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Found 12 results

  1. VICTORIAN homeowners have lost more than $290 million over the past three years selling properties for less than what they paid for them. Alarming figures that point to a hidden crisis in the property market reveal 5427 vendors lost an average of $54,000 on investments gone wrong in the three years to July. The Melbourne CBD, Southbank and Docklands are the state's leading loss-making suburbs. One out of every 20 properties sold in those locations had lost their owner money, according to the data from a property research firm. But the losses are not limited to the flats-dominated inner-city market, with the figures also showing vendors losing millions in popular family areas. These suburbs include Point Cook, Roxburgh Park, Frankston, Reservoir, Carrum Downs, Glen Waverley, Hawthorn and Elwood. Residex, a property information firm that collates data on real estate markets throughout Australia, compiled its analysis after sifting through the results of 268,000 sales recorded with the Valuer General. It is the first time the firm has crunched the numbers on Victoria, meaning it could not make historical comparisons. The losses are even more startling given that the city's median house price rose by around 30 per cent over the same period. A breakdown of the top 10 loss-making suburbs is heavy with inner-city locations as well as some of Melbourne's most expensive postcodes. At the top of the list is the CBD, where 427 properties were sold for less than what the vendor paid. Southbank recorded 213 loss-making sales, Docklands 92, St Kilda 92, Carlton 91, Hawthorn 85, South Yarra 70, Brighton 61, Elwood 61 and Point Cook 57. The figures come as Melbourne limps into its traditional spring selling period, with little more than half of all properties selling at auction. The market has been battered by seven interest rate rises since April 2009, which have added about $85 a week to a $350,000 mortgage. Yesterday, almost 600 properties were auctioned, but only achieved a clearance rate of 54 per cent. Residex chief executive John Edwards said the number of vendors burned in property sales would eclipse 6000 if stamp duty and transaction costs were taken into account. Mr Edwards, who has monitored the nation's property market for 25 years, said the pain for Melbourne home owners was far from over. By the time the market bottoms at the end of next year, Residex expects the city's median house price to have shed 15 per cent. Families living in a $500,000 home can expect to see $75,000 wiped from its value. "The adjustment process in Melbourne is just beginning," Mr Edwards said. "I won't be surprised to see Melbourne suffer more than any other capital city in Australia. It has got the highest volume of surplus stock in the country and as the manufacturing industry further turns down the city will suffer from more unemployment than any other capital." JPP Buyer Advocates' Catherine Cashmore said many of those who had lost money in property purchases would have been short-term investors, both local and foreign, buying off-the-plan, inner-city apartments. "There is a surplus of high-rise developments and they tend to lose value before they gain value," she said. "Nine times out of 10, off-the-plan developments are overpriced. They are priced on speculative value. "When you go to sell you are also in a situation where no one wants to buy your lived-in apartment because there are always brand new ones coming on to the market in those postcodes." About 55 per cent of houses in Melbourne are now worth double what their owners paid, RP Data found. Interest-rate watchers are predicting a Melbourne Cup day interest-rate cut of 0.25 per cent by the Reserve Bank. AMP Capital chief economist Shane Oliver said while homeowners will welcome the cut, it will take several more to inject any life into the state's property market. "We will need a few more cuts before housing picks up," Oliver said.
  2. A mate of mine got assigned a CO recently. He is currently in category 3. We are assuming that there will be a new SOL 3 after 1 July 2011. So, my question is if my friend's occupation is no longer in category 3 after 1 July 2011, will he lose his CO? We are assuming his application will take some time to process eventhough he has got a CO right now. Are people with COs right now safe even if the SOL 3 changes?...
  3. Guest

    I'm about to lose my mum.

    My mother has been in hospital since Thursday after suffering a heart attack,she was going to be transferred to Melbourne for surgery tonight however she has detiorated and the hospital just rang to say that she is not going to make it. I'm about to lose my best friend in the world.:cry::cry::cry:
  4. I received a +ve assessment under 2231-79 .NET on 4th May 2010. I've read from a PIO user that if he is to apply to be re-assessed for the transfer of ASCO code to ANZCO code, then it must be done within the 60 days or he will have to re-apply again!! 60 days after I received my assessment is 2nd July (3 days ago). I haven't applied for re-assessment yet as I am waiting for the SMP's to be announced. The new SOL only came out a couple of weeks ago. I've emailed ACS but still waiting for their response. Anyone else heard anything regarding this?? Cheers
  5. kernow43

    Aunty is going to lose weight!

