Latest Property News from Ted Hanson

The Oyster There once was an oyster whose story I tell, who found that some sand had got into his shell. It was only a grain, but it gave him great pain, for oysters have feelings although they're so plain. Now, did he berate the harsh workings of fate that brought him to such a deplorable state? Did he curse at the government, cry for election, and claim that the sea should have given him protection? No - he said to himself as he lay on a shell, since I cannot remove it I shall try to improve it. Now the years have rolled around, as the years always do. and he came to his ultimate destiny, a stew. And the small grain of sand that had bothered him so, was a beautiful pearl all richly aglow. Now the tale has a moral, for isn't it grand< what an oyster can do with a morsel of sand? What couldn't we do if we'd only begin, with some of the things that get under our skin? 1. Home lending on the way up February marked the fifth consecutive month of home loans increasing, according to figures released this week by the Australian Bureau of Statistics (ABS). Over the month the total number of loans increased by 0.4 per cent as a result of a 2.6 per cent rise in loans for construction and a 4.2 per cent lift in loans for the purchase of new dwellings. Read More... February marked the fifth consecutive month of home loans increasing, according to figures released this week by the Australian Bureau of Statistics (ABS). Over the month the total number of loans increased by 0.4 per cent as a result of a 2.6 per cent rise in loans for construction and a 4.2 per cent lift in loans for the purchase of new dwellings. Lending for new homes has been rising since October 2008, driven by the continued reduction in variable mortgage rates and the tripling of the First Home Owners Grant for new dwellings. In seasonally adjusted terms, the Australian Capital Territory saw the biggest leap, with a rise of 12.4 per cent in the number of loans for existing and new dwellings. Other states to record an increase were Tasmania (1.9 per cent), New South Wales (0.3 per cent) and Victoria (up 0.5 per cent). The number of loans fell by 3 per cent in Queensland, by 0.4 per cent in each of South Australia and Western Australia and 3.1 per cent in the Northern Territory. Top 2. The playing field is changing There has been a significant change in the home lending marketplace, with many smaller lenders exiting and the larger banks taking measures to ensure borrowers do not go into financial stress, according to a new mortgage industry report. The joint J.P. Morgan/Fujitsu Consulting Australian Mortgage Industry Report (Volume 9, October 2008) also urges first home buyers to be cautious about the size of the debt they enter into, in the light of the current economic situation. Read More... There has been a significant change in the home lending marketplace, with many smaller lenders exiting and the larger banks taking measures to ensure borrowers do not go into financial stress, according to a new mortgage industry report. The joint J.P. Morgan/Fujitsu Consulting Australian Mortgage Industry Report (Volume 9, October 2008) also urges first home buyers to be cautious about the size of the debt they enter into, in the light of the current economic situation. Martin North, Fujitsu Consulting's Managing Director said that the share of business written through the non-banks and smaller players has reduced significantly. "The four major banks now have the lion's share of new business, thanks to the flight to quality we have seen in the last six months; the announcement of potential help from the Big Four for people who may become unemployed will reinforce this trend", North said. "Indeed, they have been struggling to process all the new applications because of the increased volumes from refinancing transactions and first time buyers." Mr North added that the Deposit Guarantee has enabled players to raise capital through significant bond issues and keep margins at respectable levels. The report cautioned first home buyers using the current low interest rate environment and government stimulus as a means to enter home ownership to consider: Interest rates will inevitably go up again; First home buyers typically have a higher initial LVR (Loan to Value Ratio), therefore are highly sensitive to any future rise in interest rates; and The outlook for income growth to absorb future increases in interest rates is poor. J.P. Morgan's Scott Manning commented that the banks themselves recently acknowledged these dynamics by introducing a range of measures to reduce initial LVRs and increase required saving rates. "Further, with limited refinancing or exit options available to stressed households as lenders withdraw from the housing market, we have recently seen more action being taken to avoid forced home sales via the escalation of awareness being drawn to repayment holidays of up to 12 months," Manning said. Top 3. Men still earning more The gender divide in Australia has narrowed over the past 20 years but there is much more to be done, according to the latest AMP.NATSEM Income and Wealth Report `She works hard for the money'. In fact, a man still has the potential to earn $2.4 million over a lifetime compared to a woman who earns nearly $1 million less! Read More... The gender divide in Australia has narrowed over the past 20 years but there is much more to be done, according to the latest AMP.NATSEM Income and Wealth Report `She works hard for the money'. In fact, a man still has the potential to earn $2.4 million over a lifetime compared to a woman who earns nearly $1 million less! The 22nd AMP.NATSEM report focuses on women today, how their social and economic status has changed and evolved over time, and what differences can be seen between them and their male