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PROPERTY REVIEW<br />

Tower & London<br />

www.towerlondon.com<br />

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Tower & London<br />

PROPERTY REVIEW<br />

A quarterly magazine published by<br />

Tower & London<br />

Enquiries regarding this magazine should be made to:<br />

Tower & London<br />

38 Alfred Street,<br />

Milsons Point NSW 2061<br />

Phone: (61) 2 9956 6500 Fax (61) 2 9956 6522<br />

Email: reception@towerlondon.com<br />

Disclaimer:<br />

The information contained in this publication is for general information purposes only. Readers are advised that<br />

while an earnest effort has been taken to ensure the information in this document was obtained from reliable<br />

sources, Tower & London gives no guarantees or warranties, written or implied, over the accuracy of the information<br />

provided. Tower & London Pty Limited disclaims all responsibility for any loss or damage suffered as a result<br />

of the use of the contents of this publication. The views expressed in this publication are those of the writers<br />

and do not necessarily reflect the views of the publisher.<br />

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Table of Contents<br />

Spring <strong>2010</strong><br />

Feature Property<br />

2003/3 Herbert St. St Leonards Front cover<br />

Message from John Tower<br />

New Tenancy Laws 4-5<br />

Current Sales 6-17<br />

Stamp Duties on purchase 18<br />

Tower & London offices 19<br />

Useful Resources<br />

Back Cover<br />

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According to the Department of Fair Trading the<br />

main objectives of the new act are to:<br />

John Tower<br />

M.D. Tower & London<br />

Licensed Real Estate Agent<br />

Registered Property Valuer<br />

<br />

<br />

Fairly balance the rights and obligations<br />

of tenants and landlords<br />

Modernise and update the law in line<br />

with current practices<br />

The New Tenancies Act is unfair and<br />

imbalanced.<br />

<br />

The main changes are:<br />

Reduce the level of disputes, by<br />

providing greater clarity and certainty<br />

in the legislation.<br />

“The NSW Parliament has passed the Residential<br />

Tenancies Act <strong>2010</strong>, which includes some of the<br />

most sweeping changes to residential tenancies in<br />

decades. The changes will affect the control and<br />

management of each and every rented residential<br />

property in NSW and will have a profound impact<br />

on property managers, landlords and tenants” Real<br />

Estate Institute of NSW (REINSW)<br />

REINSW has been actively working with the State<br />

Government in an effort to soften the impact of the<br />

new act on landlords and their agents; with some<br />

degree of success. The outcome however is a<br />

much transformed act largely favouring the tenants<br />

rights over the landlords’ rights; however<br />

some of the reforms give more certainty to the<br />

landlords in some situations.<br />

The draft bill was thoroughly contested by<br />

REINSW; as a result of this pressure, the government<br />

has since made extensive changes to the<br />

original draft bill and working paper from 2007.<br />

The Residential Tenancies Act <strong>2010</strong> was passed<br />

by Parliament in June <strong>2010</strong>. The Act is not yet law.<br />

It will not come into effect until later in <strong>2010</strong>, after<br />

the necessary supporting regulations have been<br />

made. Until this happens the existing laws continue<br />

to apply, according the posting on the Department<br />

of Fair Trading website.<br />

<br />

<br />

<br />

<br />

Tenants get more time to move out: under<br />

the current law, tenants get 60 days notice<br />

plus 4 days’ postage and any weekend that<br />

falls in postage period. Under the new law,<br />

tenants will have to be given 90 days’ notice<br />

plus postage and so on. The landlord only<br />

gets three weeks’ notice and of course no<br />

changes there. The one bright light here is<br />

the landlord can now drop a letter in the tenants’<br />

letter box and save nearly a week.<br />

Ending a fixed term agreement: The current<br />

law gives the landlord and tenant the<br />

equally14 day’s notice prior to the end of the<br />

lease to terminate and vacate the property.<br />

This was seen as unfair to the tenant. The<br />

new acts keeps the tenants’ the right’s to<br />

give 14 days’ notice whilst the landlord will<br />

be required to give the tenant 30 days’ notice.<br />

The tenant can make minor alterations to<br />

rented property: Tenants can make minor<br />

alterations to the property, and the landlords<br />

must not unreasonably withhold approval.<br />

Landlords can still say no to painting, thanks<br />

to the efforts of REINSW.<br />

Faster rent arrears eviction process: Currently<br />

landlords have to wait until the end of<br />

the termination notice to apply for a hearing<br />

to the Tenancies Tribunal for orders. The<br />

new laws will allow the landlord to apply for a<br />

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hearing at the same time as issuing the Termination<br />

