The C&G Blog is moving..

hellosun

 

We’d love you to continue to enjoy the best Bayside property blog here!
Share and Enjoy:

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS

Melbourne Festival Time!

melbfest2013

Melbourne – we’re the city of a hundred festivals. As soon as one ends (think Melbourne Fringe Festival) – another begins! No wonder we’re routinely on the world’s ‘most liveable city’ lists. Today, the Chisholm & Gamon blog features highlights of the Melbourne Festival, taking over the city from the 11th – 27th of October. [...]

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS

Everything Old Is New Again

garagesaletrail

October is a month to embrace new beginnings, think mindfully about consumption – and clear the decks of unwanted (but lovable) goods! Spring cleaning gives you the motivation and opportunity to beautify your domestic environment while redefining your personal style. You’re helped along by two ‘fresh start’ events in October – the Garage Sale Trail [...]

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS
Prev 1 2 3 Next

South Melbourne Commons Project

clip_image001

South Melbourne Commons is on the cusp of approval, offering the local community an earth-friendly hub.

Have you heard about the South Melbourne Commons project? It’s a project by Friends of the Earth in conjunction with our local favourite philanthropist, Father Bob Maguire which will be housed on the site of the old Galilee School, corner of Montague and Bank Streets, South Melbourne. The property will be returned back to the neighbourhood with a planned mixture of public space, retail space with a social enterprise bent and community facilities. Inspired by successful community eco-projects such as CERES in Brunswick East and The Abbotsford Convent, South Melbourne Commons will have several aims including:

§ Educating the community on how to live more sustainably in an urban environment.

§ Improving the lives of socially disadvantaged members of the community with planned activities.

§ Offering a large organic co-operative at a reasonable price.

§ An organic cafe which will help train young hospitality hopefuls in a creative environment.

§ Child minding services and a playground.

Local councillors are pleased with this new development, with Mayor Cr Rachel Powning saying “This joint venture and the conversion of the old Galilee school is a great opportunity for the community. We believe the permit conditions when met will also ensure there is no loss of amenity for local residents."  

TAGS: South Melbourne Commons, Father Bob Maguire, CERES, The Abbotsford Convent, Friends of the Earth, Mayor Rachel Powning, St Kilda Town Hall, Galilee School

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS

First home buyers being left for dust in boom

first homePOPULATION pressures and record prices are derailing the dreams of frustrated first home buyers.

Last Monday, research from Bob Birrell and Colin Keane indicated that first home buyers were being priced out of the last bastion of affordable housing, new estates on the city’s fringes.

That was followed by Friday’s revelations that Melbourne’s population has soared by more than 600,000 in the last nine years.

Most of those new arrivals decided to live, not surprisingly, in the outer fringe suburbs where first home buyer affordability has become a critical issue.

They’re troubling statistics for young people wanting to get a start in the housing market, particularly with fat government grants a distant memory and prices at record highs.

Added to this, the size of the average first-home loan is near an all-time high of $279,300 and, according to the Real Estate Institute of Victoria, Melbourne’s median house price rose 15.2 per cent to $547,000 in the year to February.

And just to illustrate how difficult things have become, the number of loans issued to first home buyers in January this year was just 1676, the lowest level in seven years, and well down from the heady days of May 2009, when 4500 loans flooded the market.

Sliding affordability has social consequences, and not just for the less well-off first home buyers.

People are more likely to delay buying a home until later in life, their 30s or 40s, when they can get a secure, higher-paying job.

That, in turn, will have an impact on the time it takes to pay off the mortgage, leaving some with a debt legacy to be carried over into retirement.

Faced with rising mortgage lending rates, high house prices and decreasing affordability in the outer suburbs, the chance for less well-off buyers to get into the market are fast diminishing.

And there appears to be no quick or easy solution.

Keane and Birrell rightly point out that unprecedented demand is behind the inability of Melbourne’s new developments to deliver affordable housing.

Over the past nine years, Melbourne, and particularly its outer suburbs, grew faster than any other place in Australia. The city’s population boom saw an extra 605,411 people – half the population of Adelaide – settle mainly on the fringes, where the battle over affordability has hit hardest.

As the city’s population surged above 4 million, demand shot through the roof and land procurement and planning processes were unable to keep pace. As a consequence, Kain and Birrell say the property development industry has also lost the capacity to play catch-up.

No other city in Australia has witnessed such growth or had to deal with the corresponding pressure such rapid expansion puts on infrastructure and services, with congested roads, crowded public transport, schools and hospitals.

One solution is to further reduce the population intake. Melbourne’s net population is estimated to have actually fallen by 17,000 in the year to June 2010 from the previous year’s high of 96,000. Nonetheless, that still equates to a jump of 1500 people a week over the year.

More people generate greater demand for jobs, housing, goods and services and contribute significantly to the economy. This helped create Victoria’s recent economic success.

But has it gone too far? Expect to hear more from Dick Smith on the evils of Australia’s addiction to economic and population growth in coming months.

Little wonder, also, that frustrated Gen Y first home buyers are joining a ”buyers’ strike”.

Tax-reform group Prosper Australia has ignited a small but growing online social media campaign against the high cost of housing, urging prospective home owners to sign a pledge not to buy. Over the past two weeks, thousands voted online in support, pushing the campaign to the top of political activist website GetUp’s campaign ideas list.

But their efforts to generate a wholesale hit on prices may hurt more than it helps.

The Economist, among other commentators, has been vocal about Australia’s unsustainable house prices but it has also documented the other side of the equation, the aftermath of the housing crash in the US.

Gambling mecca Las Vegas has many dubious distinctions, The Economist says, but it recently added one: the US foreclosure capital. In the city’s poorer suburbs, one in five homes is in some stage of foreclosure.