    THE BBC is to close down half its website, cut spending on imported American programs and close two radio stations in an admission it has become too large. BBC director general Mark Thompson will announce a cut in its website pages by half, backed by a 25 per cent cut in staff and budget, said the paper. http://business.timesonline.co.uk/tol/business/industry_sectors/media/article7041944.ece
  6. Hi there, Im not British, but I have found this forum really great, so I have a question. I have been with my aussie partner for 6 years but we have been living in my country in Europe. Now, we would like to settle in Australia. I think that gaining a de facto visa should be no problem considering the length of our relationship but I wanted to ask one question: Once I get my permanent residency, will it be affected somehow in case my aussie partner leaves me? I know, Im picturing the worst scenario there is, but you cant influence other people´s behaviour. Thank you heaps! Linda
  7. I keep reading new threads & posts from PIO'ers who seem quickly & suddenly deflated after arrival. Please give Australia a fair go. If you search this site you can see that lots of people go through a range of complex and often contradictorary emotions on arrival and in the early days. It takes guts to put your (adult) selves under scrutiny to become migrants. It takes guts & humility to enter the job market, after years working as a qualified tradie or other professional in the UK - a lot of people can't take this 'challenge' to their view of themselves. Get over it nobody here gives flying f*** what you did in the UK.---- (But I had a team of 25 in Waltham Forest in charge of investigating weevils, doesn't this count for something here? ....Actually.... No ......nobody understands or cares, get over yourself & find something you can do here) Give it a fair go, make an effort, and you might find it pretty ok here......
  8. Skilled workers to lose jobs: survey 2nd March 2009, 6:45 WST As many as 50,000 skilled workers could be looking for work by 2010 across most industries, a new survey says. Demand for skilled workers looks to have peaked in the final three months of 2008, with chefs the number one occupation still being sought after, the Clarius Skills Index shows. The research, conducted by KPMG Econtech for specialist employment services group Clarius, shows the gap between positions available and candidates available shrank by 10,000 in the December quarter. The Clarius Skills Index was 103.1 in the December quarter, down from 103.5 in the September quarter. Based on its forecast of an unemployment rate of 6.1 per cent by mid-2010, it expects there will be an oversupply of skilled workers of between 35,000 and 50,000 next year. The federal government is expecting a 7.0 per cent jobless rate by June 2010, compared with a jobless rate of 4.8 per cent in February 2009. Clarius Group executive chairman Geoff Moles said the predicted oversupply of labour would represent a massive change in the employment landscape but its effects would be far from uniform. "While economic pressures are changing the national employment landscape rapidly, the skilled labour market easing does not reflect the reality in every industry sector, with extreme shortages persisting in a few professions," he said. He said there were still 39,000 unfilled skilled positions across professional occupations - building and engineering, accounting and auditing, healthcare and computing - in the December quarter. There were also 60,000 tradespersons such as construction, automotive trades and metalworkers. He said the terrible tragedies and massive community impacts of both the Victorian bushfires and the Queensland floods may increase demand in sectors where shortages persist, such as building and engineering and trades industries. Demand for accountants and auditors also peaked in the December quarter as redundancy programs at the country's big four accountancy firms were undertaken. "As the economy tightens further, discretionary expenditure is expected to further impact social activities and particularly the restaurant industry, thereby softening demand for chefs, currently top of the skills shortage list," the report said.
  9. There must be a lot of Brits in this country that are on work visa's with sponsorship and are or have lost their jobs during this recession. What would you do, as dont you have to get re-sponsored by another company to remain in the country or will you have to go home if you cannot find work. There is no help for people on Visas for benefits so I guess there would be no choice in the matter. I know in the IT industry it is particularly hard at the moment, in fact I have never seen anything like it.
  10. I have a few points on my licence and am wondering if they will get put on an oz licence when i apply? Andy
  11. Health boards could lose £85 million because of rising inflation, Labour has warned. The party made the claim on the assumption that inflation would outstrip the SNP government's budget increases at 4.4%. All health boards and the Scottish Ambulance Service would suffer under the scenario. Labour called on health minister Nicola Sturgeon to find extra funds, warning that patients could suffer from real-term cuts. But the SNP attacked the claim as "absurd and inaccurate". A spokesman said when the government made their NHS budget increases they were above the projected inflation rate at the time. Margaret Curran, Labour's health spokeswoman, said: "These are not just efficiency savings, but real cuts to the health service totalling over £85 million. I am very concerned that patient care will suffer as a result. "If Nicola Sturgeon doesn't want to be branded the Minister for Health Cuts she must make the NHS a genuine priority for the SNP and find the money to fund it properly." The government allocated an increase in funds of around 3% - adding £257 million to health board and other health service budgets. Labour claimed 4.4% inflation would lead to real-term cuts of between £300,000 in Orkney to £21.7 million in Greater Glasgow and Clyde. Grampian would face cuts of £5.9 million and Lothian would lose £8.7 million. The ambulance service would lose £2.2 million, Labour said.
  12. Guest

    do you lose pr status

    I emigrated to Australia with my parents as £10 poms and lived there for nearly 9 years (68-77).Unfortunately my parents never took up citizenship and as far as i know our original visa's were not cancelled as such. We have never been back, though i would love to go. Now my question is this,i know i would need to secure a visa to return. But would we have lost our PR status. Dean I found the answer and you do