Property development finance

Australia’s population is growing at a fast pace

With the population of Australia growing and the demand for housing (and other properties) often outstripping supply, the construction of more housing is required to meet Australia’s need.

So what is the solution? It is obvious really, we need more development. We need private individuals or companies/entities to develop or re-develop Australia’s landscape to accommodate our growing population and demand for property.

Making a property development project happen

You may be a smart operator and have identified some real development opportunities but unless you are already super rich you are going to need finance to make your project happen. This can be where some would be developers and even experienced developers come unstuck leaving their potential project as just a dream or worse (potentially much worse) if they committed without securing the finance in advance.

Getting property development finance approved

Getting your property development funding approved does not have to be a problem if the project has real merit. However, banks and other lenders can be extremely risk averse if there are some unresolved problems and end up rejecting your proposal or giving you conditions that you just can’t meet.

So what is the solution? Using an finance broker with experience getting development project finance approved can be a valuable asset to your team of property development professionals (along with your architect, builder, lawyer, project manager etc..).

Want to know more about the factors that impact on funding approvals?

Find out how to get your property development approved.

Do you have a development project that you need to finance?

Contact a property development finance broker.

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COBA concerned about vertical integrated mortgage brokers

The post COBA concerned about vertical integrated mortgage brokers appeared first on Oak Laurel.

The Customer Owned Banking Association has raised concerns about mortgage brokers in a submission to the parliamentary inquiry

The Customer Owned Banking Association (COBA) has raised concerns about mortgage brokers in a submission to the parliamentary inquiry into home ownership. COBA’s concerns include a misunderstanding of brokers limitations as far as lenders and products offered, obligations of the broker when offering products to the customer and the lack of disclosure regarding vertical integration in the mortgage broking industry.

According to the Mortgage and Finance Association of Australia (MFAA), aggregation/mortgage broker groups that are owned by the big 4 banks, totally or substantially, comprise an estimate of 40% of mortgage brokers. The COBA has strongly and repeatedly opposed vertical integration of mortgage broker groups with banks in the past.

Consumers (You) are right to be concerned about mortgage brokers being owned by the banks and lenders. Many of which have access to only a limited number of lenders and loan products, which may result in customers being directed to their owner’s (Banks) home loan products. Consumers want to visit a mortgage broker so that you can select from a wide range of lenders and loan products. If consumers wanted to go to a Bank and and over pay, then they don’t need to go to a bank owned mortgage broker, just be be fed that bank’s products. Consumers expect that a mortgage broker is owned independently from the bank.

• Oak Laurel mortgage brokers are NOT owned by a big bank or other lender.

• Oak Laurel are mortgage brokers owned independently from the big banks.

• Oak Laurel are family owned mortgage brokers!

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Property price growth soars in Sydney and Melbourne

Thursday, 02 July 2015 | by Nick Bendel

It scarcely seems possible, but Australia’s two largest markets are only getting hotter.

Sydney’s median house price reached $900,000 at the end of June after growing 17.8 per cent over the year, according to new statistics from CoreLogic RP Data.

That compared to a growth rate of 16.4 per cent in May.

Sydney’s median unit price rose 9.5 per cent to $650,000 after rising 8.8 per cent the month before.

Melbourne’s median house price hit $615,000, after growth increased from 9.8 per cent to 11.2 per cent.

The median unit price is now $480,000, although growth slipped from 2.9 per cent to 2.4 per cent.

CoreLogic RP Data head of research Tim Lawless said the February and May interest rate cuts have contributed to these accelerated capital gains, after price growth moderated between April 2014 and January 2015.

“With the RBA cutting the cash rate in February, there was an instant buyer reaction across the Sydney and Melbourne housing markets where auction clearance rates surged back to levels not seen since 2009,” Mr Lawless said.

“Capital gains once again accelerated and we are now seeing Sydney and Melbourne homes selling in record time: Sydney homes are selling in just 26 days and Melbourne homes in 32 days.”

