Unfinished mansion sale highlights market strength
An unfinished Gold Coast residential mansion has been sold for $17 million.
The mansion on Hedges Avenue, Mermaid Beach, was purchased last year for $27 million by failed Brisbane information technology entrepreneur, David Tzvetkoff.
The property was sold to a Gold Coast businessman.
Knight Frank prestige agent James Hall said that multiple offers were received during the tender campaign from both national and international buyers for the property.
“The top end of the market has seen some good results over the past six months. This proves there’s depth to the market and interest has come from all over the place” Mr Hall said.
Despite the low price compared to the previous sale, co-agent Ray White Broadbeach’s Michael Kollosche said: “It’s still a significant price given the house is unfurnished and requires a lot of work”.
“It’s had a big impact on buyer confidence during the last eight or nine months, now that it’s gone I think we’ll see a change in people’s sentiment. This opportunity to buy this property under these circumstances will not happen again.” Mr Kollosche said.
Thursday, November 26, 2009
A STRONG LIGHT ON THE HORIZON
Third of Aussies plan to buy property
MORE than one third of Australians plan to buy a property in the next two years despite concerns over higher living costs and rising interest rates, a survey shows.
And 40 per cent of Australians plan to revisit their financial plans as the nation emerges with a more positive economic outlook, the survey, commissioned by mortgage broker Mortgage Choice, found.
Mortgage Choice corporate affairs manager Kristy Sheppard said more borrowers were now taking "ownership" over their financial situation.
"As a housing market service provider, Mortgage Choice is pleased to see 41 per cent of respondents planning to buy property in the next two years and 43 per cent of them planning on an investment property.
"Hopefully, increasing demand from this buyer group will stimulate more housing construction," Ms Sheppard said.
"The Australian housing market has emerged from the financial crisis relatively unscathed compared to its global counterparts, which would probably be part of the reason why 64 per cent of respondents believe house prices will rise in the period to November 2010."
The survey found 40 per cent of mortgage holders believed they could afford to make repayments at an interest rate of more than 11 per cent.
The online survey of 1025 Australians, conducted in early November, found 19 per cent of respondents were most concerned about rate rises while 16 per cent were concerned about job security.
It follows a similar survey last year that found 20 per cent of Australians had concerns over job security and 18 per cent were concerned by the federal Government's economic management.
Ms Sheppard said that while many borrowers were concerned about rate rises, 40 per cent were prepared for increases of at least five percentage points, a much higher figure than was forecast for the next few years.
"This suggests many borrowers can comfortably repay their home loan sooner, if they put their mind and budget to it," she said.
"Improved sentiment from Australians around their livelihoods is also terrific to see."
Almost three quarters of respondents were confident the Australian economy would be strong during 2010.
In a further sign of consumer confidence, 17 per cent said they could afford "any increase".
Two thirds of participants believed rates would rise by between 0.25 per cent and 1.5 per cent before June, 2010.
The survey also found more than 60 per cent of West Australian baby boomers believed investing in property was safer than investing in shares.
Source
AAP
November 26, 2009
MORE than one third of Australians plan to buy a property in the next two years despite concerns over higher living costs and rising interest rates, a survey shows.
And 40 per cent of Australians plan to revisit their financial plans as the nation emerges with a more positive economic outlook, the survey, commissioned by mortgage broker Mortgage Choice, found.
Mortgage Choice corporate affairs manager Kristy Sheppard said more borrowers were now taking "ownership" over their financial situation.
"As a housing market service provider, Mortgage Choice is pleased to see 41 per cent of respondents planning to buy property in the next two years and 43 per cent of them planning on an investment property.
"Hopefully, increasing demand from this buyer group will stimulate more housing construction," Ms Sheppard said.
"The Australian housing market has emerged from the financial crisis relatively unscathed compared to its global counterparts, which would probably be part of the reason why 64 per cent of respondents believe house prices will rise in the period to November 2010."
The survey found 40 per cent of mortgage holders believed they could afford to make repayments at an interest rate of more than 11 per cent.
The online survey of 1025 Australians, conducted in early November, found 19 per cent of respondents were most concerned about rate rises while 16 per cent were concerned about job security.
It follows a similar survey last year that found 20 per cent of Australians had concerns over job security and 18 per cent were concerned by the federal Government's economic management.
Ms Sheppard said that while many borrowers were concerned about rate rises, 40 per cent were prepared for increases of at least five percentage points, a much higher figure than was forecast for the next few years.
"This suggests many borrowers can comfortably repay their home loan sooner, if they put their mind and budget to it," she said.
"Improved sentiment from Australians around their livelihoods is also terrific to see."
Almost three quarters of respondents were confident the Australian economy would be strong during 2010.
In a further sign of consumer confidence, 17 per cent said they could afford "any increase".
Two thirds of participants believed rates would rise by between 0.25 per cent and 1.5 per cent before June, 2010.
The survey also found more than 60 per cent of West Australian baby boomers believed investing in property was safer than investing in shares.
Source
AAP
November 26, 2009
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