counterparts. The report found that women have gained substantial ground, particularly in areas of education and employment, but large gaps still exist between men and women in both paid and unpaid work and areas of wealth, income and superannuation. Baby Boomer women have the highest wage gap of all generations of 13 per cent. Gen X women have a lower wage gap of around 3.5 per cent while the wage gap for Gen Y women is almost non-existent at 0.6 per cent. AMP Financial Services Managing Director Craig Meller said that Gen Y is the first generation where the wages of women are almost on par with men. "While the gender divide has narrowed, particularly for Gen Y, the risk remains that as these women progress through their careers, particularly during their child rearing years, they will still face the same dilemmas and glass ceilings as their Baby Boomer mothers," Mr Meller said. "So while much progress has been made, this report tells us that there is still more work to be done to narrow the gender divide, particularly in the child rearing years, so that when women leave and re-enter the workforce they don't fall behind their male counterparts." The report findings show that while more women are working (workforce participation increased 10 per cent to 58.2 per cent in the 20 years to 2008) they face an ever-increasing juggling act, struggling to balance two kids, a household and a career. Women employed full-time with children spend 78 hours a week in paid and unpaid work compared to full-time men with children who work 74 hours a week. These women are spending on average 15 hours a week cooking and cleaning while the men are spending only six hours a week on these tasks. Top 4. Bigger, fresher, uncut Questions arise for all gardeners from time to time, whether novices or seasoned pros. So what happens if a question falls in the garden and no one is around to hear it? Read More... Questions arise for all gardeners from time to time, whether novices or seasoned pros. So what happens if a question falls in the garden and no one is around to hear it? The ABC's Gardening Australia Expo hits the road this month, offering willing ears for all those fallen questions, along with information, inspiration and entertainment, and the very latest in garden and outdoor products and plants. Queenslanders can check out the expo in Brisbane this week, 17th-19th April at RNA Showgrounds, Bowen Hills. Sydney and Melbourne have to wait a little longer - until the end of August and October, respectively. Top 5. Real property or personal property? When selling or buying your home, make sure you understand exactly what is being sold along with it. The general rule is, if it is attached to the structure or the ground, it is real property and stays with the house. But this can be confusing. So if you want to make sure an item remains in the house, list it specifically in the contract. It's better to do this than "assume" anything and, of course, if you have any questions about inclusions seek confirmation from your legal representative. Top 6. Like walking on (clean) air It's hard to imagine walking on plastic milk bottles, but that's exactly what you could be doing if you built your balcony using a new range of decking boards that are made from recycled milk containers and non-virgin pine products. According to the company's website, a metre of ModWood decking board contains approximately 37 recycled plastic milk bottles and around two kilograms of reclaimed pine dust (a by-product of timber milling). Not only does the product put to good use recycled and waste products that would otherwise be squandered, potentially ending up as landfill, but it is made without the use of formaldehydes, so there are no chemical emissions. Top

Latest Property News from Ted Hanson

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Friday 10 April 2009 Easter eggs for borrowers' baskets… Wishing you all the best for the break! In the news this week, the Reserve Bank offers up a seasonal treat, and a bright idea floods through some old rusty pipes... 1. Why rent when it's time to buy? The current economic environment has created the best conditions in more than ten years for renters to become homeowners, according to a report released this week. At a time of escalating rental costs, the introduction of the First Home Owner's Grant Boost Scheme (FHOGBS) together with record low interest rates has significantly reduced the cost of buying compared with renting a home. Read More... The current economic environment has created the best conditions in more than ten years for renters to become homeowners, according to a report released this week. At a time of escalating rental costs, the introduction of the First Home Owner's Grant Boost Scheme (FHOGBS) together with record low interest rates has significantly reduced the cost of buying compared with renting a home. The latest QBE LMI Half Yearly Property Update (researched by BIS Shrapnel) shows that by June 2009, the cost of renting in Sydney and Melbourne will be closer to the cost of paying off a median priced house than at any other time in the last decade, with weekly median rents over 66 per cent as a proportion of median home loan repayments .The ratio in Canberra, Brisbane and Perth is expected to approach 80 per cent and 75 per cent in Adelaide.   