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For years, wealthy Chinese have been transferring billions worth of their money overseas, snapping up pricey real estate in markets including Australia, the US and Canada despite their country’s currency restrictions.

china flag flying in front of bank building image www.acbocallcentre (2)

Now, one way they could be doing it is clearer. Last week, when China Central Television leveled money-laundering allegations against Bank of China, the state-run broadcaster’s report prompted the revelation of a previously unannounced government program that enables individuals to transfer their yuan and convert it into dollars or other currencies overseas.

Offered by some banks in the southern province of Guangdong, across the border from Hong Kong, the trial program was introduced in 2011 for overseas property purchases and emigration and doesn’t constitute money laundering, Bank of China said in a July 9 statement. The transfers were allowed by regulators and reported to them, the bank said.

“What it shows is the government has been trying to internationalise the renminbi for a lot longer than we thought,” Jim Antos, a Hong Kong-based analyst at Mizuho Securities said, using the official name for China’s currency and referring to policy makers’ long-stated goal of allowing the yuan to become freely convertible with other currencies. “I’m rather encouraged by this news because this is the way they need to go.”

Currency Controls

China’s foreign-exchange rules cap the maximum amount of yuan that individuals are allowed to convert at $50,000 ($53,400) each year and ban them from transferring the currency abroad directly. Policy makers have taken steps in recent years, including allowing freer movements of capital in and out of China, as they seek to boost the global stature of the not-yet-fully convertible yuan.

“There’s a silver lining in this incident as it may force the regulators to address the issue in a more open and transparent way,” said Zhou Hao, a Shanghai-based economist at ANZ. “This is an irreversible trend.”

The issue came to light after CCTV said Bank of China helped customers transfer unlimited amounts of yuan abroad through a product called Youhuitong, which means “superior foreign-exchange channel.”

Positives, Negatives

The program is another sign that China is testing methods to allow outward yuan flows before full convertibility, May Yan, a Hong Kong-based analyst at Barclays Plc, said by phone. The goal has been announced by policy makers since the 1990s, and is a step toward stated plans to make Shanghai a global financial capital by 2020.

“For an experiment, you want to see if there’s any positives or negatives,” Yan said. “When the bank or the regulators can accumulate that experience, then they will decide if they want to move forward, or broaden it or shut it down.”

The central bank in February unveiled rules to make it easier for companies with operations in Shanghai’s free-trade zone to move yuan in and out of the country, a further loosening of controls on currency flows. The yuan surpassed the euro as the world’s second most-popular currency in trade finance in 2013, according to the Society for Worldwide Interbank Financial Telecommunication.

The Guangdong branch of China’s currency regulator, the State Administration of Foreign Exchange, picked Bank of China, China Citic Bank and a foreign lender to let individuals transfer yuan abroad in a trial the banks were told not to promote, Time Weekly reported in April 2013. A Beijing-based Citic Bank press officer declined to comment on the program.

$3.4 Billion Estimate

While Bank of China didn’t provide figures, the 21st Century Business Herald estimated the lender has moved about 20 billion yuan ($3.4 billion) abroad through Youhuitong, citing people with knowledge of the trial program. “Many commercial banks” in Guangdong offer a similar service, Bank of China said in its statement, without naming them.

Today, a link on CCTV’s website for the report on Bank of China led only to advertisements. A spokeswoman for CCTV’s international relations department, which handles foreign media inquiries, didn’t immediately respond to an e-mailed request for comment on why the story appeared to no longer be available.

The People’s Bank of China and SAFE didn’t reply to requests for comment. The central bank is “verifying” facts related to media reports of bank money-laundering, the official Xinhua News Agency reported July 10, citing a PBOC spokesman.

Youhuitong Suspended

Youhuitong has been suspended while the PBOC and its anti-money laundering bureau request records of all previous transactions, according to a person familiar with the product, who asked not to be identified because he wasn’t authorised to speak publicly.

Transfer approval for Youhuitong customers usually takes several weeks to a month, the person said. They need to provide documents showing how the money to be transferred was obtained, such as tax-payment receipts and proof of income, as well as a property-purchase agreement or proof of emigration, he said.

Youhuitong customers would typically deposit yuan with Bank of China at least two weeks before the transfer, the person said. Once approved, the customer and the bank agree on an exchange rate before the funds are moved to an overseas account designated by the customer, he said. Money destined for real estate would go directly to the property seller’s account to ensure the cash won’t be misused, he said.

