2015 Summer Edition
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16 pages of New homes, Design ideas, Land releases and lifestyle opportunities
The best in home living
Property market
strengthens Brought to you by
As days on market fall in regional Victoria THERE are a number of market indicators which chart the statewide and local performance of the property sector. This includes the average length of time that homes in each town or city take to sell, known as median days on market. The latest Real Estate Institute of Victoria (REIV) data shows a number of regional towns across Victoria recorded significant falls in the median days on market over the year, reflecting the strength of the property market in these areas.
Substantial declines in days on market were recorded in the Goulburn Valley region. Homes in Yarrawonga, Echuca, Benalla, Mooroopna, Kialla, Kyabram and Nagambie all sold faster when compared with last year’s figures. The median number of days on market for homes in Yarrawonga fell 53 days over the year to 80 while homes in Mooroopna also sold faster, decreasing 43 days to 70. Homes in Kialla had a median of 68.5 days on market, 30
days less than the same period last year. While Nagambie’s median days on market dropped 34 days to 84. The number of days for a home to sell in Kyabram fell 17 days; homes in Benalla sold 16 days faster than the same time last year and Echuca’s median days on market dropped by 10.5 days to 63.5 days in July.
2015 Summer Edition
new House&Land Inside New House and Land Summer edition Your latest housing stats and aerial photos......................Page 3 Discover what some of our local businesses and services have to offer;
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Kialla Green; Get in quick to be part of this exciting new development .....................................................................Page 4 Beaumont Tiles; Expert tips to help you choose the perfect bath ..............Page 5 Liberty Kitchens; Get information on the latest kitchen trends hitting the market ..............................................................Page 6 Choices Flooring Shepparton; Get all the inspiration you need for your home flooring ......................................................Page 6 GMCU; Take advantage of low interest rates ...................Page 8 Col Haigh’s Carpet Centre; Expand your flooring choices ...........................................Page 8 Kialla Lakes Estate; Award winning development takes shape .....................Page 10 NAB; Home loans plus 250,000 velocity points.............Page 12 Lewis Homes; Uncompromising building quality ...........Page 13 Hear from industry experts about current topics as well as tips and ideas; Beat first home buyer fatigue ...........................................Page 5 Capital growth in regional centres ..................................Page 13 Before you start building.................................................Page 14 Victorian median land price nears quarter million mark .Page 15 New home building strong economic contributor ..........Page 15
Page 2 – The Adviser, New House & Land – November 2015
Recent photos of new housing developments in the Shepparton region
2015 Summer Edition
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New Dwellings built ARCHERS FEILD ESTATE
GRAMMAR PARK ESTATE
$30,368,179 Estimated cost spent
Thats an increase of 24 new houses built and an additional $7,566,466 money spent in the building sector from the same time last year KIALLA LAKES ESTATE
SEVEN CREEKS ESTATE
*Figures are from October 2014 to September 2015 in the Greater Shepparton City Council
The Adviser, New House & Land – November 2015 – Page 3
2015 Summer Edition
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Lifestyle on offer
Kialla Green in its final stages POPULAR ESTATE… There are only two great family sized blocks remaining to be snapped up in Stage 5 of the popular Kialla Green estate. Photo: Alicia Niglia.
TIME is running out to be a part of the lifestyle at Kialla Green, with exceptional housing placements located only moments from Shepparton’s central business precinct and with the Riverside Plaza, Coles supermarket and public bus transport within walking distance. Kialla Green Developer, YourLand Director, Mark Erskine said, “Kialla Green has been a hugely popular estate within the south Shepparton precinct, particularly appealing to young professionals and their families as well as active retirees alike for its proximity to amenities such as great schools, Riverside Plaza and Seven Creeks Reserve as well as its affordable and generous lifestyle lots. “Due to the popularity of Stage 5 of the estate, there are only two great family sized blocks remaining and as a reward, we’re offering $5,000 off the price of each block if interested buyers settle before Christmas. “We encourage anyone who is interested in taking up the lifestyle opportunities Kialla Green has to offer to act promptly, because these last two blocks on Silverleaf Road will not last long.” Masterplanned for smart living, longevity and investment in lifestyle, Kialla Green home sites are positioned for premium benefit and capitalisation of the surrounding nature. Cleverly planned, YourLand’s attention to detail is exceptional. For more information or to view the lifestyle opportunities for yourself, contact Selling Agent, Rocky Gagliardi at Kevin Hicks Real Estate on 0407 826 542 or 5821 8388.
