Tag Archives: Homes

Drop in new homes prompts fears

21 February 2013 Last updated at 18:30 GMT Home under construction It is still a challenging environment for builders The government needs to act now to make sure enough affordable homes are being built, campaign groups have said, after figures showed the number of housing starts in England fell 11% in 2012.

Housing charity Shelter said the government faced a “housing crisis” unless immediate action was taken.

The National Housing Federation also said more needed to be done to meet the huge demand for affordable homes.

A spokesperson for the government said ministers were “far from complacent”.

The Home Builders Federation said it was “still a challenging environment” in which to build homes.

“A lack of mortgage finance is the most important short-term issue and if buyers can’t buy, builders can’t build.

“But we have seen a much more positive start to the new year with an easing in lending and schemes like the government’s NewBuy enabling people to get a 95% mortgage,” the group said.

‘Unlock finances’

Latest figures from the Department for Communities and Local Government (DCLG) showed the number of new builds started in England fell to 98,280 in 2012.

The number of housing starts peaked at 183,000 in the year ending March 2006, but fell sharply in the downturn to a low of 75,000 in the year ending June 2009.

Since then starts have recovered somewhat to about 110,000 per year, but DCLG said recent quarters had seen them slip back again.

However, the most recent quarter, ending in December, saw a 1% rise compared with the previous three months.

David Orr, chief executive of the National Housing Federation, said: “Despite the current tough economic environment, the small signs of increased house building are encouraging – but more needs to be done across the whole sector to meet the huge need for more affordable homes.

“We expect housing associations, who are dealing with a radically new investment framework and a huge cut in funding for affordable housing, to continue finding innovative new ways to meet that demand.”

Campbell Robb, chief executive of Shelter, urged the government to use next month’s Budget to unlock the finance to deliver more affordable family homes.

“Unless action is taken now, it’s hard to see our housing crisis improving any time soon,” he said.

A DCLG spokesman said the latest figures showed “steady improvement” compared with the previous quarter.

He said: “The government is far from complacent, which is why, despite the need to tackle the deficit, we’re investing £19.5bn public and private funding in an affordable housing programme set to deliver 170,000 homes, putting £1.3bn into unlocking stalled sites and building the infrastructure we need and making enough formerly used, surplus public sector land available to deliver 33,000 new homes.”

More tenants living in private homes

 Private renting is now more common than council or housing association renting in England. For the first time since the 1960s, there are more people in England renting from private landlords than from councils or housing associations.

The English Housing Survey for 2011-12 shows that the rising number of private tenants, 3.84 million, outnumbered the 3.8 million in social housing.

The trend partly reflects the boom in buy-to-let ownership.

It also reflects increasing demand for rented homes from a rising population and those locked out of home ownership.

But the report, published by the Department for Communities & Local Government (DCLG) pointed out that home-ownership, although still in decline, still accounted for roughly two-thirds of all homes in England.

“Owner occupation remained the largest tenure group with 14.4 million households, comprising around two-thirds (65%) of all households,” it said.

“There has been a downward trend in the proportion of owner occupiers since the peak of 71% in 2003 but the proportion in 2011-12 was very similar to that in 2010-11,” it added.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics) said these trends would persist in the coming years.

“The figures provide further evidence of the shift away from owner-occupation in favour of the rental sector,” he said.

“Provisional data for the last financial year puts the proportion of households in their own property at the lowest point since 1987.

“Meanwhile, an increasing proportion of the population is turning to the private rented sector for shelter with the latest figures showing this form of tenure overtaking the social rented sector last year,” he added.

Post-war shift

The last time there was a switch in the balance between private renters and those in council or housing association homes was in the middle of the 1960s.

The post-war slum clearance programmes and the government inspired boom in council house building provided new homes to rent for millions of families.

In 1961, the declining number of private tenants in England still outnumbered the rising number of social tenants by 4.7 million to 3.2 million.

Ten years later, in 1971, the position had reversed and social tenants outnumbered renters in private accommodation by 4.6 million to 3.2 million.

The peak year for council or housing association tenancies was in 1981 when there were 5.6 socially-owned properties in England – most owned by local authorities.

North Bundaberg homes remain a no-go zone

An exclusion zone will remain in place tonight for people who live in North Bundaberg.

The Bundaberg Regional Council says residents should not move back until gas, electricity, water and sewerage treatment plants are back up and running.

Deputy Mayor David Batt says crews are assessing the damage at night and are working to fix the area as soon as possible.