Ian Graham, Chief Executive Officer of QBE LMI said that while there is significant uncertainty in relation to employment, an increasing number of first home buyers who are confident about the future have decided the time is right to take advantage of government incentives, low interest rates and attractive housing prices. "The incentive for first home buyers to enter the market has never been stronger", Mr Graham said. "FHOGBS has helped first home buyers to get over the deposit hurdle and is driving new lending enquiry/home loan approvals to record numbers". The report shows that the situation is also improving for the investor. "According to our research, conditions for investors are at their best since the late 1990s with a differential between yields and interest rates estimated at 2 per cent in the March Quarter 2009", Mr Graham said. "Our report shows that through 2009 and into 2010, investor sentiment toward residential property is expected to increase significantly." Top 2. RBA cuts rates to 3 per cent The Reserve Bank placed a nest egg in borrowers' baskets this week, with another cut in the Official Cash Rate, taking it to a 49-year low 3 per cent. The move came as a surprise to many analysts. The ABC reported earlier this week that in a poll conducted by Reuters, 13 of the 21 economists polled thought the Board would keep the cash rate on hold for the second consecutive month. Read More... The Reserve Bank placed a nest egg in borrowers' baskets this week, with another cut in the Official Cash Rate, taking it to a 49-year low 3 per cent. The move came as a surprise to many analysts. The ABC reported earlier this week that in a poll conducted by Reuters, 13 of the 21 economists polled thought the Board would keep the cash rate on hold for the second consecutive month. Reserve Bank Governor Glenn Stevens said in a statement that while Australians' debt servicing burdens have been reduced considerably, the global economy looks set to remain in the doldrums and this is likely in turn to affect the buoyancy of economic activity in Australia. "The stance of monetary policy, together with the substantial fiscal initiatives, will provide significant support to domestic demand over the period ahead", Governor Stevens said. Top 3. No rest for dodgy cots Cots that have faulty drop sides have been the subject of a national recall this week, the Australian Competition and Consumer Commission (ACCC) has announced. ACCC Deputy Chairman, Peter Kell said there is a nationally adopted mandatory safety standard for household cots which has specific requirements to ensure that the drop side of a cot works correctly and the filler bars remain in place with constant use. Read More... Cots that have faulty drop sides have been the subject of a national recall this week, the Australian Competition and Consumer Commission (ACCC) has announced. ACCC Deputy Chairman, Peter Kell said there is a nationally adopted mandatory safety standard for household cots which has specific requirements to ensure that the drop side of a cot works correctly and the filler bars remain in place with constant use. "When the drop side fails, infants can easily fall out of the cot and suffer serious injuries to their head and limbs", Mr Kell said. Fair trading agencies in Queensland, South Australia and Western Australia have had increasing numbers of reports about drop sides of wooden cots that fall apart during normal use. By July 2010, Australia will have a single national product safety law and harmonised product safety mandatory standards and bans across the country.  The ACCC and state and territory consumer protection departments will work together to enforce these laws. Consumers and suppliers are encouraged to check the working order of wooden household cots and immediately report any with drop sides that fail to the ACCC by calling the Infocentre on 1300 302 502. Details of the recall are available at www.recalls.gov.au.%SelStart%%SelEnd% Top 4. Approvals get the nod February saw a dramatic turnaround in building approvals, especially for apartments, according to figures released this week by the Australian Bureau of Statistics. Total building approvals, seasonally adjusted, increased by 7.8 per cent in February 2009, the first rise since June 2008. Read More... February saw a dramatic turnaround in building approvals, especially for apartments, according to figures released this week by the Australian Bureau of Statistics. Total building approvals, seasonally adjusted, increased by 7.8 per cent in February 2009, the first rise since June 2008. The number of private sector houses approved rose just 0.1 per cent, while the estimate for multi-unit dwellings approved rose 34.1 per cent following a revised fall of 17.0 per cent in January. The number of seasonally adjusted residential dwelling approvals increased in the month of February in New South Wales (+18.6 per cent), Victoria (+5.3 per cent), South Australia (+3.9 per cent), Western Australia (+19.9 per cent), and Tasmania (+1.6 per cent). Approvals fell by 5.9 per cent in Queensland and were down in trend terms by 5.1 per cent in the Northern Territory and by 1.2 per cent in the Australian Capital Territory. Top 5. Tapping into a bright idea Plumbing pipes may have found a new place in the home. Designers from Tel Aviv have shone some new light on (or out of) old metal faucet pipes, creating lamps that look more like robot creatures from a sci-fi flick. Lamps in the KOZO lighting series are made with refitted galvanized iron plumbing pipes from around the world, light bulbs have been wired in ready to be turned on and off with the twist of a tap (made to function as a switch). Top

> In This Issue... Why rent when it's time to buy? RBA cuts rates to 3 per cent No rest for dodgy cots Approvals get the nod Tapping into a bright idea   3 Brownlee St, Mangerton $895,000 Lake Heights - Great Size Blocks of Land Starting from $145,000 3/47 Hillcrest St, Wollongong $339,000 > Contact Us Ted Hanson Phone: 02 4229 5344 Fax: 02 4229 7202 98 Market Street Wollongong NSW 2500 email us   > Mail to a friend... Know someone who likes to keep up to date with the latest in property news? Click here, enter their email address and they will receive a copy of this issue and be given the opportunity to subscribe to future issues.

