FREE
TICKETS
Propex
has a limited number of tickets available,
the first 25 people that email us will reserve themselves
and their partner a ticket to the Broker Forum. This is
at the Hilton Hotel on the 12th - 13th
October, next week. Email sales@propex.com.au
to reserve your tickets.
(Vendor Tax Story Continued)
We’ve already seen the
dynamism of the NSW property market in full swing. Interest
rates are steady, confidence in the market is on the rise,
and that dream of a NSW weekender is slightly closer to
a reality. Yet are the effects purely psychological? Housing
prices are set to drop, but only after years of sluggish
growth. The increased volume of sales has created an ominous
opportunity for the current market to flood.
Rather than bringing NSW into the limelight, the
scrapping of the vendor tax may not be worthy of the blessing
many have blatantly bestowed upon it.
Over in Western Australia,
residential values in Perth continue to rise, with the ABS’
house price index reporting a 9.9% increase in March this
year, in comparison to the traditional capital city leaders
Sydney and Melbourne, who at the same time recorded declines
of 3.4% and 1.7%, respectively.
In comparison to interstate
markets, the potential for growth in NSW is temporally unspecific.
Queensland has taken advantage of
NSW’s siesta, promoting itself as a state with low property
taxes across all areas, and the residential market is set
to benefit for some time more. The lifting of the vendor
tax may even fulfill further investment opportunities in
Queensland, as NSW properties sell
for reinvestment in these higher growth environments.
The slow down in the property
market has driven some investors away from the more traditional
investment paths. The margin lending market is currently
experiencing a period of significant growth.
Combining super funds and directly held shares, 55%
of adult Australians held interest in the 2004 share market.
This is a startling figure
for brokers feeling the brunt of the current property market
on their hip pocket.
Does this mean it is time
for all brokers to cut their losses and shut up shop?
Anne Thanudchang,
Director of ProPex Pty Ltd, disagrees.” Since 2004, the
NSW property market has definitely experienced a downturn.
As mortgage lenders, we have had to pour resources into
the competition for interstate opportunities. The NSW property
market will take at least two years to recover, and on that
day, we will boast an expansive interstate portfolio on
top of a solid foundation of NSW-specific experience, which
is a positive step for future years’ she says.
The legacy of the NSW vendor
tax is there for the taking. Herein lays the major challenge
for brokers in 2006.
FEATURED SITE: www.govolunteer.com.au
GoVolunteer provides resources for those wanting
to volunteer and those in need of a volunteer. Volunteers
are for non profit events, go now to see what you can
do for your community
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MORTGAGE
INDUSTRY INVITED TO PROPEX SPONSORED LIONS CLUB EVENT
Mortgage
Industry Professionals are invited to attend ProPex’s
9th annual BBQ at Coogee Beach on the 2nd
December from 12 noon with all proceeds going
towards the valuable community work of the local City of
Sydney Lions Club.
Volunteers from the Lions
Club will take up a collection to help their work in the
community and abroad and the day will include a free barbecue,
food, drinks as well as an array of other entertainment.
The Director of ProPex,
Anne Thangudchung is happy that ProPex can
sponsor the event as a gesture of goodwill towards the industry
as well as the Lions Club.
“Our annual Christmas BBQ
provides us the opportunity to thank our clients, family
and friends for their support over the last year coupled
with the opportunity to support an extremely worthy cause,”
she says.
The
Lions Club has been part of the community since 1947 and
supports various local activities as well as exchange programs,
medical research programs and international assistance grants.
To
RSVP or for further information on the event, please contact
Iva on 1300 854 030 or email iva@propex.com.au.
All mortgage professionals and their families are welcome
to attend.
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