2010 May

PROPERTY REVIEW
A monthly magazine published by
Tower & London
May 2010
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PROPERTY REVIEW
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
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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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
argument.
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.
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living
area
Current Sales
107/38-46 Albany Street St.Leonards
Three
bedroom
units in
“Aria”
are
very
popular;
and
rarely
do they
come
up for
sale.
This
one is
no exception:
beautifully
presented
and
roomy,
north
facing
with
two
balconies,
large
distinc-
3Bed tive 2Bath 1Car
Three bedroom units bathed in “Aria” are very popular;
with
and rarely do they come up for sale. This one
winter
is no exception: beautifully sun, presented and
three
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
built-in
wardrobes,
doors opening the rear
on the other: double
the
balcony, security building main with secure parking
space. This property
with
is perfectly positioned in
ensuite
the heart of St Leonards one Town Centre, very
side,
close to trains and
and
buses
on
and just a short stroll
to Willoughby Rd the cafe’s oth-
and restaurants.
Contact Agent: doors Coco Huang
opening
the rear
er: double
0402 248
balco-
628
ny, security
building
with
secure
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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
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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
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Feature Property: 78/237 Miller St, North Sydney
The Harvard
Two bedrooms, two bathrooms and two
garages.
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
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4

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
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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.
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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.
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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.
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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.
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Current Interest Rates for housing
Flexi first Option Home loan
Premier Advantage Package($250,000 plus) (Pro Pack)
6.56
6.56
NAB Clearing Banking Home Loan 6.99
Simplicity PLUS
Breakfree Home Loan Package($150,000-
$249,999)
6.46
6.66
Economiser Home Loan
Wealth Package($350,000-$750,000 )
6.60
6.51
St George Basic Home Loan 6.6
Mortgage Simplifier 6.49
RAMS Easy Start (24 months)
RAMS Rate Relief
6.29
6.08
Aussie Standard Variable 6.94
Real Deal Home Loan 6.47
Home Value 6.23
Notes:
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.
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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
value
$175 plus $1.50 for every $100 or part ,
$14,001 - $30,000
by which the dutiable value exceeds
$14,000
$415 plus $1.75 for every $100 or part,
$30,001 - $80,000
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
over $1m
part, 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 30June 2010.
(source:NSW office State Revenue website)
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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
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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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