Notice; therefore saving the landlord<br />

two weeks. Although this is heading in the right<br />

direction, it remains very unfair to the landlord,<br />

as the tenant, by then, is well behind in rent<br />

and is likely to get two more weeks in the property<br />

at the hearing; and the eviction process<br />

can take another week; unwanted furniture and<br />

rubbish is often left behind, it all takes time.<br />

You can still write off two<br />

months’ rent.<br />

Rental Bonds Limited: The<br />

maximum amount of rental<br />

bond that can be charged will<br />

be 4 weeks rent, regardless of<br />

whether or not the place is<br />

furnished, currently, six<br />

weeks’ rent is usually kept for<br />

furnished. Also, landlords will<br />

not be allowed to request or<br />

receive any bond ‘top–<br />

ups’ during the course of a tenancy. The time<br />

period for landlords and agents to lodge bonds<br />

has been extended.<br />

Optional lease ‘break fee’: Landlords will have<br />

the option of including a fixed penalty in the<br />

lease (a break fee), in the event that a tenant<br />

breaks a lease before the end of the fixed term<br />

period. Where there is no such penalty in the<br />

lease, the tenant will still be liable to compensate<br />

the landlord for any loss. Currently, tenants<br />

pay a letting fee and rent until the property<br />

is leased, if the tenant has no ability to pay,<br />

the Tenancies Tribunal will probably let the<br />

tenant off the lease.<br />

Residential property investment has been improving<br />

lately: rents have solidified, property values are stabilising<br />

and interest rate rises are slowing; there is<br />

more certainty and confidence within the residential<br />

property investor segment. These new tenancy laws<br />

run counter to this: by reducing the landlords rights<br />

over their properties is certain to drive this fragile<br />

segment into other investments.<br />

Therefore, the fewer property investors the fewer<br />

properties for rent. Rents will rise when the demand<br />

exceeds supply, this is not favourable to property<br />

investors because many tenants end up breaking<br />

leases due to affordability problems, resulting in major<br />

loss of income to the landlord; it’s certainly not<br />

good for tenants as high rents are a real concern for<br />

those with family commitments. So where is the<br />

sense in these laws, are they purely driven by ideological<br />

factors or are they in fact achieving the three<br />

main objectives listed above, which they were designed<br />

to meet.<br />

The first point refers to balancing<br />

the rights of tenants and landlords;<br />

it is my view that the balance<br />

has been tipped further towards<br />

the tenant in many aspects<br />

of this reform. The second<br />

point is about modernising the<br />

laws to current practices: One<br />

area that has been completely<br />

overlooked is notices by email;<br />

as the majority of communication<br />

between landlord and tenant is<br />

by email, why not notices. To some degree these<br />

reforms do clarify some vague situations; and that is<br />

welcomed by the industry. Still the power and discretion<br />

of the Tenancies Tribunal remains unreasonably<br />

high.<br />

The task of the property managers will be much<br />

harder when these laws come to effect, as tenants’<br />

rights increase, landlords become less satisfied with<br />

their investments, this also usually reflects their satisfaction<br />

with their property manager. The key will be<br />

dependant on how the professional property manager<br />

deals with landlords’ and tenants’ expectations<br />

and motivations.<br />

REINSW has been conducting many seminars and<br />

courses, educating property managers with all aspects<br />

of these reforms and equipping them to face<br />

the many challenges ahead. These laws will come<br />

into effect before the end of the year.<br />

5


Current Sales<br />

2003/3 Herbert St, St Leonards<br />

For Sale $750,000<br />

SOLD<br />

Space, light and views forever<br />

Enjoy spectacular district views from every window of this 2 bedroom apartment,<br />

perched at the northern end of the 20th floor in Forum West, the North Shore’s most<br />

attractive development. Built above St Leonards plaza and railway station with modern<br />

and efficient bathrooms, semi-open fully equipped kitchen, internal laundry, built-in<br />

wardrobes, superb finishes and immaculately maintained. Secure parking and balcony.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

607/48 Atchison St. St Leonards<br />

For Sale $680,000<br />

SOLD<br />

Delightful 2br + Study<br />

Arden is one of the best buildings in St Leonards village centre; on a quiet leafy street<br />

front close to the station, but not so close one hears the trains. This corner apartment on<br />

the sixth floor meets all the needs of an executive tenant or the owner occupier: featuring<br />

a separate study which can be fully enclosed if need be; two bedrooms with built-ins, two<br />

modern bathrooms; a fully equipped kitchen with stone bench tops and a useful balcony.<br />

A total of 95 square meters plus a secure parking space on level 2.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

