House rents at record highs in Hobart, Melbourne and Sydney whilst Darwin and Perth showed decreases according to Domain rental report
Hobart followed by Melbourne showed the greatest percentage increase in house rental prices in the March quarter, 3.1% and 2.5% respectively. The average weekly house rents in Hobart rose from$320 to $330 over the last quarter whilst the average house rents in Melbourne rose from $381 to $390 per week. The rental increases primarily driven by solid migration levels.
Despite rents being at record high levels, rental yield in Australia’s two largest cities, Sydney and Melbourne have been eroded over the last year as rents are yet to catch up with capital gains. Sydney’s rental yield is down by 8.2% to 3.87% per annum over the last year whilst Melbourne’s yield is only down by 1.9% to 4.03% per annum.
With house rental prices rising and house prices rising even quick it is becoming even more difficult for first home buyers to get into the property market. It is therefore no surprise that many first home buyers are turning to the family to help them buy their first property.
Are you renting and want to buy? Does your family want to help you to get started in the property market? Find out about more about Guarantor home loans.
Median house price soars in Mt Waverley
by REBECCA DI NUZZO
WAVERLEY’S STATUS AS A PROPERTY HOT SPOT HAS BEEN CONFIRMED WITH THE SUBURB RANKING AMONG MELBOURNE’S TOP 25 SURBURBS FOR THE BIGGEST GROWTH IN HOUSE PRICES.
The median house price shot up 18.1 per cent to $980,000 in the year to March, eclipsing neighbouring Glen Waverley, to establish Mt Waverley as Monash’s star performing suburb, according to a CoreLogic RPData report.
Glen Waverley’s median house price grew 13.8 per cent to $990,000 in the same 12-month period.
Jellis Craig Mt Waverley agent Stephen Huang said the area’s Chinese community, elite schools, public transport options and The Glen made both suburbs popular with overseas buyers.
But the quieter streetscapes of Mt Waverley had become a major drawcard for families.
“For a lot of new migrants this (Mt Waverley) is the first choice,” Mr Huang said.
Source: Herald Sun
Are you thinking to buy a property in Melbourne? Maybe you are looking in Melbourne’s top top growth suburb Mount Waverley.
What is a Union?
“With all their faults, trade unions have done more for humanity than any other organisation that ever existed. They have done more for decency, for honesty, for education, for the betterment of the race, for the developing of character, than any other association.” Clarence Darrow
A modern definition of what a trade union is:
“An organisation of mostly employees or workers, the main activities of which include the negotiation of rates of pay and conditions of work for its members.”
In Australia, a union is sometimes referred to as a trade union or a labour union.
A union is an organisation of workers or employees who have joined together to achieve common goals. These goals can include seeking higher pay and better working conditions, fighting for job security and protecting the integrity of a trade.
A union, through its officials and delegates, bargains with the employer on behalf of union members (the rank and file) and negotiates (or engages in collective bargaining) to reach enterprise agreements with employers.
This bargaining may include the negotiation of wages, work practices, dispute procedures, recruitment, disciplinary and termination protocols, benefits, workplace safety and company policies. Enterprise agreements negotiated by the union are binding on the employer and all employees, including non-members.
There are currently almost one hundred unions in Australia. Everyone who works in Austalia is entitled to join a union. Which union you should join depends on what sort of work you do and where your workplace is located.
More information on The Australian Workers’ Union
Who can join The Australian Workers’ Union?