A Beijing-based press officer for Bank of China declined to comment. Industrial & Commercial Bank of China  and China Construction Bank, the nation’s two largest banks, declined to comment on whether they offer similar products.

Another Way

HSBC, which runs the largest branch network among foreign banks in China, offers its Chinese clients another way to access offshore mortgages while avoiding the cap on foreign-exchange conversion, according to a person familiar with the mechanism, who asked not to be identified without having authorisation to speak publicly.

Customers deposit yuan with HSBC’s mainland unit or purchase its wealth-management products, and the bank’s overseas branch then issues a foreign-currency denominated mortgage using the China deposits as collateral, the person said.

“We seek to abide by the rules and laws of the jurisdictions and geographies in which we operate,” said Gareth Hewett, a Hong Kong-based HSBC spokesman.

Affluent Chinese have been moving money overseas in search of greater investment returns. China’s benchmark stock index has tumbled 66 per cent from its 2007 record, while the government has clamped down on property lending to rein in rising prices.

Spending up in Australia

Chinese buyers, including people from Hong Kong and Taiwan, spent $US22 billion on homes in the States in the year through March, up 72 per cent from the same period in 2013 and more than any other nationality, the National Association of Realtors said in its annual report on foreign home purchases.

“Clearly the property market wouldn’t nearly be so robust as it is today without mainland money,” Mizuho’s Antos said. “How did they do it? With Bank of China’s help. There has been a tremendous amount of mainland money flowing offshore and it couldn’t have happened without” official approval.

And Chinese have become the biggest investors in Australia’s commercial and residential property, with purchases surging 42 per cent to $5.9 billion in the year to June 2013, according to the Foreign Investment Review Board.

Vancouver’s real estate market has also seen the impact, having been “fueled tremendously in the last couple of years by high-end wealthy Chinese and Hong Kong buyers,” according to real estate agent Malcolm Hasman.

China needed to improve its oversight of capital flows after $US2.7 trillion in unexplained funds moved overseas in the decade prior to 2012, Anthony Neoh, a former government adviser who helped the country open up to foreign money managers, said last year, citing data from Integrity International. Those funds fueled property bubbles in cities such as Hong Kong instead of being invested in domestic assets, he said.

“We know the demand to move abroad is there,” said ANZ’s Zhou. “Even if you impose various restrictions, the money will find its way out of the country, via underground banks and other means.”

Bloomberg

Henry Sapiecha

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Cadadas pension funds splurge

$12bn on real estate in Australia

CANADA’S biggest pension fund has made investments worth about $6.7 billion in Australia in the past 1.5years.

The $137bn Canadian Pension Plan Investment Board is also committed to investing another $900 million with Goodman Group, including $595m for its share in the proposed takeover of the ING Industrial Fund (IIF) in a Goodman-led consortium.

It is the largest investor in Australia among global pensions, which have collectively put more than $12bn in Australian companies or assets in recent months.

Commenting on the IIF deal, Graeme Eadie, CPPIB senior vice-president, real estate investment, said the transaction was an opportunity to invest in a high-quality industrial property portfolio.

“It represents our largest real estate investment in Australia,” Mr Eadie said.

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This deal came within four weeks of CPPIB buying a 25 per cent stake in Westfield Stratford City for $700m. This is its second investment with the Australian shopping centre giant Westfield Group.

Its largest deal in Australia to date is toll road company Intoll, which it took over and delisted last month after shareholders approved its $3.5bn offer.

Intoll, the former Macquarie Infrastructure Group, was the second former Macquarie vehicle that CPPIB had acquired.

Its first acquisition was the former Macquarie Communications Infrastructure Group, for which it paid $2.2bn.

CPPIB, based in Toronto, is a professional investment management organisation that invests the funds not needed to pay current benefits. It has also invested with groups such as Dexus Property Group and Macquarie Global Property Advisers, a private equity group, and Colonial First State Global Asset Management.

It is thought to be close to acquiring an office tower in Lend Lease’s Barangaroo project, on Sydney’s waterfront.

CPPIB regularly co-invests with The Netherlands’ APG (Algemene Pensioen Groep, or “all pensions group”) such as in the Goodman consortium in which APG has a 25.2 per cent stake.

APG is also a 25 per cent owner of Westfield Stratford City in Britain and also has a third interest in the Westfield UK Shopping Centre Fund. One of APG’s first investments in Australia is a 40 per cent stake in a Valad fund, which owns Goldfields House, in addition to also owning an undisclosed stake in the unlisted Valad Core Plus Fund.