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Friday 03 April 2009 Gandhi's Shoe As Gandhi stepped aboard a train one day, one of his shoes slipped off and landed on the track. He was unable to retrieve it as the train started rolling. To the amazement of his companions, Gandhi calmly took off his other shoe and threw it back along the track to land close to the first shoe. Asked by a fellow passenger why he did that, Gandhi replied, 'the poor man who finds the shoe lying on the track will now have a pair he can use.' 1. Safe as houses The housing market in Australia, although subdued, has held up well and should continue to do so because of borrowers' ability to service their loans, according to the Reserve Bank (RBA). In a speech to the Urban Development Institute of Australia in Brisbane this week, Deputy Governor Ric Battellino remarked that while prices have fallen on average by 3 per cent across Australia, this is soft compared with countries such as the US and the UK, where prices have fallen in the order of 20 per cent. Read More... The housing market in Australia, although subdued, has held up well and should continue to do so because of borrowers' ability to service their loans, according to the Reserve Bank (RBA). In a speech to the Urban Development Institute of Australia in Brisbane this week, Deputy Governor Ric Battellino remarked that while prices have fallen on average by 3 per cent across Australia, this is soft compared with countries such as the US and the UK, where prices have fallen in the order of 20 per cent. "We continue to believe that the market here will hold up better than overseas", Battellino said. "There are a number of reasons why this is likely to be so, but perhaps the most important is that we did not have the same deterioration in lending standards that occurred elsewhere. "By and large, the great bulk of Australians who took out housing loans have been able to afford the repayments. "Notwithstanding some rise over the past year, the 90-day arrears rate on housing loans is only 0.5 per cent, which is broadly in line with its long-run average and well below that in countries such as the US and UK. On an average mortgage, loan repayments are now $7,000 a year less than they were six months ago. "This is a very large reduction, equal to about 8 per cent of average household income", he stated. Mr Battellino said that the majority of households have elected not to spend the money that has been freed up, choosing instead to maintain high repayments and move ahead of schedule in repaying their loans. "This will give them breathing space if they do subsequently find themselves in circumstances where their repayments are interrupted", he suggested. Top 2. Australian house prices resilient Australia's residential property market may experience some weakness over the next twelve months, but will remain resilient, according to a new quarterly report released this week by ANZ Economics. The Bank's Property Outlook March 2009 reports that since peaking in early 2008, the national median house price has fallen by 3.9 per cent and weak sentiment, a deteriorating economic environment and rising unemployment present further downside risks. Read More... Australia's residential property market may experience some weakness over the next twelve months, but will remain resilient, according to a new quarterly report released this week by ANZ Economics. The Bank's Property Outlook March 2009 reports that since peaking in early 2008, the national median house price has fallen by 3.9 per cent and weak sentiment, a deteriorating economic environment and rising unemployment present further downside risks. "However, there remain strong reasons to expect that we will avoid a US-style house price collapse", say report authors. "Principal among these is the significant, pre-emptive and effective policy action taken to date, plus the fact that unlike our developed world counterparts, Australian policy authorities have ample ammunition in store should further stimulus be required." Since August last year, the Reserve Bank has cut the official cash rate by a massive 400 basis points. Of this, 375 basis points have been passed through to the standard variable mortgage rate for new and existing mortgage holders. In contrast, over the period to December, US authorities cut official rates by 500 basis points with only just 15 basis points flowing through to existing borrowers. The relative potency of monetary policy in Australia and the resultant dramatic improvement in Australian housing affordability will be key factors supporting house prices in the year ahead, says the report. In stark contrast with the oversupplied US housing market, the ongoing tightening of the Australian housing demand/supply balance will also provide substantial support to prices and (eventually) building activity. The extension to the first homebuyer grant has boosted demand at the lower end of the market while tight rental conditions, rising rents and improved yields will increasingly encourage new homebuyers and investors back into the market. ANZ's Economics Team predicts that with further official rate cuts expected, home borrowers should be able to access mortgage interest rates of less than 5 per cent by the middle of the year (a far cry from the standard variable rate of 9.6 per cent in August last year). "Combined with rising property yields, this will see positive gearing opportunities emerge for residential investors. "Moreover, ongoing volatility and uncertainty in global equity and other asset markets will further highlight the relative security of the Australian housing sector. "In contrast, with sub-prime mortgages representing just over 1 per cent of the Australian market (compare a peak of over 15 per cent in the US) and full recourse lending, mortgage delinquencies and foreclosures remain at historically low levels and a lack of forced sales provides considerable downside protection to house prices. The authors conclude by saying that, on balance, though risks remain to the downside, they still believe Australian house prices will experience a relatively soft landing. "Peak to trough, we expect the median national house price to fall by around 6 per cent, which while significant, pales next to the 50 per cent+ (and counting) collapse in equities", they predict. Top 3. Cheaper renovations on the horizon Renovation costs in Australia are expected to drop considerably in the next six months, an architectural body predicted this week. A recent quarterly cost guide from Archicentre, the building advisory service of the Australian Institute of Architects, shows that residential building construction costs have not changed appreciably in the last quarter. Read More... Renovation costs in Australia are expected to drop considerably in the next six months, an architectural body predicted this week. A recent quarterly cost guide from Archicentre, the building advisory service of the Australian Institute of Architects, shows