2010 Summer

Commanding views 

PROPERTY REVIEW 

Tower & London 

www.towerlondon.com 

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PROPERTY REVIEW 

A quarterly magazine published by 


Enquiries regarding this magazine should be made to: 


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 


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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. 


Phone: 9956 6500 


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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. 


Phone: 9956 6500 

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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. 


Phone: 9956 6500 


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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. 


Phone: 9956 6500 

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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. 


Phone: 9956 6500 

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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 


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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. 



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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. 


Phone: 9956 6500 


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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. 


Phone: 9956 6500 


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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. 



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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. 


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 


$80,000 


$300,001 - $1m 


$300,000 


over $1m 


$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 


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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2010 Summer

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