APG also has an investment in an unlisted GPT fund.

While APG declines to comment on specific investments, its head of strategic real estate in Asia, Daan van Aert, said Australia was an attractive area for real estate primarily due to the stable economic growth, strong regulatory framework and because it is a transparent market. “We are at our target exposure for Australia,” Mr van Aert said. “As such, we are currently more focused on asset management and recapitalisations of our existing portfolio.”

He said APG’s strategy was to set up local partnerships with the strongest real estate managers in the world, such as Westfield and Goodman Group from Australia.

Another Dutch pension fund, PGGM, last month invested $262m in the new Lend Lease Social Infrastructure Fund in Britain. PGGM holds $1bn in Westfield notes, secured on six shopping centres.

Global pension funds including those from Malaysia, Korea, Canada and Sweden have recently stepped up investment as they seek out countries with solid economic growth to invest in search of a stable future income stream.

While some chose to partner with the likes of Goodman Group, Colonial First State Global Asset Management, Westfield, Lend Lease or GPT Group, others opt for direct investment.

Korea’s National Pension Scheme, Malaysia’s Permodolan Nasional, Switzerland’s Swiss pension group AFIAA and Germany’s Deka Immobilien have all bought Australian office blocks.

Additionally, an unknown number of pension funds invest through global fund managers, like the Chicago-based LaSalle Investment Management; the Hong Kong-based CLSA Capital Partners; CBRE Investors; or Sweden’s SEB Asset Management.

As members’ contributions pile up around the world — just as in Australia — international property consultant DTZ recently estimated that $US281bn of new capital would be available for investments this year, up 22 per cent from a year ago.

China, Australia and India would attract about 15 per cent of that capital, said a recent DTZ report.

Jonathan Thompson, KPMG’s head of global real estate, who was in Sydney recently, said more pension funds would start to put their money in real estate. For instance, he said Norway changed its laws in March last year to allow the Norwegian Government Pension Fund, which manages $US520bn, to invest in real estate.

Alistair Meadows, regional director of international capital group Jones Lang LaSalle, said the next wave of investment would come from Asian pension funds.

By 2020, he said Asian pension funds were expected to have assets totalling $4.3 trillion.

Since 2009, South Korea’s National Pension Scheme, which invests the pension contributions of about 18 million people, had acquired $3.6bn of prime real estate in London; Tokyo, Berlin and Sydney, he said.

In Australia, NPS bought Aurora Place, a blue-chip CBD tower, for $635m.

On his recent visit to Seoul, Mr Meadows met several second-tier Korean pension funds — the equivalent to industry funds in Australia — that were keen to follow NPS’s footsteps overseas.

“We believe that most pension funds are underweight to real estate, especially in Japan and Korea,” Mr Meadows said.

“In 2011, we expect to see them in Australia looking for direct acquisitions; co-investment with an Australian partner or indirectly through unlisted Australian property funds.”

While the established pension funds will have between 5 per cent and 10 per cent of their investment in property, Mr Meadows said most Asian pension funds had no allocation or less than 5 per cent of their assets in property.

DTZ associate director Aurelo Dinapoli said pension funds were keen to deploy their capital in key Australian cities — Sydney and Melbourne.

“We represented Chinese pension funds looking for Australian assets,” Mr Dinapoli said.

“Money is not an issue for this group. They have  lots of money to invest.”

He said that typically a pension fund looked to invest between $200m and $300m on its first investment in Australia.

Rick Butler, senior managing director of CB Richard Ellis, has facilitated several sales, including most recently the $113m purchase of 737 Bourke Street by Malaysian pension group KWAP.

Mr Butler said these buyers were interested in direct assets or in “club” deals with small numbers of like-minded investors.

Some consultants believe that the high Australian dollar may reduce the flow into Australia.

APG’s Mr van Aert said: “The general policy is hedging currency exposures, and as such the hedging cost is factored into our investment returns and decisions.”

Sourced & published by Henry Sapiecha

Click here to find out more!

India’s richest man builds

world’s first billion-dollar home

Glenda Kwek October 15, 2010 – 1:43PM

An Indian businessman has built the world’s most expensive home – valued at $1 billion, with three helipads, its own air traffic control, a six-floor car park, a staff of 600, a four-storey hanging garden and a cinema.

