The Australian property market saw a strong start to the year with over 75% of properties in Sydney and Melbourne being successfully sold at auction, reports the Australian Financial Review.
The property auction season in Australia begins each year with the start of the school year. Following on from last year’s rise in activity and prices, this year seems no different with Sydney clearing 76.5% of its properties and Melbourne 78%.
This time of year is particularly popular for buyers in holiday hot spots such as Mornington Peninsula (Victoria) and the Gold Coast. However, the boost in last year’s residential market has yet to be witnessed in the holiday market.
Sotheby’s International Realty said that buyers of holiday homes are far more cautious than those buying residential properties: “Buyers are far less emotional with a holiday home than if they were buying a home to occupy. They come to an auction with a figure in mind and are happy to miss out if the prices go over that limit.”
Published: 27 February 2014
Considering buying abroad? Need some tips on the best places to buy-to-let? Then get down to A Place in the Sun Live at Birmingham NEC on 27-29 September for insider tips on buying and letting properties overseas.
This is the official exhibition for Channel 4’s hit TV series and more than 150 agents and developers will be attending. It’s a great opportunity to ask burning questions about buying abroad to help your next investment.
The exhibition will include:
- Properties available from just £20,000 to over £1 million, with specialist zones for France, Florida, Italy and Portugal
- Free seminars and Q&A sessions
- Exclusive offers and discounts
- Legal advice from the experts
Visit A Place in the Sun’s website to find out more and book your tickets. Day tickets are priced at £10 each.
Published: 17 September 2013
26 April, 2013
Hong Kong’s Lamma Island is a car-free, bohemian enclave. Home to artists, musicians and a shy community of green turtles, it’s become one of the new bargain property hubs for city workers.
Priced out of the soaring Hong Kong Island market, city execs are flocking to snap up housing in Lamma’s peaceful low-rise communities. Accommodation prices in Lamma are rising accordingly. And while it’s good news for existing owners to see values increasing, the tranquil nature of Lamma, as well as other backwaters like Clear Water Bay and Sai Kung, is thought to be under threat.
Despite the relative financial benefits, property in the area does come with various legal complications, so tread carefully if you’re looking to buy here. Some properties were built without the appropriate planning permission in place, have incorrect title deeds or were constructed on land with national park status.