What a million dollars used to buy you ...

Author: Kate Nancarrow
Date: January 16, 2008
Publication: The Age

We take a look at the Melbourne market over the past 30 years to see how far a million dollars used to stretch. You may be surprised.
5
Five years ago, $1 million bought a 50-square Templestowe home with six bedrooms, balcony, double garage, tennis court, pool and home office. Today, a similar home would sell for $1.5 million, estimates Peter Fort of Fletchers in Doncaster East.
10
Ten years ago, $1 million bought a 41 square home on Beaconsfield Parade with beachfront views, five bedrooms, double garage, pool house, heated jet pool and spa. Today, a similar home would sell for $5-$6 million, estimates Michael Coen, of Hocking Stuart in Albert Park.
20
Twenty years ago, $1 million bought a 45 square Hawthorn home with five bedrooms, tennis court and swimming pool. Today, a similar home would sell for between $2.5 million and $5 million, says Julian Tonkin of Collins Simms in Hawthorn.
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Thirty years ago, in 1977, there were no sales figures of $1 million. A 91-square Toorak house with six bedrooms, pool house, basement double garage and pool; and a 94-square Toorak house with five bedrooms, tennis court and separate servants quarters each sold for between $500,000 and $600,000. Sales in Toorak for six-bedroom homes have been from about $5.5 million to $11 million this year. Exceptional sales in Toorak included a home for $18 million, says Fiona Evans of Biggin & Scott, Prahran.

(Source: Land Victoria, a division of the Department of Sustainability and Environment)

Suburb Report - Carlingford 2118

Address Date Type Beds Showert Result Price
18 Barellan Av Jan-07 house 4 0 Private Treaty - Sold $800,000
2 Baker St Jan-07 house 3 1 Private Treaty - Sold $455,000
13 Metcalf Av Jan-07 house 3 2 Private Treaty - Sold $529,000

State Local government
New South Wales Parramatta

Public transport
Carlingford - train, RTA bus, private bus

Surrounding locations
Dundas Dundas Valley Oatlands Telopea Beecroft Epping West Pennant Hills Sydney Markets North Parramatta North Rocks


Property prices - 12 months to February 2007
HOUSES UNITS
Carlingford Region Carlingford Region
Median Prices $570,000 $642,000 $388,000 $390,000
Long Term Trend 9.4% 8.0% 7.5% 6.8%
Auction clearance rates 45% 49% SNR 44%
Days on Market 96 108 114 96
Discounting 8% 8% 8% 7%
(SNR = Statistically Not Reliable.*Based on sales reported to Australian Property Monitors)

Demographics
PopulationSize 2118 Sydney
All People 20384 3997337
Country of Origin 2118 Sydney
Australian Born 62% 61%
Born Overseas - Top 5 2118 Sydney
China 6% 2%
Hong Kong 6% 1%
United Kingdom 4% 5%
Korea 3% 1%
India 2% 1%
Age Statistics 2118 Sydney
40 to 59 29% 28%
20 to 39 25% 33%
5 to 19 23% 14%
60+ 18% 17%
0 to 4 6% 7%
Family Statistics - Top 5 2118 Sydney
Married 59% 51%
Never Married 29% 33%
Widowed 5% 6%
Divorced 4% 7%
Separated 2% 3%
Religion - Top 5 2118 Sydney
Catholic 28% 34%
Anglican 21% 23%
No Religion 17% 13%
Uniting Church 8% 4%
Presbyterian and Reformed 5% 3%
Occupation - Top 5 2118 Sydney
Professionals 13% 9%
Intermediate Clerical/Sales/Service 9% 8%
Associate Professional 6% 5%
Managers and Administrators 5% 4%
Tradespersons and Related Workers 5% 5%
Education - Top 5 2118 Sydney
Not Attending (Working) 69% 73%
Secondary Education 10% 7%
Infants/Primary 9% 9%
University or other Tertiary Institution 6% 5%
Technical or Further Education 3% 3%
Transport to Work - Top 5 2118 Sydney
Car (driver) 31% 24%
Train & Other 4% 2%
Car (passenger) 3% 3%
Train Only 2% 3%
Worked at home 2% 2%
Type of Dwelling - Top 3 2118 Sydney
Separate house 85% 64%
Semi/Terrace 7% 10%
Flat 6% 22%
Nature of Occupancy - Top 3 2118 Sydney
Fully Owned 58% 41%
Purchasing 21% 23%
Rented 15% 30%
Monthly Loan Repayment - Top 5 2118 Sydney
$1,500+ 30% 21%
$1,000-$1,199 12% 15%
$400-$599 11% 11%