1605/2 Dind Street, Milsons Point<br />

For Sale $2,375,000<br />

SOLD<br />

Spectacular Harbour views<br />

These main harbour view apartments are rarely offered in this most luxurious building<br />

in Milsons point. The Pinnacle has a spectacular foyer, 24 hour concierge and resort<br />

style pool and gym facilities. Perched on the 16th floor is this rambling apartment, situated<br />

on the south eastern side of the building capturing uninterrupted main harbour,<br />

bridge and city views. Modern and efficient fit-out throughout, comprising three double<br />

bedrooms, two bathrooms, a massive lounge; and distinctive dining area. Double lock<br />

up garage.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

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Email: reception@towerlondon.com<br />

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Current Sales<br />

2/2 Banksia Road, Bellevue Hill<br />

For Sale $1,100,000<br />

SOLD<br />

3 Bedroom Townhouse filled with light<br />

Centrally located in Bellevue Hill near the Royal Sydney Golf Course; and in a small<br />

block of four, townhouse 2 is perfectly positioned to escape the street noise and capture<br />

light; the massive living room opens to a peaceful and private timber courtyard. Three<br />

well sized bedrooms, all with built-ins and opening to a balcony, the main is delightful with<br />

a walk-in wardrobe and a superb ensuite, another bathroom upstairs and a powder room<br />

off the kitchen; and double lock-up garage securely below.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

1602/55 Lavender Street, Milsons Point<br />

For Sale $3,950,000<br />

3 Bedrooms, 2 Bathrooms, 2 Parking spaces and<br />

one spectacular view<br />

The last building to the North of Milsons Point and to the east of Clark Park ,“Latitude”,<br />

Winner of the 2008 UDIA National Awards for Excellence, Mirvac’s finest building in Milsons<br />

Point features this superb apartment perfectly perched on the 16th floor and capturing<br />

the ultimate harbour view. All rooms wrapped in glass, opening onto balconies with<br />

shutters, enjoy harbour views spanning across to the Blue Mountains.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

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Email: reception@towerlondon.com<br />

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Current Sales<br />

1603/2 Dind Street, Milsons Point<br />

For Sale $1,230,000<br />

3 Bedrooms, 2 Bathrooms, Parking and<br />

North Easterly Aspect<br />

“The Pinnacle” is a superbly appointed and secure building commanding a grand position<br />

on the harbour. Apartment 1603 is situated on the northern and eastern side of the building<br />

capturing warm winter sun and glimpses of Neutral Bay. Three good bedrooms, all<br />

with built-in wardrobes, two with own balconies. Large open living space with timber floor<br />

boards and ample light.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

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Email: reception@towerlondon.com<br />

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Current Sales<br />

2102/ 2 Dind Street, Milsons Point<br />

For Sale $2,180,000<br />

Breathtaking views from wide open spaces<br />

The Pinnacle is the finest apartment building in Milsons Point; this could possibly<br />

be the best value apartment offered. Spectacular harbour views from every<br />

room of this rambling property, perched on the 21st floor watch the sun set<br />

with a magical array of colours. The main bedroom and the second bedroom<br />

are almost identical in size with a smaller 3rd bedroom. The living room is<br />

massive and features a separate dining nook. Modern kitchen, two bathrooms<br />

and a powder room are lined with marble tiles. Double lock-up garage, 24<br />

hour concierge, three fast lifts, indoor swimming pool, a gym and a beautiful<br />

lobby.<br />

Details and Viewing: Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

4/36 Milner Crescent, Wollstonecraft<br />

SOLD at auction<br />

Townhouse with light and space<br />

In the midst of gum trees near Wollstonecraft Station, and nearly hidden from the<br />

street level, lies a collection of distinctive townhouses; this one, just like a house,<br />

with a double front door of its own. The three bedrooms on the top floor are delightful,<br />

all looking out over trees; the main with an ensuite. Downstairs the spaces are<br />

expansive, surrounded by sliding doors with timber shutters, separating the wraparound<br />

courtyard and garden from the internal spaces. In winter the midday sun creates<br />

a spectacle of light and colour, slightly shaded by the trees and shaped by the<br />

shutters. Lock-up garage in secure parking area; total lot area is 226 sqm.<br />

Details and Viewing: Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

3/110 Alfred Street, Milsons Point<br />

For Sale $495,000<br />

SOLD<br />

Massive One Bedroom Unit<br />

Situated on the North end of Milsons Point is one of the suburbs most prominent<br />

buildings, unit 3 is positioned on the south eastern corner of the building with<br />

east/northeast aspect, measuring 84 square meters; this has to be one of the<br />

largest one bedroom units in the area. Nicely presented with a fully equipped<br />

kitchen and a modern and efficient bathroom, bedroom and lounge room open to<br />

a sunny balcony. Just a short stroll to the station.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

