gc com games

Effect on property market because of Commonwealth Games 2018

The preparations for commonwealth games have played a part in boosting property prices in places near improved framework and it is predicted to have a long-lasting aftereffect.

There has been $2.4 billion worth of new upgrades on framework on Gold Coast, and there will be a boost of tourism figures from the international and national publicity. This will help raise the average price of properties and transaction numbers according to the report from the 2018 Commonwealth Games Residential Property Impact Report and PRD Nationwide.

PRD’s national research manager Asti Mardiasmo said there was a “double effect” that helped the property market.
“You’re pretty much renewing the whole city … because you’re upgrading the roads, the infrastructure, you’re building new stadiums and generally cleaning up the place,” she said.

In the suburb of Ashmore, located inland from south ports and Surfers Paradise the light rail had been extended, with demand from southern buyers there was a price growth of 12.4% for houses and 4.9% for apartment/units.
In Coomera and other northern suburbs units have grown by a median of 33.5% giving light to the absence of new stock. The average price growth for the suburb was 6.8% annual.

After the 2006 Commonwealth Games hosted by Melbourne the suburb of Parkville that put up housing for the athletes was transformed into 1000 dwellings. A year after the 2006 Commonwealth Games sales transactions leaped 33% and the average house price climbed an 11.4%, the report said.

In Sydney after the 2000 Olympics, the athletes village that was built up to around 900 townhouses and around 700 apartments caused a boost in transaction numbers following years.

Ms Mardiasmo said the interstate examples showed an increase in transaction volumes as well as prices. “For that to happen two to three years after the Games, that is a pretty good track record,” she said.
Grocon has developed the $501 million Parklands Gold Coast Village as the athletes village, which will be re made into 1250 new ¬apartments for the Gold Coast.

Original Source: theaustralian.com.au

gold coast homeowners

Sydney Homeowners Pay off for Surfers Paradise

Sydneysiders are cashing out of their million-dollar homes in favour of cheaper houses in the tropical north, says Macquarie Bank Ltd.

The ‘emerging exodus’ has been a part of the influx of interstate migration to Queensland. Job creation has since been on a rise and houses in Queensland are now half the prices of Sydney’s housing making Sydney 6th in the world for most expensive places to buy a home. In the mid-1980s and mid-2000s the same circumstances were at play. This led to an average of 134,00 people moving to the north over a three-year period.

“People have been leaving New South Wales at a faster pace over the past couple of years and movement into the traditional destination of Queensland is picking up,” Macquarie’s wealth management unit said in a note. “When the cycle turns, the acceleration occurs rapidly based on the experience of past cycles.”

Thanks to this change Australia’s comprehensive economy will likely be in good shape. Selling the homes for the millions they are worth and then moving north and buying cheap will benefit the mortgage -driven debt – the record income and a key hinderance for central bank rate trek currently at a record of 194 percent. Consumption will potentially be boosted and will account for more than half of gross domestic product.

Queensland gets most of its tourism through its diverse beaches, the main being surface paradise just over the border from New South Wales. This shift in population from Sydney to the north could add A$8.1 billion ($6.4 billion) into the Brisbane and southeast Queensland housing markets, making that equal to 25 percent of the current turnover.
Sydney will not be affected by this, because the A$8.1 billion that will be Queensland’s turnover of 25 percent will only represent about 10 percent of their turnover due the expensive real-estate, that will not be enough to affect their housing market. The city’s median house price has sailed past A$1 million.

Queensland is “so much better value for money and a much better lifestyle” according to Kim Brown, who moved with her family from suburban Sydney to a town 100km (62 miles) north of Brisbane in 2015. The property they Purchased was A$100,00 cheaper, and was better value because their living space was double the size of their previous home which they sold in Sydney. With the extra money they saved when purchase the house in Queensland, her family was able to live off that until her husband found work, they were able to pay off debt and had the opportunity to enjoy the more luxurious things in life such as owning a jet ski and going on holidays.

Critically, the mass departure to the ‘Sunshine State’ could build up the national property market by spreading housing equity around the country, Macquarie said.
A transaction has almost been completed for the Australian economy out of the biggest mining Bonanza in 150 years, which was based in western Australia and generated and fuelled internal population flows. At the high point of the boom, Western Australia brought 3,000 people per quarter; similar figures are now leaving for other states, Macquarie says.
While the downturn was less severe in Queensland due to a more diverse economy, its internal migration intake was flat by 2013, the lender said. That’s since been recovering, according to Macquarie.

Original Source: Bloomberg

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You should preferably engage a conveyancer before you put your property on the market or begin looking for a new property when buying.

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first time home buyers

First Time Home Buyers Are Back

First time home buyers are starting to return to the property market after a recent drought, Queensland has seen the biggest increases throughout the country.

With news in on the latest report from the Real Estate Institute of Australia and The Adelaide Bank reveals the number of loans to first time buyers increased by 14 per cent during the June quarter, with increases in all states and territories apart from Tasmania.

Even despite some government grants for first time buyers not effective until July 1 for some states, this has not deterred them.

Queensland has recently welcomed more first-home buyers into the market than any other time over the past year, with the number of loans increasing by nearly 12 per cent in the June quarter and almost 20 per cent compared to the same time last year. The average loan size for first home buyers in the state increased 1.5 per cent during the quarter to $296,033 helping boost the housing economy once again.

Real Estate Institute of Queensland spokesperson Felicity Moore confirmed the Queensland market’s viability and good value proposition. “It’s also a reflection of the impact of the Government’s first-home buyer grant boost of an additional $5000 to a total of $20,000,” she said. “Young Queenslanders have seized upon the opportunity to jump on the property ladder and take their first steps to personal wealth creation.”

Of all buyers in the market for their first home in the three months to June 30, more than a quarter were from Queensland. But Victoria tops the charts as the state with the largest number of first home buyers, followed closely by Queensland.

Original Source:  Gold Coast Qld Gov Website

first home buyers info evening

Information Evening For First Home Buyers

A great opportunity for first home buyers to find useful information about buying your first home. The information evening focuses on topics for all first time home buyers. It encapsulates anyone who has never bought their first home, wants to buy their first home, or thinks it is too hard and that it’s just a dream to be a home owner. They will be talking about how to save a house deposit, how to use the government incentives in your favour, how family could help you buy your first home and how to save thousands on your first mortgage once you finally purchase.

Information sessions will also be held in Sydney, October, 2017 and Melbourne, November, 2017 including the following topics:
• First home buyers information session
• Financial wellness (with advice from a Financial Planner and Mortgage Broker)
• Are you getting the most out of your mortgage invesment property/ies
• Business loans/ franchise loans and asset finance.
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When: From: 7:00 PM to 9:00 PM, Thursday, 17 August 2017 To: Friday, 18 August 2017 Where: Coomera Community Space, 133-139 Finnegan Way, Coomera, QLD 4209
Cost: Free Type: Public Contact: Renae Long

Original Source:  Gold Coast Qld Gov Website

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