Posted by: Colin Battersby | September 20, 2010

Real Estate Report – 20/09/10


Real Estate Report – 20/09/10

September 20, 2010 11:45 AM

Our series looking at capital city suburbs with the longest hold periods, takes us to Brisbane this week. And in our tax tip of the week, we look at whether you need to register for GST when dealing in property. But first, let’s catch up on the latest property news with Lelde Smits.

In property news, the great dream of owning a home in Australia is deflating according to research out from the Flinders Institute for Housing, Urban and Regional Research. In the decade between 1996 and 2006, the Institute found Australian home ownership added a modest 0.8 per cent, despite economic growth and relatively low interest rates. After 1996 average house prices rose by three times on average to around 6.8 times medium household income, while debt levels soared.

In other news, The Australian Bureau of Statistics has revealed that total personal finance commitments in July dropped 0.7 per cent to $6.833 billion. Owner occupied housing finance was up 2.3 per cent to $13.761 billion also for the month of July.

In our suburb in focus, we continue a series looking at suburbs with the longest hold periods in capital cities around Australia. This week we look at two suburbs in Brisbane. First let’s look at the housing market in Point Lookout, located around 62 kilometres east of Brisbane’s CBD.

According to figures from RP Data, properties in Point Lookout are held for just over 14 years, one of the longest hold periods of any suburb in Brisbane. The suburb’s population in the 2006 census was 669. Point Lookout is a small village located on the east coast of North Stradbroke Island. The suburb is made up of residential housing and tourist apartments close to the beach or built on top of ridges to make the most of the views of the Pacific Ocean. There are a number of small shops, cafes and restaurants in Point Lookout, a caravan park and a lighthouse. Turning to the figures, the median house price in Point Lookout in the year to May 2010 was $897,500. The average hold period for a house in the suburb is 14.2 years. 14 properties were sold in Point Lookout for the 12 month period.

via Real Estate Report – 20/09/10.

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