Author Archive for PaulCastran

Paul Castran’s brother John escapes avalanche in New Zealand

Here is a story from the Sydney Morning Herald about my brother John, and his lucky escape in New Zealand. Read the full story here: http://www.smh.com.au/world/avalanche-victim-shut-himself-down-to-survive-20090724-dw62.html

AT FIRST the Melbourne multi-millionaire John Castran thought he had escaped the avalanche unscathed, unaware that metres away his Sydney skiing companion was dead.

Buried under more than 1.8 metres of snow on a New Zealand mountain range, Mr Castran, 53, could still move his arms and legs. But then the snow shifted and he was crushed.

Pinned beneath the overwhelming weight of what moments earlier had been featherweight powder snow, Mr Castran realised he did not have enough oxygen to yell for help.

The real estate agent survived the avalanche at Ragged Range, near Methven, west of Christchurch, yesterday, but a NSW businessman, 61, whose name has not been made public, was killed.

As Mr Castran ran out of air, he too thought he would perish under the ice. "You choke with the snow, you can’t breathe, you’re suffocating … it’s like being poured into plaster of Paris. The only thing I could move was my tongue, to push the snow away from in front of my mouth.

"I thought: ‘I’ve only got a little bit of air here, I’ve just got to use all the air very, very carefully’. So I just shut myself down totally."

Mr Castran had been on a heli-skiing trip with his son Angus, 23, as well as the NSW man and two guides from the tour company Alpine Guides.

The snow had been perfect, the sky clear blue, and the group had completed four ski runs before their chartered helicopter dropped them at the remote Arrowsmith Ranges.

"It’s one of the most spectacular places you’ve ever seen, absolutely breathtaking country up in the ranges about 6000 to 8500 feet [2600 metres] above sea level," Mr Castran said.

The man who was killed when the avalanche hit about 1pm had said to Mr Castran: "You don’t get much closer to heaven than this."

The first guide skied ahead of the group to check for danger, then signalled for the men to follow.

"I was skiing down and all of a sudden the whole side of the mountain just let go," Mr Castran said.

"I thought I might be able to out-ski it and ski off to the side, but the whole thing was happening so quickly and the snow went straight over the top of me."

A dull rumble like thunder signalled that avalanche warnings issued for the area that day had been accurate.

"The first thing that comes over you is just this incredible adrenalin, and you want to scream. But if I screamed I was going to use up too much oxygen," Mr Castran said.

"I thought: ‘I’ve just got to be smart’. And I was very lucky that I could just turn my mind off and put myself into another place."

As the air drained away it became "frighteningly peaceful" under the snow. About 30 metres from where Mr Castran lay, his son had dug himself out from waist-high snow and was using a search and rescue beacon to find his father.

Angus said the tour group had been trained by guides to find each other using beacons they had pinned to their chests.

One of the guides was able to find the dead man within five minutes. He was free within "seven to eight" minutes, but efforts to revive him failed.

A tour guide and director of Methven Heliski, Kevin Boekholt, said: "He was around a metre down and he had his head up and he had no snow in his mouth. He was under the snow but there’s a lot of air in snow. He shouldn’t have died."

It took Angus and the second guide about 15 minutes to find Mr Castran’s position. They used avalanche probes to feel for him beneath the snow and a rescue shovel to dig him out.

Angus said he feared the worst when they pulled his father from the snow, unconscious and blue.

Speaking from a motel room last night, Mr Castran said he was uninjured apart from a black eye and having "the stuffing taken out" of him.

He said he and his son were experienced heliskiers and their companion, who they had met that day, regularly travelled the world for the adventure of the high-risk sport.

Highest level of housing affordability in 6 years!!!

According to REIV chief, Enzo Raimondo, Australia has had the highest level of housing affordability in nearly six years during the March Quarter. What this means is that the proportion of family income required to meet loan payments fell from 32.4 per cent in the previous quarter to 28.6 per cent.

Affordability improved most in Victoria, where the proportion of income required to meet loan payments fell to 27.7 per cent from 32.15 per cent in the previous quarter.

Good news.

Classic Freestanding Victorian - Livable & Offering Scope to Renovate

62 Pridham Street PRAHRAN
Property ID: 1037449
Price: $500,000 plus buyers
Auction Time:

11:00am Saturday, 4 April 2009

This beautiful Victorian home is situated in this highly regarded Prahran location, only a stroll to Hawksburn shops and offers entrance hall, two bedrooms, kitchen, family room, separate bathroom and private rear courtyard. Excellent cast iron fire places, skirtings and mouldings plus gas ducted heating. The home is an ideal rental investment or offers scope to further improve. Truly a rare opportunity to secure prime property in this premier precinct.