“There is no power in there – at the moment it’s dark, it’s pretty dangerous still,” he said.

“There are lots of areas that people can injure themselves and people are in there working on the roads and electricity and water during the night time.

“We have some water back in there now – if they need to use it to drink it they need to boil it first, but we’d prefer no traffic and people through there just so we can get that job done.”

Seventy-five new State Emergency Service workers arrived in North Bundaberg on Sunday to help clean up flood devastated areas.

The Australian Army will also stay until it is longer needed.

Councillor Batt says the emergency workers have prevented deaths in the floods.

“We wouldn’t have got through this without all the assistance we’ve had,” he said.

“It’s been fantastic, the Army, the Black Hawk helicopters came and if those guys weren’t here last Monday I don’t believe we would have had a fatality-free day that day,” he said.

“So it was just worked well that they were on their way to give us assistance when everything started happening very quickly.”

The council says it still needs volunteers to help with the North Bundaberg clean-up.

Buses will be running from the Bundaberg Racecourse every hour from 7:30am (AEST) today, to take registered volunteers to help in flood affected areas.

More than 1,300 registered volunteers helped out over the weekend but Cr Batt says the clean-up still has a long way to go.

“If everyone gets into it, we still get a few hundred people in there, I think with the Army’s help as well we should get a fair way through it by the end of today,” he said.

“I know a lot of people have had their livelihoods taken away from them – their homes, their property but the vibe here in town is fantastic.

“There are so many people out there helping their friends and family and neighbours.

“You can’t get in the streets for all the people helping clean up.”

Meanwhile, the corporation operating the Port of Bundaberg says it has begun surveying the city’s harbour to determine the damage caused by last weeks record flood.

The harbour is managed by the Gladstone Ports Corporation.

Chief executive Leo Zussino says loading and navigation facilities have not been damaged but he says significant work will be needed to restore the harbour for large commercial vessels.

“You have to see where the silt has been deposited and what it takes to get it out and what other things have ended up in the harbour, because there is a number of vessels that have been lost in all of this,” he said.

“We really don’t know where they are, where they’re submerged.”

Topics: sea-transport, industry, regional-development, charities-and-community-organisations, volunteers, army, floods, environmental-impact, federal—state-issues, local-government, sugar, bundaberg-4670, gladstone-4680, maroochydore-4558

First posted February 05, 2013 09:02:32

Relocation being considered for Laidley homes

Lockyer Valley Mayor Steve Jones says the council is considering the relocation of up to 100 homes in Laidley, west of Brisbane, to avoid future flood disasters.

About 100 homes and businesses in Laidley were inundated last week.

Dozens of properties were relocated to higher ground in the nearby town of Grantham after the devastating 2011 flood.

Councillor Jones says flood mitigation plans for Laidley are well underway and he is looking at a number of options.

“I don’t think it’s possible to move the whole town of course, but it may be possible to move sections,” he said.

“Other measures, such as levee banks and different drainage arrangements and so forth, could all be put into a jigsaw to try to improve the situation.

“We’re really just looking at how practical it is and how we finance it and all that sort of thing.

“Once we get those measures underway, we’ve had a number of stakeholder meetings over the past 12 or 18 months with the Laidley community, gauging their feelings.

“We’ll plug those into the work we’ve done and hopefully come up with some good results.”

Topics: retail, regional, regional-development, floods, environmental-management, local-government, federal—state-issues, environmental-health, mental-health, laidley-4341, toowoomba-4350

Angry Bundaberg residents can’t inspect flood-hit homes

There have been confused and angry scenes in the flood-ravaged city of Bundaberg after senior police overruled a plan to allow evacuees to inspect their homes.

This morning, residents were told they would be allowed access to the North Bundaberg exclusion zone at 2pm (AEST) to assess their properties.

However they were stopped less than an hour before they were due to go in.

The decision angered resident John Thone.

“They have no idea how to run this show. They should get somebody in that knows what they’re doing,” he said.

The council says its plan to allow residents back in was overruled by local disaster coordinator Rowan Bond.

Superintendent Bond said residents misunderstood the message and it was still unsafe to return today:

“It’s not a bungle. What it is we’ve adjusted the timing of this based on the expert advice,” he said.

It is hoped residents will be allowed in at 6am tomorrow.

Tensions have been rising in the city, where this morning 1,000 people attended a meeting to hear the latest update from the Bundaberg disaster committee.

