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Perth fair-lovers have taken advantage of the city’s trains being back on schedule, with thousands turning out to the Perth Royal Show this morning. 

The show’s organisers have reported strong crowds so far on the opening day of the Show and, with the day expected to stay sunny and topping 26C, between 50,0000 to 60,000 are expected to flow through the gates. 

“It was fantastic that the trains were running on schedule and we’ve had a lot of people entering through the train entrance, so they are obviously taking advantage of the public transport,” Royal Show spokeswoman Maryanne Shaddick said. 

A pay dispute between train drivers and the Public Transport Authority threatened public transport to the Show when drivers called in sick in their masses yesterday, drastically reducing train services. 

However, a deal was reached last night when drivers agreed to an interim wage rise of 5 per cent on the condition that the industrial action stopped immediately.

 The show runs until October 2 but more than half of all show-goers attend over the long weekend, with Monday traditionally the busiest day. 

The weather is expected to stay mostly sunny tomorrow, with a maximum of 23C, and a partly cloudy 25C on Monday. Those attending the Show today will be treated to a shearing and wool-handling competition.

Source  :   www.thewest.com.au

 

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The median price for a Perth house will pass $600,000 within three years as the city’s property market reclaims its title as the strongest and fastest growing in the country, a new report predicts.

The BIS Shrapnel residential property report forecasts house prices in Perth will climb an average 7 per cent a year for three years, pushing the median price to $610,000 from $500,000 today.

No other capital is expected to enjoy such strong capital growth, with even higher interest rates unlikely to slow the Perth market as much as others.

Senior project manager Angie Zigomanis said even though the Perth market slowed before other cities in 2007, conditions were improving on the back of another resources boom. Money flowing from commodities would soon push up house prices across Perth.

“With prices below peak levels in real terms and income in Perth set to grow substantially as the next round of resource expansion projects get up and running, solid price growth should continue,” he said.

“Nevertheless, further increases in interest rates will prevent the boom in prices that we saw in the last upturn.”

Mr Zigomanis said the median house price would climb 22 per cent by the middle of 2013. This growth would be quicker if the Reserve Bank did not increase interest rates in the next six to 12 months.

Growth at that rate would surpass other capitals such as Sydney (up 20 per cent), Melbourne (11 per cent), Brisbane (12 per cent), Adelaide (20 per cent), Hobart (12 per cent), Canberra (14 per cent) and Darwin (12 per cent).

House prices climbed rapidly through the second half of last year and into the first four months of this year.

Mr Zigomanis said this was directly because of record low interest rates in response to the global financial crisis and a “pull forward” of demand from the first-homeowner’s grant. Not only would house prices outpace inflation, they would affect rents.

“Even though overseas migration inflows are steadily easing, a deficiency of stock is still in place with dwelling construction below underlying trend,” he said.

Recent Australian Bureau of Statistics figures show a fall in loans for people buying homes but an increase in loans for investment properties. Financial market analysts do not expect official interest rates to rise until May next year.

source  :  www.thewest.com.au

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New Housing Minister Bill Marmion has shocked the property market by saying he wants to flood WA with housing lots to cut home prices.

In a speech to Parliament that has set alarm bells ringing throughout the real estate industry, Mr Marmion said the Barnett Government’s aim was to “bring house prices down”.

“The Department of Land is looking at this issue very closely,” he said.

“It owns land and it is looking at its land stocks and will release as much land as possible.

“That will reduce the pressure on housing supplies. Our aim is to bring the median house price down and to have it lower than the median house price in other States.”

Mr Marmion, who took over the job last month after Troy Buswell was sacked, said the only thing the Government could do to achieve its aim was “release more land and houses”. He refused to elaborate on his comments yesterday.

March quarter figures from RP Data put the median house price in Perth at $480,000, equal to Darwin, but behind Sydney ($500,000) and nation-leading Canberra ($510,800).

Hobart had the cheapest prices in Australia at $323,750.

The State Government established an Office of Land and Housing Supply in Thursday’s Budget and is reviewing available government land which Premier Colin Barnett said would “achieve a comprehensive and co-ordinated approach to housing affordability issues”.

Shadow housing minister Mark McGowan warned the policy could result in houses being worth less than what people paid for them.

“If people go into negative equity with their house, that’s the worst possible outcome,” he said.

Real Estate Institute of WA chief executive Anne Arnold said Australians stored their wealth in the family home and it would be “politically unwise for any government to go down that path”.

But the plan won support from developer Nigel Satterley, who said land needed to become more affordable.

But he said the policy would not cut the price of existing houses.

“We’re on the cusp of a block shortage and whatever the Government can do should be encouraged,” Mr Satterley said.

Analysts at RP Data found in April that houses in Perth’s cheapest suburbs cost at least $60,000 more than those in the most affordable areas in the other major Australian cities.

