Marina Tower Melbourne is a new project development located in Melbourne, Docklands in Pearl River in Australia. With expected completion in mid 2017, it comprises of 2 towers with a total of 461 residential units and 261 hotel rooms and stands highest at 43 storeys tall. Marina Tower is situated at 6 – 22 Pearl River Road. Future residents will be greeted by a whole range of amenities offering you panoramic views of the harbour. A truly unique lifestyle awaits you at this iconic waterfront address.
Marina Tower Melbourne
Four popular areas that show a good deal of potential have been pointed out by property experts:
- Holland Village
- Bidadari Estate (which is soon to come)
Australian Property keen among Singapore Buyers
These property experts took a role in the STProperty Rise Up To Challenges. The event was held at the Star Performing Arts Center and experts took part in the forum dedicated to The Singapore Property Market as well as Marina Tower in Melbourne. Also included in this discussion was the soon to come high speed rail system. Experts discussed what property price impact this will have for the Singapore-Kuala Lumpur connection of the railway line.
While the property market itself has been a bit slow going for several months, ERA’s main executive officer, Mr. Eugene Lim, has stated that the demand for homes was still high. This included those homes that have a price range that is higher.
Mr. Lim also stated that the majority of the volume of transactions, about 60%, has come from properties costing $800,000 – $1.6 million. The remaining 20% has come from those properties costing up to $800,000.
Due to unhappy tenants and buyers bringing lawsuits against property agents, it has been advised that property agents take more caution now when dealing with buyers.
Melbourne Waterfront Property sees good response
With regards to buying Marina Tower at Melbourne, as it is a overseas property, MAS do take note of some risk involved in foreign property transactions
The central bank has issued a warning regarding the risks of growing numbers of Singapore natives buying their property overseas. MAS (Monetary Authority of Singapore) has stated that the reason for this warning comes as a reminder to Singaporeans to help ensure stability in finances and austerity.
MAS has pointed out that Singaporeans put around $2 billion into overseas property last year. This is based on deals that have been done by real estate firms in Singapore that shows a 43% rise from the $1.4 billion that was invested in 2012.
The Monetary Authority are asking that investors not jump in before taking note of the potential risks, such as having to deal with a foreign market that is not familiar. This is especially important for any market conditions that could have an impact on supply and demand. MAS has said that if there is a sharp decline in prices, buyers who have over extended themselves will find themselves faced with more vulnerability.
Another consideration is that, in foreign countries, regulations and laws ruling property buying and loans can be significantly different from those of Singapore. MAS has stated that, even though property developers in that country have to abide by payment rules that are strict and maintain project accounts, not all foreign countries will use the same safeguards. There is also the issue of foreign interest and exchange rates that were at risk.
Realtors here do what they can to make sure all buyers are well aware of any risks and local banks also take steps to make sure that anyone borrowing money remains austere. Mr. Joseph Wong, who is the head of the credit risk management department for consumers at OCBC bank, has stated that when assessing a customer who applies for a loan for overseas property, they will take into consideration all loans, offshore and onshore, of that customer in accordance to the framework of the Total Debt Servicing Ratio. The TDSR was implemented last June and works to cap the amount of debt that a borrower is able to take on.
MAS also pointed out that these very same TDSR rules will not stop a buyer from taking out a loan for a lender outside of Singapore, nor can it deter a buyer from using their own savings in order to finance a property overseas from over extending what they can afford.
The most popular markets to local buyers are Australia and Malaysia, with areas like Japan and London catching up.