Latest news with #propertyownership
News.com.au
5 days ago
- Business
- News.com.au
‘Very lucky not to lose money': Aussie woman's housing nightmare exposes how grim the housing crisis has become
A former homeowner has found herself homeless, exposing just how tough things have gotten in Australia. Shannon McDougall was set up for success. She attended a private school, got a university degree, and bought a home with her former partner when she was in her early 20s. She's now homeless, sleeping on a camping bed in a friend's lounge room and struggling to find a rental. The 35-year-old works full-time in a creative corporate role and earns under $100,000. She stressed to that she believes her salary is 'very fair' – but sadly, fair just doesn't cut it in a housing crisis. Ms McDougall purchased her first home in 2012 in Perth alongside her then-partner. When the relationship fell apart in 2019, he paid her out $25,000. That might sound low now, but it made sense at the time. When they purchased the property, she was working in an office, on minimum wage, and the former couple struggled to pay off the mortgage. 'All my money went towards the mortgage and we were just paying interest only,' she said. When Ms McDougall moved on from that home, the Perth property market was experiencing a downturn. The medium house price was $560,000 when they bought, but by 2019, it was just a little over $530,000. Perth was the only capital city in Australia besides Darwin that didn't see growth in 2019. Six years later, the average house price in Perth is over $840,000. 'When I explain that I bought a house in 2012 with my ex, and he bought me out in 2019 after we separated, people call me reckless or say I must've blown the money,' she told 'Here is the reality: In 2019, 33.2 per cent of homes and 46.9 per cent of units in Perth sold for less than what they were purchased for. 'Thousands of people were stuck in negative equity, trapped in mortgages, selling at a loss, or just breaking even. I was very lucky not to lose money.' She still has the $25,000 she got from her first property, but prices have surged, and it isn't enough for a deposit. Now, instead of looking to get back into the property market, she's going viral for sharing that she's sleeping on a friend's floor. 'People in the comments on my TikTok videos are shocked when I say I'm 35, working, and still can't find a rental or afford a home in WA. I didn't think that would surprise anyone,' she said. The young Aussie said she has no problem with renting a small one-bedroom but having to fork out $500 a week is rough. 'I can't find a rental. It is like $500 a week for a one-bedroom minimum; it is like $300 to rent a room in a shared house in Perth, which is ridiculous,' she said. She is also the proud and loving owner of two dogs, and she explained that it is difficult to find somewhere to accommodate her pets. 'I'd sooner get hit by a car then give-up my precious little babies. The f**ked thing is I'm in a position where I'm 35 years old and I can't even rent on my own,' she said. 'I'm sleeping on a mattress on the floor at my friend's place. My only options are to sleep in my car or sleep at my friend's house. How are those my only options?' she asked. The 35-year-old said she's also frustrated by the cruel response online. Men making jokes about women wanting to be 'strong and independent' but not being able to hack it. Others are claiming she should ask herself, 'Where did the money go?' or have claimed she's just 'financially irresponsible' and that is why she's homeless. The comments are completely ignoring the fact that the full-time worker is trying to navigate a housing crisis. 'When people say, 'just work harder' or 'you must've done something wrong,' it makes you feel like a failure,' she said. 'I didn't buy during a boom. I bought during a downturn – it's just bad luck.' Ms McDougall said that there's nothing she could have done to change the situation she's found herself. in. 'If you're wondering how someone my age could sell a home and not walk away with hundreds of thousands of dollars and immediately buy another house this is why,' she said. Ms McDougall argued that anyone who bought in 2012 would understand how she found herself in this predicament. 'Young people who entered the property market in Perth during 2012 – 2019 get it and I doubt they would be shocked by my situation,' she said. 'I'm not making videos simply to complain, I'm making them to highlight housing issues and to help people feel less alone. 'When we talk about it, we realise so many of us are struggling, and none of us should feel ashamed for.'
