City market booming

Bendigo Weekly | Bendigo Weekly | 07-Dec-2017

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DCK Real Estate sold the Backhaus Arcade. Photo: ANDREW PERRYMAN
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BENDIGO’S lively inner-city commercial property market continues to shine, with agents DCK Real Estate reporting the sale of the iconic Backhaus Arcade at auction last Friday. 


The property sold after auction for an undisclosed sum but in excess of the reserve price.


Auctioneer Robert Ketterer commented when he passed the property in that there would now be an auction, which is exactly what happened, with two parties negotiating to buy the property.


There was strong interest in the property leading up to the auction with a crowd of approximately 25 people attending and three separate bidders contesting on the day.


Mr Ketterer said it is an indication of the level of interest in commercial property in Bendigo, contrary to many media reports, and that this was a unique property, built in 1985 as an arcade with six tenancies, linking to the Coles supermarket.


All eyes will be on today’s auction by Tweed Sutherland First National of a rare 1988-square-metre site on two titles at 98-104 Williamson Street from 1pm, followed by DCK Real Estate’s scheduled auction of the central Australia Post site in the heart of the CBD. 


Set on 1094 square metres, the two-storey site offers 1250 square metres of office and retail space, with national brand anchor tenant Australia Post. 


The property at 43 Williamson Street is due to go under the hammer at 2pm today.

 


THE Real Estate Institute of Australia says housing affordability has improved across the country, with an increase in loans to first home buyers.


The September quarter edition of the Adelaide Bank/REIA Housing Affordability Report shows that the proportion of median family income required to meet average loan repayments decreased by 1.2 percentage points to 30.3 per cent.


REIA president Malcolm Gunning said first home buyers make up 24.5 per cent of the total owner occupied housing market (excluding refinancing).


“This is the highest rate since September 2013 after dropping steadily over the past 5 years,” Mr Gunning said.


“The number of first home buyers increased by 22.8 per cent for the quarter and by 32.6 per cent over the 12 months with the largest increases being in New South Wales (57.7 per cent), Victoria (32.2 per cent), the Northern Territory (14.3 per cent) and the Australian Capital Territory (20.0 per cent).


“Overall the number of loans increased across the country by 4.2 per cent.”


Over the September quarter, housing affordability improved in Victoria with the proportion of income required to meet loan repayments decreasing to 32.2 per cent, a decrease of 1.2 percentage points over the quarter and a decrease of 0.2 percentage points compared to the same quarter of the previous year.


Rental affordability in Victoria has remained steady over the quarter with the proportion of income required to meet median rent remaining at 23.1 per cent. 


Compared to the September quarter 2016, rental affordability has declined with the proportion of income required to median rent increasing by 0.2 percentage points.


The Council to Homeless Persons released its submission to next year’s state budget, calling for 14,500 new social housing properties to be built across Victoria over the next five years, to level the playing field for low-income earners.

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