Local Real Estate Comments from Peter Cooke and the Team at Richardson & Wrench.

> What is the Community 1000 Initiative?

The Community 1000 project was developed by Richardson & Wrench Armidale as a means of supporting local not-for-profit groups with real cash donations. This means that the whole community benefits through the funding of services provided by these great organisations.
When someone lists and sells their house with R&W during the remainder of 2009 (and maybe beyond if you twist our arm!), we will donate $1,000 on settlement to the local not-for-profit organisation of the vendor’s choice. It doesn’t matter if you are just considering selling your house or have it on the market already, we would be delighted to be appointed your selling agents.
Local community groups are encouraged to register their interest in the program. Simply write or send an email to us outlining who you are and the nature of your organisation. You will then be added to the list of local groups that may be nominated by vendors.
Donations have already started to flow, with the local RSPCA being the first beneficiary. Many other payments are due to be made in the coming months, to organisations such as CanAssist, PCYC & Vision Australia (Armidale), to name just a few.
It is a great initiative and so easy to be a part of. If you are a vendor, simply list your property for sale with R&W, and we will do the rest. If you are a not-for-profit organisation, just let us know who you are. It is that simple.
Come on Armidale … let’s get some funds into the hands of local not-for-profit clubs and organisations that really need it!

> Rate rises won’t hurt housing demand

The Reserve Bank’s decision to raise rates for the second consecutive month should not make a large material difference to housing demand, the Housing Industry Association (HIA) has claimed.
According to HIA’s chief economist Harley Dale, figures show that sentiment towards buying new homes begins to falter when mortgage rates hit their 10 year average of 7.25 per cent.
Even with the latest rate rise, the variable rate on the average mortgage is still significantly below that mark, he said.
Similarly, the strength of the underlying demand stemming from the shortage of housing plus ongoing population growth means the sector should be able to absorb another rate rise.
“It is widely regarded that rates will rise moderately over the next six to nine months, and that’s at a time when we don’t have a lot of evidence of new home building recovery and nothing of the magnitude needed to bridge the housing gap,” Mr Dale said.

Source: Real Estate Business