Suburb Report - Parramatta

Wanna know more about the area you are living or your're going to live? The following report is interesting and useful.

Area Profile

The size of Parramatta is approximately 6 km². It has 18 parks covering nearly 23% of the total area. There are 8 schools and 5 childcare centres located in Parramatta. The population of Parramatta in 1996 was 16,841 people. By 2001 the population was 19,187 showing a population growth of 14% in the area during that time. The predominant age group in Parramatta is 20 - 29 years.

Households in Parramatta are primarily couples with children and are likely to be repaying between $800.00 - $1000.00 per month on mortgage repayments. In general, people in Parramatta work in a professional occupation. In 1996, 28% of the homes in Parramatta were owner-occupied compared with 30% in 2001.

Currently the median sale price of houses in the area is $437,500.

(Source: realestate.com.au)

PopulationSize 2150 Sydney
All People 22809 3997337

Country of Origin 2150 Sydney
Australian Born 41% 61%

Born Overseas-Top5 2150 Sydney
China 10% 2%
India 8% 1%
Lebanon 3% 1%
New Zealand 3% 2%
Philippines 3% 1%

(Source: domain.com.au)

Sydney rents to soar 20%

RENTS in Sydney are set to rise by as much as 20 per cent this year as investors sell property and pour money into superannuation.
An economist at Macquarie Bank, Rory Robertson, says a significant switch from property to superannuation is under way following changes by the Federal Government to make super a more attractive investment.
"Presumably, the nearer investors are to age 60, the more likely they are to sell properties in order to buy assets that qualify as superannuation," he said.
Mr Robertson predicted a bulge in tax-based selling of rental properties before the end on June 30 of transitional arrangements that allow the well-off to shift an extra $1 million into superannuation.
Adding to the pressure on the rental market, the number of new homes approved in NSW fell 10.6 per cent to 2496 in November, the Bureau of Statistics reported yesterday. This compares with 6000 in late 2002, in the middle of the property boom.
On the demand side of the equation, the low affordability of homes for sale is putting pressure on rents by , Peter Cosforcing more young families to stay in rental accommodation longer.
The federal Treasurertello, has said he hopes the super changes will not only induce people to save more but turn them away from other types of investment such as property. "One of the areas I think [savings] could reallocate is out of the property market and into superannuation," he said last year.
The president of the Real Estate Institute of NSW, Cristine Castle, said the super changes were a big factor in Sydney's rental shortage. "The victims here are going to be the tenants," she said. With the shortage of rental properties already severe, renters should brace for rent rises of as much as 20 per cent this year, she said. "Rents were very low for five years, so I'm afraid it's catch-up time."
Rental supply increased from 2000 as a result of another Federal Government tax overhaul that halved the tax paid on capital gains, prompting investors to pour money into investment properties.
The Real Estate Institute is calling on the Government to temper the effects of its latest super tax changes by allowing the direct transfer of investment properties into super funds.
"With the current situation, it means that you have got to sell that investment property and then put the cash into superannuation," Ms Castle said. "We would like to see those rental properties remain available."
A third of Australian families live in rental accommodation.
Supply of new properties is expected to tighten further. A survey of investors by the Mortgage Industry Association of Australia found just one in 10 expects to buy an investment property in the next six months. Looking ahead two to five years, less than a quarter intend to buy property.

(Source: www.smh.com.au)