They were told the flood damage in the area was dire.

What I’m saying to you (is), the gravity of the situation is dire.

Bundaberg council chief executive Peter Byrne

Bundaberg council chief executive Peter Byrne told the meeting that up to 10 properties had been destroyed and another 30 were severely damaged.

He says one home has been washed onto a road.

“We’ve got another one we don’t quite know where it is,” he told the meeting.

“What I’m saying to you (is), the gravity of the situation is dire.”

The meeting heard several roads, the sewerage system and power lines have been washed away and it is not known when they will be repaired.

A council engineer said one of the worst-hit roads had a hole two metres deep and 100 metres long.

A search for bodies in North Bundaberg will be completed this afternoon.

Bundaberg council is calling for volunteers to register if they want to help with the clean-up effort.

Two 15-year-old boys have been caught allegedly looting at Bargara near Bundaberg.

Police say the boys were spotted trying to break into a boat which was washed up on the beach.

Officers found the teenagers a short time later allegedly carrying stolen marine equipment.

They have been charged under the Youth Justice Act.

Meanwhile, Premier Campbell Newman has been touring flood-damaged towns and farms in the North Burnett.

In the town of Gayndah, west of Maryborough, two residents held up signs saying, ‘Go home Newman, you’re seven days late’.

Mr Newman says he understands that people are angry.

“There’s an enormous amount that’s been going on, an enormous amount of damage to sort out,” he said.

“But they’re entitled to be angry and upset, if they’ve lost everything. I’d be upset and angry too.

“I’d want to stand up and shout and scream.”

Mr Newman says it was difficult to help the area while the emergency situation was unfolding in Bundaberg.

“Roads blocked, every available helicopter rescuing people in Bundaberg,” he said.

“That’s the reality of this, there’s a lot that happened.

“But nobody’s been forgotten, no one will be forgotten and we’re going to put all these communities back together, and the recovery effort is now really gearing up.”

Homes, businesses and services in the Wide Bay-Burnett are still without natural gas, after a pipeline was ruptured earlier in the week.

Grant Marcus from the Bundaberg Disaster Co-Ordination Centre says gas customers are trying to find alternatives for cooking and hot water.

“The hospitals use it for instance for just cleaning their linen so they’re hoping to identify ways to get around that,” he said.

“They’ve done that, that’s good but we want to get this gas back so that people can get back to normality.”

Fraser Coast Mayor Gerard O’Connell has thanked emergency crews for their quick work in re-opening the Granville Bridge in Maryborough.

The Granville community had been isolated until the bridge was opened to traffic early last night.

Councillor O’Connell says the focus today will be on the Lamington Bridge which links Maryborough with Tinana.

“Again, I’m just asking people please be patient,” he said.

“We’ve got experts and great people working on these projects – it all takes time but we want to make it safe and we want to get that open as quickly as possible.”

Police have responded to concerns that help has been slow to reach flood-hit residents around Baffle Creek and Rosedale, to the north of Bundaberg.

Gladstone Acting Superintendent Michael Sawrey says police have been working with the council on a number of issues.

He says these include the transportation of supplies to flooded communities, welfare checks on the residents of 18 isolated properties and the transportation of six children to hospital for the treatment of sores.

Further south, the clean-up is continuing in Gympie where about 150 homes and businesses were flooded by the swollen Mary River.

The Gympie Chamber of Commerce says most of the flooded businesses were in Mary Street, and community members are pitching in to help those worst affected.

Chamber President Ben Ellingsen says most of the businesses hope to re-open next week.

“A lot of them have basically got their shops cleaned out and waiting for sub-contractors to come in and do some repair work etcetera, so they can start trading within the next week or so,” he said.

“I think people just want to get back in and start trading again and we need to support these guys as much as we can, now more than ever.”

On the Western Downs, several communities remain cut off as flooding in the Condamine River continues.

The main access road to Condamine has been cut off and the Condamine River will rise to at least 12 metres today, leaving transport seriously compromised for several days.

That river level is about three metres below the record floods that forced the evacuation of the town two years ago.

Western Downs Mayor Ray Brown says it could be a week before floodwaters in the region fully subside.

He says Condamine is now cut to the north and east but residents will still be able to travel south to Tara for supplies until floodwaters recede next Thursday.

“Really our residents have done extremely well there’s been no angst in our communities in relation to resupplies of food,” he said.

“I think the angst has been more in relation to movement of transport, kids getting back to school, people getting back to holidays etcetera.”