that residential building construction costs have not changed appreciably in the last quarter. General Manager of Archicentre David Hallett expects this to change, however, as a substantial slowdown in the planning of new commercial projects around Australia will see many tradespeople moving from commercial to residential over the next six months. "This will result in more competition in the new home and renovation markets and we could see a drop in the costs of custom designed homes and renovations of 5 per cent to 15 per cent in some states," David Hallet said. "Coupled with rapidly reducing interest rates we are seeing the best climate for residential construction for many years," Mr Hallet added. The Archicentre cost guide is a free guide to help homeowners who are either renovating or building new homes assess quotes to ensure they are getting a reasonable price. For new house and major renovations, the cost structure is approximately as follows: Materials - 46 per cent Labour - 33 per cent (this can rise a further 5-15 per cent in country areas). Fees, levies, permits, GST - 21 per cent Mr. Hallett said that whilst construction costs will come down, the savings could be soon wasted by poor planning and failing to obtain competitive prices. "Some renovators are paying between 60 per cent to 80 per cent more for their renovations because they have poorly planned renovations and fail to tender their projects. Australians on average spend $7 billion a year on major renovations. "Once you add the cost of interest onto the amount over the normal period of a home loan, the amount lost can run into tens of thousands of dollars on the average renovation of around $100,000. Mr Hallett said that one of the biggest mistakes people make is to get a quote only on the structural part of the renovation failing to recognise that around 50% of the cost is to be found after lock up in fittings and finishing. "Whilst tendering provided a good guide to the cost of the project choosing the cheapest quote was not necessarily the right decision. "It is also vital that the builders' credentials are checked out to ensure they are registered, have appropriate insurance, are able to show examples of their work and importantly are able to complete the project on time. "Tendering is not rocket science, it is carefully documenting and specifying the entire project so everything can be costed accurately and planned. "For the builder the provision of tender documents including the type of contract to be used and the specification of fittings and finishes provides an opportunity to provide an accurate costing. "A contract also includes dispute resolution processes and is a major step in limiting the legal disputes which can arise if there is not accurate paperwork", he concluded. Top 4. New homes continue good run Sales of new home sales improved again in February, particularly in Queensland and New South Wales, according to the latest survey by the Housing Industry Association (HIA). Read More... Sales of new home sales improved again in February, particularly in Queensland and New South Wales, according to the latest survey by the Housing Industry Association (HIA). Total new home sales increased by 3.9 per cent in February 2009. Detached home sales increased by 4.7 per cent in the month, to be up by 8 per cent over the three months to February. Pre-contract sales of apartments and home units fell for the fifth consecutive month in February (down 3.4 per cent). Sales of detached new homes increased by 21.7 per cent in Queensland and were up by 11.1 per cent in New South Wales and by 4.2 per cent in Western Australia. Sales fell moderately in Victoria, down by 5.6 per cent following a 24 per cent lift over the previous two months. Sales fell by 3.9 per cent in South Australia after a jump of 25 per cent in January. Detached home sales were up over the three months to February 2009 in New South Wales, Victoria and South Australia. Top 5. America's most expensive house Even in death, Aaron Spelling's legacy is still causing a stir. The notorious American, who holds a record as the most prolific television producer, notched up another record recently when his widow Candy Spelling put their 4.7acre Holmby Hills residence on the market. With a price tag of over AU$220M, it immediately became the most expensive residential listing within the US. The LA Times reports that "The Manor" - which looks like a French chateau and is slightly larger than the White House - isn't just the most expensive house, it's also the largest in LA. Among the list of extravagances are a grand foyer, library, gym, media room, gift-wrapping room, wine cellar with tasting room and a parking lot that can accommodate 100 vehicles. Top 6. Kitchen-safe recipe book Some people have an innate ability to construct culinary masterpieces with no recipe in sight. On the other side of the coin, collections of recipes can consume books and shelves, taking up space and often not ever being used. The Demy is a `kitchen-safe' digital recipe reader with a high-resolution colour touchscreen that stores all your own recipes, and plugs into your computer meaning you can fill it to the brim with others you find. Small and splash resistant (so you can keep it on hand while cooking), it features cooking timers, a conversion tool, and a list of ingredient substitutions so you don't have to run to the store mid-way just because you forgot one thing on the list. Top

3 Brownlee St, Mangerton $895,000 Lake Heights - Great Size Blocks of Land Starting from $145,000 3/47 Hillcrest St, Wollongong $339,000

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Friday 27 March 2009 Big Mud Puddles and Sunny Yellow Dandelions When I look at a patch of dandelions, I see a bunch of weeds that are going to take over my yard. My kids see flowers for Mum and blowing white fluff you can wish on. When I look at an old drunk and he smiles at me, I see a smelly, dirty person who probably wants money and I look away. My kids see someone smiling at them and they smile back. When I hear music I love, I know I can't carry a tune and don't have much rhythm, so I sit self-consciously and listen. My kids feel the beat and move to it. They sing out the words. If they don't know them, they make up their own. When I feel wind on my face, I brace myself against it. I feel it messing up my hair and pulling me back when I walk. My kids close their eyes, spread their arms and fly with it, until they fall to the ground laughing. When I pray, I say thee and thou and grant me this, give me that. My kids say, "Hi God! Thanks for my toys and my friends. Please keep the bad dreams away tonight. Sorry, I don't want to go to Heaven yet. I would miss my Mummy and Daddy." When I see a mud puddle I step around it. I see muddy shoes and dirty carpets. My kids sit in it. They see dams to build, rivers to cross, and worms to play with. I wonder if we are given kids to teach or to learn from? No wonder God loves the little children! Enjoy the little things in life, for one day you may look back and realise they were the big things. Well, dear friend, I wish you Big Mud Puddles and Sunny Yellow Dandelions! 