The rental property market in Sydney has stagnated, the Real Estate Institute of NSW (REINSW) says.

Figures published on Tuesday show the number of vacant rental properties across the city and in Newcastle remained stable at 1.3 per cent in September despite incentives designed to encourage people to buy homes.

The number of vacant rental properties in Sydney’s inner suburbs fell only very slightly to 1.4 per cent while the number in outer suburbs rose by 0.1 per cent to one per cent.

In the Hunter Valley rental vacancies fell 0.1 per cent to 1.5 per cent.

In the Illawarra, overall vacancies rose 0.4 per cent to 1.7 per cent while in Wollongong, the percentage of available properties increased 0.3 per cent to 1.6 per cent.
Full Story

Property markets nationwide are already experiencing a spring surge after better than expected winter results, according to Australasia’s largest real estate group, Ray White.

Ray White Deputy Chairman Sam White said the group had achieved record results in some states during August and there had been above average auction clearance rates in all capital cities this month.

“The market, particularly in Sydney and Melbourne, has fired up and we are seeing many properties selling well above reserve,” Mr White said.

Ray White in August recorded its greatest monthly residential sales result in Victoria with sales statewide topping $400 million, a 55 per cent improvement on August, 2008.
Full Story

Gold Coast developer Jim Raptis has taken responsibility for the decline of his property empire, and he believes he can save it for a second time.

Speaking after a handful of creditors met for the first time to discuss the fall of Raptis Group Ltd, Mr Raptis said he was hopeful the company - and its 90 subsidiaries - would pull through.

And that its 27 creditors would emerge relatively unscathed in the process.

“They’ll get their money back, or some of the their money back,” he told AAP.
Full Story

Sydney’s rental market remains very tight with little change in the vacancy rate over recent months, new figures show.

The Real Estate Institute of NSW said the percentage of available properties in Sydney remained largely unchanged for the last four months of 2008, but there were significant increases recorded in both Newcastle and Wollongong.

“For December the available rental vacancy rate rose just 0.1 per cent to 1.4 per cent, which means the market remains very tight in Sydney,” institute president Steve Martin said in a statement.
Full Story

House price expectations in Australia are at an all time low, with almost 60 per cent of people believing that there will be a decline in property values in the next quarter, according to the Mortgage and Finance Association of Australia (MFAA)/ Bankwest Home Finance Index.
Full Story

Australia’s largest independent mortgage broker believes 2009 will be one of the best years in history to venture into the property market.

John Kolenda, Executive Director of Loan Market Group, said the combination of low interest rates, softer property prices and government incentives made the housing market particularly appealing, especially for first time buyers.

Loan Market Group, which includes retail mortgage brands Loan Market, X Inc and realestate.com.au Home Loans, is launching a television campaign for the Loan Market Brand to highlight the many opportunities available in the housing sector.
Full Story

Temporary residents and overseas businesses will soon be able to purchase residential property more easily in Australia.

The federal government has relaxed rules restricting their ability to buy local real estate.

The changes, announced on Thursday, will streamline and update foreign investment screening arrangements, and benefit more than 7,500 overseas purchasers.
Full Story

LJ Hooker, one of Australia’s leading real estate groups, believes today’s interest rate cut of 0.75 per cent will be a stimulus for the local property market and a welcome relief for many Australian household budgets.

Warren McCarthy, LJ Hooker Managing Director, said that he was pleased with the Reserve Bank’s decision to reduce interest rates, and that he believed the market stimulus it will deliver should help ensure Australia steers clear of global recessional conditions.
Full Story

Leading economic forecaster and industry analyst, BIS Shrapnel expects that residential property prices will rise over the course of 2009, following a weak performance in 2008.

The company says it is likely that residential property prices declined in most cities in the September quarter of 2008, following on from a marginal fall in the previous quarter.
Full Story

Expat Australians looking to flee the global financial crisis are poised to set off a fresh wave of buying in property markets nationwide.

Jennifer Nielsen, chief executive of Loan Market Group, says inquiries for home loans from expatriates have escalated in recent weeks. Loan Market operates a home finance broking group including leading independent broker X Inc Finance.

“There is strong interest from expatriate Australians, many of them banking and finance professionals, who are looking to return home to escape the credit crunch in places like London and Singapore,” Ms Nielsen said.
Full Story