People who have managed to hold on to their homes are far from lucky either, the magazine says. Property prices are around 60 per cent below the peak they reached in 2006, leaving 70 per cent of home owners owing more on their mortgage than their property is worth.

These grim statistics have a knock-on effect: local government revenue and services are constricted, construction has shrivelled and people forced out of their homes are moving away from families and friends, leaving them isolated and depressed.

Back in Australia what is being done to avoid all this?

On a federal level, not much. That inaction is epitomised by Labor’s much-publicised National Housing Supply Council. Soon after delivering its landmark report on housing supply and affordability last year, it was whittled away to only one member, it’s chairman Owen Donald.

Things are better at state level. The Baillieu government confirmed it will not back away from stamp duty cuts for first home buyers but will roll them out mid-year as promised. In the first year, this translates to a 20 per cent saving of $3274 for the average first home buyer spending $400,000 on a house. In subsequent years, it will rise to 50 per cent.

And the more dubious – but favoured – government policy of first home buyer grants, will continue into the next financial year. This can put up to $26,500 (depending on your circumstances) in the pocket of a first home buyer, or, depending on who you listen to, the price for the vendor.

Less favourably, scrapping the urban densification policy along rail and road corridors has not helped increase the supply of housing.

With affordability at breaking point and deep structural problems confronting the housing market, maybe it’s time to take first home buyers’ concerns more seriously.

Story by Simon Johanson www.smh.com.au

Tags: economy, mortgage, property, real estate, value

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS

Chisholm & Gamon Holds Fund Raising Drive

clip_image001

Who is this cute little fella, looking hopefully around for a snack?

Ladies and  gentlemen we introduce you to the star of today’s blog (and Torsten Kasper’s dog) – Chisholm and Gamon mascot Morty.

Chisholm and Gamon recently held a fundraising drive to help hundreds of pets around Victoria, affected by the recent floods. Read on for details!

Being good animal lovers at Chisholm and Gamon, it was brought to our attention by local YAPreneur and business owner Jenny Daicos of YapWear (pooch apparel that has a certain urban chic!) that dogs and cats have also been affected by the extensive floods in Queensland and in Victoria.

If you have a pet, you’ll know that they’re a part of the family. When families lost their homes in the floods, many took their pets with them but were unable to keep them at community centres.

This is when volunteers and animal shelters have stepped in and taken care of these animals. Many animals that survived the floodwaters and became lost have ended up in shelters, which need help to feed all the hungry pets that haven’t yet been adopted.

When we found out about this, we decided to help and run a pet food drive to donate to Pets Haven in Woodend, a substantial shelter and adoption centre for pets. Chisholm and Gamon then worked in conjunction with Gary Diamond at Pets Paradise to coordinate over 1000 tins of dog and cat food from our generous community, which was distributed over a three day period throughout country towns in northern Victorian.

Thankyou to all those that participated – both Pets Haven and YapWear are very grateful for your assistance.

As Torsten himself has said ‘There’s a comfort in knowing the whole country has tried to do its small bit to make a difference’.

clip_image002

Tags: Victorian Floods, Queensland Floods, Pets Haven, Woodend, Jenny Daicos, Yapwear

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS

Could a population cap turn Sydney into Detroit?

During the New South Wales State Election, Barry O’Farrell questioned high-density development while Prime Minister Julia Gillard and Sustainable Population Minister Tony Burke have suggested Australia’s biggest cities are at capacity.

Capping Sydney’s population will have dire outcomes, though, warns Urban Taskforce Australia, which represents property developers.

Their CEO Aaron Gadiel says the organisation has modelled the outcomes of such a move and suggests it could result in an 18 per cent decline in residential real estate prices.

He says that’s because “the people leaving the city are workers and a growing share of our city [would be] retirees.

“That means average household incomes start to fall [and] real estate prices are tied to average incomes [so they would also fall].”

That situation could lead to a downward spiral in house prices and population size, Mr Gadiel suggests, highlighting Detroit as an example of what can happen when people start leaving a city.

On the positive side, he flags that “now is the opportunity for broader reform of the planning system… [using] goals set by the whole community.”

Mr Gadiel also advocates “more people be given the opportunity to live in the city of Sydney [giving] less congestion on the broader road network.”

Source: ABC Sydney

Tags: economy, news, property, real estate

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS

ING unit agrees to transfer IOF management to Investa

INGING Real Estate Investment Management, a unit of Dutch bancassurer ING , has agreed to transfer the management of Australia’s ING Office Fund to local property group Investa Property Group.

ING, which has split its bank and insurance operations, is selling down some of its real estate operations and the latest deal follows a $1.4 billion bid for its Australia-based ING Industrial Fund last year.

ING said Monday it would hand over management of the ING Office Fund (IOF), which has A$2.6 billion ($2.7 billion)of assets under management, to Sydney-based Investa which would also acquire the 2.5 percent stake of IOF held by the Dutch group.

Unlisted Investa would own or manage commercial properties worth about A$8.3 billion following the transaction, the company said. Most of the properties are in Australia’s major capital cities.

IOF securities rose 1.7 percent to 58.5 cents shortly after the market opened, valuing the company at A$1.6 billion.

IOF has also been granted a call option over Investa’s 50 percent stake in a Melbourne property worth A$425 million.

Australia’s Cromwell Property Group had also been looking at the asset, according to local newspaper reports.

Story source: http://www.reuters.com

Tags: investemnt, news, property funds, real estate

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • MisterWong
  • Posterous
  • Reddit
  • RSS

Chisholm & Gamon Rebrand Video

Elwood – Suburb profile

Black Rock – Suburb Profile

Port Melbourne – Suburb Profile

Follow ChisholmGamonRE on Twitter

Web site set up and SEO optimisation by Mike Andrew Consulting