1. Market responding well: REIA The Australian property market showed definite signs of stabilising in the December quarter 2008, according to a quarterly review of major residential property markets in Australia. The Real Estate Market Facts report, released this week by the Real Estate Institute of Australia (REIA) and Mortgage Choice, shows that market response to the actions of the Reserve Bank and the Government has seen property prices around the country stabilising in the December quarter 2008, propped up by buyer activity at the lower end of the market. Read More... The Australian property market showed definite signs of stabilising in the December quarter 2008, according to a quarterly review of major residential property markets in Australia. The Real Estate Market Facts report, released this week by the Real Estate Institute of Australia (REIA) and Mortgage Choice, shows that market response to the actions of the Reserve Bank and the Government has seen property prices around the country stabilising in the December quarter 2008, propped up by buyer activity at the lower end of the market. "It is at the top end of the market, in the so-called `blue-ribbon' areas, where there is a lack of demand and property prices continue to slide", said REIA President, Noel Dyett. The Report shows that four out of eight capital cities recorded no change or an increase in median house prices over the quarter. "This is a big improvement compared to the previous quarter when only one capital city recorded an increase in median house prices", Mr Dyett said. Overall, this quarter has seen the Australian weighted average median house price decrease by 1.3 per cent to $442,038, from $447,950. This is a decrease of 6.2 per cent when compared to the December quarter 2007. The Australian weighted average median price for other dwellings decreased 0.3 per cent over the December quarter to $353,575, from $354,700 in the September quarter. This was a decrease of 3.4 per cent when compared to the December quarter 2007 when the Australian weighted average median price for other dwellings was $365,977. Finance commitments have seen considerable rises in the number and value of loans for owner occupied housing and investment housing. In the December quarter, the value of housing finance commitments for all dwellings increased by 5.9 per cent. There was a steep jump in the number of first home buyers and first home buyer commitments as a percentage of total owner occupied housing finance commitments. The number of loans for the purchase of new and established dwellings plus construction of dwellings also showed a substantial lift. "There is also likely to be increased activity right across Australia as the June 30 deadline on the Boost to the First Home Owners Grant approaches", Mr Dyett said. "The underlying demand for housing will support the market once economic conditions begin to settle", he concluded. Top 2. Make Earth Hour your own! What will you be doing at 8:30pm this Saturday? If you choose to join millions of others around the world and make a vote for climate change by participating in Earth Hour, there's plenty more to do than sitting around in the dark! Earth Hour is about taking simple steps everyday to collectively reduce carbon emissions - from businesses turning off lights when their offices are empty to households turning off appliances rather than leaving them on standby. Read More... What will you be doing at 8:30pm this Saturday? If you choose to join millions of others around the world and make a vote for climate change by participating in Earth Hour, there's plenty more to do than sitting around in the dark! Earth Hour is about taking simple steps everyday to collectively reduce carbon emissions - from businesses turning off lights when their offices are empty to households turning off appliances rather than leaving them on standby. But there's no reason why reducing your carbon footprint can't be fun and interesting. Here are some ways to spend Earth Hour (or any other time you choose to `make a difference'): Attend a local Earth Hour event or organise your own by throwing an Earth Hour street party with your neighbours - quite a few restaurants are hosting Earth hour specials Gather family and friends for a night picnic in your local park and look at the stars Enjoy a candlelit dinner Organise a treasure hunt in the dark Take the dog for a night walk Have a candlelit bath Sit in the dark and share stories Organise with friends or family to play board games Share a romantic night in with your loved one Take some great photos or videos from your event, then upload them to Flickr or YouTube and add them to the Earth Hour groups on each! Earth Hour Executive Director, Andy Ridley, is encouraging people to participate in whatever way they choose and to think beyond the hour. "There are no hard and fast rules surrounding participation in Earth Hour," Mr Ridley says. "We only ask that you flick that switch and have fun doing whatever you choose to do during that time. "Make Earth Hour work for you. "Families with young children should feel free to turn their lights off earlier than 8:30pm and for those having too much fun in the dark during the hour, don't feel you have to limit yourself to one hour and switch back on at 9:30pm." To find out more about Earth Hour, visit the official website www.earthhour.org, sign up and join millions of people in more than 1,400 cities and towns in 80 countries throughout the world by turning off your lights for one hour at 8:30pm on Saturday 28 March. Top 3. Housing starts come to no good end Housing starts fell heavily in the December 2008 quarter, due mainly to a drop in demand for new apartment blocks, according to figures released this week by the Australian Bureau of Statistics. The statistics show that multi-unit starts dropped by 21.4 per cent to 9,230 in the final months of the year. Read More... Housing starts fell heavily in the December 2008 quarter, due mainly to a drop in demand for new apartment blocks, according to figures released this week by the Australian Bureau of Statistics. The statistics show that multi-unit starts dropped by 21.4 per cent to 9,230 in the final months of the year. Detached house starts dropped by 4.4 per cent to 23,175, with the result that total housing starts fell by 9.9 per cent in the December 2008 quarter following a fall of 8.9 per cent the previous quarter. Hardest hit was Queensland, with a 25.4 per cent drop in commencements. This was followed by South Australia (showing a drop of 13 per cent) and Western Australia (down 8.8 per cent). The number of housing starts in the December 2008 quarter fell by 3 per cent in New South Wales, 5 per cent in Victoria and 0.8 per cent in the Australian Capital Territory. Starts jumped by 93 per cent in the Northern Territory and