14 Oct VIDEO – ACT – ‘steady as she goes’
The ACT is set for slow growth due to an increased supply of apartments. Despite this, rental demand is still strong according to property valuation and advisory group Herron Todd White. The sentiment was expressed in its Month in Review report for August. For investors who wish to pursue yields over capital growth, the report recommends the purchase of an apartment, especially those located in the CBD as well as apartments close to the University of Canberra and the Australian National University. Capital growth for detached housing has also been described as performing well in the ACT. For investors looking to build, the report states an entry point could be through the Mr Fluffy asbestos removal scheme, which sees property that utilised Mr Fluffly loose fill asbestos demolished, the asbestos removed, and the land put up for sale. There are, according to the report, “several hundred blocks” made available in profitable areas, which could pave the way for profits down the line in terms of land and property value, as long as investors are willing to pay. Now a story about schools and real estate and it is not about how the value of a property improves because of its location to a school – it is how the school sees the value of the property. One of Melbourne’s most prestigious private schools has continued its aggressive expansion by buying a neighbouring 3 bed room house for almost $1 million above reserve. The property in Hambledon Road, Hawthorne sold for just under $3.2M. Scotch College now owns all but 11 of 27 houses in Hambledon Road. The exclusive boys school, which sits on 27 hectares, has spent about $25 million on property in adjacent roads alone. Meanwhile – Australia is losing Chinese buyer interest to other parts of the world as tougher government regulations and new tax rules continue to bite. Chinese enquiries in Australian residential property was down 9.7 per cent in the first half of the year compared to the same period in 2016, Chinese international property portal Juwai.com figures have revealed. At the same time, inquiries from around the world, including Thailand, Japan and Malaysia, grew by 8.7 per cent. The top 10 countries for Chinese property buyers in 2017 were – United States, Australia, Thailand, Canada, United Kingdom, New Zealand, Germany, Japan, Malaysia and Spain.