Commanding views
PROPERTY REVIEW
Tower & London
www.towerlondon.com
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Tower & London
PROPERTY REVIEW
A quarterly magazine published by
Tower & London
Enquiries regarding this magazine should be made to:
Tower & London
38 Alfred Street,
Milsons Point NSW 2061
Phone: (61) 2 9956 6500 Fax (61) 2 9956 6522
Email: reception@towerlondon.com
Disclaimer:
The information contained in this publication is for general information purposes only. Readers are advised that
while an earnest effort has been taken to ensure the information in this document was obtained from reliable
sources, Tower & London gives no guarantees or warranties, written or implied, over the accuracy of the information
provided. Tower & London Pty Limited disclaims all responsibility for any loss or damage suffered as a result
of the use of the contents of this publication. The views expressed in this publication are those of the writers
and do not necessarily reflect the views of the publisher.
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Table of Contents
Spring 2010
Feature Property
2003/3 Herbert St. St Leonards Front cover
Message from John Tower
New Tenancy Laws 4-5
Current Sales 6-17
Stamp Duties on purchase 18
Tower & London offices 19
Useful Resources
Back Cover
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According to the Department of Fair Trading the
main objectives of the new act are to:
John Tower
M.D. Tower & London
Licensed Real Estate Agent
Registered Property Valuer
Fairly balance the rights and obligations
of tenants and landlords
Modernise and update the law in line
with current practices
The New Tenancies Act is unfair and
imbalanced.
The main changes are:
Reduce the level of disputes, by
providing greater clarity and certainty
in the legislation.
“The NSW Parliament has passed the Residential
Tenancies Act 2010, which includes some of the
most sweeping changes to residential tenancies in
decades. The changes will affect the control and
management of each and every rented residential
property in NSW and will have a profound impact
on property managers, landlords and tenants” Real
Estate Institute of NSW (REINSW)
REINSW has been actively working with the State
Government in an effort to soften the impact of the
new act on landlords and their agents; with some
degree of success. The outcome however is a
much transformed act largely favouring the tenants
rights over the landlords’ rights; however
some of the reforms give more certainty to the
landlords in some situations.
The draft bill was thoroughly contested by
REINSW; as a result of this pressure, the government
has since made extensive changes to the
original draft bill and working paper from 2007.
The Residential Tenancies Act 2010 was passed
by Parliament in June 2010. The Act is not yet law.
It will not come into effect until later in 2010, after
the necessary supporting regulations have been
made. Until this happens the existing laws continue
to apply, according the posting on the Department
of Fair Trading website.
Tenants get more time to move out: under
the current law, tenants get 60 days notice
plus 4 days’ postage and any weekend that
falls in postage period. Under the new law,
tenants will have to be given 90 days’ notice
plus postage and so on. The landlord only
gets three weeks’ notice and of course no
changes there. The one bright light here is
the landlord can now drop a letter in the tenants’
letter box and save nearly a week.
Ending a fixed term agreement: The current
law gives the landlord and tenant the
equally14 day’s notice prior to the end of the
lease to terminate and vacate the property.
This was seen as unfair to the tenant. The
new acts keeps the tenants’ the right’s to
give 14 days’ notice whilst the landlord will
be required to give the tenant 30 days’ notice.
The tenant can make minor alterations to
rented property: Tenants can make minor
alterations to the property, and the landlords
must not unreasonably withhold approval.
Landlords can still say no to painting, thanks
to the efforts of REINSW.
Faster rent arrears eviction process: Currently
landlords have to wait until the end of
the termination notice to apply for a hearing
to the Tenancies Tribunal for orders. The
new laws will allow the landlord to apply for a
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hearing at the same time as issuing the Termination
Notice; therefore saving the landlord
two weeks. Although this is heading in the right
direction, it remains very unfair to the landlord,
as the tenant, by then, is well behind in rent
and is likely to get two more weeks in the property
at the hearing; and the eviction process
can take another week; unwanted furniture and
rubbish is often left behind, it all takes time.
