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Dear |
Happy New Year to a happy new you. We have twelve fresh months. A tremendous gift for us to unwrap and do as we want. It is a powerful thought - that we can design the twelve months that is ahead. The "gift of the unknown" as leadership author Robin Sharma puts it, and he adds, "the beautiful thing about being in the unknown is everything is possible."
Harry Triguboff buying up sites. Here in Australia, the New Year started well with strong retail sales reported. Also, Australia's property tycoon Harrry Triguboff spent the Christmas break buying more than $35 million of new sites in Sydney. Mr Triguboff's Meriton Apartments Group will build nearly 500 new apartments across the two Sydney sites. "We are starting a .. lot of sites," Mr Triguboff told the AFR. "And I am looking to buy all the time." In Brisbane Mr Triguboff started Meriton Apartments' first Brisbane apartment project with the construction of SOLEIL, a Brisbane CBD waterfront 74 level apartment complex scheduled for completion in 2011.
Changes to Foreign Investment review process. The Federal Governement has relaxed the rules for foreigners to purchase Australian residential properties. Foreigners, visitors and overseas business will be able to buy residential properties more easily in Australia.
The changes mostly take effect from 18 December 2008. We list some of the changes below. You may also like to read the detailed brief from the Brisbane law firm of Hopgood Ganim, posted on our website by clicking here.
- 50% limit removed. - The existing requirement that only 50% of the new development can be sold to foreigners "off the plan" has been removed provided developers continue to market the development locally and overseas.
- New dwelling definition. - previously "new dwelling" was defined as a unit never having been sold or occupied. A "new dwelling" now includes dwellings that have never been sold but have been rented out for no more than twelve months.
- Student acquisitions. - Foreign students in Australia purchasing established residential dwellings are no longer restricted by the cap of $300,000 on the value of the residence.
- Vacant land . - Foreign persons now have 24 months to build on the vacant land purchase ( previously 12 months).
Opportunities Australian housing has several positives. The market is undersupplied by more than 100,000 homes. It has the support of the Australian banks which is one of the strongest banking sector in the world today. Affordability is rising after successive cuts in interest rates by 30%. On the other hand, there may be unemployment, falling incomes, debt reduction (deleveraging) and consumer credit crunch with people unable to borrow. Australia has 7 million households and a tenuous statistical connection between unemployment and house prices. In the 1990-92 recession, when unemployment was 10.9% and interest rates were in double digits, the ABS house price index rose by 2% a year. (information sourced from the Australian Financial Review). The supply shortage and 30% fall in interest rates should underpin the stability of house prices.
Our selection of properties emphasizes the potential for capital growth as well as strong and increasing rental income.
Quality, Prime, Waterfront, CBD convenience, Infrastructure committed and Well-priced . Economically affluent tenants.
They are also affordable investment properties requiring a monthly cash commitment based on your affordability. We want to make it possible for our clients to have the best.
A unique property that has well designed "flow through apartments - with balcony on the front and back allowing good air flow. Well priced is :
Sincerely - Your team at Astute ,
Eric, Jack, Sonya and Ginny
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