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Weekend Reads – Must read articles from the last week

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.

The weekend will be over before you know it, so enjoy some weekend reading…and please forward to your friends by clicking the social link buttons.

Census 2016: The suburb with Melbourne’s highest-earning households

The recently released census results revealed a lot about the community we live in both economically and socially, as well as shedding some light on our property market.

This article from theage.com.au looks into what the results had to say about Melbourne’s highest-earning households.

When the Owen family moved to Park Orchards 11 years ago, it was for its fresh breezes and open spaces – not for an elite membership into a sleepy suburb boasting Victoria’s highest household income. Melbourne property skyline

But the Owens have done just that as the latest census figures show Park Orchards with the highest household income of any suburb in Victoria, beating affluent areas such as Toorak, Brighton and Kew.

“We moved here when our children were in primary and high school to give them space and be in a community we feel they could walk around and be safe,” Roselyn Owen said.

The bucolic pocket north of Ringwood, in Melbourne’s north-east, is dotted with four-bedroom homes on large blocks and mighty trees.

Census 1

So, what’s the secret to their high earning status? 

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Adult children working and living at home.

In Park Orchards, more than half of households include four or more people, and 75 per cent of the suburbs’ dwellings have four or more bedrooms.

Like many families in the area, both parents in the Owen household are still working.

Mrs Owen works at the local church four days a week and her husband, David, works as operations manager at a motoring business.

Census 2

Their eldest son, Michael, is 22 and works full time as a graphic designer, while middle child Peter works part time in education support.

The youngest, Sally, 19, is overseas as part of her university degree and has a casual retail job at Eastland shopping centre. melbourne-2262233_1920

“There are definitely lots of people in the area like us where the kids are at a point where they can drive themselves, have jobs, and contribute to the house,” Mrs Owen said.

Median household income measures the earnings of everyone over the age of 15 who lives in a household, meaning suburbs with a lot of dual income families will show up as higher median household incomes than suburbs teeming with one-bedroom apartments.

Park Orchards has a median weekly household income of $2660, which is $250 more than that of Toorak.

However, the median personal income in Park Orchards is $788, much lower than many wealthy areas.

Waterways, Kangaroo Ground and Sandhurst – also suburbs which have larger households – have among the highest median household incomes.

Read the full article here

Full-time employment growth returns

This week has seen some positive news for full time employment.

This Blog by Pete Wargent shows the statistics behind the results.

Employment growth picks up

Seasonally adjusted employment increased by +14,000 in June according to the ABS, with full-time employment soaring by an outlandish +62,000.

Rather noisy monthly figures, of course, but full-time employment has now increased by +187,000 since September 2016, which represents a marked improvement.

Total employment now sits at its highest ever level at 12,166,900.

Employment 1

Annually total employment was up by +240,200 or +2.0 per cent, which is quite a way ahead of the rate required to absorb population growth.

Read the full article here

How the transformation of Sydney’s CBD is changing its appeal for apartment dwellers

It’s no secret out lifestyle is changing – life is becoming faster, our need for coffee stronger and much of our ‘living’ is now high-rise.

An article on Domian.com.au looks at this closer when analyzing the transformation of Sydney’s city living.

It’s official: Sydney’s CBD is undergoing a renaissance.

Whether it’s the emergence of new fine-dining enclaves and enviable retail precincts or the commencement of major transport and infrastructure projects, the signs of progress are everywhere.

“There’s a real Manhattan feel about the Sydney CBD at the moment,” says Dr Andrew Wilson, chief economist for Domain. Sydney market update 2017 June

“We’re seeing infrastructure develop right across the 2000 postcode and the demand for inner-city living is increasing accordingly.”

For proof, look no further than the latest Australian census figures, which were released in June.

According to the census, the CBD added almost 5000 residents between 2011 and 2016 and now houses more than 27,000 people.

From Haymarket and Chinatown in the CBD’s south to Circular Quay and The Rocks in the north, new apartment towers are rising, creating a more residential atmosphere in what was once strictly a business-and-tourism zone.

And new services for residents are developing in tandem.

It’s not only new shopping centres such as World Square – home to one of the highest-trading supermarkets in the country – and the dazzling Westfield Sydney in Pitt Street Mall, but also a fresh crop of dining and entertainment options that have been developed with locals in mind. sydney

Four of TheSydney Morning Herald‘s “top 20 cafes for 2017” are in the CBD – more than in any other part of the city – and another half-dozen can be found in adjacent suburbs such as Woolloomooloo and Darlinghurst.