You can still write off two
months’ rent.
Rental Bonds Limited: The
maximum amount of rental
bond that can be charged will
be 4 weeks rent, regardless of
whether or not the place is
furnished, currently, six
weeks’ rent is usually kept for
furnished. Also, landlords will
not be allowed to request or
receive any bond ‘top–
ups’ during the course of a tenancy. The time
period for landlords and agents to lodge bonds
has been extended.
Optional lease ‘break fee’: Landlords will have
the option of including a fixed penalty in the
lease (a break fee), in the event that a tenant
breaks a lease before the end of the fixed term
period. Where there is no such penalty in the
lease, the tenant will still be liable to compensate
the landlord for any loss. Currently, tenants
pay a letting fee and rent until the property
is leased, if the tenant has no ability to pay,
the Tenancies Tribunal will probably let the
tenant off the lease.
Residential property investment has been improving
lately: rents have solidified, property values are stabilising
and interest rate rises are slowing; there is
more certainty and confidence within the residential
property investor segment. These new tenancy laws
run counter to this: by reducing the landlords rights
over their properties is certain to drive this fragile
segment into other investments.
Therefore, the fewer property investors the fewer
properties for rent. Rents will rise when the demand
exceeds supply, this is not favourable to property
investors because many tenants end up breaking
leases due to affordability problems, resulting in major
loss of income to the landlord; it’s certainly not
good for tenants as high rents are a real concern for
those with family commitments. So where is the
sense in these laws, are they purely driven by ideological
factors or are they in fact achieving the three
main objectives listed above, which they were designed
to meet.
The first point refers to balancing
the rights of tenants and landlords;
it is my view that the balance
has been tipped further towards
the tenant in many aspects
of this reform. The second
point is about modernising the
laws to current practices: One
area that has been completely
overlooked is notices by email;
as the majority of communication
between landlord and tenant is
by email, why not notices. To some degree these
reforms do clarify some vague situations; and that is
welcomed by the industry. Still the power and discretion
of the Tenancies Tribunal remains unreasonably
high.
The task of the property managers will be much
harder when these laws come to effect, as tenants’
rights increase, landlords become less satisfied with
their investments, this also usually reflects their satisfaction
with their property manager. The key will be
dependant on how the professional property manager
deals with landlords’ and tenants’ expectations
and motivations.
REINSW has been conducting many seminars and
courses, educating property managers with all aspects
of these reforms and equipping them to face
the many challenges ahead. These laws will come
into effect before the end of the year.
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Current Sales
2003/3 Herbert St, St Leonards
For Sale $750,000
SOLD
Space, light and views forever
Enjoy spectacular district views from every window of this 2 bedroom apartment,
perched at the northern end of the 20th floor in Forum West, the North Shore’s most
attractive development. Built above St Leonards plaza and railway station with modern
and efficient bathrooms, semi-open fully equipped kitchen, internal laundry, built-in
wardrobes, superb finishes and immaculately maintained. Secure parking and balcony.
Details and Viewing:
Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
607/48 Atchison St. St Leonards
For Sale $680,000
SOLD
Delightful 2br + Study
Arden is one of the best buildings in St Leonards village centre; on a quiet leafy street
front close to the station, but not so close one hears the trains. This corner apartment on
the sixth floor meets all the needs of an executive tenant or the owner occupier: featuring
a separate study which can be fully enclosed if need be; two bedrooms with built-ins, two
modern bathrooms; a fully equipped kitchen with stone bench tops and a useful balcony.
A total of 95 square meters plus a secure parking space on level 2.
Details and Viewing:
Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
1605/2 Dind Street, Milsons Point
For Sale $2,375,000
SOLD
Spectacular Harbour views
These main harbour view apartments are rarely offered in this most luxurious building
in Milsons point. The Pinnacle has a spectacular foyer, 24 hour concierge and resort
style pool and gym facilities. Perched on the 16th floor is this rambling apartment, situated
on the south eastern side of the building capturing uninterrupted main harbour,
bridge and city views. Modern and efficient fit-out throughout, comprising three double
bedrooms, two bathrooms, a massive lounge; and distinctive dining area. Double lock
up garage.
