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State of Markets – NSW January 2012

02 JAN 2012 • By Phillip Tarrant • 2 min read • Hotspots

Essential information, plus expert insight on what is shaping the national property market...

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NEW SOUTH WALES

Agency investigated for trust account abuses
Allegations of trust account abuse by a Sydney-based real estate franchise have followed two recent cases relating to Gold Coast agents who were found to have breached trust account rules.

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NSW Fair Trading said it is investigating a Surry Hills real estate franchise following allegations of trust account deficiencies.

Fair Trading Commissioner Rod Stowe said recently that his agency is investigating irregularities in the trust accounts operated by CBD Commercial Pty Ltd, trading as LJ Hooker Surry Hills.

Mr Stowe urged clients of the real estate agency to contact the appointed independent manager as matter of urgency: “In particular, this applies to anyone who has purchased a property or entered into a lease using this agency,” he said.

“Fair Trading requires real estate agents to comply with the laws that govern the industry and to ensure appropriate arrangements are in place to manage large sums of clients’ money.”

Sydney investors are savvy borrowers
Property owners in Sydney are savvy borrowers who are not afraid to refinance for a better deal, new research has revealed.

According to a new survey of more than 30,000 home owners, 80 per cent of Sydney borrowers know their home loan rate and 85 per cent think refinancing could reduce their costs further.

HSBC head of mortgages Alice Del Vecchio said Sydney’s higher average dwelling price of $504,500 – which compares with the national average of $443,000 – is the likely driver of borrowers’ high level of awareness around loans.

“Having a larger financial commitment means home loan rate payments and fees are front of mind for Sydney borrowers. Being more sensitive to interest rate changes, Sydney borrowers clearly see the benefit of shopping around for their home loan,” Ms Del Vecchio said.

Although Sydney borrowers’ refinance awareness is higher relative to their Melbourne counterparts, the survey shows some customers are still missing possible savings by failing to explore refinancing.

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for creating wealth for Australians, the property investment sector is expected to remain a pillar to the national economy.

For nearing a decade, under Phillip’s stewardship Smart Property Investment has been informing and educating property investors on the tactics and strategies to create wealth through property.

Trusted by over 100,000 Australians each month as the turn-to independent resource for property market insights and information, the brand supports the mantra of "for investors", by investors’, drawing on the unique position that Phillip and Smart Property Investment share, warts and all, its own journey through property.

The Smart Property Investment Show, part of the Smart Property Investment Podcast Network, is one of Australia’s most popular podcasts, forming the keystone of an integrated digital platform delivering daily property updates, live broadcasting, insights, opinion and data to property investors across the nation.

Underpinned by a content team universally recognised for their knowledge of the sector and approach for clear and concise communication, Smart Property Investment has become a central part of Australia’s property community.

About Momentum Media

Momentum Media is a leading media and market intelligence company, and the business behind Smart Property Investment, REB and RPM.

Guided by a strong sense of purpose to support our communities, Momentum Media has forged its place as one of Australia’s most influential media and professional development businesses.

We have been equipping Australia’s corporate, investor and SME sectors with market and business intelligence for over a decade.

Across an integrated business supported by digital, events, broadcast, research, print and social platforms, we are guided by the purpose: Be Better informed.

This passion for informing, educating and inspiring drives us to build more engaged communities, delivering greater leadership to the markets we connect to and forging closer relationships with our audiences.

Being at the forefront of media innovation, backed by a pioneering spirit, has been central to Momentum Media’s growth.

We’re an evolving, forward-thinking business based on a purpose that supports corporate Australia and the markets critical to our nation’s economic prosperity and security. We’re also focused on delivering exceptional value to our commercial partners.

We adapt on a daily basis to rapidly changing market places; we’re a fluid media business, unanchored to any particular technology, channel or tone of communication.

With a reach spanning nearly 2 million professionals, high-net-worth individuals and SME business owners, we’re connected to the rapidly changing preferences and attitudes of our communities – and we’re making a positive contribution for our communities to thrive.

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