The 173-metre tall mansion is called Antilia, after a mythical island in the Atlantic Ocean, and has just been completed after seven years of construction.

Owner Mukesh Ambani, his wife Nita and three children are set to move into the opulent 27-floor building after an housewarming party on October 28, which boosts a guest list of India’s elite that reportedly includes Prime Minister Manmohan Singh and star cricketer Sachin Tendulkar.

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Home sweet home ... Mukesh Ambani's new home.Home sweet home … Mukesh Ambani’s new home. Photo: Jay Hariani via WikiCommons

The building soars high above Mumbai, giving its future residents a panoramic view of the country’s financial capital, including its slums, and the Arabian Sea.

It was built to withstand military-grade explosions and an magnitude-8 earthquake, Indian media reported.

“I have seen several houses, including that of Lakshmi Mittal (an Indian steel tycoon and also one of the world’s richest men),” a businessman, who was not named, told The Times of India.

The home's ballroom.The home’s ballroom.

“But Antilia is marvellous. I remember the house having a Picasso painting, it was one of its kind.”

Mr Ambani, 53, is the world’s fourth richest man and has a personal wealth of about $27 billion, but is set to become the world’s richest in 2014, Forbes magazine estimated.

He is the chairman of Reliance Industries, India’s largest private sector company, which has interests in oil, gas, textiles, retail and telecommunications. He also owns the Indian Premier League Twenty20 cricket team, the Mumbai Indians.

While the home cost about $77 million to build, Mumbai’s growing property prices means Antilia is now estimated to be worth 15 times more – about $1 billion.

An Indian design magazine editor, Shiny Varghese, said Antilia was “so obscenely lavish” that she doubted many other wealthy folk would splash out in such a manner.

“But we are heading into the sort of culture where money is not a question when setting up a home,” Mr Varghese told The Guardian.

Mr Ambani is believed to have previously avoided overt displays of his wealth, although Indian media reported his purchase of a $60 million Airbus corporate jet for his wife as a 44th birthday present in 2007.

“Perhaps he has been stung by his portrayal in the media as an introvert,” Hamish McDonald, who has written a book about the family Mahabharata In Polyester, told the Guardian.

“Maybe he is making the point that he is a tycoon in his own right.”

Mr Ambani and his family are reportedly currently living in the more modest surrounds of a 14-storey apartment building.

The specs

Antilia, dubbed the “mansion in the sky” by the Times, was built in consultation with US architecture firms Perkins and Will & Hirsch Bedner Associates.

Its construction was reportedly influenced by Vaastu, an ancient Indian belief similarly to the Chinese’s Feng Shui.

Each level is twice as high as a normal floor.

No floors or rooms are the same, meaning the material used on one floor cannot be used in the construction of another level.

The first six floors are taken up by a car park that can hold up to 168 cars. The next floor is the lobby, with nine lifts servicing the building.

On the eight floor lies a 50-seat theatre. Another floor consists of a ballroom that has a ceiling mostly covered by crystal chandeliers.

Other floors contain a health spa with a gym and dance studio, swimming pools, lounges, a vehicle maintenance area and, of course, guest rooms.

The Ambani family will reside on the skyscraper’s top four floors, which takes up about 37,000 square metres.

The competition

Mr Ambani’s home is the world’s most expensive, but he is not the only person to have built himself a luxurious abode.

The Villa La Leopolda, on the French Riviera, was built in 1902 by King Leopold II of Belgium. It was last valued to be worth at least $US524 million and is reportedly owned by a Russian billionaire.

Dracula’s Castle, in Romania, was built in the 14th century and is now a tourist museum. It is perched on top of a 61-metre rock, overlooks the village of Bran and has about 60 rooms. It is valued at about $US135 million.

The Hearst mansion, also known as the Beverly House (not the Hearst Castle) in California, was valued at about $US165 million and has 29 bedrooms – but only three swimming pools. It is named after its former owner, newspaper baron William Randolph Hearst.

It is now on the market for $US95 million after its current landlord filed for bankruptcy.

The One Hyde Park penthouse, in London, has only six bedrooms but was sold for a cool £140 million ($226 million) in August. It has bulletproof windows, panic rooms and a numberplate-recognition security system for its car park.

Its owners will be guarded by security guards who were trained by the SAS and served by staff from its neighbour, the Mandarin Oriental hotel.