62 Pridham Street PRAHRAN - Contact Paul Castran

62 Pridham Street PRAHRAN - Contact Paul Castran

Contact Agents
Paul Castran 0418 313 038
pcastran@castrangilbert.com.au

Click here to view the full details of this property

Get ready: high-rise suburbs coming to Sydney

Sydney will be reinvented as a high-density metropolis serviced by mass-transit subways under a transport blueprint being developed by senior state and federal government bureaucrats.

Powerful new legislation underpinning a proposed metro network costing $13 billion will enable transport and planning officials to reshape the inner suburbs of Sydney, paving the way for apartment towers as high as 15 storeys as well as large-scale retail and office blocks.

To justify the multibillion-dollar investment, tens of thousands more people would have to live and work within walking distance of the proposed Parramatta Road metro stations, according to planning officials behind the overhaul.

Heritage inner-west suburbs such as Glebe, Leichhardt, Rozelle and Camperdown are to be among the first to face radical changes should both the $8.1 billion West Metro underneath Parramatta Road and the $4.8 billion CBD Metro go ahead.

Read the full article here: http://www.domain.com.au/Public/Article.aspx?id=1231003979729&index=NationalIndex&headline=Get%20ready:%20high-rise%20suburbs%20coming

$40b lost in six months as Victorian property prices plummet

VICTORIAN property values have plummeted about $40 billion in the past six months.

Melbourne’s median house price of $450,000 mid-2008 is now down to $427,500, according to estimates.

And house price expectations across Australia have sunk to an all-time low, a new report says.

Victoria’s $800 billion residential property market has dropped 5 per cent - or $40 billion - overall since July, according to BIS Shrapnel calculations prepared for the Herald Sun.

The trend has opened the door for potential borrowers desperate for cheaper housing.

The latest Mortgage and Finance Association of Australia/BankWest Home Finance Index shows almost two in three Victorians expect the value of their biggest asset to erode in the first three months of this year.

"The expected decline in prices will help address the chronic problem of housing being unaffordable for a lot of Australians, and first-time buyers are likely to be enticed back into the market," MFAA chief Phil Naylor said.

Recent Real Estate Institute of Victoria sales results show the volatile economic climate is producing winners and losers.

Read the full article here:

http://www.news.com.au/heraldsun/story/0,21985,24881569-5013926,00.html

Renters to feel the pinch

HUNDREDS, if not thousands, of people at risk of homelessness will gather outside strangers’ front doors across Melbourne this month.

More people search for a rental property in January than in any other month, according to rental trends data to be released today by realestate.com.au.

Caroline James from the Herald Sun has written an interesting article which can be viewed here:

Paul

Bull or Bear - Real Estate in 2009

Alex Brooks from the Sydney Morning Herald has written an interesting article on what to expect from property in 2009 from both bullish and bearish analysts.

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As prices in Sydney’s prestige suburbs spiral down, a question prevails: will 2009 be a bear year or have the prices dropped enough to prompt a bull run?

Australian Property Monitors economist Liam O’Hara is a "bear for the short-term", predicting further falls of up to 14 per cent in areas such as Bondi, Mosman and Palm Beach, which come on top of steep declines last year.

Preliminary figures from APM confirm the median house price in Palm Beach fell from $2,512,500 in the year to December 2007, to $2 million in December 2008 - a 20.4 per cent drop. Mosman dropped from a median of $1.2 million to $865,000 - a fall of 27.9 per cent.

The optimists and pessimists are locking horns over the Sydney housing market’s future, with bears forecasting more price falls and bulls arguing such doom and gloom will only depress the market further.

Even real-estate agents admit prices have declined steeply in premium suburbs.

Barrenjoey Properties principal Richard McDonagh says prices in wealth belt suburbs such as Palm Beach were off by 35 per cent in December as players in the financial markets were hit by the credit crunch, forcing them to sell holiday homes.

[W] estate agents principal Susan Lee says Mosman’s best homes had already fallen in price "at least 20 per cent" through last year. She says there will be more price slides for the top-end suburbs that rose strongly during the past four years.

"Sydney will have nominal price falls of 10 per cent but it will depend on where you live because some suburbs will have price increases - mostly those that are the cheapest relative to other stock."

Mr O’Hara says outer suburbs in the west and south-west - where prices are less than $360,000 - are poised for strong growth, especially property close to trains, schools and shops.

Rismark International head of research Matthew Hardman agrees, saying prices will rise and fall in different Sydney suburbs.

He says property in the city’s west and south-west is 25 per cent cheaper than it was four years ago.

"Those areas are now as affordable as they were back in 1998," he says.

Macquarie Group’s head of property research, Rod Cornish, forecasts "moderate price falls" across Sydney. He says the suburbs that will fare best through a tumultuous 2009 will be in the cheaper, city fringe areas.

One optimistic bull is CommSec chief economist Craig James, who says conditions are ripe for great home-buying opportunities in the year ahead. Lower house prices than in previous years, falling interest rates and lower petrol prices will boost home affordability, he says.

"We need people with confidence to act so we can get more momentum in the economy and I think this will happen soon," he says.