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Choosing the perfect bath It’s a bigger decision than you might think BATHS have fascinated the human race since ancient times. Empires in fact have been won and lost in the tub. The Roman bath was a sumptuous affair with fine mosaic floors and marbled walls and was just as important a social activity for that ancient culture as Facebook is to ours. Taking a bath is said to improve circulation, reduce stress and remove toxins. A bath of donkey’s milk was Cleopatra’s secret to supple skin. Choosing the perfect bath is an important decision and with even the most luxurious designs being affordable it can be an overwhelming one. It’s important to do the research and make sure your preferred bath is ‘fit for your purpose and space.’
You need to consider the space, the bathing experience you want to create and, importantly, who will be using the bath. For example, a deep freestanding bath is right on trend and will look great but it’s going to be harder for toddlers and older people to get in and out of. Beaumont Tiles in Shepparton has a great range of baths, accessories and bathroom tiles to complete the design for your perfect bathing experience and they can also offer expert advice to put you on the right track. For more information or advice on the best bath for your needs, speak to the friendly team at Beaumont Tiles, 95 Benalla Road, Shepparton or phone 5822 2118.
BRILLIANT BATHROOMS… From left, Beaumont Tiles Manager, Simone Rush, Sales Consultant, Di Phillips-Zito, Director, Claudia Bella and Selections Consultant, Monica Burney. Photo: Alicia Niglia.
Top considerations when choosing a bath Measure up
Choosing a bath material
Map the dimensions of your bathroom and the bath space. In smaller bathrooms, the bath is normally in a corner or at one end, but in larger bathrooms, a bath can be the room’s centrepiece. Choose your bath so it won’t overwhelm your area and always lie in it before you buy.
Baths come in an array of materials: from limestone resins, sculptured stone and event pressed steel. Budget really comes into play here. The most popular are Lucite grade acrylics as they’re strong but light and durable, easy to maintain and affordable, and can be moulded into soft contours perfect for the long soak.
Luxury versus functionality Is your bath a place to ‘zen’ out or a children’s water play area? There’s three types of baths: the ‘tiled flange’ has the bath edge tiled into the wall (perfect for tight budgets or space constraints); the ‘island bath’ has the bath edge sitting away from the wall (great for surrounding yourself with candles or kids toys); and the freestanding tub (it’s the close your eyes and you’re in Tahiti option, but not so great for toddlers).
Beware the misplaced tapware Tapware is a decor statement in itself with traditional, modern and industrial looks in many colours including the very sleek and moody matt black. But don’t just think colour and style, think about where it’s going – wall, deck or floor mounted. The right placement is important.
Beat first home buyer fatigue WHEN you are shopping around for your first home it can be quite draining, from the savings battle to trying to make the important decision as to where you want your home to be, but there are a few simple tips to follow to ensure you keep motivated and constant, to achieve your goal of owning your own home sooner.
Keep a consistent pace Throwing as much cash as possible into your savings without allowing for fun stuff is a sure fire way to burn out. Life is meant to be enjoyed and you still need to able to head out on the town occasionally or chill out with friends. Aiming to stick to a consistent pace of saving can help you avoid ‘saving fatigue.’ Crunch the numbers to work out how much you need to save on a regular basis to reach your first home deposit target. Once you have the numbers in
place it’s just a matter of maintaining the momentum.
Fuel your head space If your enthusiasm for savings is flagging, stay motivated by picturing how great it’s going to feel to look at your home and think “Yep, I own that.” Remember, your home is a tax-free asset and an excellent investment. Property values across Australia’s eight state and territory capitals have risen by around 5.3 percent each year over the last ten years. Buying your first home could certainly put you on top of the winner’s podium when it comes to growing personal wealth.
