In this week’s two minute property investment news video: more estates to be on the market in Victoria, Strata reforms cause hiccups in New South Wales & more
One developer is expecting big things from first homebuyers.
The Slatterley Property Group is developing several estates throughout Victoria and they say first homebuyers are expected to drive record land sale numbers in 2014.
Jack Hoffman, the Victorian general manager for Slatterley, says they’ll have four estates on the market by the end of the year, and first timers have been providing 20 per cent of the company’s sales with affordability being the key to stimulating the sector. Hoffman also credits the first homebuyers grant with boosting their numbers, along with continued low interest rates.
[sam id=41 codes=’true’]In other news – Strata reforms are causing some hiccups in New South Wales. Urban Taskforce, a property development industry group, says delays to reforms of the New South Wales Strata Act could slow housing production. Urban Taskforce CEO, Chris Johnson, says a number of their members are postponing a move to re enter the market as a result of the holdup.
New South Wales Fair Trading announced a delay to the reforms package which will include the use of independent assessors when it come to property defects.
The assessors should be one way to help reduce litigation according to Urban Taskforce. And the Real Estate Institute of Queensland has released statistics showing that in 2013, the State recorded its highest volume of sales in the final quarter of the year, beating out the traditionally stronger September Quarter.
December 2013 was also one of the healthiest quarterly periods for a number of years according to REIQ CEO Anton Kadash. He says along with the State’s improving turnover, the average time it takes to sell a home has fallen to 74 days. REIQ agents are also reporting more sales at, or above, list price as well as a rise in multiple offer situations.