Australia would buck another global downturn

 

Australia‘s economy is the envy of the developed world.

Not only did we escape the global downturn with hardly a scratch, but we’re in a very strong position to withstand any more external economic shocks.

We have interest rates back up to average levels and government debt at much lower levels than any of our overseas counterparts.

This means that if the US fell into recession again, or even if China’s economy took a turn for the worse, Australia still has the levers to stimulate the local economy.

When it comes to housing, the strength of the local market has overseas investors and commentators all worked up, even given the moderation in price growth experienced over the last quarter.

Foreign financial markets are convinced that Australian housing is the next big bubble that is about to burst.

Many major retail and investment banks recently released their perspectives on the situation and they all came to the same conclusion – there is no speculative “bubble” in the local property market.

Even if you subscribe to the view that Australian housing is relatively expensive, the sequence of events that would need to occur to spark heavy prices falls is unlikely.

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Mansion site fetches $28.5m

A Chinese conglomerate has brought the heritage-listed Stonington Mansion site in Malvern for $28.5 million.  

The 1.5-hectare block of land bordered by Glenferrie Road and Somers Avenue is one of the last prime developments sites available in the blue-chip Melbourne suburb.

Mark Wizel from CB Richard Ellis said the Ever Bright Group finalised the purchase this week.

The site has an associated master plan that allows development of 31 apartments, 14 luxury houses, 22 townhouses and 12 ”townhomes”, which Ever Bright intends to start building within months, Mr Wizel said.

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Hamton-launches new upmarket appartments in South Melbourne

MELBOURNE developer Hamton is taking apartment living to a new level with its Fifty Albert project in South Melbourne.

On offer is 294 one, two and two-bedroom plus study apartments as well as access to a “lifestyle team” which will include a personal trainer, yoga instructor, masseuse, beauty therapist, art curator, poker ambassador and concierge.

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Missing: spring investors

With Australia’s residential property sector finally coming off the boil, investors should be set to head back into the market to take advantage of easing demand and weakening buyer competition.  

But while owner occupiers and first home buyers are fast disappearing from the market, the latest figures from the Australian Bureau of Statistics show that investors aren’t exactly jumping in to take their place.

It’s a sign of just how strong Australia’s property market became over the last 18 months that investors are now finding it a bit of a struggle to see a profitable way in.

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A look back at where it all began..

 

Melbourne has evolved rapidly since it was founded. After planting roots out along tram and train lines at first, its residents have gravitated towards the city’s core, writes Jenny Brown.

As a speculative settlement illegally established 175 years ago come Monday, how has Marvellous Melbourne shaped up?

The most obvious thing about the village that grew from the August 30, 1835, landing beside the Yarra of sea captain John Lancey, builder George Evans, two carpenters, a blacksmith, a ploughman, a servant and one woman, Mary Gilbert, is just how big it has become.

From that start (it did not, on the day, include our founding forefathers, Messrs Batman and Fawkner, who were still in Tasmania) we now have nearly 4 million people and, in terms of residential spread, we displace twice the area of Paris with less than half its population.

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Vintage bikes offer perfect view of Melbourne’s hidden heritage

Every now and then it is nice to read some good news about Melbourne and cycling enthusiast Matthew Hurst is happy to provide it.

Mr Hurst rents out restored bikes with detailed city cycling routes in his quarterly newsletter Melbourne for Visitors and Casual Cyclists.

The newsletter has a positive message: “Welcome, Melbourne is a long way from anywhere. Thank God it’s a wonderful place to be.”

The winter guide details cycling routes to reveal Melbourne’s “hidden heritage”, “vintage shops” and the city’s “built environment“.

There are details about lanes and pubs that many people walk past every day with little idea of their history.

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Melbourne takes the lead in space race

Image via Wikipedia

In the past year, the southern capital of Melbourne has edged out rival Sydney as having the biggest amount of lettable space in the central business district.

Some of the new space has come from the redevelopment of existing buildings, as well as the new Docklands area included in statistics as part of the city.

But to fuel the state-of-origin battle, Melbourne also has a lower vacancy rate than Sydney.

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AUCTION THIS SATURDAY!!

347 Dorcas Street, South Melbourne

Open for inspection: Saturday 4^th September at 12:30pm

Auction: Saturday 4^th September at 1:00pm

EPR: $950,000-$1,000,000

Get ready for a BIG auction this weekend when 347 Dorcas Street goes under the hammer!! The exceptionally stunning residence has attracted buyers from far and wide. Come on down and watch the show!!

Have you got a property to sell in South Melbourne? You know who to talk to!!

More property details…

Related Articles

• Sellers rush to auction (heraldsun.com.au)

Just Listed!!

95 Chapman Street, North Melbourne

Amazing opportunity awaits

Demolish or rebuild. Located meters from the Royal Childrens and Royal Melbourne Hospitals and set on a quiet tree lined street. This could be your opportunity to build an amazing home, the land is set on a slight slope enabling the possibility to build a second storey, there is also lane way access to the rear which would be perfect for a 3 car garage. STCA

For more details visit J.C Street’s corporate website, contact Cheryle Street on 0412 343 344 or Julie Street on 0414 627 830