East of Condamine, businesses in Chinchilla have begun to clean up their shops as floodwaters recede.

Fifteen homes and 34 businesses where inundated when Charley’s Creek peaked earlier this week.

Jason Johnson from Chinchilla Community, Commerce and Industry says the recovery will be a challenge.

“We are lucky enough to be in a reasonably strong economic environment with the gas industry and other primary resource industries,” he said.

“But it’s just the fact that a lot of them were still recovering from those major events in the end of 2010 and start of 2011 and some of them may have scraped though by the skin of their teeth in those situations.”

On the southern border, the towns of Toobeah and Bungunya are isolated because of unprecedented flooding in local creeks and rivers.

The Goondiwindi Regional Council says it will assess today if supplies need to be choppered in to the communities.

Topics: small-business, retail, community-organisations, volunteers, army, floods, environmental-impact, activism-and-lobbying, local-government, programs-and-initiatives, environmental-health, bundaberg-4670, condamine-4416, toowoomba-4350, gympie-4570, maroochydore-4558

First posted February 01, 2013 07:38:10

Govt, Opp. figure it out on new homes

The South Australian Opposition says a drop in the number of new homes will have flow-on effects throughout the state’s economy.

The Opposition says Bureau of Statistics (ABS) data shows housing construction fell by 20 per cent in the 12 months to September last year.

Opposition treasury spokesman Iain Evans says low interest rates should be encouraging home buyers and construction should be accelerating.

“Interest rates apply right across Australia not just in South Australia but South Australia is the worst performing state by a long way,” he said.

“The building industry is one of the big multipliers of economic activity within the state.

“The lower number of houses simply means the lower number of tradesman are needed so there’s less employment.

“There’s less sales through things like hardware stores and suppliers.”

Mr Evans says State Government grants of up to $8500 for home buyers could reverse the trend.

“Certainly we hope for the industry’s sake, and for employment’s sake, that those policies have an effect. But you’d have to ask the question why they waited so long to implement them.”

Treasurer Jack Snelling says a different set of ABS figures shows building approvals increased in the five months to last November.

“We’ve had consecutive months of improvements in new dwelling starts,” he said.

“Obviously, it’s taking a little bit of time to kick in but I think what it shows is that the new housing construction grants that the Government announced late last year, or last year, are beginning to bite.”

The news comes after the latest unemployment figures showed a jump from 5.3 per cent to 5.8 per cent in South Australia.

Employment Minister Tom Kenyon conceded the manufacturing sector is struggling with the higher Australian dollar but says other parts of the economy are performing well.

“I think if the dollar remains high, then obviously manufacturing is going to find it difficult, or continue to find it difficult,” he said.

“That’s exactly why the government’s implemented its advanced manufacturing strategy, it’s to get that high-value manufacturing going in the state.

“Underneath the disappointment of the Olympic Dam announcement, mining is still going strongly. Commodity figures have risen in the last few months and that’s been reflected.”

Topics: states-and-territories, housing-industry, sa, adelaide-5000

There is more to real estate investing than choosing homes

India’s developer community is going through a testing phase. A stalling economy has burdened them with indifferent sales and rising debt pay-offs.

“Generally, developers are reeling under the ongoing funding crunch as well as challenges such as the retrospective VAT edict by the state government in Maharashtra,” said Anuj Puri, Chairman and Country Head at Jones Lang LaSalle India, the real estate services firm.

“Their ability to launch new projects as well as available funding for marketing of existing projects is compromised. At the same time, they are either unable or unwilling to reduce prices in ready-for-possession projects.

“This is either because they are confident of future sales at the existing price points or because astronomical land rates, increased input costs and the losses resulting from regulatory delays would seriously compromise profit margins if they reduce prices.”

If developers stick to their asking prices, it would only serve to put off buyers from getting into the market now. Then it comes down to who will blink first. It is not uncommon for developers to pare down values to be in line with market sentiments. In mid-2009 when the market was going through a similar phase, some of the leading names did do so at even their prestige projects.

It remains to be seen whether developers will make a repeat call now. NRI investors will be hoping they would.

“The first wave of NRI investor interest in real estate, brought on by the depreciated rupee and partly by the festive season, has come and gone,” said Puri.

“Also, those NRIs who had to return to India because of the worsening job situation abroad have already done so. Those that remain abroad tend to be in secure, high-paying jobs, so repatriation is not high on their priority list.

