this week. In his statement announcing the Bank's decision, Governor Glenn Stevens said that while conditions in global financial markets remain generally on a path of gradual improvement, confidence remains fragile and balance sheets are under pressure. Read More... As was widely predicted, the Reserve Bank decided to leave the Official Cash Rate unchanged this week. In his statement announcing the Bank's decision, Governor Glenn Stevens said that while conditions in global financial markets remain generally on a path of gradual improvement, confidence remains fragile and balance sheets are under pressure. He observed that borrowing for housing in Australia is picking up, particularly among first-home buyers and that market and mortgage rates are at very low levels by historical standards. Business loan rates are also below average, reducing debt-servicing burdens considerably. "Much of the effect of these changes is yet to be observed", Governor Stevens said. "The stance of monetary policy, together with the substantial fiscal initiatives, will provide significant support to domestic demand over the period ahead." The RBA has cut 425 basis points from the cash rate since September 2008, effectively reducing repayments on an average $400,000 mortgage by about $1000 a month. Top 2. New home grant boosts jobs New home sales rose for a third straight month in March according to the latest survey by the Housing Industry Association (HIA). HIA Chief Economist, Dr Harley Dale said this week that it is clear that in the first quarter of 2009, the project home building market was buoyed by the combination of the First Home Owner Boost and very low variable mortgage rates. Read More... New home sales rose for a third straight month in March according to the latest survey by the Housing Industry Association (HIA). HIA Chief Economist, Dr Harley Dale said this week that it is clear that in the first quarter of 2009, the project home building market was buoyed by the combination of the First Home Owner Boost and very low variable mortgage rates. "The First Home Owner Boost for new dwellings is clearly lifting residential building activity and securing jobs within the Australian economy", he added. Total new home sales increased by 4.2 per cent in the month of March 2009. Detached home sales increased by 4.1 per cent in the month and were up by a healthy 17 per cent over the quarter. "Detached new home sales rose in the March quarter in all five mainland states, the first time we have seen an across the board lift in sales since the beginning of 2007", Dr Dale observed. Sales of apartments and units increased by 4.7 per cent in March but this rise was insufficient to arrest a clear trend decline in activity in this market. Sales over the March quarter fell by 14 per cent. For the month of March detached New Home Sales increased by 15.2 per cent in New South Wales, 14.6 per cent in Victoria, and 7.3 per cent in Western Australia. Sales fell by 4.6 per cent in South Australia and were down by 16.9 per cent in Queensland, although this followed a 26.2 per cent surge in February. Top 3. House prices down Australian house prices fell in the March quarter, according to figures released this week by the Australian Bureau of Statistics (ABS). The preliminary figures show the weighted average price index for established detached houses for Australia's capital cities fell by 2.2 per cent in the March quarter. Read More... Australian house prices fell in the March quarter, according to figures released this week by the Australian Bureau of Statistics (ABS). The preliminary figures show the weighted average price index for established detached houses for Australia's capital cities fell by 2.2 per cent in the March quarter. In the year to March, the house-price index fell 6.7 per cent. The capital city established house price index rose in the March 2009 quarter by 2.2 per cent in Darwin, 0.5 per cent in Canberra and 0.1 per cent in Hobart. The index fell by 2.9 per cent in Sydney, 2.3 per cent in Melbourne, 1.1 per cent in Melbourne, 0.8 per cent in Adelaide and 3.6 per cent in Perth. The capital city project home price index fell in the March 2009 quarter by 0.5 per cent. The index rose by 0.1 per cent in Adelaide and 1.5 per cent in Darwin, but fell by 1.2 per cent in Melbourne, 0.8 per cent in Brisbane and 0.4 per cent in Perth. It was flat in Canberra, Hobart and Sydney. Top 4. New green standards welcomed The announcement by the Council of Australian Governments (COAG) of a move to higher energy efficiency standards for houses and commercial buildings has been welcomed by industry bodies. The Green Building Council of Australia (GBCA) said this week that the move to six star standards is a positive step in the right direction. Read More... The announcement by the Council of Australian Governments (COAG) of a move to higher energy efficiency standards for houses and commercial buildings has been welcomed by industry bodies. The Green Building Council of Australia (GBCA) said this week that the move to six star standards is a positive step in the right direction. "COAG's commitment to a minimum standard of six stars will improve the environmental sustainability of Australia's homes and reduce our national carbon emissions," said Chief Executive, Romilly Madew. "Australia's commercial and residential buildings are responsible for 23 per cent of the nation's greenhouse gas emissions. "This is why energy efficiency measures in new and existing buildings are vital if we are to reduce Australia's carbon footprint", Ms Madew concluded. The Residential Development Council (RDC) warned that while the decision to move to 6-star residential by 2010 was positive, it will require significant work between the industry and the government to achieve in the given timeframe. "Attention needs to be turned to the road map for delivering on the transition to 6-star development, with financial incentives needed to achieve this aim", RDC executive director Caryn Kakas said. "Clearly the First Home Owner's Boost for new homes can be used to offset the significant cost burden on the industry, especially for multi-unit residential", she suggested. Ms Kakas emphasised the importance of setting national standards in order to reduce red tape, confusion and delays. Master Builders Australia commented that the decision to incorporate energy saving hot water systems and lighting into the star ratings system will also allow overall energy targets to be achieved more efficiently and in a more flexible way. Top 5. Nicked in time by webcam watcher Modern home security systems will see you resting easier, though sometimes there's nothing better than keeping an eye on things yourself. A US woman recently tuned into a home webcam from her work computer to see strangers rummaging through her home. Local news reported the 43-year-old Florida woman called the police as she watched burglars help themselves to food from her fridge, steal computer games and scare her pets. Due to her watchful eye and swift response, police arrived before the burglars had caused any real damage. Top 6. Barely lit room Stuffed toys are prone to losing limbs. So what do you do once teddy it loses its head for good? Taking the `bright idea light bulb' a bizarre step further, designer Matthew Kinealy has left the head off and replaced it with a lamp and shade. A plump and cuddly body means ted can slouch on the table, shelf or nightstand without falling over, and the warm glow means you can add `comfort lighting' to any room.