RBA warns of dwelling risk if conditions deteriorate

first_imgConstruction and cranes have been a familiar sight over the inner city for the last three years. Picture: Richard WalkerTHE Reserve Bank has warned Australia risked an above average rise in dwellings being cancelled if market conditions deteriorate.The latest RBA board minutes, released Tuesday, expected to see a high level of dwelling investment over “the next year or so” but warned of “some risk” of above average cancellations.It said private dwelling investment had already “declined unexpectedly” in the September quarter, when “poor weather had disrupted construction”.“The large amount of work in the pipeline was expected to support dwelling investment at high levels over the next year or so, although there was some risk of more cancellations than usual if conditions in apartment markets deteriorated.”More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agoRBA governor Philip Lowe arriving at a function in Sydney. Picture: James CroucherThe board, which is presided over by RBA governor Philip Lowe, has tread carefully in recent years in its attempts to prevent the housing boom from turning to bust. It found low interest rates and increased housing prices had driven a surge in dwelling investment nationally over the previous year, with Sydney and Melbourne pulling away from the rest of the market.RBA warned that increased supply and lower population growth had already depressed rents and apartment prices in Perth “and, increasingly, Brisbane”, while established housing markets in Sydney and Melbourne had picked up over the second half of 2016.The board noted “a small increase” in variable housing lending rates for investors but “little change in overall lending rates for owner-occupiers and in business lending rates”.The latest ASX RBA rate indicator was showing a 95 per cent market expectation of no change to the official 1.5 per cent cash rate at the next RBA board meeting on March 7.last_img read more

Runaway Bay mansion sells for $4.85 million after a year and a half on the market

first_imgMore from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North10 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day ago2 Anglers Esp, Runaway Bay.There is something attention-grabbing wherever you look– from limestone walls and recycled timber beams in the living areas to the inverted pyramid ceiling and polished floors.“The front door is from Morocco and the outdoor sink, it was a rice washing sink from Indonesia that we converted,” Ms Quinn told the Bulletin when the house first hit the market.“I’d say I’ve got eclectic taste and it really creates a home out of a house.”The four-bedroom house had been on the market with different agencies since June, 2015. It had a price tag of $5 million.Savills Qld agent Lisa Halpin negotiated the sale to a Gold Coast buyer. 2 Anglers Esp, Runaway Bay. 2 Anglers Esp, Runaway Bay sold for $4.85 million.AN ECLECTIC Gold Coast mansion on the market for a year and half has sold for $4.85 million.The Runaway Bay property at 2 Anglers Esplanade was owned by Vee Quinn.Mrs Quinn and husband Tom own OzKleen, are the force behind the Shower Power brand.They used the wealth it generated to build their dream home overlooking the Broadwater at Runaway Bay. 2 Anglers Esp, Runaway Bay. 2 Anglers Esp, Runaway Bay.last_img read more

Own your own island in the Whitsundays for just $3.5m

first_imgYour own piece of paradise. Too good to be true. Great interiors. Your friends will love you for buying it. Totally self-sufficient. Cook up a storm. For the price of a home in Sydney.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours agoSavills’ agent Wayne Holmes is marketing it as “your very own island in the Whitsundays for the price of a Sydney home”.The island, one of 74 in the Whitsundays — most of which are uninhabited – is less than two kilometres from the mainland or about the distance of an Ironman event swim.It last sold for just under $1 million in January 2015, a bargain price that saw the owner then go on to undertake major renovations. Talk about wow factor.“There are many beautiful islands in the Whitsundays and the Coral Coast area of Queensland, but what sets Victor Island apart from the rest is that you can come ashore and literally drop your bags and start enjoying the lifestyle from that moment onwards,” according to Mr Holmes. “There are no renovations or repairs to be done. There is no infrastructure to create or equipment and furnishings to buy. All that work has been done and virtually all the equipment on the island is still under warranty.”The main house has king and queen ensembles in its four bedrooms as well as “unique retractable blade ceiling fans” and airconditioning in the master bedroom. 1 Victor Island, Whitsundays Queensland.FOR just $3.5 million, you could have your own island in the Whitsundays, with enough space for many boats — and even put it to work making money for you.Victor Island is just over three hectares (3.13ha) and has an updated four bedroom, two bathroom house, plus a fully renovated self-contained caretaker’s cottage. Could be a great bed and breakfast.The self-contained caretaker’s cottage has a new kitchen and bathroom, “making an ideal base from which to operate the licensed Bed & Breakfast from the main house, if desired”.“Sitting on the private white sandy beach you can see whales, dolphins and turtles, which sometimes nest on the beach. Some of the best fishing in Queensland can be had here including red emperor and barramundi, while oysters grow wild on the rocks, so you can go down there and chisel them off and throw them on the camp fire for dinner. There are many walking trails that wind their way throughout the island, plus plenty of birdlife to enjoy as well.”Victor Island is south of Mackay, and can be accessed via boat ramps across Grasstree Beach, Campwin Beach and Hay Point. according to Savills. Escape it all. Almost all the equipment is under warranty still. Everything included.last_img read more