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Saturday, July 24, 2021

Development-approved Mollymook site for sale

An 8,592sqm (approx.) site in the NSW South Coast town of Mollymook has hit the market, which has approval for the development of an apartment complex, with water and district views.

The site is located 200m from the Mollymook Beach and Golf Club, on the corner of Davies Street, Ocean Street and Shepherd Street, and has approval for a total of 79 two- and three-bedroom apartments over three buildings.

The site is for sale by expressions of interest via Matrix Property Group. Associate Director Peter Panagopoulos said it provides a “rare opportunity” for a builder or developer to secure a development approved site in a beachside location where land of this size is rarely sold or developed.

“Additionally, the development could be ready for presales and a potential construction start this year,” he said.

Greens call for rental ‘banking safety net’

The ACT Greens have moved an amendment that would see tenants are ensured the option of paying their rent via a bank transfer.

Currently, standard residential tenancy terms state “the tenant and the lessor may agree that rent is to be paid electronically”, but do not explicitly provide the option of a bank transfer.

ACT Greens housing spokesperson Caroline Le Couteur says some tenants in the ACT are required to pay their rent, through non-standard terms in their agreement, via a third party app. The amendment would see the standard terms changed to include a bank transfer as an option for tenants.

“We know of cases where student renters haven’t been paid that week, but funds are automatically deducted from their account – money that would otherwise have gone to buying food and other essentials,” Ms Le Couteur said.

“If you’re someone who might not have extra money in your account at that time or a casual worker, who might not have been paid on time, a bank transfer option provides that extra safety net.”

Along with providing renters more “choice and control”, Ms Le Couteur said third-party apps present privacy and data protection issues for tenants which would not be a concern with direct bank transfers.

First home buyers drive Australian market

The first home buyers segment of the market has grown again, with the share of the market at its largest in nearly seven years, according to ABS figures.

“First home buyers are becoming an increasingly vital driver of activity in our housing market, especially with investor activity so quiet,” Master Builders Australia chief economist Shane Garrett said.

First home buyer loans accounted for 27.6% of owner occupier housing loans during March 2019. The state where first home buyers enjoy the largest share is the Northern Territory, with 42.9%. The ACT comes in third-last with 22% behind South Australia and Tasmania.

Master Builders ACT chief executive Michael Hopkins said the ACT is missing out on the first home buyer growth.

“First home buyers are becoming an increasingly vital driver of the Australian housing market, especially with investor activity so quiet. However, many [first home buyers] are locked out of the ACT market due to high land prices,” he said.

Both Mr Garrett and Mr Hopkins have welcomed the Coalition’s plan, which has been matched by Federal Labour, to facilitate low-deposit home loans for first home buyers.

“This brings home ownership a giant step closer and spares young home buyers from being forced to waste money on expensive Lenders’ Mortgage Insurance (LMI) premiums,” Mr Hopkins said.

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