Details and Viewing:
Phone: 9956 6500
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Email: reception@towerlondon.com
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Current Sales
2/2 Banksia Road, Bellevue Hill
For Sale $1,100,000
SOLD
3 Bedroom Townhouse filled with light
Centrally located in Bellevue Hill near the Royal Sydney Golf Course; and in a small
block of four, townhouse 2 is perfectly positioned to escape the street noise and capture
light; the massive living room opens to a peaceful and private timber courtyard. Three
well sized bedrooms, all with built-ins and opening to a balcony, the main is delightful with
a walk-in wardrobe and a superb ensuite, another bathroom upstairs and a powder room
off the kitchen; and double lock-up garage securely below.
Details and Viewing:
Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
1602/55 Lavender Street, Milsons Point
For Sale $3,950,000
3 Bedrooms, 2 Bathrooms, 2 Parking spaces and
one spectacular view
The last building to the North of Milsons Point and to the east of Clark Park ,“Latitude”,
Winner of the 2008 UDIA National Awards for Excellence, Mirvac’s finest building in Milsons
Point features this superb apartment perfectly perched on the 16th floor and capturing
the ultimate harbour view. All rooms wrapped in glass, opening onto balconies with
shutters, enjoy harbour views spanning across to the Blue Mountains.
Details and Viewing:
Phone: 9956 6500
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Email: reception@towerlondon.com
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Current Sales
1603/2 Dind Street, Milsons Point
For Sale $1,230,000
3 Bedrooms, 2 Bathrooms, Parking and
North Easterly Aspect
“The Pinnacle” is a superbly appointed and secure building commanding a grand position
on the harbour. Apartment 1603 is situated on the northern and eastern side of the building
capturing warm winter sun and glimpses of Neutral Bay. Three good bedrooms, all
with built-in wardrobes, two with own balconies. Large open living space with timber floor
boards and ample light.
Details and Viewing:
Phone: 9956 6500
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Email: reception@towerlondon.com
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Current Sales
2102/ 2 Dind Street, Milsons Point
For Sale $2,180,000
Breathtaking views from wide open spaces
The Pinnacle is the finest apartment building in Milsons Point; this could possibly
be the best value apartment offered. Spectacular harbour views from every
room of this rambling property, perched on the 21st floor watch the sun set
with a magical array of colours. The main bedroom and the second bedroom
are almost identical in size with a smaller 3rd bedroom. The living room is
massive and features a separate dining nook. Modern kitchen, two bathrooms
and a powder room are lined with marble tiles. Double lock-up garage, 24
hour concierge, three fast lifts, indoor swimming pool, a gym and a beautiful
lobby.
Details and Viewing: Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
4/36 Milner Crescent, Wollstonecraft
SOLD at auction
Townhouse with light and space
In the midst of gum trees near Wollstonecraft Station, and nearly hidden from the
street level, lies a collection of distinctive townhouses; this one, just like a house,
with a double front door of its own. The three bedrooms on the top floor are delightful,
all looking out over trees; the main with an ensuite. Downstairs the spaces are
expansive, surrounded by sliding doors with timber shutters, separating the wraparound
courtyard and garden from the internal spaces. In winter the midday sun creates
a spectacle of light and colour, slightly shaded by the trees and shaped by the
shutters. Lock-up garage in secure parking area; total lot area is 226 sqm.
Details and Viewing: Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
3/110 Alfred Street, Milsons Point
For Sale $495,000
SOLD
Massive One Bedroom Unit
Situated on the North end of Milsons Point is one of the suburbs most prominent
buildings, unit 3 is positioned on the south eastern corner of the building with
east/northeast aspect, measuring 84 square meters; this has to be one of the
largest one bedroom units in the area. Nicely presented with a fully equipped
kitchen and a modern and efficient bathroom, bedroom and lounge room open to
a sunny balcony. Just a short stroll to the station.