Sourced & published by Henry Sapiecha

Dear Henry Sapiecha,

We are pleased to announce the next National Rental Affordability Scheme (NRAS) workshop in Perth.  Interested in learning about NRAS and how it can boost your personal wealth through property investing?  GPS is hosting NRAS seminars to explain the financial benefits to investors, how it works and what properties are available Australia wide.

NRAS Property Workshop


The National Rental Affordability Scheme explained

GPS is proud to provide Australian investors with the opportunity to take part in the National Rental Affordability Scheme (NRAS) with properties all over Australia.  This workshop will teach you about NRAS and the excellent tax free rebates/incentives for the next 10 years.

By supplying you access to a website especially designed to provide detailed analysis you will be able to assess the benefits of NRAS on a range of effective investment properties nationally

Some of the topics to be covered in depth are:

What is a NRAS?

Why NRAS was introduced.

Government Tax Free Incentives.

What are the financial benefits to the Investors?

What properties are available in Perth under NRAS and how do they compare?

How does GPS assist in choosing the best NRAS product Australia Wide?

A case Study and a lot more.

Perth Workshop Details:

NRAS workshop:

When: Wednesday 8th September 2010

Location: GPS Perth Office – Suite 1, 251 Hay Street, East Perth WA

Arrive: 5:45pm for Registration, Networking & Refreshments
6:00pm Start – 7.30pm

We extend the invitation to you and your associates who you believe would also benefit from this education. You may register your interest for this workshop in your State.

Please RSVP at your earliest to confirm your attendance to the workshop by simply completing the online form: www.gpsnetwork.com.au/NRAS-Property.asp

Best Regards,

The GPS Team

Property Investment Information – www.gpsnetwork.com.au

Search Investment Properties – www.guardianproperty.com.au

Published by Henry Sapiecha

10-12 August 2010
Venue: Westin – Sydney

REIW Australia is part of an established global brand with a portfolio of real estate investment conferences held in Singapore, Shanghai, Mumbai, Tokyo, Dubai, Florida, London, Johannesburg and Sao Paulo.
Sourced & published by Henry Sapiecha

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Published by Henry Sapiecha

This is a great article I just received via a newsletter from Jon in Australia

He operates a property investment system.

Anybody wishing to seek further info just needs to email me at

admin@acbocallcentre.com

I have copied it for readers & visitors of the ACBO stable of sites

to enjoy,  learn and perhaps motivate.

HE QUOTES

‘ACCIDENTAL MILLIONAIRE’

I just got back from a massive weekend in Sydney.

No it’s not what you are thinking, my party days are over, I was at the Global Real Estate Investor seminar.

Some might call that “work”, however for me, and I often say this, my work is pleasure.

Yes I really mean that, I love what I do.

But that’s not why I’m writing to you today, I want to tell you about a person I met at the seminar on the weekend.

Let’s call him, “The Accidental Millionaire.”

That’s one thing I love about my business, I get the opportunity to meet incredibly interesting people at events.

Let me tell you about this chance meeting…

A young gentleman caught my attention as I was speaking to a group of people on one of the breaks.

He came up to me and just handed me a glass of water.

He didn’t say much, I think it was along the lines of, “Looks like you might need this…”

He didn’t stay to be part of the group, he just handed me the glass of water and moved on.

At the lunchtime break I saw him walking my way and I simply stopped him to say, “Thank you for the glass water.”

He passed it off as being a small act of “nothing special” but then went on to ask me whether I had 10 minutes to spend with him, he wanted to run something by me.

Now, I’ve learnt a long time ago to never pre-judge anybody. You might think it’s quite easy to do but I can assure you it is in fact very difficult, and in some cases almost impossible.

To paint a picture for you, this guy was casually dressed, however I noticed that his clothes were very Italian-designer orientated. In other words, they looked expensive.

First, he complimented me on the event and the content, and then went on to tell me that he was serious about investing in the US market – but did not want to buy one house at the time, he wanted t o buy 100-200 houses all at once. He referred to the speakers comments about how large investors would buy direct from the banks at wholesale for deep discounts and quickly turn them around for huge profits.

Of course this immediately caught my attention and I started wondering who this guy was… and what has he done to put himself in a position to simply pull out big figures like that.

I wanted to find out if he was serious or just big-noting himself.

I told him I was impressed with his ambition and ability to think big, as well as putting it out there straight away.

Anyway, he told me that his current business was going great-guns and turning over in excess of $30 million per annum with a significant and healthy profit.

This guy is what I call a player.

