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Far North Queensland To Outperform South East

By Simon Pressley

Promoted by Propertyology

If we were to draw a line in the sand at January 2018, I believe that the property market of Cairns will perform better than most locations in Australia over the next 3 years, including better than Queensland’s capital city,” said Propertyology’s Head of Property Market Research, Simon Pressley.

Australia’s sixteenth largest city ishome to the nation’s fifth busiest airport (approximately 5 million passengers per year). Cairns is Australia’s gateway to the Asian Century and the exciting opportunities that exist with the rise of Asia’s middle class.

Cairns’ assets include an international airport, a major sea port, a number of unique tourism attractions (on land and offshore), world-class facilities for hosting major events and business conferences, recent investment in universities, and an abundance of agricultural assets in the region.

Propertyology’s buyer’s agents team are very familiar with the Cairns market. We’ve already purchased numerous properties there for our investor clients. I’ve personally invested in Cairns!

The popular tourism mecca has added important economic diversity over the last decade. Education, health, and the construction sectors have evolved.

The navy is Cairns’ biggest employer. The federal government recently committed $120 million for new infrastructure and a major naval base expansion. Extra marine manufacturing and maintenance jobs are expected from the $200 billion fleet upgrade for Australia’s Defence Force.

James Cook university and, more recently, CQ university have expanded their infrastructure and are attracting more domestic and international students.

In July 2016, Cairns became headquarters for a new federal government department, administering the $1 billion Northern Australia Infrastructure Fund.

There’s already been 11,700 new jobs created in Cairns over the last 2 years. This 11.2 per cent increase is well above the national (3.7 per cent) and state (3.4 per cent) average.

A large pipeline of major projects means that an additional 10,000 new jobs is anticipated in the next 12 months. Commencing in 2018, Propertyology anticipates a jobs BOOM to drive employment growth, local confidence, and property prices for a few years.

Among an extensive list of major projects are the $120 million port expansion, 3 new 5-star hotels, and a $650 million eco resort.

A $175 million expansion of the Cairns Convention Centre will increase capacity for major events such as the Amway China Leadership Seminar for 8,000 delegates in 2019.

$475 million isto be invested on three major renewable energy projects (Mt Emerald wind farm, Lakeland solar farm, and MSF Sugar’s bagasse-fuelled power station).

Housing supply has been quite tight in Cairns for several years. Residential vacancy rates have been consistently below 1.5 per cent for 5 years, easing even further over the last 18 months to currently be 1.3 per cent.

Since 2010, only 450-700 new dwellings have been approved each year. This low volume of new housing supply combined with affordability and jobs-driven demand is the perfect combination for property price growth.

Our buyer’s agents have focused on 3-4 bedroom houses within a few select pockets. With the typical purchase price in the low $400,000’s and rental yields of circa 5 per cent, the annual holding costs are so affordable that even those borrowing 90 per cent only have to find $3,000 per year. And, the potential for growth is as exciting as anything in Australia!

 

Propertyology is a national property market researcher and buyer’s agency. The multi-award-winning firm’s success includes being a finalist in the 2017 Telstra Business Awards and 2016 winner of Small Residential Agency of the Year in REIQ Awards For Excellence. Managing Director Simon Pressley is a REIA Hall Of Fame Inductee and a three-time winner of the REIA and REIQ Buyers Agent of the Year award.

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  ["title"]=>
  string(88) "‘Common’ referrer practice of being paid on both sides of the fence coming to an end"
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The practice of property investment firms sharing undisclosed kickbacks among the supply chain involved in development sales will be outlawed in NSW on 1 July this year under the Real Estate Reform being handed down by regulators in NSW.

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Property commentator and valuer, Suburbanite’s Anna Porter, said the reform will address conflicts of interest.

She said they arise when a mortgage broker, accountant or financial planner receives part of the commission from the property firm, who receive their fees from the developer or seller.

“This puts the broker into a position by which they are being paid on both sides of the fence,” she said.

