Tag Archives: new

What does new housing construction mean for you?

What does new housing construction mean for you?If you’re on the hunt to buy a house, you might notice there’s been a shortage of new property in certain capital cities.

While auction listings have been high as vendors race to put up their homes for sale, it doesn’t reflect the “10 years of underbuilding” noted by Nick Proud from the Property Council of Australia.

Supply has been tight in searing property markets like Sydney and Melbourne, which have been unable to keep up with climbing demand. As observed by CoreLogic RP Data’s monthly indices, this has lead to soaring dwelling values, with both of these cities respectively seeing a 16.16 and 13.94 per cent annual increase in the year to October.

However, this supply shortfall is soon to change
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New builds on the way

Figures from the Australian Bureau of Statistics show that there was a record high of new housing constructions this year. In 2014 to 2015, 211,976 new homes had been commenced. This marks an increase of 16.9 per cent and “caps three consecutive years of growth for new home building”, mentions the Housing Industry Association (HIA) Chief Economist Dr Harley Dale.

This result has followed in step behind the HIA’s news in the previous quarter, which reported peak building approvals in the June quarter. The 56,351 buildings approved to be built would begin to trickle into the market as they move from planning to construction stages, as seen by the spike of new home commencements.

What does this mean for you?

This will do two things for house hunters across the country. Firstly, prices in the housing market will cool as supply arrives in force. As mentioned by the Property Council of Australia, national residential construction may “create enough housing to satisfy growing demand”.

Figures from CoreLogic RP Data reveal that this stuttering in price growth can already be seen now. Sydney and Melbourne both recorded a 1.5 and 3.1 per cent increase in dwelling values over the September quarter – a notably slow change when compared to previous quarters this year.

If you’re seeking to buy real estate in the near future, this could be good news  for you. The market could soon swing in your favour as prices ease in these markets.

Secondly, the influx of new builds will provide buyers a greater choice of real estate in Australia. More new houses for sale mean there’ll be a wider range of property types, house sizes and more, available for people to choose. This will give you greater opportunity to find housing that’s ideal for your needs and lifestyle.

How to make your home more appealing for tenants

How-to-make-your-home-more-appealing-for-tenantsThe Real Estate Institute of New South Wales recently noted that while vacancy rates in their capital, Sydney, are stable, they also sit very low at 1.5 per cent in the inner city. However, not every city is able to experience this high level of tenant demand, which can make owning investment property a breeze. For example, South Eastern NSW now has vacancy rates of 5 per cent, which can make it a bit more difficult for property owners to make sure their homes are always tenanted.

This is a position that home owners anywhere can find themselves in, so let’s quickly look at some ways you can boost your home’s tenant appeal.

Set the stage

Attracting tenants is a similar process to selling your home permanently – only this time you have more criteria about who you let in! But to attract these people in the first place, staging is everything, just as in a regular sale.

It’s unlikely you will have many personal items about if its a rental, but previous tenants can leave items around – get rid of everything that might ruin that desirable blank canvas look for your home. Keeping the colour scheme neutral also allows people to envisage themselves there.

Carpet clean

It’s a tough job, but someone has to do it! Giving the carpet in your rental a thorough clean gives you an edge that others may not have. Because it often requires a professional clean to look new again, many people don’t undertake this step. Fresh carpet may mean fresh tenants!

Step up the curb

Grabbing the attention of tenants from the get-go is a must. This means cleanly cut lawns, perhaps a good flower bed, or if there is no green space, then a fresh coat of paint in eye-catching but neutral colours – think contrasts.

Get this together and you’ll ideally have tenants falling over themselves to get into your home!

- See more at: http://www.firstnational.com.au/media/australian-real-estate-blog/2015/January/How-to-make-your-home-more-appealing-for-tenants#sthash.dGEvympv.dpuf