Run your own race Don’t feel pressured to buy in an expensive area just because your friends, work mates or siblings are. There is value to be found in land and properties further out from
the city centre. Run your own race and buy where you can afford.
Carb stack your savings In the same way that distance runners take advantage of stopping points to fuel up on carbohydrates, first home buyers can boost their deposit by improving the return their money earns. Online savings accounts can offer higher interest than everyday transaction accounts but if you’ve had your existing account for a while, check to see what your money is earning - a high introductory rate may have lapsed. Explore options to earn bonus rates, like holding your everyday account and savings account with the same bank. It all helps you smash through the wall of fatigue and hit the finish line (owning your own home) a whole lot sooner.
The Adviser, New House & Land – November 2015 – Page 5
2015 Summer Edition
new House&Land Natural tones and gloss finishes to continue in 2016
YOUR PERFECT KITCHEN… With the latest in kitchen trends emerging, the team at Liberty Kitchens can help design and install the perfect kitchen for you. Photo: Alicia Niglia.
THE Liberty Kitchens team has been working feverishly to manufacture current orders for cabinets placed by their customers to be installed in time for Christmas, and has been busy working with customers designing cabinets to be installed in the New Year, meaning right now, they are seeing the latest trends emerging. Liberty Kitchens Senior Sales Estimator, Dawn Rayner said, “2015 has seen increased use of natural veined patterns for kitchen benchtops. This trend will continue into 2016. Products from Caesarstone and Quantum Quartz offer the practicality of engineered stone. For the budget conscious, laminates achieve the look at a fraction of the cost. “Laminex colours from their Diamond Gloss range prove popular with new colours Laminex Carrara Bianco and Grigio Grafite already showing interest. “The use of gloss finishes for cabinets has evolved with a price point to suit all budgets. Two pack gloss paints
offer a premium finish with endless colours. For the budget conscious, Laminex Silk melamine offers plains and patterns at a fraction of the cost of premium finishes. “Contrasting colours and textures are still trending into 2016 with a progression towards natural timber looks and rustic decors. Here again Laminex has brought to their range new and interesting colours including Natural Walnut, Elegant Oak and Concrete Formwood. “The Dennis Family Homes displays at 323 to 325 Canterbury Drive, Shepparton showcase many of these finishes. The Mortlake display incorporates Laminex Diamond Gloss laminate and Silk finish board to cabinets.” To experience first-hand the colours and finishes now available and plan your new cabinets for 2016, call in and see the team at Liberty Kitchens 60 Williams Road, Shepparton or phone 5831 2620.
Newest advancement in flooring technology an inspiration CHOICES Flooring Shepparton has recently updated their showroom in High Street and have become the first store in regional Victoria to offer the latest advancement in flooring technology, by giving customers access to their state-of-the-art Inspiration Station. As a first in the Australian retail flooring industry, the Inspiration Station utilises touch screen technology to allow visitors who come into the store to literally visualise a style, colour and type of flooring in their own home. Choices Flooring Shepparton Owner, Annette Ellis said, “We are so excited to be offering this latest advancement in technology to the local community. Whether you are building, renovating or just want to have a look at your options, the Inspiration Station can easily allow you to choose the perfect flooring option for your home. “Among the many features within the Inspiration Station, consumers can easily change floor, wall and décor colours to create their perfect room. “But the biggest feature is that you can actually upload a photo you have taken of a room in your home and use the Inspiration Station to really see what one of our flooring options looks like. “This is all about helping our customers find the floor they’ve been searching for with Choices Flooring Shepparton.
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INSPIRING FLOORING… From left, Choices Flooring Shepparton Owner, Annette Ellis showing local residents, Clyde and Val Young through the Choices Flooring great range of flooring options before they use the Inspiration Station to see what their options look like in their own home. Photo: Alicia Niglia.
“We invite the community to take a photo of their living room, bedroom, study, kitchen or bathroom and bring it in. We can show you how the Inspiration Station works and help inspire a new look for your home.” To be inspired, drop into Choices Flooring Shepparton at 186 High Street, Shepparton or for further information, call the friendly team on 5822 2777.
