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Press Release
Media Release – 16th August 2010
ANALYSIS OR SCAREMONGERING?
First National Real Estate Lewis Prior Principal, Brett Lewis is calling for scaremongering real estate analysts to be held accountable, after predicting a ‘housing bubble burst’ or ‘affordability crisis’, amidst claims Australia has the most overpriced property in the world.
“These types of claims are incredibly frustrating when you know they are based on a lack of understanding of the complexities and dynamics of the Australian property market,” Brett Lewis said.
“The reality is that we probably have one of the best buyers’ markets at the moment and houses at some of the most affordable levels in decades. Strong population growth is driving demand, and a crucial undersupply of stock is putting a floor under house prices.”
According to Brett Lewis, the market is already softening, with the slowing of house price increases creating some real opportunities for bargain hunters, first time buyers and investors.
“In our recent 2010 Property Outlook Mid-Year Update, we highlighted Australia’s leading mortgage aggregator’s figures which show almost 40 per cent of loans drawn in April were to investors - the highest number recorded,” Brett Lewis said.
While it is true that immigration levels, the highest since World War II, are generating significant demand for housing, much of this debate is overheated by the political agenda.
“But what no one is talking about is the fact that Government is one of the major barriers to increasing supply of housing. Ineffectual planning and approvals processes are the major barriers to increasing supply, so it is Governments that will continue to drive the market into the future,” Brett Lewis said.
“Compounding all this is the Prime Minister’s comments that she no longer supports a ‘Big Australia’, but a ‘Sustainable Australia’ which can only beg the question ‘does that mean you are going to lower immigration levels’, which will impact significantly on the Australian property market.
“When it comes to price trends, they correlate more with the level of public confidence than the level of interest rates, which can have a positive influence on confidence as they are a sign of an improving economy.
“Price growth revived late last year, along with confidence, as emphasis shifted to news of recovery, falling rates of unemployment and a resurgent resources sector, all factors unique to the Australian market.”
Brett Lewis said while he supported ‘free speech’, analysts needed to be responsible and look at all sides of the story when making pronouncements about the property market.
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Issued by: First National Real Estate
For further information contact Brett Lewis, Principal, First National Real Estate Lewis Prior, on (08) 8358 0555.
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Press Release
Media Release – 1st August 2010
MARKET RIPE TO BARE FRUIT
Commenting on today’s announcement by the RBA that it will hold interest rates at 4.5 per cent, Brett Lewis, Principal, First National Real Estate Lewis Prior says there are plenty of opportunities around for home buyers and sellers, given current market conditions, as long as the fundamentals are focused on.
“At times like these, homes that are properly presented, appropriately priced and well marketed will always do well, regardless of what happens with interest rates,” Brett Lewis said.
“It’s a matter of making sure you get the basic factors right and plum properties should bear fruit.”
When there is relatively high business confidence, strong levels of immigration and low unemployment, the market becomes suitable for buyers. However, those seeking to sell can also make sure they take advantage of these prime conditions.
“In a slower market, there is less pressure on sellers and buyers and during the cooler months, there is less volume of stock around from which buyers can choose, so houses are more likely to sell,” Brett Lewis said.
Brett Lewis said currently there are growing investment returns in the property market, which should prove lucrative for the astute investor.
“Investors, in particular, can benefit greatly from the current market conditions and pick up some terrific properties that offer strong returns,” Brett Lewis said.
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Issued by: First National Real Estate
For further information contact Brett Lewis, Principal, First National Real Estate Lewis Prior on (08) 8358 0555.
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Press Release
Media Release – 7th April 2010
CHILD-PROOF YOUR HOME
Children are always at risk of injury, but never more so than in the family home. According to Brett Lewis from First National Real Estate Lewis Prior there are many simple measures that can be taken to prevent simple accidents, often with far-reaching and serious long-term effects, from occurring in the home.
“It’s a simple case of taking a critical view of objects around your home and understanding where the potentials for hazards are,” Brett Lewis said.