“Until now this has been a grey area and there was nothing stopping this practice.” 

Ms Porter said this has been a common practice in the industry.

"Some well-known mortgage broking firms openly admit to receiving $5,000–$10,000 per referral in their pocket.”

She also said this process has been going on for decades.

"Property investment firms commonly pass some of their commission on to the mortgage broker, accountant or financial planner as a reward to them for passing on the referral. This means that many brokers or financial service providers are making significant amounts of money just to refer on to a property firm, often totalling hundreds of thousands of dollars a year," Anna Porter said.

Ms Porter said the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017 will be in force from July this year, and will prohibit this practice unless the broker or referring partner also holds a real estate industry license.

"Under the new laws, if the broker takes a referral fee from the property firm, they will have to be a licensed real estate agent and also hold a corporation’s license,” she said. 

“Subsequently, every transaction that they receive a referral fee from, they will be putting their license up against the transaction and taking full liability for the conduct, practices and outcome of that transaction, even if they have little to do with the transaction; they are a party to it financially and therefore take as much risk as everyone else in the transaction.”

Mr Porter said where a referrer holds a real estate license, and receives a part of the sale commission, they may find themselves in breach of the ethical requirements under the act.

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  ["title"]=>
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  string(196) "

New data from Mortgage Choice shows that property buyers continue to choose variable rate home loan products, as demand for fixed rate home loans fell for the eighth consecutive month. 

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According to the company’s latest national home loan approval data, variable rate home loans accounted for over 82 per cent of all home loans written throughout May 2018 — up over 2 per cent from the month prior, and almost 7 per cent higher than the 12-month average.

Mortgage Choice CEO, Susan Mitchell, said this trend will continue as borrowers develop apathy towards the RBA’s stagnant cash rate.

“Indeed, we continue to see borrowers opt for the flexible nature of variable rate home loans which may offer a redraw facility, offset accounts and the ability to make extra repayments. These features are not typically associated with fixed rate loans.

“While a fixed rate product provides repayment certainty, variable home loan rates have been relatively stable for a prolonged period of time giving borrowers little incentive to fix.”

This week’s Housing Finance data from the Australian Bureau of Statistics found that 52,116 home loans were approved throughout April, down 1.4 per cent from the previous month.

Ms Mitchell said she is unsurprised that the value of investment loans dipped — falling 0.9 of a percentage point to $10.7 billion in April.

She said this could reflect tighter lending standards and serviceability policies.

“However, May data may show an increase in investment loans following APRA lifting the cap on investor loan growth at the end of April,” said Ms Mitchell.

Ms Mitchell also noted that the number of first home buyer commitments as a percentage of total owner-occupied housing finance commitments rose to 17.6 per cent in April 2018, from 13.7 per cent in January 2018.

“This increase is significant and first home buyers seem to be propping up the market.”

Ms Mitchell said she expected home loan demand would be maintained.

“[Due to] a combination of factors, such as historically low interest rates, easing property prices and access to FHOGs.”

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Buyer ‘apathy’ behind mortgage preferences
object(stdClass)#1196 (52) {
  ["id"]=>
  string(5) "18158"
  ["title"]=>
  string(57) "The benefits of investing in a decreasing property market"
  ["alias"]=>
  string(57) "the-benefits-of-investing-in-a-decreasing-property-market"
  ["introtext"]=>
  string(150) "

The Australian property market is arguably in a softening phase, and this can have both positive and negative effects for property investors.

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In this episode of the Smart Property Investment show, Real Estate Gym’s Tom Panos joins host Phil Tarrant to discuss how investors can take advantage of this decreasing market by leveraging off of the reduced urgency in the sales process.  He also discusses the importance of researching up to date sales data before investing and looks at the state of the Australian property market as a whole.

With many property investors also selling property throughout their journey Tom reveals the best months to buy property in Australia, shares his thoughts on why an auction is not always the best method of sale and how as a purchasing decision it can lead to over-paying.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Hobart

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The benefits of investing in a decreasing property market

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