Details and Viewing:
Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
54/7-17 Sinclair Street, Crows Nest
For Sale $385,000
SOLD
New York Style Loft
This classic Art Deco building was transformed into various style apartments in the
late 1990s; apartment 54 is loft style with living on the lower level and the bedroom
and bathroom on top. Well served with a good kitchen and internal laundry; two long
windows reveal distant city views. Solid building with secure parking in prime location.
Excellent investment property with a long-term tenant in place.
Details and Viewing:
Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
327/38-46 Albany Street, St Leonards
For Sale $400,000
1 Bedroom Apartment in the Aria
In the heart of St Leonards Village Centre is this medium sized colourful and efficient
building; on the third floor opposite the wonderful tree lined street we offer this nice
one bedroom unit, comprising an enclosed balcony, which doubles up as a large dining
area or study, and an internal laundry. Modern, tidy and ready to move in or have
it leased for $400 per week.
Details and Viewing: Phone: 9956 6500
Email: reception@towerlondon.com
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Current Sales
707/9 William Street, North Sydney
For Sale $525,000
SOLD
One Bedroom, balcony and views
In the Heart of North Sydney this modern building with gym and outdoor pool offers
a great one bedroom apartment with city and harbour views; the lounge and
bedroom open to a large balcony with massive views. Good size apartment with
light and character; lock-up garage in the heart of North Sydney.
Details and Viewing:
Phone: 9956 6500
Email: recepotion@towerlondon.com
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Stamp Duty on Purchase in NSW
Dutiable value of the dutiable property subject
to the dutiable transaction
Rate of duty
$0 - $14,000
$1.25 for every $100 or part of the dutiable
value
$175 plus $1.50 for every $100 or part ,
$14,001 - $30,000
by which the dutiable value exceeds
$14,000
$30,001 - $80,000
$415 plus $1.75 for every $100 or part, by
which the dutiable value exceeds $30,000
$1,290 plus $3.50 for every $100 or part,
$80,001 - $300,000
by which the dutiable value exceeds
$80,000
$8,990 plus $4.50 for every $100 or part,
$300,001 - $1m
by which the dutiable value exceeds
$300,000
$40,490 plus $5.50 for every $100 or part,
over $1m
by which the dutiable value exceeds
$1,000,000
A sale or transfer of land (including improvements) or a business in NSW is liable to duty. It is immaterial
whether or not the transaction is effected by a written instrument or by other means, including electronic
means.
A liability for duty arises when the sale or transfer occurs. However, if the sale or transfer is effected by a
written instrument, liability for duty arises when the instrument is first executed.
Duty is payable within 3 months of the date liability arises. The purchaser or transferee is liable to pay the
duty.
Purchasers of Newly-constructed dwellings worth up to $600,000 will receive 50% discount on stamp duty if
they purchase before 30 June 2010.
(source: NSW office State Revenue website)
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Sydney
38 Alfred Street, Milsons Point, NSW 2061
Phone: (612) 9956 6500 Fax: (612) 9956 6522
Hong Kong
6/F Luk Kwok Centre, 72 Gloucester Rd, Wan Chai
Phone: (852) 2918 8788 Fax: (852) 2918 9808
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Useful Resources
Tower & London
http://www.towerlondon.com
Department of Fair Trading
http://www.fairtrading.nsw.gov.au/
P: 9895 0111 F: 9895 0222
Consumer, Trader & Tenancy Tribunal
http://www.fairtrading.nsw.gov.au/cttt.html
P: 1300 135 399 F: 1300 135 247
Real Estate Institute of NSW
http://www.reinsw.com.au/
P: 9264 2343 F: 9267 9190
NSW Department of Lands
http://www.lands.nsw.gov.au/
P: 9228 6666
Office of State Revenue
http://www.osr.nsw.gov.au/
P: 1300 139 816 F: 1300 363 806
Reserve Bank of Australia
http://www.rba.gov.au
Real Estate.com.au
http://www.realestate.com.au/
Domain.com.au
http://www.domain.com.au/
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