Saturday Summary – the most interesting articles I’ve read this week (2014/12/13)

There are more interesting articles, commentaries and analyst reports on the Web every week than anyone could read in a month. Each Saturday morning I like to share some of the ones I’ve read during the week.

Enjoy your weekend….and please forward to your friends by clicking a social link buttons on the left.

The Day of Reckoning for a Property Forecaster

Regular Property Update Blogger Pete Wargent is prepared to do something very few property commentators are.

He forecasts capital growth for each state at the beginning of the year and then pulls out his predictions at year end to check on his  accuracy.

At the beginning of the year his forecasts were generally softer than most analysts:

  • Adelaide 0-3 percent
  • Brisbane 2-5 percent
  • Canberra -1 to -4 percent
  • Hobart -1 percent to +2 percent
  • Melbourne 2-5 percent
  • Perth 0-3 percent
  • Sydney 6-9 percent

In his excellent blog he gives a run down on how each State performed and on his track record:

We scored hits on 5 cities and a downside miss for Sydney which looks set to record 12 percent growth on RP Data’s index.

The Melbourne forecast will be close but the result will go right down to the wire over the next few weeks.

Property hot spots for 2015 | Buying at auction in a hot market | A top Melbourne investment location | Property development isn’t all its cracked up to be

Another great Real Estate Talk show  produced by Kevin Turner. If you don’t already subscribe to this excellent weekly Internet based radio show do so now by clicking here.

This week:

Michael Yardney discusses the property hot spots for 2015.

Bryce Holdaway, the host of Location, Location, Location Australia, gives his tips on buying at auction.

Brad Beer from BMT tells us about accidental property investors.

Rob Balanda answers a listener’s question: “Should I have a fixed contract or a cost plus contract building contract and do the banks like one over the other?

In the new ‘Experts Spotlight’ segment, Cate Bakos chooses an area in inner city Melbourne as having good investment potential.

And Andrew Mirams explains why being a property developer isn’t all its cracked up to be.

It’s official: America is now No. 2

Yahoo Finance reports the Chinese economy just overtook the United States economy to become the largest in the world.

For the first time since Ulysses S. Grant was president, America is not the leading economic power on the planet.

It just happened — and almost nobody noticed.

The International Monetary Fund recently released the latest numbers for the world economy.

And when you measure national economic output in “real” terms of goods and services, China will this year produce $17.6 trillion — compared with $17.4 trillion for the U.S.A.

As recently as 2000, the US produced nearly three times as much as the Chinese.

To put the numbers slightly differently, China now accounts for 16.5 per cent of the global economy when measured in real purchasing-power terms, compared with 16.3 per cent for the U.S.

This latest economic earthquake follows the development last year when China surpassed the U.S. for the first time in terms of global trade.

Buy this house and you can sleep in a different room every night of the year

REB report that the United Kingdom’s largest home is about it hit the market, and it could be more affordable than you would expect. The house so colossal, the new owner could sleep in a different room every night of the year.

Wentworth Woodhouse, a 365-room mansion in South Yorkshire, England, has a price tag of around £7 million ($12.67 million).

While this may seem cheap for a house twice the size of Buckingham Palace, it reportedly also comes with a renovation cost of potentially £42 million ($78.39 million).

On 100 hectares, the property has the longest facade of any private residence in Europe and is connected by eight kilometres of corridor.

As architecture blog Curbed points out, the home took so long to build that its west front was constructed in the Baroque style while the east facade is done in the Palladian style popular in the mid-18th century.

The current owner, architect Clifford Newbold, purchased the property in 1999 for £1.5 million and has spent £5 million over the past 15 years fixing it up.

There is still considerable work to do and the 90-year-old has decided to pass the task on to someone with more vigour.

We’re living in harmony

Interestingly those married in 2000 have a lower rate of divorce at the same point in marriage than most generations before them:

marriage graphic

Weekend video: ‪ A very funny magician – must watch

Blogs you may have missed this week:

If you didn’t have a chance to read my daily blog, here’s a list of some of the blogs you missed this week:

Murray report pushes for higher banking standards  |  Harry Scheule

What we can learn from China’s property bust  |  Michael Yardney

Sydney Housing Market overview  |  Tim Lawless

Where are we on the property clock?  |  Michael Matusik

Rich Dad author Robert Kiyosaki warns investors to avoid real estate. Is he right?  |  Michael Yardney

Is this the end of borrowing for property in your SMSF?  |  Michael Yardney



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About

Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been once agin been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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