Mark Allan Property Consultants Expanding to Sydney's Chinese Community

August 3rd, 2013

Mark Allan Property Consultants understands and appreciates the importance of leaving no stone unturned when marketing your property, and this means accessing and promoting to every market possible.

Sydney's prominent and ever-growing Chinese and Asian communities contains a wealth of motivated, qualified home owners and purchasers. Above is an example of how we have, and continued to access and involve ourselves in such domestic and international markets.

Over the last few years, Mark Allan Property Consultants have been assisting increasingly large numbers of Chinese buyers and other overseas parties in acquiring residential and investment property. The value lies in having a buyer's agent working to assist buyers purchase the right property and avoid many traps. We have trusted professionals to walk buyers through every part of the process and we take care of every aspect personally, whether the purchaser be in the country or overseas. Mark Allan is an accredited and experienced Auctioneer who can also represent you at Auction once you find the right property.

As buyer's agents we have assisted buyers in searching for and purchasing all types of property, from units for overseas students to reside in, to many multi-million dollar waterfront homes and even development sites. We cover all areas.

Alternatively, as sales agents, we can prepare a comprehensive, far-reaching and effective campaign for your property, see more at markallan.com.au

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New Strength in the Market: Domain Housing Market Report - June

June 22nd, 2013

This half-yearly Domain Housing Market report (Link below) confirms general market sentiment that there is reason to optimistic about the Sydney housing market.

Prices, demand and activity seem to be trending upwards, and the results are evident - our agency alone selling 3 top-end luxury homes on Sydney's prestigious North Shore in the past months - 'Bolton Grange' at 21 Lucinda Avenue Wahroonga, 'Matakana' at 28 Lucinda Avenue Wahroonga and 'Eden' at 63 Eastern Road Turramurra in quick succession over the past months.

Prospects are looking up for home owners, and this newfound confidence and strength in the market makes right now the perfect opportunity to enter the market and let our experienced, knowledgeable and qualified team help you get the best possible results.

See the properties we have sold, as well as other properties we are currently selling at:

markallan.com.au

domain.com.au/mare

And please read the June Domain Housing Report here:

http://ffx.adcentre.com.au/trademarketing/domain/PDF_links_2013/Domain%20market%20update%20report%20June%202013.pdf

Shore Signs of a Revival in the North

June 1st, 2013

The lifestyle, location and value are drawing buyers back to the city's leafy suburbs.

After a slew of new developments on the upper north shore a few years ago, when planning restrictions were first relaxed, there is now fresh interest in the area from developers and buyers.
''We're now receiving a lot of calls about different projects being considered for the area,'' says the principal of Belle Property Pymble, Ian Clarke, who has been selling on the upper north shore for more than 25 years.
''I think everyone is starting to see the value here and buyers have returned to the marketplace and see it as affordable, and a good location.''

While many of the new developments have been up and down the rail line, there are now projects starting in different locations. One is Crimson Hill, a community of 345 homes made up of land lots, townhouses and apartments, designed by architects Bates Smart and Architectus, surrounded by the natural bush of the Ku-ring-gai Chase National Park at Lindfield.

''It's a bit of an unusual site for the upper north shore,'' says Tony Winterbottom, general manager of the developer, Defence Housing Australia (DHA). ''It's an established neighbourhood in a national park, so it's a very sensitive area, and very beautiful, but will also have good sporting and community facilities.''

DHA traditionally leased stock from property investors for its defence personnel but since the GFC, has also turned developer, and on this site will retain 173 properties; the rest will be sold on the open market. The first sales release is of land lots. ''We don't set out to maximise the yield,'' Winterbottom says. ''We're going to be in the community for 20 to 30 years so we have to do a good job.''

There are also new homes being built at Pymble, this time two boutique north-facing buildings of 25 apartments each, designed by Mackenzie Architects, from developer Modern Construction & Development. The site, called Pymble Grand, is close to the rail station and the buildings will have good security, says McGrath Lane Cove agent James Bell.

