industry news

04 Aug 2010
First Home Buyers
Step 1 - The First Homeowners Grant Step 2 - State Benefits Step 3 - First ...
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06 Jul 2010
Reserve Bank's official interest rate kept on hold at 4.5 per cent
BORROWERS receive a reprieve from a further squeeze on their budgets for at least another month af...
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03 Jun 2010
Reserve Bank keeps interest rates steady at 4.5pc
THE Reserve Bank has left the official cash rate steady at 4.5 per cent.  The decision to...
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13 May 2010
Property buyers hit with new sales tax
TENS of thousands of NSW home buyers a year are set to be hit with a new tax that will cash in on ...
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04 May 2010
Reserve Bank increases its official cash rate to 4.5pc
HOMEOWNERS will pay about $50 a month more on their mortgages after the Reserve Bank hiked its cas...
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27 Apr 2010
Australian Federal Government gets tough on foreign ownership rules
Government cracks down on homebuyers Foreigners will have to sell as they leave ...
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26 Apr 2010
Rising interest rates to hit renters hard
Landlords to pass on higher mortgage costs Shortage of rentals, rising population ...
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06 Apr 2010
Rates jump - again
Borrowers will be stung again after the Reserve Bank raised its key interest rate by another 25 bas...
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30 Mar 2010
Don't get caught chasing an escalating market
The Sydney property market's median price is set to double in the next 10 years, recent reports sug...
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10 Mar 2010
Property's sleeping beauties
PORTFOLIO POINT: Hot spots might offer short-term gains, but undervalued areas offer more attract...
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Renovators, investors drive property market

Friday, September 11, 2009

THEY are the invaders from another property boom.

First, there were the first home buyers, flush with government incentives driving NSW's property market recovery.

Now, it's investors and home upgraders, who economists have christened "inv-aders", who are expected to drive the 2010 housing cycle.

In its September Building Industry Prospects, BIS Shrapnel forecast a 7 per cent rebound in renovations - making it a bigger home makeover frenzy than that of the early 2000s - helping the broader property market recover.

BIS Shrapnel's senior manager for building Jason Anderson said inv-aders had been shut out of the market for the past four years as interest rates skyrocketed and confidence fell.

Despite inv-aders relieving the state's pressure-cooker housing market to a degree, the housing stock shortfall is forecast to double to 78,000 properties in the next 12 months.

Adding to the boom, confident investors who buy apartments and houses off-the-plan will drive demand for new properties.

Loan approvals have already picked up in May and June.

"Living space will be the No. 1 factor," Mr Anderson said.

Addbuild Additions managing director Chris Books said the renovations market died last year but now inquiries were at "historical highs".

"There is a pent-up demand," he said. "We service wants and needs in this business. In good times it's all about flash decks and pool rooms. At the moment we are in a needs market - people need another couple of bedrooms and a bathroom."

Invader Chris Horspool is adding another storey, three bedrooms and remodelling the ground floor of his 1960s Petit and Sevitt project home at Westleigh.

"We wanted more space and to achieve that we considered if we would move, renovate or knockdown," he said.

"We decided on renovation for minimal disruption to our lives."

- Vikki Campion, Urban Affairs Reporter - The Daily Telegraph