Paul Castran

While majority of investors are waiting for the effect of relentless rises in property prices and increasing interest rates, Ric Battellino, the deputy governor of RBA stated today that the housing prices in Australia were affordable in relation to the income.

“People feel that house prices in Australia are quite high and that’s quite often because the ratio of house prices to income that are published for Australia tend to focus mainly on prices in the cities, and they are quite elevated,” Mr Battellino said in response to a question at a business function in Sydney.

“But, if you look across the whole country, the ratio of house prices to income is not that different from most other countries.”

Mr Battellino was having a conversation with the Financial Executives International of Australia at the law firm Clayton Utz.

Mark Forytarz and Paul Castran, the two eminent personalities from Castran Gilbert have years of experience in the real estate market of Australia. The two have presided over a number of real estate sales. Paul Castran and Mark Forytarz continuously share their views about the existing situation in real estate sector.

What will you relatively have: a new 911 Porsche or a parking spot?

This is not a resolution that most Australians face. But, two garage places near Bondi Beach in Sydney are likely to position an Australian record for most costly parking spaces under the beat this week. The garages situated at the southern end of Bondi Beach, are estimated to vend for over $240,000 and one of the spaces, on a 48-year rent, is supposed to sell for $180,000. Vendors expect the second space, with a 78-year lease, in surplus of $250,000 that is more than a new Porsche 911. Raine & Horne Double Bay manager Mr. Ric Serrao, who has sold $240,000 Brighton Boulevard parking place, said that he had two clients who are eager to pay $300,000 for a garage, but at North Bondi. He said, the parking locations in the CBD varies from $60,000 to $70,000 south of Town Hall and it is estimated to reach $140,000 in the financial region towards Circular Quay. The offensive prices are being determined due to the shortage of car parking in the area.