Outstanding result... I would especially like to thank Ant from APS Growth for his part in having the relationship with the developer and Belle Property. Ant was able to show alternative properties for sale, and brokered the deal at $35,000 less than others were selling for at the same time. We knew we had made money at the time of purchase!
Ant’s knowledge of the northern beaches at that time was invaluable at a time when we were relatively new to Australia and its property markets. Great job Ant!
Jason Pitkeathly - Client and Business Alliance Partner
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The statement by Glenn Stevens, Governor: Monetary Policy Decision was as follows:
At its meeting today, the Board decided to raise the cash rate by 25 basis points to 4.0 per cent, effective 3 March 2010.
The global economy is growing, and world GDP is expected to rise at close to trend pace in 2010 and 2011. The expansion is still hesitant in the major countries, due to the continuing legacy of the financial crisis, resulting in ongoing excess capacity. In Asia, where financial sectors are not impaired, growth has continued to be quite strong. The authorities in some countries are now seeking to reduce the degree of stimulus to their economies.
Global financial markets are functioning much better than they were a year ago and the extraordinary support from governments and central banks is gradually being wound back. Credit conditions remain difficult in some major countries as banks continue to face loan losses associated with the period of economic weakness. Concerns regarding some sovereigns remain elevated.
In Australia, economic conditions in 2009 were stronger than expected, after a mild downturn a year ago. The rate of unemployment appears to have peaked at a much lower level than earlier expected. Labour market data and a range of business surveys suggest growth in the economy may have already been at or close to trend for a few months. There are some signs that the process of business sector de-leveraging is moderating, with the pace of decline in business credit lessening and indications that lenders are starting to become more willing to lend to some borrowers. Investment in the resources sector is very strong. Credit for housing has been expanding at a solid pace, and dwelling prices have risen significantly over the past year. New loan approvals for housing have moderated a little over recent months, however, as interest rates have risen and the impact of large grants to first-home buyers has tailed off.
Inflation has, as expected, declined in underlying terms from its peak in 2008, helped by the fall in commodity prices at the end of 2008, a noticeable slowing in private-sector labour costs during 2009, the rise in the exchange rate and the earlier period of slower growth in demand. CPI inflation has risen somewhat recently as temporary factors that had been holding it to unusually low rates are now abating. Inflation is expected to be consistent with the target in 2010.
With the risk of serious economic contraction in Australia having passed, the Board moved late last year to lessen the degree of monetary stimulus that had been put in place when the outlook appeared to be much weaker. Lenders generally raised rates a little more than the cash rate and most loan rates rose by close to a percentage point.
Interest rates to most borrowers nonetheless remain lower than average. The Board judges that with growth likely to be close to trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average. Todays decision is a further step in that process.
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So Australia's gloomiest economist is about to trek to Mount Kosciuszko because he lost a bet about house prices.
Associate professor Steve Knight of the University of Western Sydney made a bet with another economist, Macquarie's Rory Robertson, that house prices would fall 40 per ent from their peak to whenever the trough might be, which he thought would be 10 to 15 years away.
That turned out to be only 10 to 15 months away and it was nothing like 40 per cent. Try an average of 6 per cent.
Publication: The Sun Herald Date: February 21, 2010 Author: David Potts
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First Home Owner Grant Application Form (OFH001
February 2010) is now available online. This form must be used where the
eligible transaction is dated on or after 1 January 2010. The form addresses the
$750,000 cap which applies from this date.
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Sydney's median house price will top $1 million before this decade is out, new data from Residex has found.
Just a decade ago, Sydney's median house price was $328,000 with few believing it would surpass $500,000. It is currently around $630,000.
Publication: Mortgage Business Date: Friday, 15 January 2010
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Looking to rent a house in Sydney's Rose Bay, or in Melbourne's Toorak? Or trying to find an apartment in Brisbane's West End or Adelaide's Glenelg? Asking Rents have soared.
Weekly asking rents for houses nationally have increased 3.4 per cent, and 4.1 per cent for units, over the 12 months to September 2009.
Publication: The Australian Financial Review Date: Thursday, 19 November 2009
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The Australian property market is gearing up for a boom year dominated by investors.
LJ Hooker real estate agency expects the majority of investors to hail from abroad, with the company establishing a Chinese-language website.
The real estate’s decision to launch a foreign website came after the government amended its investor regulations.
Today, foreigners who hold a temporary Australian visa for more than a year, and those holding a bridging visa while they apply for permanent residence, can now buy established as well as new homes.
Selling agent Michael Pallier from Raine & Horne’s branch in Sydney’s Double Bay told The Australian Financial Review, that since those changes were made, the level of foreign investor interest had soared.
Mr Pallier said at least five of his own sales worth more than $10 million each went to Chinese investors.
Sydney based valuer, Luke McNeilly said buyers with overseas address were mostly from Asia and often paid hundreds of thousands of dollars above market price.
“They are mostly buying into suburbs that are close to the city. Ultimo, Sydney [CBD], Haymarket, Camperdown, Broadway, they’re the suburbs where it happens fairly regularly,” Mr McNeilly said.
Publication: Mortgage Business Date: Tuesday, 12 January 2010
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Warringah Council has approved a master plan for Warringah Mall which will see the shopping centre grow in retail space by 35,000sq m by 2021.
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Publication: The Manly Daily Date: Friday, 11 December 2009
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For those who think Sydney property is too expensive, Brian Haratsis is the bearer of bad news. The managing director of property consultancy MacroPlan Australia believes the nations largest city is on the verge of a population boom that will lift prices further, and those who stand to benefit are the people who can afford to buy now...
Publication: The Australian Financial Review Date: Tuesday, 5th January 2010
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MORE than one third
of Australians plan to buy a property in the next two years despite concerns
over higher living costs and rising interest rates, a survey shows.
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Publication: news.com.au Date: November 26, 2009
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