[Video] The latest property news with Kevin Turner | 11th December

In this week’s 2 minute property investment news video I talk about the rising mortgage payments and falling vacancy rates.

Mortgage payments are on the rise according to the ABS. Median monthly mortgage repayments in Australia climbed by 38 and a half per cent in the period between 2006 and 2011 according to data released by the Australian Bureau of Statistics.

In a surprise outcome, the fastest growing mortgage costs were in areas outside of major capital cities. The Sydney suburb of Woollahra has the most expensive median monthly mortgage repayments at $3250, but the fastest increase was recorded in Ashburton in Western Australia, where mortgage repayments increased by a staggering 278.6 per cent.

In other news – there’s been a fall in the rental vacancy figures. Data released by SQM Research shows rental vacancy rates declined in five of the country’s eight capital cities during October 2013 – and there was an unexpected Quinella.

The champion was Hobart which saw a 0.3 per cent fall in its vacancies during October this year. Adelaide had the next largest fall recording a 0.2 per cent drop. Louis Christopher, managing director at SQM Research, says this was the fourth straight month of a national tightening in vacancies. [sam id=36 codes=’true’]

Meanwhile changes to laws in New South Wales could force people to sell against their will. Planned legal changes in the state could force unit owners to sell if the majority of fellow owners in a strata building agree.

The State government’s flagged reforms of strata legislation include a removal of the ‘unanimous agreement’ rule, which requires every single unit owner to agree to sell the building and terminate a strata scheme. Instead, only 75 per cent of owners would need to consent, a move that opponents say would force the remaining quarter to sell.

The Combined Pensioners and Superannuants Association, who believe the move “panders to the development lobby”, warns vulnerable, older residents will be at risk. It might now be a case of watching a delicate waltz unfold between grey power and the New South Wales government.



Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.


Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.

Kevin Turner


Kevin brings together leading authorities on the property market in his weekly Real Estate Talk Podcast. Visit www.RealEstateTalk.com.au

'[Video] The latest property news with Kevin Turner | 11th December' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.


Copyright © Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts