Posts Tagged ‘paul castran’
Banks have begun denying funds to homeowners that are looking at upgrade and move to a bigger home. The Daily Telegraph has reported that banks are denying homeowners from bridging finance, the process where a bank offers intermediate loan that finances the purchase of a new property while the existing property is sold.
In the past, a common strategy for people looking to relocate, was that they would take out a bridging loan to buy their new property, while their existing property was up for sale. Banks are now claiming that bridging finance can produce bad debt, while some other lenders don’t even offer the product.
This position by banks may be contributing to the decrease in the property market, by delaying purchases, and forcing home owners to sell their homes before buying a new one.
This new stance may have come about for a number of reasons, some possible reasons are the relatively static property market, and that the banks are essentially issuing a second mortgage on the first property and they have no security to attach the mortgage to.
Mortgage Choice broker John Manciameli said the banks’ aversion to bridging finance may be due to the fact Sydney homes are taking a lot longer to sell, elevating the lenders’ risk profile into alarm-bell territory.
New homes sales fell a seasonally adjusted 6.4 per cent to 8,024 units in Maym following a 6.2 per cent rise the month before, the Housing Industry Association (HIA) said this week. This is a 3 month low that appears to have been caused by rising interest rates.
“This is the lowest number of new home sales since February 2010; with private house sales fell 5.9 per cent in the month while sales of multi-units slid 11.6 per cent” said Mark Forytarz and Paul Castran.
NSW has the largest sales of 13.6 per cent of detached new homes in May, while South Australia has rose up to 2.1 per cent.
Queensland has the largest decline in sales of 12.3 per cent, whereas Western Australia was down to 10.7 per cent and Victoria fell 8.5 per cent.
In April, house prices have slowed considerably with some capital cities placing marginal gains and other reporting falls. Australian has stated that RP Data-Rismark Hedonic Home Value Index, which was liberated on 31st May, 2010, reveals the nationalized standard increase for homes of 0.2 per cent, following 1.3 percent growth in March.
Generally, rates of homes, including dwellings and units have augmented 4.6 per cent this year and are up 11.9 per cent for the year to April, at present with the medium home price of $460,000. Houses in capital cities mounted 11.6 per cent for the year to April that is more than twice the 5.6 per cent increase for accommodations outside the cities. The standard worth for the dwellings declines 1.2 per cent in Brisbane, 0.9 per cent in Perth and 0.3 per cent in Darwin during April.
After been asked about the implications of market crash, Tim Lawless from PDData.com declared that they are on a cusp in considering an alteration of market situation. Chief executive of Rismark’s, Mr. Christopher Joye said that the statistics established for the country was not featuring a housing boom. He added that the medication in the value of Australian lodging will be determined by the fundamentals of demand and supply but not higher liability level.
With the current global financial crisis, many people are nervous and want to get the best result when buying or selling their real estate. As such, if you’re planning on buying or selling, you need to ensure that you have an experience real estate agent.
When selecting an agent, it’s important to remember that the real estate section is a big and sometimes complicated market. With this in mind, its crucial that your real estate agent has comprehensive knowledge about all of the ins and outs of that sector. With this in mind, Paul Castran should be your first call.
Paul Castran has many years of experience in real estate. He enjoys his work and is driven by achieving the best results for his customers. Paul Castran has a long list of satisfied customers, including developers, property investors, families, and many others. Paul Castran has a comprehensive understanding of real estate business provides his clients utmost satisfaction. He answers all questions from his clients and takes care of their requirements, and ensures the best solution for them.
It is really surprising that despite of the present global economic meltdown, the real estate sector in Australia is booming at tremendous speed. To help people in making the right investment decision, there are several real estate service advisors available. But, to get utmost outcome on your investment, you need to take necessary advice from an expert who has an in-depth knowledge of this sector. Paul Castran is a name on which you can trust upon without any second thought, when it comes to Real estate!
In modern times, there is no doubt that real estate investment requires lots of mental, emotional, and financial involvement from both the buyer as well as seller. But, if you are going to take advice from Paul Castran, then you should feel more confident, no matter whether you are a buyer or seller. This is because Paul Castran has spent years in the real estate sector, for which he can assure you most relevant and best advice to you. In his professional career he has dealt with various aspects of real estate segments, which has made him a highly skilled real estate professional.
His profound knowledge on the Australian real estate sector and a good sense of property investment, distinguishes Paul Castran from the other real estate investors.
So, if you want to be a successful real estate investor, and wish to get the utmost return out of your investment, then without any second thought, call Paul Castran today and arrange a meeting.
Here’s an interesting article about developers who are spending up to $100,000 to help buyers imagine they’ve already moved in.
