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Reasons for optimism

first_imgKeyes & Co principal Damien Keyes says the Townsville property market will improve.PROPERTY prices in Townsville are continuing to drop despite an increase in confidence according to latest Queensland Market Monitor report. The report, compiled by the Real Estate Institute of Queensland, examined property data from the September quarter.For the September quarter Townsville median house prices fell 1.5 per cent to $330,000 while the quarterly median unit sale price fell 15.5 per cent to $236,000.However days on market reduced from 70 in August 2016 to 64 days in August this year.In the same period vendor discounting in the house market fell from 8.6 per cent to 7.8 per cent and the most active price bracket was for house sales below $350,000.REIQ regional director and Keyes & Co Property owner Damien Keyes said there were positive indicators. “Volume has lifted for this quarter so it feels like a good platform is being built for the early part of next year,” he said.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“External investors are picking off these cheaper properties so I think 2018 will be a case of really watching the sales volumes because that will be the first indicator of prices increasing.“Agents are saying October and November were really strong and I don’t think you’ll see huge price jumps but you’ll see an overall increase in confidence in Townsville’s property market.”In more positive news for Townsville rental vacancy rates have fallen to 4.3 per cent, down from 7.1 per cent in September 2016.Rent prices have also remained steady at $285 a week for three-bedroom houses, $240 a week for two-bedroom units and $300 a week for three-bedroom townhouses.The report flagged the Port of Townsville’s proposed $1.64 billion expansion, the stadium project, Haughton Pipeline duplication, airport redevelopment and Townsville being the FIFO hub for Adani as economic growth drivers. The report stated that the Townsville property market was expected to improve in 2018.“The regional economic outlook looks promising as a number of large projects … commence injecting investment to the region and creating job opportunities,” the report stated.“Considering the strong infrastructure program, the REIQ remains positive about the future of the Townsville housing market. However, the house and unit sale markets are still classed as falling as there is not yet evidence that demand is improving to achieve price stabilisation.”last_img read more

GOVERNMENT’S MORTGAGE PROPOSALS ‘DANGEROUS’ – DOHERTY

first_imgSinn Féin Finance Spokesperson Pearse Doherty TD, responding to the announcement by Finance Minister Noonan concerning a new mortgage deposit scheme, has said the Minister was veering into dangerous territory with an ill-thought out policy.The Government has been looking at using mortgage deposit insurance as a mechanism to kick-start house building, particularly in Dublin.Under the scheme, the State would arrange insurance cover for part of the deposit currently sought by banks from first-time buyers But Donegal Deputy Doherty said the Government is pursuing a potential future mortgage debt crisis, while failing to deal with the current mortgage debt crisis.Deputy Doherty said: “In the lead–up to the 2007 general election, Sinn Féin was the only party to stand back from the melee of voices in Fianna Fáil, Fine Gael, Labour and the Greens calling for bubble type policies such as stamp duty being reduced so more people could buy overpriced houses and get themselves into unsustainable debt.“The Minister has proposed a mortgage deposit protection scheme for a coterie of first-time buyers. The scheme is developer, not buyer led. A similar scheme was introduced in Britain, which is seeing rising house prices of on average 5% per year.“The scheme is dangerously close to initiatives taken in the boom, when people who could not afford huge mortgages were given 100% loans that are now mill stones around their necks. “It may be a scheme which benefits banks and developers, but if a couple is on average earnings, banks should not be lending to that couple irresponsibly. If that couple ends up in mortgage distress, will the Government be as unhelpful to them as they are to people currently in mortgage distress?“The answer to the housing and construction crisis lies in a holistic approach of social and affordable house build, along with infrastructure development. It also lies in ensuring that wages reflect the cost of living and jobs are secure.“On the one hand, the Government is pursuing a rising house price policy, on the other hand it’s saying wages must be kept low and driving areas like zero hour contracts. They are also cutting people’s disposable income with higher taxes and service cuts. The policies are incompatible and have no strategic outlook.“I am conscious that we are days away from an election and the Government is desperate to attract voters who may also be looking to buy homes. But this is too important to announce on an election whim and to be stuck into an extensive piece of finance legislation at the end of the year, where it will be buried along with countless other measures. This is something that needs due debate and proper consideration.” GOVERNMENT’S MORTGAGE PROPOSALS ‘DANGEROUS’ – DOHERTY was last modified: May 14th, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Michael NoonanMortgagePearse Dohertylast_img read more