It was obvious to him from what he had heard at the seminar that the US market was a big opportunity to make some very big returns on his capital and he was not just going to dabble with this – he was going to be very serious and strategic.

He openly told me that he had millions to invest and he was ready to go right now. I was more curious than ever to find out a little bit about his background.

It turns out that this guy is a massive fan of personal development and self-improvement philosophy. He was able to recite concepts and ideas from some personal development greats such as David Schwartz, the author of The Magic of Thinking Big (the first book he ever read), Napoleon Hill of  Think and Grow Rich… Zig Ziglar….. Jim Rohn….. Anthony Robbins….. Winston Churchill…. etc, etc, etc.

All of these success greats had great impact upon his journey to significant wealth.

I wanted to dig deeper into his psychology and find out what made him so successful.

Now this guy is turning over $30 million and he says to me that he didn’t actually feel as though he was hugely successful, he was just taking advantage of the opportunities that were being presented to him.

I think that’s very instructive, anybody from the outside looking in would definitely see him as a success, however he just saw himself as a person of action and taking advantage of opportunity… Interesting.

I wanted more specifics, so I asked him for 3 reasons that he thought had made him achieve the results that he had achieved…

He said three things…

  1. The ability to think big.
  2. The burning desire.
  3. Outcome driven.

I was curious about one thing… He didn’t mention his ability to take massive action. I quizzed him about this…

“Oh!” he said. “That comes naturally to me, I didn’t even think of that… But now that you mention it, I suppose that plays a big part in what I do.”

Now this is very instructive, and many millionaires such as this guy do this subconsciously… Meaning they don’t really know they’re doing it. That’s why it’s sometimes really difficult for a wealthy person to explain what makes them successful.

He has gotten himself to the stage where taking action is normal, natural and simply part of his process.

This is a big lesson for anyone who wants to be rich, wealthy and happy. Your actions have to become part of what you do daily, without thinking about it.

All this most likely developed for this guy during his time that he spent with the self-improvement greats – which obviously changed his psychology greatly.
There are big lessons here, let me summarise them for you…

  • Never pre-judge… Be curious about the people that you interact with. You never know who you might be talking to.
  • Add value… His gesture of giving me a glass of water was small in the scheme of things, but how often do people do that?
  • Mindset… It’s amazing that most millionaires have similar stories of learning from the great masters of the past.
  • The ability to think big… If you’re going to think, why not think big?
  • Burning desire… This is what underpins the philosophy of “Failure is not an option… Just a learning experience.”
  • Outcome driven… You’ll always find a way if you’re outcome-driven. You wont stop until you’ve reached your goal.
  • Action-orientated… Turn the often difficult task of action into something that comes naturally, easily and effortlessly.


So there you have it, a chance meeting with a self-proclaimed accidental millionaire.

PS – Things happen for a reason.

HOW MANY OF YOU OUT THERE RELATE TO THIS STORY…??

Sourced and published by Henry Sapiecha 11th Feb 2010


The property market rebounded in the past year with house sales up by almost third across the nation, a leading analyst says.

The number of houses sold across Australia was 130,000 in the June quarter, up 32 per cent from the corresponding period in 2008, RP Data said on Thursday.

RP Data national research director Tim Lawless said Perth had the greatest growth in sales of all capital cities in the past year.

Sales in the June quarter last year were nearly 70 per cent below the five-year average.

“The future is looking brighter for Perth with the resources sector once again picking up and a modest degree of capital growth returning to the market,” Mr Lawless said.

Sydney, Australia‘s largest city had the second biggest rise with sales up 38 per cent on a year before. Sales of houses in Brisbane were up 35 per cent, Hobart sales were 34 per cent higher, Darwin had an increase of 32 per cent and Melbourne was up 30 per cent, RP Data said.

Adelaide sales were subdued, up nine per cent. However, house sales in 2008 were significantly below the 2001 to 2003 period during the property boom.

The real estate market hit a trough in sales during the September quarter in 2008 before stimuli from the Reserve Bank of Australia and the federal government arrested the slide.

“Because of historically low interest rates, a first home buyer stimulus package and improving economic figures, buyers have been given renewed confidence in market conditions,” RP Data said.

Mr Lawless said home sales were likely to increase during the September quarter before declining during the holiday season.

“Sales volumes are likely to stabilise around historical averages during the first half of 2010 as interest rate rises dampen demand and the level of government stimulus winds down,” he said.

Supplied by AAP


Sourced and published by Henry Sapiecha

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