Net Gamblings

The Australian house marketplace is looking at a fascinating time. If you’re planning on renting or buying there, read on. Spring has arrived and many letting agencies and property buyers think of this period as a preview of the remainder of the real estate year. Expectations will be set by the first auctions in September. 2007 was a great year for the marketplace, 2008 was disastrous because of the credit crunch but 2009 saw the beginning of a recovery. The start of Spring has revealed plenty of available houses, so it will be fascinating to see how the year fares. Steep house prices are still a problem. In 6 consecutive quarters the number of Australians able to purchase a house has declined. This indicates home ownership is currently out of reach for many people. The income percentage necessary to pay home loan payments has steadily risen, nearly matching the high in the last ten years of the 20th century of 35 percent. A suggestion to help stop the fall is to create policies which promote the increase of the number of properties in settled districts. Regrettably for those people already living in the residential area, new developments cost money, despite providing low-budget houses for a few buyers. New roads, power cables and other infrastructure will need to be established for the proposed housing. Studies of housing density development have already demonstrated that it keeps affordability down in examinations run by the Real Estate Institute of Victoria.

Prospective tenants will find their situation essentially unchanged. It’s hard trying to find a new rental home, so the marketplace is still extremely tight. The rates of vacancy aren’t likely to improve beyond nought point five percent and two percent for a long time. Those looking for somewhere to rent have struggled. An ideal rate for vacancies is three percent. This rate means renters should find a house which accommodates them and landlords get a decent profit from their investment. However, a rate of 3% on vacancies hasn’t happened in a long time.

Removing the charge on stamp duty for private investors is one proposal which might increase the number of properties available for rent. The issue is that we must bring more private investors into the marketplace and this tactic could be considered extreme. Measures must be put in place that will make the marketplace fair for everybody so people feel assured when they buy or rent a new property.

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