2010 May



A monthly magazine published by

Tower & London

May 2010



A monthly magazine published by

Tower & London

May 2010

Table of contents

Message from John Tower

Sydney Property Market in 2010 3

Feature Property

208/48 Atchison St St.Leonards 4

Current Sales 5-7

Current Leasing 9-13

Interest Rates for housing 14

Stamp Duty in NSW 15

Our Team And Office 16

Tower & London

Useful Resources

Back Cover

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


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.


John Tower

Managing director

Property Valuer

How is that housing bubble looking?

Message from John Tower

In this column, last month, I wrote about the outlook

for 2010, and how many factors determine the

change in property values in Sydney; since then we

have been inundated by a stream of commentators

speculating on a boom in the housing market, sighting

auction clearance rates and the old supply-anddemand


According to Property Focus, a quarterly journal

published by the Real Estate Institute of NSW

(REINSW), unit values in North Sydney

Local Area have grown by 6.4%

for the 2009 December quarter to

$585,000; yet house values only

rose by 0.9%. Not surprisingly because

these house values are not

within the first home buyers

scheme; and the last quarter of last year was frantic

as first home buyers were buying any property to

secure the government grants before it ended. Admittedly

things have moved on further this year but

not to the extent and to the frenzy of last year.

The Australian Bureau of Statistics (RBA) report on

retail sales for February is showing a fall of 1.4%

from the previous month; and in NSW, 2.5% fall,

recording the largest decline. CPI for the December

quarter rose by 0.5% compared with a rise of 1.0%

in September, representing 2.1% through the year

2009. These figures do not indicate the economy is

running hot despite the record low interest rates we

are experiencing

Despite clear indications that what we are building

is less than the population growth, I am not

convinced that this will drive a property boom;

most people will adjust their lifestyles when property

values exceed what they can afford, they

may remain as tenants, and younger people stay

at home longer, until property prices are affordable

again. Not long ago, in 2004 and 2005 we had

many brand new properties vacant, without tenants,

in St Leonards.

One also needs to consider the fact that a good

reason for the strength of the economy is the

Federal Government’s stimulus package with is

keeping many small businesses busy and thousands

of people employed; this is going to dissipate

over the balance of this year; and our economy

may not look as vibrant at the end of the year

as it appears now.

This month’s rise in interest rates by 25 points

was highly anticipated; I was

half expecting a 50 point increase;

that didn’t happen;

nevertheless, this is the second

increase in a row and I am

sure there is more to come to

try to peck the growth to sustainable

levels. This will also,

in time, play a major part in keeping property prices

stable or at lease the rise of property values

will be measured and restrained.

Retail sales for February

is showing a fall of 1.4%

from the previous month;

and in NSW, 2.5% fall.

In conclusion; it is not too difficult to ascertain

where the market is heading: it is what extent? I

think most economic analysts are expecting residential

property values to continue to increase,

but some are modest in their thinking; I am on

that camp.




Current Sales

107/38-46 Albany Street St.Leonards



units in







do they


up for



one is

no exception:












3Bed tive 2Bath 1Car

Three bedroom units bathed in “Aria” are very popular;


and rarely do they come up for sale. This one


is no exception: beautifully sun, presented and


roomy, north facing good with two balconies, large

distinctive living area bedrooms,

bathed with winter sun,

three good bedrooms, all with all with built-in wardrobes,

the main with en-suite on one side, and



doors opening the rear

on the other: double


balcony, security building main with secure parking

space. This property


is perfectly positioned in


the heart of St Leonards one Town Centre, very


close to trains and




and just a short stroll

to Willoughby Rd the cafe’s oth-

and restaurants.

Contact Agent: doors Coco Huang


the rear

er: double

0402 248



ny, security





For Sale $735,000

Current Sales

208/48 Atchison St St. Leonards

1 Bed + study + Balcony

An absolutely delightful one

bedroom Plus study apartment

situated in Arden, one of the

best modern buildings in St

Leonards Village. This property

has a large balcony spanning

the bedroom and the living

room, The study has builtins

and can be used as a guest

bedroom. The main bedroom

opens on to the balcony having

a large built-in wardrobe

.Total unit area 78sqm.

Details: Coco Huang 0402 248 628 For Sale $475,000



Current Sales

327/38-46 Albany Street, St Leonards The Beautiful AREA building

In the heart of ST Leonards Village

Centre is this medium sized colourful

and efficient building; on the

third floor opposite the wonderful

street trees we offer this nice one

bedroom (internal Bedroom) unit,

comprising an enclosed balcony

which double up as a large dining

area or study. Modern, tidy and

ready to move in or it may be leased

for $400 per week.

For Sale $400,000

1Bed 1Bath

Contact Agent: Coco Huang

0402 248 628

One Bedroom plus study nook

Striking timber floor boards and floor to ceiling

glass windows are the main attraction to this fine

property, situated on the north side of the Nexus

building in the heart of St Leonards village centre.