The Adviser, New House & Land – November 2015 – Page 7
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Take advantage of low rates HOME LOAN HELP… GMCU Finance Manager, Rebecca Hearn can help you with all your home loan needs. Photo: Alicia Niglia.
HOME Loan interest rates are the lowest they have been for decades. GMCU Finance Manager, Rebecca Hearn said, “With borrowing rates being low and very competitive, now may be the time for people renting or living at home with mum and dad, to purchase their own home. “Low rates make it easier for people entering the home loan market because their repayments are more affordable. And if your budget is tight, a fixed rate loan is a great way to safeguard those repayments for a few years. “In any case, low rates are also a great opportunity to build a buffer by getting your loan in advance. “Any extra payments you make come
straight off the loan principle and you start to save interest right away. Getting your loan in advance will create a cushion you can use if rates rise in the future, if you need a repayment holiday, or even just to redraw and spend later. Ms Hearn added, “GMCU offer a range of fixed and variable rate home loans, and we have lenders in every branch who will take the time to help you choose the right loan.” GMCU has branches throughout central Victoria, each with experienced bankers who can discuss how interest rates may affect your personal situation, including branches in Shepparton, Mooroopna, Benalla, Echuca, Euroa, Kyabram, Numurkah, Seymour and Kilmore.
Durable and stylish
Expand your flooring choices
COMPLETE FLOORING SOLUTIONS… Col Haigh’s Carpet Centre Business Owner, Col Haigh can help with all of your flooring options. Photo: Alicia Niglia.
LOCALLY owned and operated, Col Haigh’s Carpet Centre offers much more than just carpet. Col Haigh’s Carpet Centre is your complete flooring solution for all of your carpet, hard wood, bamboo, laminate and luxury vinyl with hundreds of samples for you to choose from and a solution to meet your exact needs. Business Owner, Col Haigh said, “Flooring products and technologies have come a long way over the last 30 years and today, families can enjoy quality and durable hard wearing products which are Page 8 – The Adviser, New House & Land – November 2015
luxurious, stylish and look fantastic in the home. “The ranges in terms of colours and textures are vast and there’s an option to suit every family and their individual needs.” Col Haigh’s Carpet Centre has been operating for almost 35 years and Col and the team know their products and understand your needs. To speak to Col and the team about your specific flooring needs, call in to Col Haigh’s Carpet Centre, 7993 Melbourne Road, Shepparton or phone Col on 5831 5277.
The Adviser, New House & Land – November 2015 – Page 9
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Award winning development takes shape
THE KIALLA LAKES LIFESTYLE AWAITS… The new development at Kialla Lakes Estate has already proven to be popular, with 43 of the 94 lots having already been purchased. Photo: Alicia Niglia.
IN the new section of the award winning development at Kialla Lakes Estate there are 94 lots of which 43 have already been purchased, which is a good indication of the interest in the already popular new addition to the Kialla Lakes Estate. After leaving the Goulburn Valley Highway and travelling along Sanctuary Drive through the landscape architect designed entry, visitors will notice an area where 20 display homes are currently being built, of which the first ones are
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nearing completion. As with other parts of the estate, all lots are of generous size. Some have been designed to encourage those who wish to depart from the normal right angled blocks. The high standards which have already been established in the estate will mean that there will be approximately 8kms of shared walking tracks in the estate and the new areas will include parks, picnic areas and children’s play areas. Chairman of Directors for the Developers Kavant
Nominees, Lance Woodhouse said, “A special feature of the new precinct will be the construction of an extensive wetlands area which has been designed by landscape architects. The wetland will incorporate Waterbird Creek and is specially designed to provide a dynamic ecosystem and pleasant recreation area for families.” For more information, contact selling agents, Youngs & Co Real Estate on 5820 8777 and Kevin Hicks Real Estate on 5821 8388.
The Adviser, New House & Land – November 2015 – Page 11
2015 Summer Edition
new House&Land More give, less take NAB home loans plus 250,000 velocity points
NAB CAN HELP… NAB Home Loan Specialist, Kate Durling and Customer Adviser Sales, Rhiannon Campbell can help you with all your home loan needs. Photo: Alicia Niglia.