“There is still interest by NRIs, but the second investment wave is even more selective than the first.

High networth buyers go the extra mile on securing their homes

Panic rooms, gun safes and machinegun-proof doors are increasingly appearing in London homes as super-rich foreign newcomers bring their security fears to the UK capital.

Many wealthy homebuyers are drawn to the political stability of London and the buoyancy of its property market. But concerns about the kind of lawlessness typical of their home countries or fears of reprisal from business or political opponents mean they demand the most hi-tech security systems around.

“I recently showed a property to a billionaire eastern European and when he walked outside I presumed he had gone to look at the wonderful garden,” said Andrew Langton, managing director of high-end estate agent Aylesford. “He was actually inspecting the buildings that overlooked it.”

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Overseas investment in top London homes used to be dominated by Middle Eastern oil money and US bankers, but the current financial crisis and political tensions in areas like North Africa and Russia mean over 100 nationalities now park money in top London property, said property agent Savills.

The capital does not have the same reputation for danger as cities like Cape Town or Rio de Janeiro, but incidents in recent years demonstrate overseas residents are not necessarily safe from their foes in London.

In March this year, a Russian banker was shot five times and badly injured, later claiming his former business partners were behind the attack.

Russian tycoon Boris Berezovsky, a Kremlin insider-turned-critic now based in London, told Reuters: “There is no place safer than London from Kremlin bandits or from Russian or international criminals. But that of course is no guarantee they won’t get you.”

Not every buyer faces such dramatic personal threats, but many fear crime because it is prevalent in their native country. “If you are a rich Eastern European you have been brought up in fear of others ‘borrowing’ your possessions,” Langton said.

One Hyde Park, a development in which the most expensive flat sold for £136 million (Dh806.10 million), has panic rooms and bullet-proof windows.

A £16 million-pound (Dh94.84 million) house on sale in the district of Kensington includes two panic rooms, two separate CCTV systems, safes for 24 guns and ammunition, bullet-proof windows and machinegun-proof doors.

Measures previously used by museums to protect artwork such as “security fog” are also now more common in homes, said Edo Mapelli Mozzi, managing director at consultancy Banda Property. Rooms fill with a thick fog in seconds to disorient intruders.

International security company Westminster Group, which provides services ranging from military training to fire safety, increased turnover to £10.1 million from £3.8 million in 2011. It cited contracts won for “several high-net-worth properties in the UK, including a stately home”.

“We are seeing more out-of-the-ordinary security with the huge influx of foreign investment in London,” said Westminster sales director Shires Crichton, referring to meaures including armoured cars and 24-hour surveillance.

The company also carries out pre-sale threat assessments. “An alleyway down the side of a house can make it easier to snatch someone,” said Crichton. “We also ensure there is nobody living nearby they don’t get on with.”

The risks aren’t necessarily greater now in London but the insecurities people bring with them are, said Stephan Miles-Brown, head of residential development at property consultant Knight Frank.

He said there was more state-of-the art security in London homes because it was more readily available. “A few years ago, everyone was demanding air conditioning as a ‘must-have’. Now their attention has turned to 24-hour concierge teams and state-of-the-art security systems.”

Despite the gadgetry, traditional methods such as bodyguards are still widely used, said Langton. “The main form of security used still seems to be someone hanging around who’s not a member of the family.”

Homes remain a distant dream for many in Hong Kong as properties become unaffordable

Hong Kong: Hong Kong Chief Executive Leung Chun-ying pledged more measures to tackle record home prices, after a surge this year made accommodation unaffordable for many people in the city.

The number of applicants on the city’s public housing waiting list is approaching 200,000, Leung said. About 65,000 private residential units are expected to be available in the next three to four years.

Hong Kong is the world’s most expensive place to buy a home after prices advanced more than 90 per cent since early 2009 on a lack of new supply, an influx of buyers from China and record low mortgage rates.

“Tackling the housing problem is a top priority,” Leung told lawmakers. “Property prices and rentals have continued to rise by such an extent that they are now beyond people’s affordability.”

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The Hang Seng Property Index, which tracks nine developers, has gained 28 per cent this year, more than the 16 per cent advance in the benchmark.

Initial measures announced last month by Leung to cool the property market, including making more land available and restricting some sales to local residents, have failed to stop an up-tick in prices. The city’s de-facto central bank also limited the maximum term on new mortgages to 30 years in September.

