In this week’s two minute property investment news video: home loans, tenant behaviour and high investment activity in NSW
Australia’s largest mortgage broker, AFG, says 53.4 per cent of all home loans processed in New South Wales during January 2014 were for investors – the highest proportion in six years.
Mark Hewitt, the general manager of sales and operations at AFG, says it’s been an encouraging start to the year with continuing trends of high investment activity in NSW and robust first homebuyer activity in Western Australia.
AFG also recorded an increase in the proportion of first time purchasers in January, reflecting a resurgence in the Victorian and Western Australian first homebuyer markets.
In other news ….. floor area measurements are not something most people think could excite an industry and build global relations, but The International Property Measurement Standards Coalition, is a gathering of bodies from across the globe looking to regulate the way properties are measured. [sam id=41 codes=’true’]
Research by Jones Lang LaSalle published on the IPMSC website suggests that, depending on the method used, a property’s floor area measurement can deviate by as much as 24 per cent.
These differences occur between countries depending on whether components such as ‘hypothetical areas’, off-site car parks and common areas are included, or whether measurement extends to the inner or outer wall. The IPMSC wants to bring all this in line from June this year.
And finally – the New South Wales government is issuing a warning to tenants about their behaviour.The state’s Minister for Fair Trading, Stuart Ayres, says he’s disappointed at the increase in complaints about tenants, and believes improved knowledge of the laws governing tenancy agreements would help.
The New South Wales Fair Trading Department received 862 complaints in relation to tenancy issues last year. The most common grievance related to disputes over repairs and maintenance, followed by bond refunds.