The 7 must-know numbers of the week
The number of properties (out of six) on Channel Ten show The Renovators that sold for a loss at auction. The six houses were bought by the series producers for a $3.6 million total between December 2010 and March this year. They recouped at auction $4.14 million, a 15% gain. They were honest, but perhaps not typical, when they added the $120,000 stamp duty cost. They also had a declared renovation budget totalling at least $740,000, all with seven-year home owners’ warranty insurance.
For more on reality TV shows like The Renovators, download our free e-book Lights, Camera, Auction!
The annual economic growth in Tasmania, according to the latest Westpac report. It is the slowest annual economic growth of any state, and experts say the outlook for the Tasmanian housing market is poor. “Consumer spending all but stalled over the first half of the year. Only South Australia saw a weaker outcome. The consumer spending strike is against the backdrop of labour market weakness, with total employment contracting by almost 1% in the four months to August,” the report says.
The price paid for a house at a Brisbane no-reserve auction, which is in line with the Brisbane market for comparable property. The Family Court had suggested a no-reserve auction in order to finally sell the property and settle a court matter.
The number of rate cuts ANZ is predicting in the next six months. “Whilst the timing is usual, highly uncertain, out best estimate at the moment is for a 25bps cut in November, followed by a further 25bps cut in February,” the bank says.
The house price growth predicted for Perth by 2014, according to QBE Lenders’ Mortgage Insurance housing outlook report researched by BIS Shrapnel. Sydney prices are expected to increase by 19% during the same period, though Melbourne is set to have the lowest median house growth, at just 6% in the next three years.
The number of families who have signed up to quit Sydney for the sticks under the NSW government’s scheme to encourage relocation from urban to regional areas. The government is offering a $7,000 carrot to encourage relocation, but the scheme has not been popular so far. The low numbers have cast doubt over the estimated 7,000 annual take-up, but a government spokesman says it is too early in the four-year scheme for any meaningful figures to be produced.
The difference between median weekly asking rent for houses and for units in Melboure, according to Australian Property Monitors. Weekly asking rent for units is closing in on that for houses, APM says.