54/7-17 Sinclair Street, Crows Nest<br />

For Sale $385,000<br />

SOLD<br />

New York Style Loft<br />

This classic Art Deco building was transformed into various style apartments in the<br />

late 1990s; apartment 54 is loft style with living on the lower level and the bedroom<br />

and bathroom on top. Well served with a good kitchen and internal laundry; two long<br />

windows reveal distant city views. Solid building with secure parking in prime location.<br />

Excellent investment property with a long-term tenant in place.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

327/38-46 Albany Street, St Leonards<br />

For Sale $400,000<br />

1 Bedroom Apartment in the Aria<br />

In the heart of St Leonards Village Centre is this medium sized colourful and efficient<br />

building; on the third floor opposite the wonderful tree lined street we offer this nice<br />

one bedroom unit, comprising an enclosed balcony, which doubles up as a large dining<br />

area or study, and an internal laundry. Modern, tidy and ready to move in or have<br />

it leased for $400 per week.<br />

Details and Viewing: Phone: 9956 6500<br />

Email: reception@towerlondon.com<br />

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Current Sales<br />

707/9 William Street, North Sydney<br />

For Sale $525,000<br />

SOLD<br />

One Bedroom, balcony and views<br />

In the Heart of North Sydney this modern building with gym and outdoor pool offers<br />

a great one bedroom apartment with city and harbour views; the lounge and<br />

bedroom open to a large balcony with massive views. Good size apartment with<br />

light and character; lock-up garage in the heart of North Sydney.<br />

Details and Viewing:<br />

Phone: 9956 6500<br />

Email: recepotion@towerlondon.com<br />

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Stamp Duty on Purchase in NSW<br />

Dutiable value of the dutiable property subject<br />

to the dutiable transaction<br />

Rate of duty<br />

$0 - $14,000<br />

$1.25 for every $100 or part of the dutiable<br />

value<br />

$175 plus $1.50 for every $100 or part ,<br />

$14,001 - $30,000<br />

by which the dutiable value exceeds<br />

$14,000<br />

$30,001 - $80,000<br />

$415 plus $1.75 for every $100 or part, by<br />

which the dutiable value exceeds $30,000<br />

$1,290 plus $3.50 for every $100 or part,<br />

$80,001 - $300,000<br />

by which the dutiable value exceeds<br />

$80,000<br />

$8,990 plus $4.50 for every $100 or part,<br />

$300,001 - $1m<br />

by which the dutiable value exceeds<br />

$300,000<br />

$40,490 plus $5.50 for every $100 or part,<br />

over $1m<br />

by which the dutiable value exceeds<br />

$1,000,000<br />

<br />

<br />

<br />

<br />

A sale or transfer of land (including improvements) or a business in NSW is liable to duty. It is immaterial<br />

whether or not the transaction is effected by a written instrument or by other means, including electronic<br />

means.<br />

A liability for duty arises when the sale or transfer occurs. However, if the sale or transfer is effected by a<br />

written instrument, liability for duty arises when the instrument is first executed.<br />

Duty is payable within 3 months of the date liability arises. The purchaser or transferee is liable to pay the<br />

duty.<br />

Purchasers of Newly-constructed dwellings worth up to $600,000 will receive 50% discount on stamp duty if<br />

they purchase before 30 June <strong>2010</strong>.<br />

(source: NSW office State Revenue website)<br />

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Sydney<br />

38 Alfred Street, Milsons Point, NSW 2061<br />

Phone: (612) 9956 6500 Fax: (612) 9956 6522<br />

Hong Kong<br />

6/F Luk Kwok Centre, 72 Gloucester Rd, Wan Chai<br />

Phone: (852) 2918 8788 Fax: (852) 2918 9808<br />

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Useful Resources<br />

Tower & London<br />

http://www.towerlondon.com<br />

Department of Fair Trading<br />

http://www.fairtrading.nsw.gov.au/<br />

P: 9895 0111 F: 9895 0222<br />

Consumer, Trader & Tenancy Tribunal<br />

http://www.fairtrading.nsw.gov.au/cttt.html<br />

P: 1300 135 399 F: 1300 135 247<br />

Real Estate Institute of NSW<br />

http://www.reinsw.com.au/<br />

P: 9264 2343 F: 9267 9190<br />

NSW Department of Lands<br />

http://www.lands.nsw.gov.au/<br />

P: 9228 6666<br />

Office of State Revenue<br />

http://www.osr.nsw.gov.au/<br />

P: 1300 139 816 F: 1300 363 806<br />

Reserve Bank of Australia<br />

http://www.rba.gov.au<br />

Real Estate.com.au<br />

http://www.realestate.com.au/<br />

Domain.com.au<br />

http://www.domain.com.au/<br />

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