Property advisory firm Herron Todd White have highlighted the strengthening Southeast Queensland market at their 2013 Property Overview breakfast. Herron Todd White chairman, Gavin Hulcombe, says statistics are struggling to keep up with what’s happening on the ground, and that current level of affordability rival those just prior to the 2003/2004 property boom.
Hulcombe says they’ve seen value growth of up to 10 per cent over the last six months in some inner Brisbane suburbs, and the ‘ripple effect’ should result in better performance for areas further out. Hulcombe’s comments followed on from analysis by RBS Morgan chief economist, Michael Knox, who said that for the first time in half a generation, we will be relying on the housing sector to get Australia out of its current ‘growth recession’ phase. In other news – there’s been another warning for landlords about maintenance after a terrible incident in Victoria too.
A balcony collapse in Melbourne that saw three people sustain injuries after falling five metres has resulted in a man successfully suing his landlord for $300,000. During the proceedings, it was revealed that repair work done prior to the man’s tenancy wasn’t adequately performed. Lawyers representing the injured man say the case highlights the need to ensure premises are kept in good repair to avoid serious injuries or deaths. And finally – it looks like Australian’s are wanting to do more living with less house.
If you get that shrinking feeling, don’t be too alarmed according to Commsec. The firm released a study revealing new detached home sizes have fallen to an 11 year low in Australia, with the average floor area now at 241 square metres. The report is marking the end of the McMansion trend with much of the result attributed to downsizing Baby-boomers. CommSec chief economist Craig James says the move towards smaller homes is thanks to a focus on “experiences” rather than an aspiration for a “bigger castle”… so I guess it’s time to drain the moat.