EVERYBODY wants more of the good stuff and less of the bad, but somewhere along the line some banks seem to have become pretty good at giving customers less, and not so great at giving more. But more than five years ago, the National Australia Bank (NAB) decided to take a stand and started a movement to make banking fairer for all Australians. As part of giving more, not only have NAB customers saved hundreds of millions of dollars on mortgage repayments and fees and charges, but NAB are rewarding their customers, new and existing, by offering velocity points with home loans that are taken out. If you take out a new NAB Home Loan exceeding $250,000 for Owner Occupied purpose and make NAB your main bank, you could be eligible for 250,000 Velocity Frequent Flyer Points (offer ends 31st December 2015). NAB Shepparton Branch Home Loan Specialist, Kate Durling and Customer Adviser Sales, Rhiannon Campbell have combined 15 years of banking experience and are very passionate about providing help, guidance and advice by tailoring the right solutions for customers banking needs. Kate and Rhiannon said, “At NAB Shepparton, we strive to ensure we provide a great customer experience during all cycles of our customer’s lives including purchasing your first home and starting your investment portfolio. “Our current offer is one not to be missed. Not only will you own your own home, but the 250,000 velocity points will reward you with a trip for two return to either London or New York City, or a family trip return to Fiji, not to mention numerous goods that can be redeemed from the Velocity Website.” For more information and to book an appointment, contact Kate and Rhiannon at Shepparton on 5823 8460 or visit the branch at 381 Wyndham Street, Shepparton.
Capital growth in regional centres
INCREASES SHOW GROWTH… Many regional areas, including Shepparton, have seen an increase in the median house price, showing growth in the sector. Photo: Alicia Niglia.
WHILE rises in Melbourne’s median house price have been well documented, new Real Estate Institute of Victoria data shows significant capital growth has also been recorded across regional centres of Victoria. The latest data shows substantial variation in the growth in house prices between regions and even between towns within those regions. Wangaratta enjoyed one of the state’s highest capital gains in the year to June 30 with median house prices there rising 26.9 percent to $330,000, up from $260,000. It was also good news for home owners in the Ballarat suburb of Canadian, where the median house price was up from $293,000 to $350,000 - an increase of 19.5 percent. Yarrawonga recorded strong capital gains with its median price increasing 17.9 percent over the year to $336,000, up from $285,000. Other regional towns showing double-digit growth include New Gisborne, up 13.3 percent to $575,000, Epsom, rising 12.5 percent to $360,000 and Belmont up 11.3 percent to $400,000. House prices in the Bendigo suburb of Flora Hill increased 10.7 percent over the year to $335,000 while Daylesford’s median rose 9.9 percent to $412,000. Regional centres are also recording an increase in the number of property sales. Mildura had the highest turnover across the state with 519 sales in the year to June 30, up from 460 the previous year - a 13 percent increase. Shepparton also enjoyed an increase of 2.27 percent with the median house price at $247,000, up from $241,000 and the number of house sales for the year equating to 507, putting them in good stead with the rest of the state. Page 12 – The Adviser, New House & Land – November 2015
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Uncompromising quality WITH an outstanding reputation for integrity and uncompromising build quality, Lewis Homes have become a trusted name in new home construction across the region and now, the Lewis Homes team are excited to announce the construction of two outstanding new display homes. Lewis Homes Shepparton Manager, John Dellar said, “The new display home village along Sanctuary Drive in the latest stage of development at Kialla Lakes Estate, provided the perfect opportunity to showcase what we offer not only as standard, but also at an up-market level. “The first of the display home designs chosen, the Creighton, is all about showcasing what we offer as standard at Lewis Homes. Plenty of space, storage, robes, walk-in linen cupboards, butler’s pantry, etc. there are no hidden extras, just straight down the line, quality inclusions from design to conception. “We anticipate the Creighton will be open before Christmas and we’re very excited to showcase the newly released design. “The Avoca will be the second of our display homes and it will feature a more up-market design and showcase what we can do at a higher end of the new home market.
