The number of new homes being built in Australia is rising. New home construction increased for the first time in two years according to data released by the Australian Bureau of Statistics. The ABS says housing starts broke through the 160,000 barrier in the 2012/2013 financial year, reaching 161,043 builds. Housing Industry Association chief economist Harley Dale has declared the result an “encouraging recovery”.
Melbourne property owners can look forward to some town planning changes because the Victorian Government released a comprehensive planning strategy highlighting how Melbourne will accommodate a growing population and improve infrastructure. The plan discusses how to accommodate commuters in Melbourne’s new outer suburbs – particular in relation to accessing the central city. It’s expected Melbourne will need to accommodate another two and a half million people by 2050, so getting the strategy right will be imperative.
Finally the increase in foreign investors is prompting new approaches to selling real estate. Real estate group LJ Hooker has announced they’re employing a Shanghai-based property concierge to help connect Chinese property buyers with Australian sellers. They say Chinese buyers often need to establish relationship before completing property purchases, and having a Shanghai based Chinese National operating as a go-between will enable the agency to build these relationships. Other agency groups will no doubt be keen to see how this plays out with research showing Chinese nationals invested 5.4 billion dollars in Australian real estate during the last financial year.