blog.buysellrealestate.com.au

Up here in Brisbane there’s a real buzz in the real estate industry, but down in Victoria things are dead. According to house-sales-tumble-as-slump-bites-20080830-465v.html” target=”_self”>The Sunday Age newspaper, property sales have dropped from 2032 in the first four weeks of August 2007 to 1131 for the same period this year.

Maybe the forecast cut in interest rates, the first in 7 years, will help kick things along. During the March quarter of 2008, households were spending 38 per cent of their incomes on mortgage payments. Then there’s the rising cost of fuel, which has also gone through the roof this year, making things pretty tough on Kevin Rudd’s “working families”. Not to mention “working real estate agents”.

In house-sales-tumble-as-slump-bites-20080830-465v.html” target=”_self”>The Age article, CEO of the Real Estate Institute of Victoria, Enzo Raimondo, says that “the downturn may even put some real estate agents out of business.” I can tell you that’s already happened. I know of a few estate agents who have been forced out, and I also know of one entire real estate office, a franchise of one of the big name players, who will be closing their doors very shortly.

Amalgamated Holdings Limited has acquired the Gold Coast International Hotel in Queensland’s Surfers Paradise.

According to Australia’s largest building industry association, HIA,
there can be no further delay in respect to a drop in the official cash
rate.

Two Swanston Street retail properties in Melbourne have been put on the market to be sold via auction.

A former restaurant and entertainment property in Preston, Victoria is
to be offered for sale by public auction by agents of Sutherland
Farrelly.

A development site in St Kilda, Victoria is to be offered for sale by public auction by agents of Sutherland Farrelly.

A building that has been held since 1971 in Melbourne’s Bourke Hill
Precinct has sold following a public tender offer through Kliger Wood.

A corner positioned industrial property in Padstow, New South Wales, has sold at auction to a private investor.

A commercial strata investment that is currently occupied by Optus on a
long term lease in Sydney’s Neutral Bay has sold at auction.

An owner occupier has purchased a stand alone strata factory unit in Villawood, New South Wales.