“The Avoca is a spectacular new design with north facing bedroom and living areas. We’re really excited to begin construction within the coming weeks and we anticipate the Avoca will be open early in 2016 for the public to enjoy. “We’re all about quality at Lewis Homes. No nonsense; what you see is what you get. We’ve been operating in Shepparton for more than 27 years, we’re a family owned, local building company and we really pride ourselves on the quality of our local trades people and our emphasis on a quality building process from start to finish.” Lewis Homes have a large range of flexible designs to choose from and with the added peace of mind of a termite resistant steel frame construction which will stand the test of time. For more information, contact the local Lewis Homes team on the corner of Melbourne Road and Kialla Lakes Drive, South Shepparton or phone 5823 2179. Lewis Homes would also like people to know that they’re still welcome to visit their existing display home, The Hotham 21A at The Boulevard Estate, 45 Canterbury Avenue, Shepparton.
OUTSTANDING NEW DISPLAYS… Lewis Homes Shepparton Manager, John Dellar is excited to announce the first of their two new display homes will be open before Christmas at Sanctuary Drive, Kialla Lakes Estate. Photo: Madeleine Caccianiga
The Adviser, New House & Land – November 2015 – Page 13
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BEFORE YOU BUILD… There are a few things you need to consider before you start building. Photo: Supplied.
Before you start building BUILDING your new home is very exciting and there is much to think about, but there are a few important points you need to consider before you start.
What can you afford to build? Have you worked out your total budget including the cost of the land, land valuation, legal fees, duty, settlement agents’ fees, rates and taxes (including land tax), site works, building costs, furnishing costs, landscaping and moving expenses? Have you checked whether you will qualify for finance? Many banks and building societies have brochures on the different types of home loans available. You may wish to consider seeking the services of a mortgage broker or an independent financial adviser. Is your finance package the most suitable for your needs? Shop around to ensure you get the best package, and seek independent advice if you think you need it.
Before you choose your land Does the locality you have chosen meet the needs of your family? Find out about schools, play-groups, shops, doctors, hospitals, dentists etc. Make certain that any proposed improvements for the area are likely to eventuate. Have you checked with the developer whether the land has any encumbrances, easements, proposed resumptions or restrictive covenants? These appear on the certificate of title. Is there likely to be any delay in subdivision approvals
that might delay getting a building approval? Have you checked with the local government whether there are any future subdivisions, road changes, or any special building conditions or covenants that apply? If the block has a strata title, have you checked with the local government whether there are any special building requirements? Have you checked with the local government how much the rates are? Have you checked with your builder about the block size, shape and aspect to make sure it will accommodate your planned home? Consider the desired orientation. Does it suit an energy efficient design? Have you checked the availability of gas, water, sewerage and electricity?
Getting ready to build Have you developed a simple filing system to keep a proper track of events? There is always a lot of paperwork involved in building a home, particularly with house and land packages. Have you visited a few display homes by Gle nfe project builders and also individual rrie Dri vehomes built by nonproject builders so that you really understand the different options? Seek clarification about special offers. Are you happy with the type and dimensions of the materials to be used? Perhaps ask an independent expert for an opinion. If you are buying a display home, have you checked that the model you are buying includes all the features you are expecting? Remember to check the contract and specifications. Do you fully understand what is and what is not included in the price? Get everything in writing, including
features like paths and driveways, crossover, carport floor, garage doors, fencing, retaining walls, hot water service (including details of type and size), gas supply, light fittings, quantity and location of power points, television antenna and outlet, garden taps, window locks, flyscreens, roof insulation, vanity cupboards, shelving to cupboards and robes, wall painting, floor tiling (including the laundry), paving and landscaping. Are all of your chosen materials readily available? Have you considered your options for termite prevention treatment?
Before you sign the building contract Have you read, checked and understood all of the contract documents thoroughly? Insist on the use of one of the recognised forms of building contract, such as those published by the Housing Industry Association and the Master Builders’ Association. In addition the contract documents usually include a ‘Schedule of Particulars’ or an Appendix, Plans and a Specification. If you don’t understand any part of the documents, ask questions and seek your own expert or legal advice.
Two golden rules: Do not sign anything with your builder until you have read and understood all the small print. Ensure that everything important is confirmed in writing and keep a copy.
