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Ryan So are you saying that a reduction in debt - did that happen because of the propertycrash in America or did that precede and kind of caused the property crash that happenedin America?Steve The property crash preceded the house problem. You will see another chart comingup on screen in a moment. Because the argument for demand for housing being new mortgages,so change in mortgage debt. It affects house prices. Therefore, the acceleration of debtsets the change in.

House prices. So to have rising house prices, you have to have acceleratingdebt.Ryan So effectively, if debt stagnates and just stays equal so it's not accelerating,then could that cause like a slump in the market because you're getting increased supply,but you're not getting increased debt?Steve Yeah. And you can see this in the American data. Take a look at the - the blue line thereis the annual change in house.

Prices after inflation. The red line is the accelerationof mortgage debt. I've done the econometrics on this and mortgage debt causes change inhouse prices, not the other way around.Ryan So you can see the acceleration of mortgage debt basically almost influences the realhouse price change like with a delay of like a year or something like that, is it?Steve That's about or months delay. Now, what you get out of this is the house pricefall in America began before the global financial crisis. You'll see I've got.

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The cash they had saved.Ryan Yup. Well, not a lot of demand. It's pretty hard to - I'm not going to be ablesave $ million to buy a unit in Sydney or something like that.Steve Exactly. Okay. So the demand is new mortgages. How many physical buildings peoplecan buy or apartments divided by the price. So that's your physical demand. If physicalsupply is people selling existing properties plus the new properties coming out of themarket.Ryan So you mean new builds.Steve New builds and stuff like that. So you've got a physical number of new buildscoming onto of the market. So you've got a relationship between.

The change in mortgagedebt and per level of house prices. We're not going to go through the mathematics ofdoing the conversions I've done, but you can get a relationship fairly obviously. If there'sa link between the level of house prices and the rate of growth of mortgages, then there'srelationship between the change in house prices and the acceleration of mortgage debt.Ryan Okay. So that goes over my head a little bit. So you're saying that as mortgage debtgrows, house prices grow or are you saying that as mortgage debt accelerates in its growth,that house prices grow?Steve As mortgage accelerates, house prices grow. So then to have maintain rising houseprices.

You've got to have accelerating mortgage debt.Ryan Okay Because if mortgage debt stayed the same, then supply would be quite similar.Not supply, demand, I mean. Supply and demand.Steve Yeah. Demand will flat line. Demand would collapse. If demand is coming from newmortgages so if you have new mortgages, you have that demand. In fact, you need it tobe accelerating to be able to get rising house prices.Ryan So are you saying that the growth in the Australian property market over the last,I don't know what period, has been because people have been taking on more and more mortgagedebt than they have in the past?Steve Yeah, yeah. The imperial data is overwhelming. It's one reason I have any influence of debt.I might have a bit of screen sharing here just to, first of all, compare.

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And Melbourne areactually paying thirty percent more torent a property but what we're what does a house valuation cost seeing abig difference in Sydney compared toMelbourne and Brisbane is unit rents inSydney are almost the same as houserents in Sydney in fact we've got themedian unit rent in Sydney is dollars a week it's just five dollars adifference why because you know tenantscan't afford houses anymore we even sawvacancy rates slipping upwards forhouses over September up to two percentnow that's the highest in a year but wesaw vacancy rates for units tighteningdown to . percent which is also thelowest furry.


Which is the lowest Fred sowhat this shows us is this switchingacross from houses two units because ofaffordability and again this makes anonsense of the perceived you know ofthe the chance the doomsayers ofoversupply in the city market for unitswe just can't get enough so what we'regoing to see really is this convergencewhich we're seeing already almost of therent the cost of rent of a unit for ahouse so that means it's the same whatwe'll see is yields on units and houseswill start to get closer together aswell then again this will be anotherdriving force for more investors intothe city market so folks will throw itout to you shortly we're going to have amic running around to see if there's anyquestions that you want to ask Andrewbut we've got one of our loyal listenershas.

Written us a question and said oh noit's not a favorite city at the momentbut it would be good to hear a bit aboutperth in the surrounding markets eventhough we're not on the same level asthe east coast well it's no secret thatpurchase has suffered fromwhat has been a very significantdownturn in its economy do you know thePerth unemployment rate is now six pointsix percent now a couple of years ago itwas said I know what are you smokingbuddy you know because it we hadunemployment rates in Perth in thethrees that's where everybody washeading remember I mean you want to thousand dollars go over to thenorthwest Western Australia sweep outthe sheds and you're on three thousand aweek right and everybody headed outthere of course.