Developers in Hong Kong are this month preparing to sell more than 3,300 units, the most homes in six years, according to realtor Midland Holdings Ltd.

Hong Kong’s currency is pegged to the dollar, forcing it to track record low interest rates in the US, even as nations including Singapore signal that they will act to prevent asset bubbles.

Some residents in the city pay daily rates for a bed space that resembles a cage, while others live in apartments that are divided into smaller units for rent.

Prices off on improved homes data, ebbing Spain fears

Thursday, 18 October 2012 04:33 Posted by Abdul Ahad

NEW YORK: US Treasury debt prices fell for a third consecutive day on Wednesday after stronger-than-expected housing data pointed to an improving economy and after Spain avoided a ratings downgrade, reducing demand for safe-haven US debt.

Prices fell overnight after Moody’s Investors Service affirmed Spain at the lowest investment grade rating, giving a reprieve from a downgrade that would have driven its debt out of some bond indexes and prompted selling by investors who track them.

Losses by Treasuries accelerated after data showing groundbreaking on new US homes surged in September to its fastest pace in more than four years, another sign that the housing sector’s budding recovery may be strengthening.

“Bond investors are admitting that the economic data is getting better and that the economy could grow near 2 percent in the fourth quarter,” said Tom di Galoma, managing director at Navigate Advisors LLC in Stamford, Connecticut.

Benchmark 10-year notes traded 24/32 lower in price to yield 1.80 percent, the highest since Sept. 19 and up from 1.72 percent late Tuesday. Benchmark yields were on track for the biggest two-day rise since late July.

The yields were nearing their 200-day moving average, di Galoma noted, and are widely expected to bounce off that level near 1.81 percent.

Thirty-year bonds traded 1-9/32 lower in price to yield 2.98 percent, up from 2.92 percent late Tuesday.

The data is the latest sign that the US housing market is turning and further improvement should help boost the economy, and send longer-dated Treasuries yields higher, said Wilmer Stith, who helps manage that $300 million Wilmington Broad Market Bond Fund in Baltimore, Maryland.

Mortgage purchases made by the Federal Reserve as part of its third quantitative easing program should help drive down borrowing rates further, and more economic improvement is likely once uncertainty around November’s presidential election and the fiscal cliff pass.

“If businesses start to feel more confident once the political clouds are past we will see long term interest rates start to rise as inflation rises, and as the economy starts to improve,” he said.

Stith said he is overweight the five- to seven-year notes, which he says offer the best risk-adjusted returns, and sees longer-dated debt as most at risk of yield increases.

Two-year swap spreads also continued to tighten on Wednesday, likely reflecting an uptick in lending as investors search for higher-yielding assets due to the very low interest rate environment.

The two-year swaps spread tightened by over a half a basis point to 8.5 basis points.

Copyright Reuters, 2012

Hobart homes taking longer to sell

Updated October 02, 2012 18:19:17

A new report shows Hobart homes are taking longer to sell and are experiencing below average value growth.

An RP Data national report has found houses take on average 61 days to sell and units 74 days.

It also found houses are selling for 7 per cent more than a year ago and unit prices have increased by more than 7 per cent, but that is well below the average annual growth of about 12 per cent.

Real Estate Institute of Tasmania president Adrian Kelly says it is not surprising.

“The last 12 months has probably been the hardest year in real estate in the past decade,” he said.

“In terms of the volume of sales, we’re now at the lowest level we have been for 20 years.

“We came off a high in 2003-2004 of around about 18,000 to 18,500 sales and we’re now down to about 10,000 sales.”

Mr Kelly says the job market has had a huge impact.

“It’s generally Tasmania’s economy; people are worried about their job prospects, people have lost jobs so they’ve moved interstate, other people have had their property on the market and they can’t sell it.”

“To be honest, it’s not one thing, it’s very much a confidence issue.”

Topics: economic-trends, housing-industry, tas, launceston-7250, hobart-7000

First posted October 02, 2012 15:06:32

UK’s Berkeley Homes holds its first property exhibition in Dubai

Dubai: Berkeley Homes, part of UK’s Berkeley Group Holdings plc, showcased three prestige London properties as part of its first exhibition in Dubai. Since 2009, buyers from the UAE have accounted for 1.8 per cent of total sales in London for properties over £1 million (Dh5.9 million), according to stats. “What we have witnessed is an increase in the number of UAE investors showing great interest in apartments at all price levels,” said Piers Clanford, managing director of Berkeley Homes (Capital).

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