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Shepparton Display: 53 Canterbury Avenue, The Boulevard Estate, Shepparton Thursday-Monday 12noon-5pm Phone: 5831 2250
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Display Office: 14 New Dookie Road, Shepparton Open 9am - 5pm Monday - Friday Phone: 5831 5920
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Office: 374 Wyndham Street, Shepparton Phone: 5823 7100
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Display Homes: Mortlake 292, Cosgrove 292 and Charlton 352 Canterbury Avenue, The Boulevard Estate, Shepparton Open: 7 days 1pm-5pm Phone: 5823 7180
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2015 Summer Edition
new House&Land Victorian median land price nears quarter million mark THE voice of the residential building industry, the Housing Industry Association (HIA) has released the July 2015 HIACoreLogic RP Data Land Report on the sale of residential land across Victoria. HIA Executive Director, Gil King said, “The volume of residential lot sales in Melbourne rose by 20.3 percent during the June 2015 quarter. This followed two consecutive falls over the previous quarters. Over the same period, the median lot price in Melbourne increased by 5.1 percent to $228,000 amid strong price increases in the established housing market. “This represents an 8.6 percent increase on the same period 12 months earlier, and brings residential land prices in Melbourne to another new record. “While Victoria is tracking below the median lot prices that exist in Sydney and Perth, our local housing affordability is being impacted on as we approach the quarter of a million dollar mark. “Melbourne still has the most affordable median residential lots on the eastern seaboard at $228,000, just shy of Brisbane’s median lot price of $230,000. This is cold comfort for those seeking to enter the market however, after nearly five years of relative stability and prices consistently below the $220,000 mark. We are on the march upwards.” In June 2005 the price per square metre of residential land in Melbourne was $239.
This has more than doubled in the last 10 years with the June 2015 price per square metre hitting $510. This is the biggest percentage increase of any capital city except for Perth, which rose nearly triple over the same period. The aggregate volume of lot sales in regional Victoria increased by 18.9 percent in the June 2015 quarter, but actually declined in the same period 12 months earlier. “During the June 2015 quarter, regional Victoria accounted for 40.4 percent of the state’s land market turnover,” commented Mr King. “Of the nine areas in regional Victoria, only two saw the number of land transactions increase in the first half of 2015 compared with the same period last year. The strongest was in the Central Highlands (+26.8 percent) and the Goulburn region (+1.0 percent). Transactions declined heavily in the Western District (-40.1 percent) and in Loddon (-34.0 percent). “There is clearly a strong appetite for new detached and other forms of lowdensity housing on ‘shovel ready’ land. Policy makers must address the issues of lengthy planning delays, excessive and inappropriate infrastructure funding arrangements and excessive zoning restrictions to ensure Victorians are able to achieve their dream of home ownership,” concluded Mr King.
New home building
Strong economic contributor The latest Australian Bureau of Statistics (ABS) housing figures confirm the new home building sector as the star performer of the Australian economy according to the Housing Industry Association (HIA). HIA Chief Economist, Dr Harley Dale said, “Despite a modest decline in new dwelling commencements in the June 2015 quarter, there was still a record number of 211,976 new homes started in 2014/15 – an increase of 16.9 percent.” “That is a phenomenal result which caps three consecutive years of growth for new home building – only the fifth time in the last 60 years that this feat has been achieved. “Through its broad reach the new home building sector has delivered a strong economic dividend to Australia during a period when many other sectors of the economy have struggled. “New dwelling commencements will fall in
2015/16, but should remain elevated at what would still be the second highest level on record. “The key to the short term prospects for new home building is how much work in the pipeline is converted into actual activity – it’s not coming through as quickly now. “An orderly decline in commencements in 2015/16 remains the most likely outcome. However, the credit rationing aimed at curbing investor activity is having a broad impact and risks generating a sharper fall.” The ABS figures show there were 53,314 dwellings commenced during the June 2015 quarter, a decline of 3.2 percent from an upwardly revised March quarter. Detached house commencements fell by 2.9 percent in the June 2015 quarter to 28,046, while ‘other dwelling’ commencements declined by 4.9 percent to 24,482. The Adviser, New House & Land – November 2015 – Page 15