The Centralian advocate Fri 15 Jul 2011
Centralian Advocate; NewspaperNT
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Community newspapers -- Northern Territory -- Alice Springs; Tennant Creek (N.T.) -- Newspapers; Alice Springs (N.T.) -- Newspapers.; Australia, Central -- Newspapers
Nationwide News Pty. Limited
v. 64 no. 16
Copyright. Made available by the publisher under licence.
Nationwide News Pty. Limited
Centralian Advocate, Friday, July 15, 2011 13 P U B : C A D V D A T E : 1 5 -J U L -2 0 1 1 P A G E : 1 3 C O L O R : C M Y K Saturday: Kids Gymkhana, Unregistered Horse Races, Rodeo Events, Tyre Race. Jumping Castle for kids. Saturday Night Ball- Wild Wild West East (Gentlemen must wear tie - which you can purchase at the door) Sunday: Family Sports Morning, (Track & Field Novelty Races), Adult Gymkhana, Rodeo Events. Sunday Night Dance: Talent Quest with DJ Daran Rumbal. 4 2 0 2 0 5 / 1 2 a s Entry: Adults $30/weekend or $15/day ticket, KIDS U16: Free for all activities. Ball: $5 entry, Camping with Amenities: $10 per car. BYO Alcohol. Ice, canteen with food & drinks available. More details see www.hartsrangeraces.org.au No fi reworks or motorbikes The original Picnic Weekend Races Meeting - 210km NE of Alice on the Plenty Highway. $10,000 IN PRIZES TO BE WO N! 64 AnnualMeeting th July 31st - 1st Aug 5 8 0 2 0 5 /1 2 a s NEWS Housing slump fear KOd Steve menzies David Forrest ... property will increase in value at a faster rate Doug Fraser ... forecasters suggest Australia has an under-supply of housing FEARS of a property slump, which saw prices plunge in the US by up to 30 per cent, are unfounded in Australia, according to economists, despite the market dipping in many major centres. And Alice Springs is expected to maintain the old adage of real estate being a solid investment. Real Estate Institute of NT vicepresident David Forrest said historically Alice Springs has proven over the long term that prices increase in value. He said: It will be important to evaluate the industry figures for the June quarter. But anyone looking at real estate as an investment needs to look at the long term. I have always found that properly purchased and geared property will increase in value at a faster rate than inflation. Anyone looking to make a quick gain out of rapidly moving markets is not an investor but a trader and should accept the risks as part of their involvement in the market. Alice Springs house prices and availability of land have been a constant topic for discussion. For a number of years the debate has raged about whether or not prices are too high, if there is a house price bubble and fears that it might burst. But Alice Springs longest serving real estate principal Doug Fraser said real estate agencies and economists expect prices to track sideways in the short term and then rise in line with household disposable incomes. He said: Supply features of the housing market support this as sessment. Most forecasters, including of ficial agencies, suggest that Australia has an under-supply of housing. In this regard, the Alice Springs real estate market is in line with the national situation. After almost two years of extraordinary growth in the average price of a residential home in Alice Springs, the property market is going through a correctional phase. Mr Fraser said the market was remarkably predictable from 2002 through to 2009 with an almost uncanny regular increase of about 8.5 per cent per annum. He said: In 2010 and 2011 however, prices increased by 22.4 per cent and 9.86 per cent respectively. With large recent price increases it is only natural for markets to go through a correctional phase otherwise the price of property would soon be out of reach for most buyers, particularly firsthome buyers. Also banks and other financial institutions tend to become more circumspect with their lending criteria to ensure that borrowers do not fall into the trap of being unable to meet their repayment commitments. They tend to become even more cautious when there has been a spike in prices, What does all this mean for the local market? I think we can except that prices will more than likely fall back into line with the traditional increase of about 8.5% per annum resulting in a short- term adjustment. Mr Fraser said sellers who had their properties on the market right now may need to adjust their prices back to where the market suggests they should be. Anyone who bought their property before 2009 will still make a healthy capital gain which is well above the national average. A slight price adjustment will make properties more attractive to home buyers with a resultant stimulus in the overall property market. This is good for both buyers and sellers. Mr Fraser said the six months from January through June gave a much clearer picture of what prices were likely to do in the short to medium term with average price decreases of 2.7 per cent in the March quarter and 0.7 per cent in the June quarter. He said these slight movements were indicative of a correction rather than a fall in prices. Saving a billion litres of water Cameron Boon Simon Brisbane from PowerWater shows Senator Don Farrell, Steve McKenzie and Mark Wiltshire the process of detecting leaks in underground water pipes MORE than a billion litres of Alice Springs drinking water will be saved, thanks to the new Alice Water Smart initiative. The $15 million, two-year project was launched by the Parliamentary Secretary for Urban Water and Sustainability, Senator Don Farrell on Tuesday. Senator Farrell said: We live in a climate where theres an ancient cycle of drought and flood. Sometimes, as has happened in the past six months, that change can come very quickly. We know the droughts will return and the Alice Water Smart project is about preparing ourselves for when that happens. In the Centre, youve always had problems with water and this program aims to save about 1.6 gigalitres of water every year. That is equivalent to about 1 per cent of the water that Adelaide uses in a year, so its an enormous amount. The Federal Government put forward $7.5 million for the project while the PowerWater Corporation, the Department of Natural Resources, Environment and the Arts and Sport, the Alice Springs Town Council, the Arid Lands Environment Centre and Tourism NT also contributed to make up the $15 million. Initiatives to save water include a $6.5 million boost for water re-use infrastructure which will allow recycled and treated water to be used in irrigation. Rebates for household items have also risen from $200,000 to $1.5 million and the Town Council will get $1.2 million to improve irrigation to parks and ovals.