increased by 1 per cent in Tasmania. Top 4. Population booming: ABS Australia is continuing to record high population growth, according to figures released this week by the Australian Bureau of Statistics (ABS). A total population growth rate of 1.8 per cent was recorded for the year ending September 2008, up from the 1.2 per cent recorded five years ago. Top 5. Aging protest-rocker still causing a stink Something else is blowing in the wind outside rock legend Bob Dylan's Malibu house. Once known for putting out the noses of establishment figures, the aging rocker is now reportedly causing a stink amongst his neighbours. The Malibu breeze that usually blows fresh air and sea salt in and around local houses has been carrying odours from the outside `portaloo' used by Dylan's staff - a smell that is said to have made a young neighbour sick. Reuters reports the Mayor has left the matter to the enforcers of the city's code on objectionable odours. Top 6. Paradise - where everyone knows your name What more could you want than an oceanfront property in the Bahamas? Perhaps having the street named after you, as well. The developers of a local property venture, Paradise Is Mine, are offering people who `have achieved success within their respective professional careers' the ability to purchase oceanfront property in a tropical paradise, and a street named in their honour. The catch? Besides having to live amongst picturesque coconut groves, crescent-shaped harbours and white sandy beaches, you also need to have been a resident there for a whole year. Life could be so hard. Top

Latest Property News from Ted Hanson

An Enriching Action A smile costs nothing, but gives much. It enriches those who receive, without making poorer those who give. It takes but a moment, but the memory of it sometimes lasts forever. None is so rich or mighty that they can get along without it, and none is so poor, that they can be made rich by it. A smile creates happiness in the home, fosters good will in business and is the countersign of friendship. It brings rest to the weary, cheer to the discouraged, sunshine to the sad and it is nature's best antidote for trouble. Yet it cannot be bought, begged, borrowed or stolen - for it is something that is of no value to anyone, until it is given away. Some people are too tired to give you a smile. Give them one of yours, as no one needs a smile so much as those who have no more to give. Author Unknown 1. Home lending lifts in January Housing loans increased in January 2009 for the fourth consecutive month, according to data released this week by the Australian Bureau of Statistics. The ABS figures show that for the month of January, total loans increased by 3.5 per cent on December last year. Read More... Housing loans increased in January 2009 for the fourth consecutive month, according to data released this week by the Australian Bureau of Statistics. The ABS figures show that for the month of January, total loans increased by 3.5 per cent on December last year. Loans for construction rose by 2.5 per cent but loans for the purchase of new dwellings eased by 1.4 per cent following four consecutive rises. Lending for established dwellings, net of refinancing, was up by 5.6 per cent, the fifth straight rise. The number of first homebuyers as a percentage of the total value of January's housing finance commitments was 26.5 per cent, the highest proportion since the series commenced in 1991. This was up from 25.7 per cent in December and 23.6 per cent in November. Loans for the construction of dwellings (2.5 per cent) and the purchase of established dwellings (3.9 per cent) also continued to show significant improvement, though growth in investment housing-fixed loans (-3.8 per cent) and in the purchase of new dwellings (-1.4 per cent) dropped over the month. Over the three months to January 2009 the value of lending for construction of new rental dwellings dropped by 46 per cent compared to the same period through to January 2008. In seasonally adjusted terms the number of loans for existing and new dwellings by state increased by 2.4 per cent in Victoria, 5.3 per cent in Queensland, 6.4 per cent in South Australia, 4.2 per cent in Western Australia, 5.9 per cent in Tasmania and 6.3 per cent in the Northern Territory. The number of loans fell by 0.4 per cent in New South Wales and by 7 per cent in the Australian Capital Territory (to a level that was still the second highest in 18 months). Top 2. Great Australian dream within reach now The number of Australians planning to buy their first house this year has almost doubled, a survey revealed this week. The 2009 Mortgage Choice First Homebuyers' Survey found first homebuyers regard historically low interest rates and low property prices as key motivations for purchasing a first home before 2010. Read More... The number of Australians planning to buy their first house this year has almost doubled, a survey revealed this week. The 2009 Mortgage Choice First Homebuyers' Survey found first homebuyers regard historically low interest rates and low property prices as key motivations for purchasing a first home before 2010. The nationwide survey of 1,012 people planning to purchase their first home in 2009 also found that the number of those planning to make financial sacrifices in order to purchase their first home has fallen by over 22 per cent to 71 per cent, which suggests they are in a better position to buy. A surprising trend towards owning a larger space has also emerged, with over three quarters (76 per cent) of respondents looking to purchase a house as opposed to a unit/apartment or townhouse, compared to 54 per cent in 2008 (this is a 22 percentage point rise or the equivalent of a 40 per cent increase). Although 45 per cent of respondents said that the increase to the First Home Owners Grant was `too good to refuse', the main motivation to purchase property this year was historically low interest rates (65 per cent). Of the respondents, 49 per cent said that low property prices influenced their deciding to buy this year, while a further 35 per cent said rent is too expensive, making now an opportune time to purchase. Mortgage Choice Senior Corporate Affairs Manager, Kristy Sheppard said that with low interest rates and relatively stable housing prices top-of-mind for those interested in the property market, it is intriguing to see the change in attitude and inclinations of today's pro-active first homebuyer. "Australians who are about to buy their first home appear to be entering the market with more confidence than their predecessors," Ms Sheppard said. "We are living with rapidly evolving conditions, but it appears that many potential first timers are finally coming out of their shell and are determined to snap up a bargain. "Recent ABS data shows nearly 30,000 first homebuyers have purchased property from October through to December 2008, taking advantage of improved affordability conditions," she said. Other key findings of the survey include: 71% plan to buy an established home despite extra Government incentives for new dwellings 12% are planning to turn their first home into an investment property Generation X# represents the majority of first homebuyers planning to buy by 2010, at 51%. 