Inventive menus, such as the East-meets-West concepts at Boon Cafe in Haymarket and Regiment on George Street, give CBD cafe-going a glamorous edge. Nearby, The Grounds of the City serves what many believe to be Sydney’s best coffee.

Fine dining is racing ahead, too.

Until recently, Sydneysiders in search of trendy, adventurous meals would gravitate towards Potts Point and Surry Hills. But the CBD has upped its game, swapping formality for pizzazz on its menus and ditching austere dining rooms in favour of unusual spaces.

Alongside reinvigorated CBD classics such as Quay, which won best restaurant in the 2017 Good Food Guide Awards, there are inventive newcomers such as Restaurant Hubert (winner of the guide’s best new restaurant award) and Neil Perry’s Chinese restaurant Jade Temple. darling-harbor sydney

“Dining in the CBD is an ever-evolving beast,” says Myffy Rigby, national Good Food Guide editor.

“Today, it’s about actively participating in the city’s landscape: taking the odd leap of faith down a dark alley, climbing a set of rickety stairs in an old warehouse or descending into the belly of what was probably once a brothel.

And that’s what I love about where we’re heading: the magic is in the mystery.”

Meanwhile, Sydney’s economy continues to expand, bringing more people into the CBD during business hours than ever before.

The state government is responding with two ambitious infrastructure projects that, once completed, will add convenience for workers and residents alike.

Click here for the full article

Simple changes that will add major value to your home

The question on the mind of an investor or home owner is – ‘How can I add value to my property?’

According to an article on News.com.au by The Block’s 2014 winners –  there are 5 simple, yet key elements.

ADDING value to a home is the priority of any renovator or home flipper — it’s top of mind for most homeowners today.

So how do we increase the value of our homes without breaking the bank?Big Painting Job !

Shannon and Simon Vos (winners of The Block in 2014 and ambassadors for Russell’s Reserve) explain how.

1. Paint

A fresh lick of paint can transform your home like nothing else can. Dated colours and tones are like kryptonite to perspective buyers or renters, and the cheapest and most DIY friendly option to increase any homes value is a new coat of paint inside and outside of your home.

2. Render

Dated brick homes can look colder than a Hobart winter, and the quickest way to update those 60s bricks is with a coat of cement or acrylic render. Average render costs for a single level home run around the $40 — $50 per square meter mark, and the return for this can be up to ten times the original investment.

3. Update the front

First impressions last, and an update to the front or the entrance of your home can lead to a huge spike in your home’s value.

4. Add a bed bedroom

The price difference between the average two bedder and three bedder is usually somewhere between $200,000 and $400,000.

5. Improve the landscaping

The best room in the house isn’t inside the house and the great Australian dream is to have a great backyard and an impressive front.

But more often than not it’s the landscaping that gets left behind in the renovating game.

Good landscaping, front and back, is a very important factor in a homes’ value

Click here for the full article

An entrepreneur with an 8-figure net worth shares the biggest lesson he’s learned about earning money

If you look back on your time –  what’s the biggest money lesson you’ve learnt?

That’s the question that was put forward to successful entrepreneur James Altucher in this article on Business Insider.

His answer may surprise you…

James Altucher — the bestselling author, blogger, and podcaster — has an eight-figure net worth, he told Farnoosh Torabi on a recent episode of her So Money podcast.Concept of money growing from coins

While impressive, Altucher went on to explain that he’s learned the number in his bank account is no excuse to stop actively evolving and growing as a person.

“At worst, money can make you think that your job is done as a human,” said Altucher, who is the author of more than a dozen books, including his latest, “Reinvent Yourself.”

“The first time I sold my company, I thought, that’s it, I’ve learned everything I ever needed to learn because now I’ve made money,” he told Torabi.

“I don’t need to get any healthier. I don’t need to have better friends because now people are going to like me because of money.

I don’t have to work for it. I don’t need to be creative anymore, because I was creative, and it made me money. I’m just now going to enjoy the fruits of my money.”

That line of thinking, however, was completely wrong, as Altucher explained on the podcast. In fact, as soon as he started believing he’d reached his financial peak, he lost everything.

“A lot of people equate net worth with self-worth. money price property

And a lot of people are convinced that if their net worth is high, their self-worth must be high too, so they don’t have to work on self-worth anymore,” he said.

“Being human and reinventing is a nonstop job until you die or else you lose your health, you lose your creativity, you lose your sense of who you are as an evolving human being, and you lose your friendships, you lose your sense of how you should behave in the world around you.

“So money should just be a side effect of providing a service you love, providing that helps other people.

“Money is just a side effect, nothing else, and it’s a way to pay the bills, depending on what your bills are.”

Click here for the full article

Weekend Video: How To Live To 100



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again 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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