BreakingNews.ie
5 days ago
- Business
- BreakingNews.ie
'Author' of property fraud scheme faces prison term
The 'author' of a scheme which saw false deeds used to change the registered ownership of two properties in Dublin without their legitimate owners' knowledge has been told he faces a prison sentence of three years. Philip Marley (53) of Rathbourne Court, Ashtown, Dublin, pleaded guilty during a Dublin Circuit Criminal Court trial last November to procuring fraudulent entry into the Property Registration Authority's registry, deception and procuring the registration of a false deed. Advertisement All counts took place on dates between 2016 and 2018 and relate to two properties, one located on Phibsborough Road, Dublin and the other on St Mary's Road, Dublin 4. The scheme involved the insertion of a false deed onto the title of both properties, and as a result, people who were not entitled to be registered owners were listed as the registered owners. On Thursday, Judge Sinead Ni Chulachain said Marley was the 'author' of the scheme, which was 'planned and premediated'. She said Marley had 'duped' others, engaging with professionals and the Property Registration Authority. Advertisement The judge noted the financial losses suffered by the injured parties and that the legitimate owners had to take High Court proceedings to regain title to their properties. Padraig Dwyer SC, defending Marley, asked the court to delay the formal imposition of the three-year sentence for four weeks to allow his client to make arrangements for the care of an adult son, who has severe neurological symptoms. Judge Ni Chulachain agreed to remand Marley on continuing bail until June 19th and said the court would require 'compelling evidence' if a further adjournment was to be sought on that date. A forensic psychological report provided to the court stated that Marley has a diagnosis of ADHD, ASD and bipolar disorder. The judge noted these diagnosis are provisional as Marley has yet to attend a full psychiatric assessment. Advertisement The judge said that Marley appeared to have minimised his activities when speaking with the forensic psychologist. She noted he is assessed at low risk of re-offending, but said the court had concerns about his level of remorse for the corporate entities affected, the integrity of the land registry system and for the professionals who became embroiled in the scheme. Herbert Kilcline (62), a former solicitor with an address at Bessborough Parade, Rathmines, Dublin. Photo: Collins Courts Marley's co-accused Herbert Kilcline, (64), a former solicitor with an address at Bessborough Parade, Rathmines, Dublin, was convicted of two counts of using a false instrument, two counts of failing to keep records, two counts of the fraudulent procurement of an entry into the Property Registration Authority's registry and two counts of failing to apply the required measures as a designated person. John McGowan SC, defending Kilcline, applied for an adjournment time to take further instructions in light of disclosure of a handwriting report prepared on behalf of Marley and to make a plea of mitigation. Judge Ni Chulachain agreed to adjourn finalisation of Kilcline's sentence to June 19th. At a hearing earlier this week, the judge noted a probation report states that Kilcline does not accept the jury's verdicts and intends to appeal. Advertisement Garda Sergeant Ronan Farrelly previously outlined to Bernard Condon SC, prosecuting, that a false deed was inserted onto the title of both properties, and as a result, people who were not entitled to be registered owners were listed as the registered owners. The garda investigation began following an internal review by the Property Registration Authority. Evidence was heard that the legitimate owners of the Phibsborough Road property purchased it in the 1990s with a sitting tenant ADT, later known as Johnson Controls, in place. Ireland Convicted rapist who harassed three female journal... Read More In December 2016, a false deed of conveyance for this property was lodged at the Property Registration Authority and subsequently registered. This false deed claimed that a company called Kent International Holdings had been the owners of this building, and it was now owned by another company, SLGI. Advertisement The court heard the deed was purportedly lodged and signed by a solicitor, who had been acting for Marley in an unrelated matter. This solicitor had not signed or lodged this deed. Marley directed searches were carried out in the registry of deeds about lands surrounding the Phibsborough Road property. He also engaged a third party to produce maps. The court heard that stamp duty was paid on the non-existent transaction between Kent Holdings and SLGI. Marley has 12 previous convictions for minor road traffic matters. Kilcline has previous convictions for deception, relating to social welfare claims.
News.com.au
01-06-2025
- Business
- News.com.au
Why Frankston, Tarneit and Craigieburn are hot picks for Melbourne's young property buyers
Millennials and Gen Z might have a tougher road to property ownership than their parents, but experts say there are still ways to trade up to even some of Melbourne's wealthiest areas. You just need to know where to look. In Craigieburn, the 2025 median house price sits at $610,000 — six times the nation's about $100,000 average annual wage. In Tarneit, the typical house costs $645,000, with other other suburbs offering a more affordable starting point including Wyndham Vale, $607,000, Pakenham, $590,000, Werribee, $610,000, and Frankston, $715,000. And with access to infrastructure, lifestyle amenities and growing populations, there's potential for those prices to grow. Ray White Frankston agent George Devic said demand was strong in the Frankston area, particularly from younger buyers and investors. 'If you stay sub-$850,000, you're seeing a lot of first-home buyers and both local and interstate investors in the market,' Mr Devic said. 'Buyers are active, and we're seeing the whole suburb remain attractive, from entry-level homes to blue-chip pockets.' PropTrack senior economist Eleanor Creagh added that while buyers entering the market today were unlikely to see the same exponential gains as their parents, real estate was still a powerful long-term investment. 'Getting into the market remains a crucial first step, and with the right purchase in the right location, there's certainly potential to build wealth over time,' Ms Creagh said. 'Even if the journey looks different, the principle of long-term equity growth still holds true.' The concept relies on a relatively affordable investment gaining value over a long period of time. If a person can acquire multiple homes it could eventually allow them to sell the group of more affordable residences to fund a home in a much pricier neighbourhood. M R Advocacy director and buyers' agent Madeleine Roberts said young Australians were finding new ways to build wealth, from rentvesting to buying in future lifestyle suburbs. 'I grew up in Rye, back then it was a sleepy beach town. Now it's a million-dollar suburb,' Ms Roberts said. 'It shows how much potential lies in lifestyle-driven areas that were once overlooked.' The buyer's agent added that younger buyers were 'more investment-minded' than previous generations. 'They know the dream home isn't going to magically land in their lap,' she said. 'They're using property as a wealth-building tool, it's about being strategic from the start and understanding how to make the market work for them.'
