In Sydney around 30% of advertised auctions were sold before the auctioneer did any work. In a strong market many buyers fear the auction process because competition drives prices out of their reach. Auction clearance rates are high so there is no doubt we will continue to see a large number of buyers try and avoid the auction.
Almost half of Gen-Y women say owning their own home is their number one goal, according to an online Westpac survey of more than 1,500 Australians.
Home ownership ranked above having children and getting married, which trailed behind at 14 per cent and five per cent respectively.
The findings suggest Gen-Y women want to lay their financial foundations before pursuing other life goals, Westpac general manager of retail banking Gai McGrath said.
“It seems it is only once they are comfortable with their financial position that they are ready to look at other lifetime priorities,” she said.
More female respondents also put buying and paying off a property as their top lifetime ambitions than their male peers.
Ideally she would be able to purchase a house with a partner, but she wants to be prepared to go it alone.
“Most people want that husband, 2.5 kids, standard life,” she told AAP.
“But I think you have to keep in mind your own interests – you can’t just be relying on that dream life.”
Learning from her parents’ generation, Ms White says “getting it done early” seems like the best approach when it comes to entering the property game.
She’d love to own an investment property one day, and plans to start saving a deposit as soon as she gets a full-time job.
But considering she’s just come back from a five-month overseas trip, that might take a while.
In the meantime, she says there’s no harm in looking.
“I’m actually addicted to the Domain app. I look at houses all the time!”
From: “The Australian Website”
SOARING rental returns on units have property investors singing ‘Bound for Botany Bay’, as they set sail to the bank.
Rental prices in the Botany Bay Local Government Area (LGA) grew by 18 per cent per annum between 2011 and 2013 for two-bedroom units, according to PRDnationwide’s NSW Quarterly Rental Report; easily the highest in the greater Sydney region.
Tenants now pay a median rent of $580 per week- $160 more than two years ago. The sharp increase came on the back of a 22 per cent lift in new tenancies for the area.
The rise means that the yearly gross rental income for investors that own a tenanted two-bedroom unit has risen from $21,840 to $30,160.
PRDnationwide research analyst Oded Reuveni-Etzioni said the rental increases had prompted locals to turn their own homes into investment properties in order to cash in on the higher yields.
“Botany Bay is a popular location for renters in the current market and there has been strong construction activity in the area with industrial zones being rezoned for residential use,” Mr Reuveni-Etzioni said. “The completion of a number of new shipping infrastructure projects, the area’s proximity to iconic Sydney beaches and having the airport nearby is proving attractive to new residents who are searching for a balance between employment and lifestyle opportunities.”
South of Sydney, Shellharbour was another strong performer, demonstrating 15 per cent growth per annum for rents on two bedroom units, which have risen from $200 to $265 per week since 2011.
“The construction of the Shell Cove Marina, expansion of Stockland Shopping Centre and improvements to the Princes Highway are all contributing to attract new residents to the area,” Mr Reuveni-Etzioni said.
Botany Bay and Shellharbour were well clear of the rest of the Sydney Greater Metropolitan Region for rental price gains. The next best LGAs were Rockdale and Campbelltown, with seven per cent, followed by Penrith, Leichhardt and Wyong with six per cent.