Property Investing - Port Melbourne Life on the Edge

Property investing prices pick up following a cooler winter last year. Susannah Petty Reports.

Winter has yet to make its mark on Port Melbourne's retail sector. Traditionally a slow rental period, the past months have instead enjoyed an uncommon amount of interest, according to agents with up to 15 new Property investing inquires each day.

"This time of year normally it's three or four a day for property investing," says Biggin & Scot senior property manager Jaymie Spanos. "We had six to eight troupes going through yesterday for a mid-week inspection. That's normally quite unusual, especially for a weekday."

Similarly, at Cayzer Real Estate, Senior property investing manager Tricia Maxwell says properties are being snapped up even before they fall vacant.

She estimates the vacancy rate would be less then 3 per cent and says it looks likely to continue to fall.

Until fairly recently Port Melbourne's retail sector was subdued by the weight of new stock being listed by investors. Now it seems the new property investing additions are proving a rental stimulant, attracting tenants who are keen for high-quality, near-city residences.

"I think Port Melbourne has become a lot more popular with the young property investing executives and families now," Says Mr Spanos. "And I've noticed an influx of people wanting to move closer to the city but not be right in the city."

Prices reflect this shift. Mr Maxwell says it's now tough to find anything for less then $300 a week, while penthouses in the newer apartment towers can fetch up to $1200 a week and bayside apartments wouldn't dip much below $700 a week.

Mr Spanos says prices in sought-after pockets, such as the Beacon Cover housing estate, have climbed by about $20 a week. These properties command between about $600 and $650 a week, she says.

By comparison Mr Spanos believes apartment rents have largely stabilised.

"We had to reduce some slightly last year because they weren't leasing, compared to this year, were they've kept their price," he says. Premium Apartments are an exception as the typically attract people who, he says, are willing to pay more for the right address.

Slightly cheaper housing can still be found in the Garden City, which is closer to Docklands and has un-renovated houses for around $400 a week.

Properties in Port Melbourne's midrange moved from between $300 and $400, depending on the age.

"But if you have a three bedroom townhouse in Port Melbourne for around the $450 mark, which is not in the Beacon Cover, you will pretty much see that go first, before a two-bedroom apartment," Mr Spanos says.

Generally speaking, however, Ms Maxwell syas demand is relatively consistent across all property investing types.

"We've got something here to suit all styles and they all seem to rent just as quickly as the next," she says. "There's no rhyme or reason to it. We have open-for-inspections and can get up to 20 or 30 people for either an apartment or an old weatherboard house.

Domain Express The age Saturday, June 11, 2005

More articles on http://www.aviategroup.com.au/ - Aviate offers property investing, Australian property

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.