Daily Mail
24-05-2025
- Business
- Daily Mail
EXCLUSIVE Land Registry delays hamper house moves as some homeowners wait FIVE YEARS
Delays at His Majesty's Land Registry are now so long that they are interfering with homeowners' ability to sell or remortgage, with one mortgage broker claiming to have worked on a property purchase that has still not been registered after five years. All property ownership changes must be logged with the Land Registry, which operates a public register holding details on the owners, their mortgage and the sale price. The Government body claims that just over 30 per cent of applications to update the register are automated and completed within minutes. These are largely simple changes, such as removing a mortgage from the register when someone has paid it off. Over half of the remaining applications to update the register, such as changing a name or transferring a property title, take 11 weeks to complete, with most completed in about seven months. New build homes can be a particular problem, with 51 per cent of new applications and 'complex' cases taking between 12 and 18 months, and nearly 4 per cent taking longer than that. In Cheshire, a cluster of homes built more than two years ago, CB Homes Kingsley, still has no updates recorded at the Land Registry, according to research by the news agency Newspage. And one mortgage broker, Riz Malik of R3 Wealth, says one of his clients is seeing their remortgage application hampered because the property's title has not been updated since they bought it five years ago. 'In the age of artificial intelligence, I struggle to understand why there are such lengthy delays,' Malik told Newspage. 'I have a case on my desk where, five years later, it still has not been resolved delaying the remortgage process and impacting my client. 'They system is broken and needs to be fixed urgently - especially if we want to speed up the house buying process.' On the Government website, the Land Registry states: 'We recognise that some of our processing times are not what we want them to be and improving the speed of our services is our top priority. 'We continue to make every effort to achieve this, including through recruitment, developing, and making strides to increase our underlying productivity.' 'In 2024/25 we processed more than 95 per cent of expedited applications within 10 working days.' Justin Moy, managing director at broker EHF Mortgages says he has clients who are unable to remortgage because of the Land Registry delays. 'Delays long enough to impact the first remortgage after a purchase shows exactly how far behind the Land Registry is with its backlog,' says Moy. 'This has started to cost clients who have had to stay on their standard variable rate whilst the solicitors attempt to rectify this. 'Given the Government has set aside billions in grants and incentives for foreign investment into AI, perhaps they can throw a few coins in the Land Registry tin whilst they look at their small change. This is what hurts our country, and costs our borrowers.' If delays to your application might cause problems or put a property sale or any kind of property transaction at risk, homeowners can request an expedited service for free from the Land Registry. It says it has helped over 200,000 applicants this year, with most of their cases being completed within 10 days. However, this means non-expedited applications simply get pushed further to the back of the queue. Delayed register updates also cause problems for organisations that rely on accurate sold price data. According to Emma Jones, managing director at mortgage broker When The Bank Says No, this is having a knock-on effect on borrowers. 'When people come to remortgage, for example, [banks don't have access to] recent sold prices in their area which can drag the valuation down,' she says. 'That can push borrowers into a higher loan-to-value bracket, which means a higher interest rate or less money available for things like home improvements. 'It's one of those issues that borrowers don't see, but it's definitely holding them back and causing problems.' Property developers and investors are also being impacted by the delays, according to Michelle Lawson, director at mortgage broker Lawson Financial. She says: 'It is impacting investors who are buying and refinancing, as the Land Registry needs expediting for a mortgage application. 'Some lenders will allow applications backed up with the TR1 form, but others need the property registered prior to application. 'In this day and age this should not be the problem that it is, and has been for so long.' When contacted, HM Land Registry responded by saying that no property transaction should be impacted due to delays. Its spokesman said: 'HM Land Registry processes more than 100,000 applications every day – most pre-sale searches are instant, and changes to the register (which typically happen after completion) usually take around 12 weeks. 'We set a goal that, by March 2025, we would be processing 95 per cent of applications within 12 months of their submission. We surpassed that goal ahead of schedule. 'Whilst a very small proportion of applications (around 2 per cent of our work) are taking longer than we would like, we can expedite (fast-track) applications free of charge if a delay would cause legal, financial, or personal problems or put a property transaction at risk.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
South China Morning Post
09-05-2025
- Politics
- South China Morning Post
Republican-backed bill to limit Chinese property ownership gains ground in Texas
A Republican bill to restrict property ownership in Texas by citizens of China passed the state's House of Representatives on Friday, gaining new momentum after failing to become law two years ago. Advertisement The Texas House voted to advance the bill, which currently also targets nationals from Iran North Korea and Russia – countries identified by US Director of National Intelligence Tulsi Gabbard as national security threats – after adding a provision on Thursday to give the state's governor broad powers to include more countries. It now goes back to the Senate, which approved an earlier version in March. If passed by both chambers before the end of the legislative session in June, it would go to the state's Republican governor, Greg Abbott, who has signalled he would sign it into law. Proponents of the bill, known as SB17, say it is crucial to protecting Texans from influence by foreign adversaries. 'This is the strongest legislation in the nation to protect our land from hostile foreign intent, keeping Texas property in the hands of those who respect our freedoms and share our values,' Republican state representative Cole Hefner, one of the bill's primary House sponsors, said in a post on social media on Thursday. Critics, including many Democratic representatives and Asian-American groups, have denounced the bill as xenophobic and discriminatory.
