Thursday, October 7, 2010

Latest Property News from Ted Hanson

Friday 08 October 2010
Aprons in the Gong

Bring all your family and frineds & help raise funds for the National Breast Cancer Event in Wollongong!

Celebrate the lighting of the Wollongong lighthouse go "PINK" as part of the National Breast Cancer Foundation celebrations for Pink Ribbon month in Wollongong!

More Information - National Breast Cancer Foundation

Choice survey reveals what annoys Australians most

AUSTRALIANS might live in the Lucky Country but a new survey shows they find plenty to moan about. Consumer group Choice has compiled a list of gripes in a survey of more than 1000 of its members. Read More...

RBA leaves rates on hold

Homeowners and buyers again breathed a collective sigh of relief this week when the Reserve Bank (RBA) announced its decision to leave interest rates on hold for the fourth consecutive month.

The central bank last raised the official cash rate 0.25 per cent in May to 4.50 per cent.

In a statement announcing the decision, Reserve Bank Governor Glenn Stevens hinted that the unsteady state of the global economy played a role in the decision.

"Financial markets are still characterised by a degree of uncertainty, and are responding both to differences in growth outlooks between regions and evident strains on public finances and banking systems in several smaller countries in Europe", Governor Stevens said.

Australia, on the other hand, is growing "around trend", with CPI inflation running at around 2¾ per cent over the past year.

With that situation looking likely to continue in the near term, the Bank decided that its current stance is "appropriate for the time being".

No spring in mortgage sales

The traditional spring increase in mortgage sales has so far failed to materialise this year, according to mortgage broker AFG's monthly Mortgage Index.

The Index shows that instead of the usual 10 per cent increase in mortgage sales over August, this year's September's data was almost identical (down 0.3 per cent) to the month before.

September sales figures were 20 per cent lower than for September 2009 with the two resource states showing the largest drop in comparative statistics.

Queensland recorded a 31.8 per cent fall and Western Australia a 25.8 per cent fall compared to figures for September 2009, as uncertainties about the future of a possible mining super tax continue to affect property-buying behaviour in both states.

The caution of consumers is further underlined by a jump in the take-up of fixed rate mortgages from 3.9 per cent of all mortgages sold in August, to 5.4 per cent - the highest level for fixed mortgages since June 2009. This suggests that more buyers expect further rate
rises in the near term.

AFG Mortgage Index also shows that Loan to Value Ratios (LVRs), loans expressed as a proportion of the value of a property, remain at a low level of 63.0 per cent. Low LVRs also tend to reflect consumer caution.

First home buying levels continued to normalise to trend, with mortgage sales to this sector comprising 12.6 per cent of all mortgages - the largest percentage since January 2010.

How much is the doggie in the household?

A dog's life isn't cheap anymore, according to the latest in an on-going Social Indicator Series, which shows that Australian families spend more than $25,000 on their pet over its life-time.

The Bankwest Social Indicator Survey, the 'Family Pooch Index', revealed the average Australian family outlays $2,452 per year for the care of their canine, on top of their initial purchase of the pup of $585.

Over the average life span of a dog (ten years), this equates to more than $25,000.

Not surprisingly, pet food and other gourmet doggy treats gobble up the bulk of the annual cost - $1200. This was followed by veterinary costs, at $450 per year, and additional dog care, such as grooming, dog walking, dog dietician and a dog trainer at $405 each per year.

The research also revealed what many of us have suspected for a long time, namely that half of Aussie pet owners consider their pet to be equally important as their kids. An overwhelming 96 per cent of respondents consider their pet as a member of their family.

"The old saying that a dog's life is cheap certainly doesn't ring true for most Australians," Bankwest Retail CEO Vittoria Shortt said.

"This research shows that the average Australian family is prepared to pay in excess of $25,000 over the average life time of their family dog.

"This is for just one dog, many people have more than one dog so they are paying out even more.

"Given this is such a large amount of money, it's not surprising that 96 per cent of respondents said they consider their pet as a member of their family."

If you are looking for a cheaper alternative for a family pet, it seems a fish and or pet bird are the way to go. Respondents who own a pet fish said yearly costs run at $610 to care for the pet. Birds however, are slightly more expensive in their upkeep - costing an Aussie family $810 each year.

Cats cost, on average, $1,772 per year.

Approvals down

Number of dwelling units approved fell in August, according to figures released this week by the Australian Bureau of Statistics (ABS).

ABS Building Approvals show that the total number of dwellings approved dropped 4.7 per cent in August 2010, seasonally adjusted, following a rise in the previous month.

Queensland (0.9 per cent), South Australia (11.2 per cent) and Western Australia (0.9 per cent) recorded more dwelling approvals this month, while New South Wales (-16.0 per cent), Victoria (-1.4 per cent) and Tasmania (-10.5 per cent) recorded fewer dwelling approvals in seasonally adjusted terms.

Private sector houses approved fell by 4.3 per cent due to falls in New South Wales (-7.5 per cent), Victoria (-7.7 per cent), Queensland (-7.0 per cent) while South Australia (3.6 per cent) and Western Australia (12.3 per cent) rose.

The value of total building approved fell by 4.2 per cent in August in seasonally adjusted terms. The value of total residential building fell by 7.8 per cent while non-residential building rose by 3.1 per cent.

The strange relationship of order and chaos

At times the world can seem like a mess, especially when we think time is getting away from us. Though that could be an illusion of personal perception. If so, the best thing might be to take a few deep breaths while finding your centre again, and not to have an "Order in Chaos" clock on your wall.

On the other hand, if you like a bit of fun, the clock shows a strange relationship between order and chaos. Each number appears whole every hour, then as the minute hand rotates in the centre, the numbers split off into tiny fragments that twist, turn and shuffle themselves into foreign shapes before reuniting on the next hour.

A hotel with plenty of space

The country that put the first man in space now has plans to open the first cosmic hotel for wealthy space tourists.

Russian company Orbital Technologies have announced their aspirations to have a four-room guesthouse in orbit by 2016, the BBC reported recently. A spokesman from the company stated that the hotel would be comfortable, with space for up to seven passengers in the 20-cubic metre vessel. Passengers can also look forward to special meals prepared (before takeoff) by celebrity chefs and large portholes for viewing Earth from afar.

1 comment:

  1. Great post! This is such a very informative post. Thanks for sharing.