Mr Lawless said strong economic conditions and migration rates have also driven price growth in Australia’s two biggest cities.

Meanwhile, CoreLogic RP Data figures show that Adelaide has replaced Brisbane as Australia’s number three market.

Source & see more: www.rebonline.com.au

Are you thinking to buy property in Sydney or Melbourne? Contact Oak Laurel, who have mortgage brokers in Sydney and mortgage brokers in Melbourne.

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Mount Waverley the top growth suburb in Melbourne

Mount Waverley the top growth suburb in Melbourne,  Victoria

Latest data from The Real Estate Institute of Victoria shows that Mount Waverley is the fast growing suburb for houses in Victoria.

Mount Waverley is growing at a fast pace due to high demand from families, particularly wealthy Chinese, looking for good schools (some of the best in Australia), pleasant environment, close proximity to transport and facilities.

Mount Waverley is second after Glen Waverley in searches from Chinese property buyers in www.myfun.com, http://ift.tt/1H5EAql Chinese language property website.

With the billions of Chinese investment forecast for Australian real estate over the next 7 year it is no wonder that this Mount Waverley a Chinese hot spot is growing so fast.

March Q 2015 growth suburbs

House Prices

Suburb	Mar-15 Median	Dec-14 Median	Quarterly Change
MOUNT WAVERLEY	$1,185,000	$990,000	19.70%
BENTLEIGH	$1,182,500	$1,000,000	18.30%
BEAUMARIS	$1,280,000	$1,100,000	16.40%
BURWOOD	$1,120,000	$965,000	16.10%
TOORAK	$3,300,000	$2,850,000	15.80%
NEWPORT	$807,500	$699,500	15.40%
ESSENDON	$1,107,500	$960,000	15.40%
DIAMOND CREEK	$625,000	$547,500	14.20%
SURREY HILLS	$1,735,000	$1,523,000	13.90%
PORT MELBOURNE	$1,250,000	$1,100,000	13.60%
LALOR	$441,000	$390,000	13.10%
RICHMOND	$1,210,000	$1,071,000	13.00%
BLACKBURN	$1,100,000	$975,250	12.80%
BALWYN NORTH	$1,690,000	$1,507,000	12.10%
BRIGHTON EAST	$1,500,000	$1,340,000	11.90%
RYE	$472,500	$423,500	11.60%
BRIGHTON	$2,230,000	$2,000,000	11.50%
TRUGANINA	$411,000	$370,000	11.10%
WILLIAMSTOWN	$1,060,000	$955,000	11.00%
WANTIRNA SOUTH	$842,500	$760,000	10.90%

Unit Prices

Suburb	Mar-15 Median	Dec-14 Median	Quarterly Change
CHELSEA	$535,500	$447,500	19.70%
EAST MELBOURNE	$650,000	$550,000	18.20%
BALWYN	$830,000	$706,000	17.60%
BRUNSWICK WEST	$489,000	$417,500	17.10%
BUNDOORA	$425,000	$363,750	16.80%
BRIGHTON	$1,010,000	$865,000	16.80%
DONCASTER EAST	$812,500	$700,000	16.10%
CHELTENHAM	$591,475	$510,000	16.00%
KENSINGTON	$565,000	$490,000	15.30%
CHADSTONE	$681,500	$592,500	15.00%
WEST FOOTSCRAY	$468,000	$409,000	14.40%
CAULFIELD NORTH	$672,500	$592,000	13.60%
HAWTHORN	$581,750	$515,000	13.00%
BRUNSWICK	$523,000	$463,000	13.00%
KEW	$690,000	$616,000	12.00%
PRAHRAN	$600,000	$550,000	9.10%
SEAFORD	$390,600	$360,000	8.50%
MOUNT WAVERLEY	$812,500	$751,000	8.20%
SOUTH YARRA	$607,500	$562,000	8.10%
GLENROY	$415,000	$388,000	7.00%

 Looking to buy property in Melbourne? Find out how much you can borrow. Contact a melbourne mortgage broker Oak Laurel.

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