Investors never implored that first home buyers are pushed out of the housing market. The problem is they haven’t anticipated the doable changes of housing costs.
It’s not just investor activity, but changing benefits and an increased willingness to sit out of the property game that may be keeping first home buyers out of the market, according to one economist.
At BIS Shrapnel’s Melbourne business forecasting conference earlier this week, managing director Robert Mellor commented that while investor activity did put upward pressure on prices, particularly in Sydney, there were other factors which are contributing to declining first home buyer numbers.
He cited the change in some first home buyer benefits as a catalyst for a recent shift in purchasing activity among the demographic. In New South Wales, first home buyers formerly received full stamp duty concessions on established homes, which Mellor explained equated to about a $17,000 benefit on a $550,000 purchase. The scheme ended in January 2012.
“So those sort of changes mean for many first home buyers, certainly in NSW, you suddenly had to find another $20,000,” said Mellor.
“So I’d argue the point that one of the problems for potential first home buyers was the change in the rules where grants and stamp duty benefits were only provided for new dwellings, rather than established dwellings.
“They effectively had to find another $20,000 fairly quickly.”
The change, Mellor said, may have encouraged potential first home buyers to “sit out of the market for another year” to save more – only to find home price growth eclipsing their increased savings.
“And you’ve suddenly found that instead of trying to buy a $550,000 property, you were paying $630,000,” he explained.
“And that…increase in price obviously totally swamped the lost value of the grants.”
First home buyers who were unable to anticipate recent price growth, particularly in Sydney, may have found themselves priced out of the market. After a period of suppressed house prices, Mellor explained, many inexperienced buyers would not have expected prices to escalate in Sydney as they have in recent years. He also acknowledged the Australian Bureau of Statistics’ admission that its first home buyer figures may be inaccurate.
“Everybody thought three years ago Sydney house prices were already very high. Well they weren’t – they were undervalued in a long term context,” said Mellor. However, he said that although Melbourne had not experienced the same price strength as Sydney, a similar situation had occurred when the Victorian government abolished its first home owner grant for established properties. Nevertheless, the declines in first home buyers numbers recorded in New South Wales and Queensland have been “much more severe”.
The BIS Shrapnel head also attributed some of the lowered participation of first home buyers to a generational shift in attitudes towards home ownership, with uncertainty about future employment and lifestyles leading some to put off purchasing a home.
Mellor likened the relationship between investors and first home buyers to a “chicken and the egg kind of situation”.
“Is it the investors forcing first home buyers out of the market? I would say they were out of the market simply because of the change in the conditions for them, and then once they sat on the sidelines, they couldn’t purchase,” said Mellor.
Though the significant decrease looks bad, investors never tried to push anyone out of the market. It’s simply that the economy isn’t perpetually in atmospheric condition.
Moreton Bay Rail Line shared pedestrian & cycle path
The State Government has been called upon to open a shared pedestrian and cycle path to make-up for the major signalling delays on the new Moreton Bay Rail Line.
“We are hoping they will open the shared pathway so the people can … use something that should already be open,” Mango Hill Progress Assoc President Laurence Christie said.
“It would go some way to relieving the disappointment,” he said.
A spokeswoman for Transport Minister Stirling Hinchliffe said: “The minister has requested the Department of Transport and Main Roads investigate opportunities to open the bikeway in advance of the rail line opening.”
Residents in Mango Hill, and North Lakes said they wanted to use the pathway to cycle to Petrie Station and to access the schools on the line.
Original article published at www.couriermail.com.au by Jamie-Leigh Mason, North Lakes Times 4/6/16
Brisbane’s new state-of-the-art private cancer centre
Northlakes, north of Brisbane is now home to Australia’s first private integrated cancer centre
The Icon Integrated Cancer Centre combines a 15-chair day hospital, two radiation therapy units and an on-site pharmacy.
The doors were opened to the centre at North Lakes, between Brisbane’s CBD and the Sunshine Coast, yesterday.
All treatments, including haematological, chemotherapy, radiation or a combination, are delivered on the site.
Icon Group chief executive Mark Middleton said the centre had the capacity to deliver treatments to 15,000 patients per year.
“From the start, the patient and their needs are first,” he said.
“The integrated centre approach means we are working as one team, supporting the patient and the result is a comprehensive service delivered by familiar faces who understand the individual needs of their patients.”
North Lakes is the first of three integrated centres operated by the Icon Group, a private specialised cancer care organisation.
The group plans to open another in Melbourne in mid-June 2017 and a third in Canberra, expected to open in late 2017.
Original article published at www.couriermail.com.au by Amelia Broadstock, North Lakes Times 27/5/16
North Lakes and Mango Hill Police Station has its first female acting officer-in-charge
NORTH Lakes/Mango Hill Police Station has its first female police officer leading the station, since it opened in 2009.
Senior Sergeant Kate Pausina joined the North Lakes crew last week as acting officer-in-charge after an impressive resume in the blue uniform.
Since she was sworn in to the service in 1999, Sen-Sgt Pausina has spent time in juvenile justice, child sex offences, Coroner’s Office, intelligence and strategy, road safety and, most recently, acting officer-in-charge at Albany Creek Police Station.
“I always wanted to join the police, but my mum wouldn’t let me,” Sen-Sgt said. “So, instead, I studied nursing and was a registered nurse for four years before I decided to do what I really wanted to.”
Sen-Sgt Pausina said her mum was unhappy at first but had since become her biggest supporter, along with her police officer husband and their two children.
Sen-Sgt Pausina last year completed her Masters of Suicidology – the prevention of suicide.
“That is something I am really passionate about,” she said.
“In the Coroner’s Office, you see the number of suicides is three times the number of road fatalities. And it is a preventable death.”
Sen-Sgt Pausina said she fondly remembered her first stint at the Pine Rivers Police District. She was based at Petrie from 2000 to 2003, and visited Mango Hill. “Mango Hill was just that – bushland and mango trees,” she said.
“There is a lot coming up in this area – major shopping developments, major infrastructure like the rail and, with that, a lot more people visiting the area.”
Originally Published On: http://www.couriermail.com.au/
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