Below is an extract:
Discounts on new apartments, deals to pay stamp duty for buyers, special offers galore . . . With developers desperate for buyers of new apartment projects as the banks continue to rein in credit and with many consumers lacking the confidence to actually commit, there’s still one great weapon left in their armoury: the display suite.
Fitted out with top-quality designer furniture, painted in the latest stylish colour palettes, decorated often with original artwork and regularly finished down to the last detail with cutlery, glasses and plates, it’s guaranteed to leave every potential buyer salivating.
"Apartments look so different when they’re empty to when they’re well-furnished," says Andrew Finlayson of developer Carrington, with penthouses for sale at Kensington apartment complex Capella and Wahroonga’s Beumont both beautifully fitted out by stylists.
"It sets the mood and feel, and shows off the architecture of an apartment and it helps people get the sense of how much space is available."
In today’s soft property market, the chief executive of the developers’ lobby Urban Taskforce Australia, Aaron Gadiel, says display suites have never been more important as marketing tools. Today developers are under huge pressure to sell as many apartments as they can off the plan because of the credit crunch tightening bank finance.
"They’re not able to borrow as much as previously, so a good display suite is vital to enable them to sell as soon as possible," Gadiel says. "You’re seeing a lot more developers at the moment using them and their look, feel and quality are now much more important than ever."
At Mirvac’s new Springdale development in Killara, the display apartment cost between $80,000 and $100,000 to be fully furnished and decorated. Marketing director James Bell says the outlay, with apartments still for sale priced from $1,025,000 for two bedrooms and from $1.03 million for three, is absolutely worthwhile.
"If you’ve got good design, good finishes and a good location, it only makes your product even more attractive," he says.
At Beumont, where the three-bedroom-plus-study, three-bathroom penthouse is for sale at $2.5 million, spending about $80,000 on the display styled by Coco Republic was similarly worthwhile. By the same token, the fit-out of the three-bedroom-plus-study, two-bathroom Capella penthouse at $2.2 million was worth slightly less.
"You can fill a place up with utilitarian furniture but really you want people to feel they can see themselves in the space," Finlayson says.
"And you furnish according to the taste of your target demographic."
How to read a display suite
It’s all very well to fall in love with the look of an apartment display suite but don’t forget: love can be blind. Craig Yelland and Ian Briggs of Plus Architecture advise:
- Take a tape measure.
- Understand how an apartment is measured – mostly from mid-wall to the middle of the party wall.
- Confirm the ceiling heights in the display suite are the same as in the end product.
- Check the size of the beds. Double beds make rooms look bigger because they are smaller but many people assume they’re queens.
- Work out whether your fridge will fit in the fridge well.
- Don’t assume what you see is what you’ll get. What are the standard finishes and optional extras? Ask lots of questions to find out exactly what you’re buying.
- Check what you can’t see. Are the walls strong enough to hold a plasma television? Test the firmness of the vanity basin.
- Ask if there are enough power points in every room. In bathrooms and kitchens particularly, adding extras can end up costing thousands.
- Make sure the lift is big enough to fit your couch and fridge.
- Don’t forget to check other items such as the communal gym and pool, strata fees, location and local amenities.
Melbourne’s residential vacancy rate is hovering at around 0.5%. This is the lowest vacancy rate since records have been kept 40 years ago!
Economic forecaster, BIS Schrapnel have reported that they expect residential rents to rise 50% over the next 5 years as there is an acute shortage of rental stock available.
Victoria’s current immigration is approximately 88,000 per year and Australia’s population is growing at the fastest rate since 1947.
Given these economic parameters, it is clearly a great time to buy real estate.
Auction clearance rates have fallen from 80 odd percent 12 months ago to around 53% currently giving further opportunities for people to purchase good value in the market.
The current economic commentary is that official interest rates are reported to fall to 3.75% by March next year!!
With falling interest rates and increasing rental values and the pressure put on available stocks with the first home owners grant, there is a cocktail for rapid growth in the under $500,000 market.
Right now the Federal Government is stimulating the ‘first home buyer’ end of the market increasing the current state grant of $7000 to $14,000. The boon is, that if people purchase a new property between October 14, 2008 and June 30, 2009, the grant increases to $21,000 and if they purchase a property that is new and under $500,000 the grant increases to a massive $26,000!!!
This, coupled with the falling interest rates, has provided an opportunity for first home buyers that had previously been shut out of the market to take the opportunity!
The “Blog” is a new feature to Castran Gilberts’ website which will see you regularly updated with what’s going on around the property market place!
If you haven’t bought, sold or rented in a while it’s very easy to fall out of the loop.
Paul Castrans‘ constant dealings within the property sector will see you get regular and relevant info.
Remember to log on and keep up to date with this handy little feature!!