When the legal steps are done with the whole support get from the expert conveyancers?

The team identifies the best international real estate opportunities in emerging markets world wide. We provide our clients with valuable information on the most exclusive and best located preconstruction projects in today's most desirable real estate markets. Our International Sales Team is always working with the best and the most reputable developers featuring some of the most spectacular and desirable developments available now. As well as using up a finite resource at an unsustainable rate, this is responsible for the release of greenhouse gases, such as carbon dioxide (CO2). Acknowledging that our emissions are at least partly responsible for influencing climate change, and calculating their contribution, is the first step. By compiling and publishing our own emissions, then taking actions to reduce them, we hope to set an example to other organisations.


Cars and vans are essential for SEPA’s scientific and regulatory roles, as we have to provide a service that covers all of Scotland. By using carbon dioxide emissions as a measure of our energy consumption, we can focus on the actual harm to the environment that we are responsible for. This means that the electricity used by SEPA at those buildings has no emissions of CO2 associated with it. These include a reduction in CO2 of 0. 45t per member of staff over three years as well as a target aimed specifically at business travel.

We continue to set targets to reduce our consumption of gas and electricity as measured by kilowatt hours (kWh), so that we don’t lose sight of our actual energy use. A major benefit of monitoring our energy use is that it allows us to identify unusual consumption patterns at our buildings. Fine particles from diesel vehicles and volatile organic compounds (such as solvents from our laboratories) can contribute to the deterioration of local air quality. During 2003–2004, SEPA recognised that one of its main buildings and laboratories was using more electricity and gas than was expected.

An investigation revealed that there were significant problems with the heating management system. Close scrutiny of energy consumption will continue throughout 2004–2005 with the introduction of remote energy monitoring for all SEPA’s larger buildings and laboratories. We have replaced approximately 1,500 fluorescent tubes at our Corporate Office in Stirling with a newer, more energy-efficient type. SEPA has replaced 419 older cathode ray tube computer monitors with flat screen, thin film transistor monitors in our Edinburgh, Perth, East Kilbride, Stirling and Glasgow offices.

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In that event, I have yet to hear how an alternative to the introduction of charges can be found which does not mean money being diverted from other services such as health and education. Like the delegation that I met today, I would much prefer that the difficult decisions that have to be taken were in the hands of a devolved administration but I did stress that we cannot put off those decisions. This is not an easy choice and we fully recognise that charges will mean a further burden for households here. But that is why we are proposing to phase them in over three years and to provide protection to those on low incomes.

A further million or more would be needed to be found from other public services for 2007-08 onwards, to cover the cost of water and sewerage depreciation and capital charges, a figure which would rise rapidly over the next decade and beyond. The A26 route is of great strategic importance to Northern Ireland, connecting Belfast, Antrim, Ballymena, Ballymoney and Coleraine. Indeed,the importance of this road was recognised by the Regional Development Strategy, when the A26/A37/A2 route was designated as a Key Transport Corridor.

In the past few years, a significant amount of money has been invested on the A26 route. Completed schemes have included the dualling of the Antrim to Ballymena road, dualling at Windyhall, as well as the provision of overtaking lanes at Glenlough and Ballymoney. As part of the assessment process, it is important that local people and other interested parties are informed about the scheme and have the opportunity to comment.

The upgrading of this Key Transport Corridor will bring benefits to road users and enhance economic links between Belfast and Coleraine. Roads Service will be holding a public exhibition in the Development and Leisure Office, Ballymena Showgrounds, Warden Street, Ballymena, on the evening of Tuesday 8th March from 6. 30pm until 9. 00pm and on Wednesday 9th March, from 11. 00am to 9. 00pm.

That's arelationship with the mining sector as the mining sector softens so doessentiment and confidence in that marketso we're seeing some price correct ionoccurring in the Perth market Hobart is you know it's a very small market place but it's been quite sub dued for a longtime so we're starting to see some lifein the Hobart and tasmanian markets andcanberra that had a fairly good run overthe last few years and we're probablyseeing that more of a soft market andthen darling to finish off you knowagain had a really good time of it inthe mining sector boom and and now we'restarting to see that soften as well sowe'll probably see flat prices in theDarwin market for a few years BenKingsley from the property investmentprofessionals of Australia thanks verywelcome to corelogic sup date onAustralian housing market conditions forjuly the pace of capital gainsshowed some moderation over the month ofjune slowing to . percent after courtlogic home value index surged by a totalof three point three percent over the previous two months although the.