49% decided to purchase this year because of low property prices while 45% said the First Home Owner Boost is `too good to refuse' 28% plan to contribute 20% or more deposit, and borrow the remaining. Top 3. Time to pay up It doesn't matter who you are, everyone gets bills. A German mathematician was recently sent a letter by GEZ, Germany's broadcast fee collection office, demanding he pay long-overdue television license fees - it didn't even seem to matter that the man had been dead for over 450 years. Reuters reports the current residents at the deceased's former address returned the letter with a note explaining the request had come too late, as Adam Ries, an Algebra expert, had died over four centuries ago. Nonetheless, a reminder still came in the mail a few weeks later. Top 4. What sort of spender are you? Are you a Big Spender? Do you buy on impulse? Or maybe you would describe yourself as an everyday spender - even an habitual one. In its latest report on credit card ratings, financial research services firm Canstar Cannex has attempted to narrow the choice for card holders by adopting four different credit card user profiles, covering the majority of card usage and payment patterns. Read More... Are you a Big Spender? Do you buy on impulse? Or maybe you would describe yourself as an everyday spender - even an habitual one. In its latest report on credit card ratings, financial research services firm Canstar Cannex has attempted to narrow the choice for card holders by adopting four different credit card user profiles, covering the majority of card usage and payment patterns. Habitual Spenders Do you struggle to pay off your credit card and carry over the debt from month to month? Habitual spenders routinely use their credit card and regularly spend more than they can afford. This results in them not being able to repay their balance in full at the end of the month and so they consistently revolve an outstanding balance. Your best bet is to go for a low rate card with a very low or no annual fee. If you can get a card that offers instant rewards or discounts at places you regularly use, that's even better. Don't, however, be swayed by cards offering big rewards, as these usually come with big monthly interest rates and/or large annual fees. Everyday Spenders Everyday spenders use their credit card for the majority of their spending but keep their habit in check. The everyday spender spends a fair bit more than the habitual spender does and strict budgeting ensures that the outstanding balance is fully repaid each month. If you use your card for regular purchases such as groceries and petrol and pay off your balance in full each month then you have a bit more breathing room since you don't have to worry about interest rates. Your challenge will be to find the card that provides the features you're interested in at the lowest cost. As you stick to a budget and are disciplined enough to pay in full, you can afford to check out what rewards programs are on offer. Impulse Spenders Impulse spenders use their credit card mainly for emergencies or impulse shopping (e.g. Christmas shopping or vacations). This translates to a cycle of binge spending followed by complete repayment of their outstanding balance over the following months. Since the impulse spender's outstanding balance is eliminated relatively more quickly than that of the habitual spender, rates and fees are slightly less important, but still dominate their choice of card. Features are a consideration, but because they use their card so infrequently, rewards programs are not very important. If you only use your card for emergencies and impulsive buying then spend the next few months paying off the balance, try to find a low rate card with a very low or no annual fee. Big Spenders The big spender is usually also a big earner. As the name suggests, this card user spends significantly more on credit cards than most credit card users, but then pays off the outstanding balance at the end of the month. They have access to very high credit limits and like the everyday spender are not as concerned with rates and fees. If you earn and spend a lot of money on your credit card each year and nearly always pay off your balance, you might be in the market for a card that provides features and perks that you use frequently. These may include free travel insurance, concierge service and rewards program. Top 5. First impressions count If you are selling an apartment, the communal areas are invariably the first impression a buyer will have of your property. So it can be wise to go for a walk outside and take note of what you see. Some things - such as maintaining the gardens, changing light bulbs and cleaning the stairs - may need to be brought to the attention of the owners' corporation, but as they can be notoriously slow at attending to such things, it may be worth your while to take to the lobby yourself with a mop and some glass cleaner just before prospective buyers arrive. Top 6. Playboy feels the pinch The man who has spent most of his life squeezing scantily dressed women is now experiencing a different kind of squeeze. Read More... The man who has spent most of his life squeezing scantily dressed women is now experiencing a different kind of squeeze. With his Los Angeles Mansion now on the market, notorious playboy Hugh Hefner has been affected by the credit crunch, according to a recent report in the LA Times. Originally bought for AU$10.1 million in '98, the mansion that features five bedrooms, seven bathrooms, three fireplaces, library and huge lawn, is now on the market for AU$42 million - not a bad turnaround in 9 years. Top

It became very personal to us on Saturday night when we received a call about 11.00pm from a friend in Melbourne to say Peter and Kay had been caught in the fires and were lucky to be alive.
They were at our wedding in November.
I have been in contact with them over the rest of the weekend but when they left the house on Saturday night under a hail of embers and escorted by a CFA tanker and police car, they fully expected to return home to devastation.
In fact their home is only one of 3 still standing in a street of 21 homes with 18 utterly destroyed. Thankfully their area was spared loss of life.
I spoke to Pete this morning and he said to put the intense heat into perspective - at the rear of their property is a stand of trees with trunks some 15 inches across. The trees that fell as a result of the fires - the only remains are fine white ash lines where the trees hit the ground. The bush in front of their house was full of wildlife - he has walked down to the creek and cannot find remains of one animal. He believes they were all incinerated.
Our heart goes out to all those involved