Open for Inspections 9th May 2009

13 Bracken St Moorooka For sale from $480,000, Inspect 11.00-11.30

34 Merchiston St Acacia Ridge Offers from $360,000, Inspect 12 noon - 12.30

125 Highgate St Coopers Plains For Sale $399,000, Inspect 1.00-1.30

NEW LISTING THIS WEEK - 43 GABA TEPE ST MOOROOKA, Offers from $580,000

Creamy pesto chicken with roasted tomatoes

Doesn't this look devine?


4 boneless, skinless chicken breasts
3 tbsp Homemade pesto (see recipe below)
85g mascarpone
4 tbsp olive oil
100g breadcrumbs , preferably from day-old bread
175g baby tomatoes , on the vine
handful pine nuts
handful basil leaves

Heat oven to 200C/fan 180C/gas 6. Use a small sharp knife to make a slit along the side of each chicken breast to form a pocket. Mix together the pesto and mascarpone, then carefully spoon a quarter of the mixture into each chicken breast and smooth over the opening to seal.

Brush a little oil, about 1 tsp, all over each chicken breast and season well. Tip the breadcrumbs onto a large plate and season. Place each breast on the plate and press all over with the breadcrumbs. Place in a lightly oiled shallow baking dish along with the tomatoes (kept together on the vine in a couple of bunches). Drizzle over the remaining oil.

Cook in the oven for 20-25 mins until the chicken starts to turn golden and is cooked through. Scatter over the pine nuts and cook for 2 mins more. Sprinkle with basil leaves and serve with new potatoes or crusty bread.

HOMEMADE PESTO

In a small food processor, whizz together a large handful basil leaves (about 40g), 25g toasted pine nuts, 25g finely grated Parmesan, 1 crushed garlic clove and 3 tbsp olive oil. Keep in the fridge for 1-2 days or cover with a layer of oil and keep for 3-4 days.

PER SERVING 545 kcalories, protein 40g, carbohydrate 22g, fat 33 g, saturated fat 10g, fibre 1g, salt 0.82 g

Recipe from Good Food magazine, May 2009.

Home sales at a 13-month high

New home sales rose by 4.2 per cent in March – hitting a 13 month high. New home sales have now jumped over 20 per cent since December.

Detached house sales rose by 4.2 per cent in March. All states noted a pick up in home sales over the March quarter – the best result since early 2007.

What does it all mean?


There is no doubt that with interest rates at 49 year lows the additional first home owners grant is having a amplified impact on the housing sector. New home sales have jumped once again in the latest reading hitting a 13 month high. In fact since the grant was initiated new home sales have jumped over 20 per cent from the lows set last December.

In recent weeks there has been a lot of discussion regarding the possible extension of the additional grant. There is no doubt that first home buyers are certainly active in the market but investors are still reluctant, so a scaling back of the grant could stem momentum in a market that is just gaining pace. The grant has helped to promote housing activity however further construction and investor interest needs to be promoted. It maybe that the grant remains on board for new home and gets scaled back for existing homes.

In the near term the domestic economy is expected to weaken and unemployment is expected to rise substantially over the next year, suggesting that the complete removal of the additional grant will remove a crucial support to house prices and overall economic activity. For the government it becomes a matter of massaging the housing sector to ensure that housing activity and prices remain resilient to the short-term downturn in the economy while ensuring that an asset bubble is not created in the longer run.

The lower mortgage rates and the June 30 deadline for first home buyers is likely to boost the demand for property in coming months, however property prices are going to be held back to a large extent by worries about job prospects. CommSec expects the unemployment rate to rise to 6.5 per cent over the next year, no doubt ensuring that house prices remain subdued in the near term.

What do the figures show?

New home sales rose by 4.2 per cent in March after rising by 3.9 per cent in February. Detached home sales rose by 4.1 per cent. Detached new home sales rose by rose in all five states in the March quarter – the best result since early 2007. But pre-contract sales of apartment fell by 3.4 per cent – the fifth straight fall.

Detached home sales rose by 15.2 per cent in NSW, 14.6 per cent in Victoria and 7.3 per cent in Western Australia. Sales fell by 4.6 per cent in South Australia and 16.9 per cent in Queensland.

What are the implications for interest rates and investors?

The rise in home sales is encouraging news for the building sector. But further action by the Federal Government is likely to be necessary to prevent investors staying away, further exacerbating the rental crisis.

Source Craig James, Chief Equities Economist, CommSec