Internal bedroom with timber shutters to main living

area, a small study nook just to the side near

the fully equipped kitchen, and an internal laundry

on the way to the bathroom. The living room is

open and sunny, only in winter, with a good outlook

towards Willoughby.

Under Contract

605/15 Atchison St St. Leonards

Price: $420,000

Details: Coco Huang



Feature Property: 78/237 Miller St, North Sydney

The Harvard

Two bedrooms, two bathrooms and two


The Harvard is one of North Sydney’s prestigious

buildings, ideally located to the north

of the city near the community centers, library

and café precinct, yet only minutes

walk to North Sydney railway station.

This apartment has two

bedrooms, two bathrooms,

internal laundry,

and living room with a

north facing balcony basking

in winter sun and an

outlook of trees and

across to North Sydney

Oval in the distance. Two

lock up garages in North

Sydney is an absolute gift.

Dream Home...

Details & Viewing: John Tower 0408 216 979

Asking Price: $675,000

Quarterly Outgoings:

Levy: $1476.10

Council: $ 166.23

Water: $ 141.05



Current Sales

1702/2 Dind Street, Milsons Point $1.69 Million

Stunning location and convenient life style from this

contemporary apartment with Harbour and City views.

Two bedroom + study (third bedroom), Master bedroom

with ensuite. Second bedroom and study both

have access to balcony. This fantastic apartment has

granite kitchen with gas cooking and Gaggenou appliances.

Generous living and dining areas, marble flooring,

huge balcony caters for alfresco entertaining. and

DLUG. At this reduced price there is room to create a

wonderful contemporary home or investment. Total area

148sqm plus an additional 10sqm exclusive use.

Located in a security building with reverse cycle air

con, 24 hour concierge, pool and gym. Walking distance

to ferries, trains and shops

Strata Levies:

Council Rates:

Water Rates:

Total Area:

$2,310 PQ

$649 PA

$125 PQ

148 square meters

Details & Viewing: John Tower 0408 216 979



Current Leasing

110 Alfred St, Milsons Point $500PW

This superb, modern unfurnished one bedroom apartment

is located in the heart of Milsons Point only a short walk to

public transport and Kirribilli Village. Featuring an open

plan kitchen with modern appliances, internal laundry,

good sized balcony situated off the living areas, the bedroom

has builtin robes plus a modern bathroom

Main Sydney Harbour Frontage

opposite to the opera house$1100PW

Situated on the edge of Sydney Harbour with spectacular views

of the iconic Opera House, city skyline and Harbour bridge; we

have an exclusive and elegant two bedroom apartment. This

apartment has been renovated to the highest standard and can

be leased fully furnished or un-furnished as required. The gourmet

kitchen is open plan overlooking the combined lounge/dining

which leads to the waterfront balcony. Wooden floorboards flow

throughout, the bathroom is modern and built in robes are provided.

31-39 Elamang Avenue, Kirribilli $1100 PW

Positioned right on the waters edge at Careening Cove this renovated

3 bedroom, 2 bathroom unit is one of a kind. Kitchen opens

up to a sun filled lounge room with floor to ceiling glass to capture

the picturesque water views. Main bathroom is equipped with

separate bath and shower & second bedroom with built-ins. Also

includes internal laundry & lock-up garage.

8 Munro Street, McMahons Point $630 pw

Two floors on Berry’s Bay

A delightful location on top of the building at the most private

and quiet corner of the Bay, this two storey apartment

has two full sized bedrooms, the main opening to a private

balcony and a bathroom on the top floor, living room with

another balcony and kitchen on the lower level. Tranquil

sounds and pleasant water views are enjoyed from both

levels of this rare property, and the western sun is filtered

by the tops of the majestic trees.



Current Leasing

15 Atchison St, St Leonards $800 PW

Situated in Atchison St only a short walk to Crows Nest village and St

Leonards train station we have a superb, spacious, bright modern 3

bedroom apartment. All of the bedrooms have built in robes, the

kitchen is open plan and features stainless steel appliances, there is

a good sized balcony situated off the large lounge and dining. The

district views can be seen from almost all of the rooms. There are

two bathrooms and one security carspace.

11 Railway St, Chatswood $1200PW

Luxurious split level 4 bedroom apartment with sweeping district and

distant ocean views. Superior quality finishes, 3 bathrooms, huge

entertaining balcony, and double security parking. Resort style pool

and BBQ area, gym & sauna. Ideally located in the heart of Chatswood

just minutes to shopping centres, entertainment and restaurants.

39 McLaren Street, North Sydney $700pw

This two bedroom, two bathroom apartment is superbly furnished

and is located in The McLaren building in the heart of North Sydney.

Additional features include a large balcony, superb north-easterly

views, internal laundry, built-in wardrobes, parking for one car plus

there is a swimming pool in the complex.

59 Upper Pitt Street, Kirribilli $500pw

Charming two bedroom apartment with polished timber floors in the

living area, high ceilings, renovated bathroom and kitchen with dishwasher

and internal laundry equipped with a washing machine/dryer.


