Archive for June, 2013

Court ruling prompts warning for unit investors

A Victorian Supreme Court ruling has upheld a property owner’s right to rent out his unit to short-term occupants in a long-stay complex.

Action was brought against an owner in a Melbourne residential tower who’s renting out his units for short-stay accommodation.

In the action, it was argued that this use of the units contravened the occupancy permit that had been issued for the premises by the local council.

In its decision to … Read the full post »

Are house prices rising or falling?

Research analyst RP Data said on Monday that property prices are dropping.

But its competitor, the Fairfax-owned Australian Property Monitors, said with auction clearance rates at three-year highs prices are on the rise.

So who to believe? It’s plausible, perhaps, that they’re both right – with the RP Data figures also taking into account private treaty sales? Or it could be, as RP Data analysts say, that vendors have dropped their prices … Read the full post »

Melbourne’s developers are in a New York state of mind

The original: Manhattan is no Caroline Springs in the sky.The original: Manhattan is no Caroline Springs in the sky.

Melbourne’s developers are in a New York state of mind. Actually, it’s a delusion.

In their flurry to sell high-rise apartments, they have created hyperbolic fantasies about Manhattan and Melbourne that distort reality. Fantasy is too kind: they’re lying.
Melbourne is going along another model: Hong Kong. That city is vibrant … Read the full post »

125 Hectares Sold for ”just over $100 million”

The massive new site will have 2000 homes and 5000 new residents.The massive new site will have 2000 homes and 5000 new residents.

One of the biggest state government land sales in the past decade was decided in just a week.

A massive site in Werribee that within a few years will have 2000 homes and 5000 new residents sold quicker than an average family home settles after auction.

The … Read the full post »