Hillman was named the cheapest suburb in Perth, with a median house price of $280,000 – higher than the cheapest suburb in Adelaide ($200,000), Brisbane ($205,000), Melbourne ($218,000) and Sydney ($219,000).

Perth had less than 10 per cent of its 259 suburbs with a median house price under $350,000, compared with more than 20 per cent in all other big cities.

Blocks of land in Perth were the most expensive in Australia, according to a recent analysis by RP Data and the Housing Industry Association, with a single square metre of “prime earth” now costing an average of $521.

Source  :  www.thewest.com.au

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It may be 50 minutes out of Perth but Rockingham beach has been awarded the state’s cleanest beach for 2010.

Its dive trails and interaction with its naval history made it a popular spot for visitors, while installation of big underground filter tanks helped protect the ocean from storm water pollutants, according to environment minister Donna Faragher.

“In addition to this, rehabilitation works have been integrated into the dune system to protect the foreshore against the heavy storm surges that occur in winter,” ” Ms Faragher said.

Rockingham Beach also won the Resource Management and Friendly Beach awards for making use of its assets and hosting community festivals.

Port Hedland’s Pretty Pool and Cemetery beaches picked up the Community Action award for the efforts of local business and residents to reduce litter and for a turtle monitoring program.

Gnaraloo Station, north of Carnarvon, earned the Environment Protection award for its efforts in looking after Gnaraloo Beach and its flora and fauna, including loggerhead and green turtles.

The Litter Prevention award went to Bill’s Bay at the Ningaloo Marine Park.

Rockingham Beach will represent WA in the 2011 national Clean Beaches Awards to be held in Perth in March next year.

Source  :  www.watoday.com.au

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Perth tenants should brace themselves as rising house prices, improving economic conditions and more newcomers to the state combine to force up rents this year, a leading property researcher says.

The latest rental report by Australian Property Monitors shows asking rents in Perth have increased in the first three months of the year.

The median weekly asking rent for houses in the metropolitan area is now $370, a $10 increase on the previous quarter and the first rise in more than a year, while units increased $8, to $358.

But with rising house prices, increased rents have not led to increased yields. The gross yield for houses is now 4.06 per cent, while units are yielding 4.62 per cent.

That leaves Perth ahead of only Melbourne among all state capitals.

APM economist Matthew Bell said he expected Perth rentals to increase a further $10 a quarter for the rest of the year, with a strong resources sector and population growth the driving factors.

But this was unlikely to be fast enough to maintain yields, which would drop slightly as house prices rose further. The median Perth house price is believed to have passed $500,000.

Really, the outlook for both rents and house prices is pretty strong,” he said.

“Yields will probably soften again, but historically they are at pretty good levels.”

Houses were usually bought by investors for capital growth, with units offering better yields, Mr Bell said.

Meanwhile, the Urban Development Institute of Australia said its own research showed a six-month delay in planning approval could add 7 per cent to the price of an average block in the metropolitan area.

UDIA WA chief executive Debra Goostrey said developers were doing what they could to ensure “affordable” land was being made available during a time of increasing prices.

“We also need the support of a fast and efficient planning approvals process to avoid costs associated with delays,” she said.

Her comments follow those last week by property researcher Terry Ryder, who said claims of housing shortages were a beat-up by property industry lobby groups.

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Two of Perth’s western suburbs are all that stood between a total eastern states domination of Australia’s premium property markets last year.

Figures released by property analysts RP Data show Nedlands and Cottesloe as the only two non-Sydney or Melbourne suburbs to make the top 20 areas for $1 million-plus house sales last year.

The recovery from the global financial crisis showed in the figures.

There were 122 such sales in Nedlands, placing it 10th nationally, while Cottesloe (15th) clocked up 106 settlements.

The number of sales in Nedlands was a record for the suburb, six higher than in 2007 and almost double that of 2008.

But Cottesloe, while recording an almost 50 per cent increase on the previous year, was 15 short of its 2007 record.

Meanwhile, the seemingly never-ending building of apartment buildings in Earth Perth saw it top the state for sales of $1m-plus units.

The suburb shared the honour with South Perth. Both had 33 sales, placing them 17th nationally.

The number of East Perth sales was also a record for the suburb, beating the previous best of 32, in 2007.

That year, there were a record 52 $1m-plus unit sales in South Perth.

The inner-city Sydney suburb of Pyrmont topped the list, with 95 units sold, while just a few kilometres north, Mosman led the country for house sales, with 271 recorded.

RP Data national research director Tim Lawless said premium property markets generally provided stronger capital gains, mainly due to “inherently tight supply”.

However, they could be tricky for investors because rental yields were much lower, leading to cash flow issues.

Source  :  www.watoday.com.au

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