''These apartments offer great value, which I think is why there's growing interest in the upper north shore,'' he says. ''We're seeing people upgrading or downsizing and getting a lot of investors, too, as it's close to amenities, has great schools, and there are good transport options.''

The apartments in the five-storey blocks are intended to stand out in terms of good design and quality, says architect Dugald Mackenzie.

'In Pymble, there's a mixture of good architecture and fast slap and dash,'' he says. ''But these apartments have good layouts: they all get the northern sun and we've maximised the living spaces.''
Further north again is another new development, Alcove at St Ives, with 300 apartments across six buildings. Grouped around an old heritage-listed monastery, which will house the gym, pool, sauna, spa and building manager's office, three of the buildings from developer Meriton are finished and the last three will be completed in the next few months.

''This is our fourth development in St Ives,'' says sales executive Louise Mosher. ''We have a lot of first-home buyers as they can afford - with apartments like these - to live in great areas without having to pay $1.5 million or $2 million for a house. Developments like these are now bringing a younger demographic to the upper north shore.''

Read the full article below: http://smh.domain.com.au/real-estate-news/shore-signs-of-a-revival-in-the-north-20130530-2ncoi.html

House Prices Trending Upward

May 3rd, 2013

Here at Mark Allan Property Consultants we are conservatively optimimistic and confident about the current Sydney Property Markets. The prevailing climate of caution, gloom and ambivelance is clearly llifting as we enter a new, revitalised stage in the cyclical property market.

Prices of existing dwellings are rising despite clear signs of a recovery in housing construction and growth in demand for new homes. House prices in Sydney, still the city with Australia's highest housing costs, rose 1.5 percent in March from February making Sydney the only capital city to have fully recovered its losses of the past three years.

RP Data senior research analyst Cameron Kusher told Chris Vedelago, property reporter for the Sydney Morning Herald, that the Sydney market has been quite strong since May last year.

"Sydney has experienced a long period of sustained under performance. There's not a lot of new construction taking place but population growth is starting to ramp up again, which is what I really think is driving that market."

New data from the Australian Bureau of Statistics suggests that state government incentives for first home buyers of new homes in NSW are beginning to have an effect. House building approvals rose by 8 per cent in February, to a level that is 28 per cent higher than a year ago.

"Such a surge in new home building does reflect the first sign that those incentives are starting to bite with first home buyers," senior economist at Australian Property Monitors, Dr Andrew Wilson told Domain's Chris Nicholls.

"Prices are rising, rents are rising. We've got record low interest rates and they've got a bonus," he said.

"Combined with a solid local economy...activity in the long-subdued new home sector may finally be reviving."

The same article quoted Housing Industry Association economist Geordan Murray who said that indicators of consumer sentiment were improving.

"We may well be seeing an early sign that this is flowing through to activity on the ground," said Mr Murray.

He noted there were 1601 detached homes approved in NSW in February, one of only three months since 2005 when detached dwelling approvals have gone past the 1600 mark.

"The other two occurred during the financial crisis when federal stimulus policies were in full effect," he said.

New housing construction strong

Antony Lawes, property writer in Domain, said that the construction of new houses and apartments in NSW this year will climb to its highest level in almost a decade.

He quoted the Housing Industry Association's chief economist Harley Dale who said the total number of housing starts is forecast to pass 35,000 for the first time since 2005, and should keep rising for at least the next two years.

But even at these levels, he said the shortfall in new dwellings was still as much as 10,000 a year below what was needed.

It's a good sign that much-needed new homes are being built, but auction clearance rates are booming as eager buyers push housing prices past their reserves.

In late March the auction day billed as 'Super Saturday' achieved a clearance rate above 70 percent. With 709 auctions scheduled due to the fact there were no auctions over Easter the day was a huge success. On the same weekend last year, the clearance rate was just 52.8 percent.