“Take the time to get down and crawl around the home so that you can see for yourself where curious hands and adventurous spirits might roam.”
While childproofing the home is important for families, investors should also take the time to understand how child-friendly their investment property is, as it may represent a marketing point for their investment property.
Injuries are the leading cause of death in Australian children aged one to fourteen, accounting for nearly half of all deaths in this age group. More children die from injury than of cancer, asthma and infectious diseases combined.
Unintentional injuries make up around 95 per cent of all child injury deaths, with young children under the age of five years most at risk of unintentional injury.
“The most common place for young children to be injured is in their own home, so ensuring the safety of our homes should be paramount for parents to keep their children safe,” Brett Lewis said.
“There are so many things that are precariously balanced, just waiting to be pulled down, knocked over, bumped into or climbed on.
“And as the child becomes more mobile and dexterous, they love to put things in their mouths and they don’t discriminate between toxics or poisons and lollies or biscuits.”
First National Lewis Prior has produced a Tip Sheet to assist parents, and investors, create a safe environment in the home for children to thrive and grow. A version can be downloaded from the First National Lewis Prior website on lewisprior.com.au
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Issued by: First National Real Estate
For further information Brett Lewis, Principal from Lewis Prior First National Real Estate, on 8358 0555
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Press Release
Media Release 1st April 2010
CAN RENTING BE BETTER THAN BUYING?
Current market conditions, coupled with growing concerns over housing affordability, are causing uncertainty for home buyers who are wondering whether they should continue to rent or commit to buying their own home.
Brett Lewis, Principal from Lewis Prior First National Real Estate says it all comes down to what suits the individual’s personal and financial situation best.
“With property prices and interest rates continuing to increase, mortgage repayments are beginning to be beyond the reach of many young Australians,” Brett Lewis said.
“But they shouldn’t panic. Renting offers great flexibility with the option to relocate from home to home and area to area as the need arises, which is not the case with buying a property.
“If finances get tight, or the home situation changes for any reason, it is far harder to just pick up and go if you own your own home.
“Renting is also often a cheaper alternative to buying, especially in the inner city areas particularly favoured by Gen Y-ers who want that urban lifestyle close to where they work.”
While the housing supply and demand equation will continue to put pressure on vacancy rates, the fact remains that monthly rental payments will usually be less than a mortgage repayment for a comparable property.
"One of the greatest advantages of renting is that maintenance costs, repairs, rates and insurance bills are the responsibility of the property owner, and not the renter,” Brett Lewis said.
Despite these many advantages of renting a property, there are some disadvantages which will make buying preferable. The most obvious one being that when you rent, you can never really put your own personal stamp on the property or make it reflect your individual style and design preferences.
“There is also the inconvenience, and in some cases pressure, of knowing your landlord can inspect the property whenever he/she wishes (providing they give sufficient notice) invading your privacy and peace of mind,” Brett Lewis said.
"But the biggest disadvantage is that you will never pay the property off, as you do with your own home. You will always have to pay rent and therefore the money is lost for good, without any chance of recuperating it in the sale of a property.”
Ultimately, this is where the biggest difference is between renting and buying. An individual needs to consider which will make the greatest impact on their personal net wealth and cashflow over their lifetime.
“Usually, this will be purchasing a home, but it will come down to making sure you buy well and that you buy right,” Principal said.
“This is where the advice and assistance of a real estate agent comes into its own. We have the necessary knowledge, experience and skills to understand the market, its trends and its weaknesses and opportunities and it is what we pride ourselves on. Despite the end of the boost to the First Home Owners Grant, it’s important to remember that the First Home Owners Grant still exists as well as many additional state Government financial incentives.
“So home buyers need to learn to make the most of the services we have available, so that they can make the most of their finances over the long term. There are many creative ways in which home buyers are saving for that first purchase whilst renting and we can help explain the options available.”
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Issued by: First National Real Estate
For further information Brett Lewis, Principal, Lewis Prior First National Real Estate, on 8358 0555
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