McGrath Real Estate chief executive John McGrath is confident about the health of the market, predicting bargains aplenty in suburbs such as Vaucluse, Hunters Hill, Longueville, Northwood, Northbridge, Cremorne, Mosman, Avalon, Whale Beach and Palm Beach.

"These areas count among the best in the country, so now is the time to buy in before the market surges back, which I suspect it will in these areas by 2010," Mr McGrath says.

Dr Hardman says now is the perfect time for cashed-up home owners with secure jobs to upgrade to a bigger, more expensive home because the discount is proportionately better in a falling market.

WHAT THE BULLS SAY

Real-Estate agents such as John McGrath, apartment developers Meriton and the head of NSW’s Real Estate Institute, Steve Martin, are happy to talk about their confidence in the market.

"In all my time in real estate, this is the perfect buying platform," Mr Martin says. "Interest rates are attractive, first home buyer grants are attractive and there is a stagnant market."

Mr McGrath admits that asking a real-estate agent whether it’s a good time to buy is "akin to asking your barber whether you need a haircut", but he says falling prices have made the market ripe for buying.

"With prices down by 10 to 20 per cent, interest rates falling by 2.5 to 3 per cent and rents up 10 to 15 per cent, an investment in residential property now makes so much better financial sense than it did a year ago when people were lining up at auctions each week."

Meriton sales director James Sialepis says the stockmarket turmoil and lower interest rates mean property investors will return.

"Astute investors are also aware that falling interest rates are having a negative effect on their bank term deposits and, with the sharemarket volatile, we expect investors to return to the property market and take advantage of the higher yields on offer."


What the bears say

University of Western Sydney Associate Professor Steve Keens caused a storm last year when he predicted house prices would fall by 40 per cent.

"Those sorts of predictions are just ludicrous because the Australian property market has floors under it and the drops won’t be that drastic," argues Rismark International head of research Matthew Hardman, who says there will definitely be price falls in some Sydney suburbs this year.

AMP Capital Investors chief economist Dr Shane Oliver says 40 per cent falls are unlikely, unless the economy hits a very deep recession or depression.

"But with the economy on track for a mild recession and, if not, then a very serious slowdown, house prices are likely to fall 10 to 15 per cent over the next year or so."

Australian Property Monitors Liam O’Hara forecasts house prices to fall by about 10 per cent.

SQM Research analyst Louis Christopher says people are not as keen to take on large mortgages - and the banks aren’t keen to give them out - which will wind back prices.

Macquarie Group’s head of property research, Rod Cornish, predicts moderate price falls throughout NSW.

Read the full article here:

http://www.domain.com.au/Public/Article.aspx?id=1231003892714&index=NationalIndex&headline=Bull%20or%20bear:%20what++39;s%20hot%20and%20what++39;s%20not%20in%202009

Paul Castran

Flurry to buy and sell before Xmas

MELBOURNE’S last big auction day of 2008 ended with a mad scramble from buyers and sellers hoping to get contracts signed before Christmas.

The weekend clearance rate of 57 per cent from more than 600 auctions was still low, but up on the previous week.

Industry experts said the scramble, fuelled by interest rate cuts, showed that the property downturn might be easing.

Read the full article here:

http://www.news.com.au/heraldsun/story/0,21985,24799115-5013926,00.html

Paul Castran

Are we through the worst of the property cycle?

Times are tough but some experts believe we’re through the worst of it.

Can you hear it? It sounds like a distant ring, a peal of bells, not of Yuletide bonhomie but of changed fortunes in that most solid of staple investments, bricks and mortar. Shares are so yesterday. Stockbroking is a dirty word. Nobody’s talking margin loans. But could the property market be a bellwether of better times?

At least some of the notes are on song. The Reserve Bank dropping the cash rate to 4.25 per cent and perhaps going even lower. Figures this week from the nation’s largest mortgage broker, AFG, indicate NSW first-home buyers are back in the market, with November’s loan approvals up 113 per cent on August. And Sydney house prices - despite all the doomsday scenarios - actually gained 0.51 per cent in the October quarter. There was also a 1.6 per cent increase in the number of loans for established homes in October.

"The property market has moved through the bottom of its cycle," says RP Data’s head of research, Tim Lawless.

Read the full article here:

http://www.domain.com.au/Public/Article.aspx?id=1228585093137&index=NationalIndex&headline=Long%20daze%20on%20market

Paul Castran

Housing starts hit seven-year low

The construction industry has hit a wall, with the number of new houses and units built nationwide plummeting to a seven-year low.

New figures from the Bureau of Statistics show the number of dwellings built in the three months to September 30 dropped 10.7 per cent compared with the previous three months.

Read the full article here:

http://www.domain.com.au/Public/Article.aspx?id=1229189667230&index=NationalIndex&headline=Housing%20starts%20hit%20seven-year%20low

Paul Castran