Current Leasing

77 Berry Street, North Sydney $420pw

Beau Monde is a new tower with excellent facilities such as a

gym, luxurious pool, concierge and a shopping centre. This modern

unfurnished studio has an open bedroom with built-ins, modern

bathroom and internal laundry.

47-55 Milson Road, Cremorne Point $700pw

Spectacular modern apartment of size and style in an enviable

location. On the northern end it opens onto a large entertaining

deck soaked in winter sun; on the other side is a delightful and

fully equipped kitchen. On the eastern side are the three bedrooms,

one can be used as a study, separated by two modern

bathrooms. Internal laundry and a lock-up garage.

30 Glen St, Milsons Point

Cosy and Convenient Studio $385 per week

This studio apartment is located in a security building which offers

24 hr concierge, gym, pool, spa & sauna. Capturing lovely glimpses

over Lavender Bay and only three minutes to shops and train. White

goods, electricity and gas are also included.

2B Brady St, Mosman

Bridal Wood Gardens $720PW

Bridal Wood gardens is a luxurious complex near a major shopping

centre, cafes, cinema and transport. 2 bedroom with built-ins, overlooking

gardens, 2 bathrooms, air conditioning, L-shaped living/dinning

room, internal laundry, balcony and tandem parking.



Current Leasing

67 Kurraba rd, Neutral Bay $350 Per week

Top level apartment in security building boasting an open kitchen,

large built-ins, as well as an ensuite and carspace. Shared laundry.

Pleasant walk to Neutral Bay Wharf.

12 Glen Street, Milsons Point

One bedroom in secure quality building with pool and gym. Partly

furnished with bed, washing machine, clothes dryer and refrigerator

in apartment. Internal laundry, balcony and minutes to

transport and shops.

55 Lavender Street, Milsons Point

Brand new Mirvac building of exceptional quality with luxurious

amenities. Large one bedroom apartment on the east side

opening to full span balcony with movable and adjustable shutters.

Quality and fully fitted kitchen, bathroom and laundry. Fully

furnished with brand new furniture. Opposite Clarks Park and

only a short stroll to station and ferry wharf.

11 Napier Street, Drummoyne

Modern three bedroom townhouse in a quiet street in

Drummoyne close to the harbour and ferry with some bridge/

city glimpses. On the ground floor there is a spacious L-

shaped living area with brand new hard wood flooring, and

plantation style shutters, modern kitchen, laundry room and

separate toilet.


Current Interest Rates for housing

Flexi first Option Home loan

Premier Advantage Package($250,000 plus) (Pro Pack)



NAB Clearing Banking Home Loan 6.99

Simplicity PLUS

Breakfree Home Loan Package($150,000-




Economiser Home Loan

Wealth Package($350,000-$750,000 )



St George Basic Home Loan 6.6

Mortgage Simplifier 6.49

RAMS Easy Start (24 months)

RAMS Rate Relief



Aussie Standard Variable 6.94

Real Deal Home Loan 6.47

Home Value 6.23


The information provided have been downloaded from various websites and are checked on a monthly basis.

This information is very basic and cannot be relied upon, if your choosing a provider or deciding on what type of home loan to apply for, please consult your bank

or a Finance Broker.

Tower & London takes care on providing you this information, but cannot guarantee its accuracy and will not take responsibility if it is relied upon. It should only

be used as a guide for general information.



Stamp duty on purchase of land 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


$175 plus $1.50 for every $100 or part ,

$14,001 - $30,000

by which the dutiable value exceeds


$415 plus $1.75 for every $100 or part,

$30,001 - $80,000

by which the dutiable value exceeds


$1,290 plus $3.50 for every $100 or part,

$80,001 - $300,000

by which the dutiable value exceeds


$8,990 plus $4.50 for every $100 or part,

$300,001 - $1m

by which the dutiable value exceeds


$40,490 plus $5.50 for every $100 or

over $1m

part, by which the dutiable value exceeds


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 30June 2010.

(source:NSW office State Revenue website)



Our offices

Head Office in Sydney

Port Jackson Tower

38 Alfred Street,

Milsons Point, NSW 2061

Phone: (612) 9956 6500

Fax: (612) 9956 6522

Hong Kong Branch

Suite 1905 Lippo Centre

Tower 2, 89 Queensway,

Admiralty Hong Kong

Phone: (852) 2918 8788

Fax: (852) 2918 9808

Our Team



Useful Resources

Tower & London


Department of Fair Trading


P: 9895 0111 F: 9895 0222

Consumer, Trader & Tenancy Tribunal


P: 1300 135 399 F: 1300 135 247

Real Estate Institute of NSW


P: 9264 2343 F: 9267 9190

NSW Department of Lands


P: 9228 6666

Office of State Revenue


P: 1300 139 816 F: 1300 363 806

Reserve Bank of Australia


Real Estate.com.au





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