There are more property investment 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 interesting 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.
Sydney beats Melbourne when it comes to millionaires: 1.3% of population is seriously loaded
Miriam Robyn wrote in SmartCompany:
In Sydney, 1.3% of the population has US$1 million (A$1.114 million) or more in assets, once their primary residence is excluded.
That makes Sydney the world’s 12th most dense millionaire city. Melbourne is six places behind with 0.9% of the population meeting the same wealth threshold.
Together, 61.8% of Australia’s millionaires live in our two largest cities, with 37.8% living mainly in Sydney and another 24% in Melbourne.
The figures come from a report by global wealth consultancy New World Wealth, which found Geneva was the world’s leading city when it came to millionaires, with 5.9% of the population being seriously loaded.
In total aggregate numbers, London is home to the world’s most millionaires, with 339,200 calling the city home. This works out to 2.5% of the total population.
In the Asia-Pacific, Tokyo and Singapore lead the ranking, with 226,500 and 225,000 millionaires apiece respectively. Singapore has recently seen a flood of millionaires calling it home, like Australian mining speculator Nathan Tinkler and Facebook cofounder Eduardo Saverin. Such recent arrivals have helped make Singapore the most dense millionaire city outside Europe – 4.5% of the population there are millionaires.
There were no Middle Eastern or African cities in the top 30. However, New World Wealth notes Istanbul’s 35,000 millionaires mean it just missed out on a top-30 ranking. The highest-ranked African city was Johannesburg, with just over 23,000 millionaires.
The ranking shows that wealth remains concentrated in Europe and the United States. There were no less than seven US cities in the top 30, including second-placed New York. There were 10 European cities in the top 30, including two in Switzerland and three in Germany.
Is the clock ticking on your family Trust? | Gentrification | Securing Property Bargains | Rezoning Hotspots
Another great Real Estate Talk show produced by Kevin Turner. If you don’t already subscribe to this excellent weekly Internet based radio show.
Details of this week’s show:
Pete Wargent tells us about a new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate
Shannon Davis shares how he finds and secures good properties at bargain prices
Peter Koilizos tells us what to look out for when investing in an area that should be or is about to be gentrified
Rob Balanda reveals all the details about family trusts
You should definitely subscribe to this weekly audio program. Click Here It’s free and you can listen on the go on your smartphone, iPad etc.
Pete Wargent’s explains what Harry Dent is on about
Most Saturdays I point you to a blog from regular Property Update expert Pete Wargent because he’s one of the most insightful young commentators around.
This week Pete wrote about Harry Dent’s claims of Armagedon, but instead of dismissing Dent’s latest predictions, he took an objective look at some of his suggestions. You can read his thoughts here.
6 Signs Your Property Manager Is Doing A Bad Job
Your Investment Property Magazine reports most property investors would be surprised at just how bad a lot of property managers really are. They suggest 6 things that may suggest your property manager isn’t doing their job as well as they could:
- Rents stay put – It could be the market, or maybe a lazy property manager
- Disputes get ugly because the property manager hasn’t got a good relationship with the tenant.”
- Lacks support, systems and training for the property management department to help them do a better job from the agency’s management
- Excessive repair bills – Good property managers know a number of different tradespeople and will have a working relationship with them. They will be able to source you the best deals and will help minimise your maintenance costs.
- Lack of regular inspections and recommendations for repairs and maintenance
- Not a property investor – a property manager who invests in property is worth their weight in gold.
Car closures won’t crash the economy.
Despite Bill Shorten warning of an economic tsunami now that all three car manufacturers have decided to stop manufacturing here, The Australian writes:
The damage caused by the demise of car manufacturing in Australia has been overstated, economists believe, with Victoria and South Australia expected to avoid recession, and the benefits of cheaper cars and fewer subsidies outweighing short-term costs.
As Tony Abbott and Victorian Premier Denis Napthine begin talks on a major infrastructure package aimed at offsetting the closure of Toyota’s Victorian manufacturing operations in 2017, economists pointed to Australia’s continued prosperity in the wake of the decline of the textile, clothing and footwear industry caused by the lifting of tariff walls.[sam id=34 codes=’true’]
The sector’s workforce reduced from 250,000 in the early 1970s to about 40,000 in November. “We used to make household white goods, too,” said Melbourne University professor of economics John Freebairn.
The car industry represents about 5.3 per cent of national gross domestic product, including the component manufacturers, with the Productivity Commission estimating the number of workers in the sector to be 44,000.
“The (Toyota) closure will barely be noticed in Melbourne,” said Mark Wooden, an economics fellow at the Melbourne Institute, noting how the automotive sector was a small share of employment even in areas where it dominated.
“Adelaide is slightly more exposed, but the idea suddenly 45,000 workers will be permanently unemployed is ridiculous, given they can adapt their operations to supply other sectors in Australia or try to export to Asian manufacturers.”
Blogs you may have missed this week:
If you didn’t have a chance to read my daily blog, here’s a some of the blogs you missed this week: