Coastal properties enjoy strong growth in real estate prices

SOUTH Australia is bucking a national trend by recording strong growth in coastal real estate prices, latest figures show.

While east coast locations like the Gold Coast in Queensland recorded price falls of 5 per cent, popular seaside sites in this state are seeing a surge in house values, according to real estate sales analyst RP Data.

Last financial year many regional coastal areas "experienced a set back" in house prices, RP Data said, with the Sunshine Coast and far north coast in Queensland also falling 5 per cent and the Illawarra area in NSW down almost 3 per cent.

RP Data research analyst Cameron Kusher said falls in tourism and a slowdown in migration had contributed to the decline in property values in these areas.

In contrast, North Beach and adjacent Wallaroo on the Yorke Peninsula saw prices jump by 28 per cent and 23 per cent respectively.

Whyalla and the outer Adelaide suburb of Port Willunga also recorded 17 per cent increases in house prices last financial year.

The Real Estate Institute of SA said this state's coastal regions had been undervalued "for quiet some time" compared to the eastern states and southern WA.

"And metropolitan coastal areas have shown good growth in the past five years but those areas further out have been undervalued," institute president Greg Moulton said yesterday.

The popularity of owning a holiday shack and the demand from baby boomer investors looking for a sea change were among the factors driving sales in coastal areas, Mr Moulton said.

Source: http://www.heraldsun.com.au/news/national/coastal-properties-enjoy-strong-growth-in-real-estate-prices/story-fndo471r-1226473433670

Cutting costs to boost real estate

QUEENSLAND Premier Campbell Newman has begun implementing his promise to slash the cost of living and cut through real estate red tape in a bid to drag the property market out of the doldrums.

The first meeting of the LNP Cabinet yesterday decided to scrap the controversial sustainability declaration forms that have dogged home sellers since they were introduced in 2010, The Gold Coast Bulletin reported.

"Cabinet also formally approved the reinstatement of the principal place of residence stamp duty concession from 1 July 2012, which will save Queenslanders up to $7000 when they purchase an average family home,'' Mr Newman said.

Commuters using a go card will travel free on public transport after making nine journeys in a week from July 1, and the unpopular waste levy on business will be removed.

Private motor vehicle registration fees will be frozen for three years from July 1.

Premier Campbell Newman said he used the meeting to stress the importance of saving money across every portfolio.

"If we save $2 million, that's a saving of $1 per household across Queensland,'' he said.

The Premier will start in his own backyard, considering whether to scrap the Labor initiative of regional parliaments.

"It does cost a lot of money,'' he said. "You almost have to lasso people and drag them in.

"I don't know if it's worth the expenditure.''

Community cabinets, another Labor initiative, could stay.

Mr Newman said it was important for ministers to meet the community face-to-face.

All of Labor's policies are up for review by the new government but Mr Newman would not say which pieces of legislation would go before the new parliament when it sits for the first time next month.

"We're having to plan and manage very carefully . . . because the parliament will end up in a bottleneck,'' he said.

The Premier confirmed he was seeking legal advice on Labor's same-sex civil unions legislation and would consider examining police pursuit rules.

The 19 ministers also discussed issues they thought Mr Newman should address at the Council of Australian Governments meeting in Canberra later this week.

He said his biggest concern was the Federal Government's proposed changes to the National Disability Insurance Scheme.

Other priorities for the Government's first month included the introduction of the flood inquiry recommendations.

Source: http://www.heraldsun.com.au/money/cutting-costs-to-boost-real-estate/story-fnbpe2tv-1226324615045