Kirsten Craze, journalist with The Daily Telegraph, uncovered an interesting fact that may help explain the apparent shortage of residential property in Sydney.

 

"Perhaps it's due to the stamp duty fees, maybe it's the renovation revolution, or it might just be because moving house is stressful. But Australian homeowners are remaining in their houses longer," she commented.

She referred to a recent study by RP Data's research analyst, Cameron Kusher, that showed the average length of home-ownership for both houses and units was 9.3 years and 8.2 years respectively. A decade ago the figures sat at 6.8 years and 5.9 years.

"The average hold period for houses and units remained relatively static until late 2005. It has, however, increased consistently from this time where we have seen a sharp rise in length of time homes were held for recent years,'' Mr Kusher said.

A Sydney Morning Herald article by Ian Mylchreest, an Australian journalist now living in Las Vegas, said that despite promises from NSW politicians on both sides of Parliament there's not much governments can do to lower the cost of Sydney housing.

"Two-income families can pay more and they are happy to pay extra to be near the beach or private schools. Negative gearing has become such a popular tax write-off that no government can wind it back even though it encourages too much investment in rental property. That money inflates real estate even more."

He said that prices may 'stumble for a quarter or two' if interest rates or unemployment levels spike but the trend is inexorably upward.

"Politicians could never raise enough revenue to affect the Sydney real estate market that can sell $1 billion or more in a week. If they did reduce prices, home owners would be rioting."

More dwellings needed

The Herald's Sean Nicholls and Leesha McKenny analysed the state government's thinking on the housing situation.

"Sydney will need to accommodate 80,000 more homes than previously forecast over the next 20 years to cope with a population surge under the latest growth targets set to be unveiled by the NSW government," they found.

"The revised housing target is for an extra 545,000 homes by 2031 - an average of 27,250 a year. This is a 17 percent increase on the extra 23,300 a year - or 466,000 - forecast in the previous strategy, published in 2010."

The writers noted that the total population forecast has risen to 5.6 million by 2031 due to an immigration spike in 2008-09.

It's therefore not surprising that the latest survey of consumer sentiment by Westpac and the Melbourne Institute found that 62 percent of respondents expected home prices to rise over the next 12 months, while 30 percent looked for a steady outcome and just 8 percent expected falls.

Meanwhile NAB group chief economist Alan Oster told the Bloomberg Economic Summit that the property market has recovered from its weak patch in 2012.

"Clearly the market is starting to improve and we would expect it to increase moderately as we go forward,'' he said.

Westpac chief economist Bill Evans told the Summit that house prices will rise roughly in line with incomes.

"In Sydney for instance affordability levels are the best they've been for 10 years," Mr Evans said.

"So relative to Australia's affordability measures in the past the current situation looks quite manageable."

There's no longer any doubt that the start of a new upward cycle in Sydney property is underway. History tells us that the next stage of the cycle will be a period of acceleration and the experts seem to agree.

Read more articles about the resurgance in the Sydney property market below:

'House price outlook turns bullish: survey', Domain, 12 April 2013

'Home construction set to climb', Antony Lawes, Domain, 12 April 2013

'Middle Australia' driving home price growth, Stephen Nicholls, SMH, 10 April 2013

'Rebound for housing', The Daily Telegraph, 11 April 2013

'Many first-time buyers priced out of market across Australia', Kylie Williams, The Daily Telegraph, 11 April 2013

'House prices post strongest gain since May 2010 ', James Glynn, Dow Jones, 2 April 2013

'Home prices rising as rate cuts fuel confidence', Chris Vedelago, Domain, 2 April 2013

'Signs of a pick-up in house building', Stephen Nicholls, Domain, 4 April 2013

'Auction overdrive as buyers push past reserves', Staff reporters, news.com.au, 25 March 2013

'Sydney's stay-put homeowners', Kirsten Craze, The Daily Telegraph, 24 March

'Property market warming up', The Sunday Telegraph, 24 March 2013