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By the Bay on the Park<br />

PROPERTY REVIEW<br />

A monthly magazine published by<br />

Tower & London<br />

<strong>March</strong> <strong>2010</strong>


PROPERTY REVIEW<br />

A monthly magazine published by<br />

Tower & London<br />

<strong>March</strong> <strong>2010</strong><br />

Table of contents<br />

Message from John Tower<br />

Sydney Property Market in <strong>2010</strong> 3<br />

Feature Property<br />

1/11 John Street, McMahons Point 4<br />

Current Sales 5-7<br />

Current Leasing 8-12<br />

Interest Rates for housing 13<br />

Stamp Duty in NSW 14<br />

Our Team And Office 15<br />

Tower & London<br />

Useful Resources<br />

Back Cover<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 />

2<br />

2


Message from John Tower<br />

John Tower<br />

Managing director<br />

Property Valuer<br />

The Australian Bureau of Statistics (ABS) Latest figures<br />

on housing approvals point to 44.3% increase in<br />

total housing approvals over the past year from December<br />

2009, seasonally adjusted that is a staggering<br />

53.3% increase in over just 12 months.<br />

A useful guide to the relationship between supply and<br />

demand is the vacancy factor currently at 1.7% which<br />

is historically low but steadily rising over the past 12<br />

months, as around 3% is considered to be more of a<br />

balanced supply and demand.<br />

Sydney property market in <strong>2010</strong><br />

There are many property commentators who are predicting<br />

substantial increases in property values in Sydney<br />

this year, as Australia has escaped the recession that<br />

most industrialized nations suffered; let’s just examine<br />

this more closely.<br />

The economy is going well at the present, residential<br />

property values have largely been on the increase in all<br />

Australian cities. To be more specific unit values in the<br />

North Sydney Local Council have increased by 3.8% as<br />

of September 2009. The logic then is if<br />

the economy continues to grow at this<br />

level, residential property will continue<br />

to increase in value, more or less at this<br />

pace. Often though, the strength of the<br />

economy is not the only determinate;<br />

and the strength of the economy is also<br />

dependent on the health of other major<br />

economies such as the US, Europe and China. Our<br />

economy has survived a technical recession largely because<br />

China kept buying our mineral resources. For the<br />

time being it appears that China is going to keep on buying<br />

from us; and the US is edging, ever so slowly, out of<br />

the doldrums; yet lately, Europe is looking shaky.<br />

Supply and demands is another major determinant, most<br />

commentators agree on how little we build in relation to<br />

population growth. The Housing Industry Association’s<br />

(HIA) survey of Australia’s large volume residential builders,<br />

the New Home Sales report found that the market<br />

has rebounded by 9.5% in January <strong>2010</strong>. More specifically<br />

the new home unit market rose by 4.1% following a<br />

14.5% increase in December 2009. This is considered a<br />

promising start for the recovery of the housing construction<br />

sector; which in tern may encourage investors to<br />

come back to the residential housing market.<br />

According to opening Statement to house of Representative<br />

Standing Committee on Economics. “The<br />

effect of the temporary first-home buyers’ boost is fading,<br />

but underlying demand is solid as a result of population<br />

growth and there is something of an ‘underhang’<br />

of earlier low construction to work off. Credit costs and<br />

availability are adequate for households. While for developers<br />

credit remains quite difficult to access, it looks<br />

like we have seen a turning point in approvals for multi<br />

-unit construction. Housing prices have been rising<br />

quite smartly over the past year”.<br />

seasonally adjusted<br />

that is a staggering<br />

53.3% increase in<br />

over just 12 months.<br />

The Board lifted the cash rate in<br />

October, November, and December<br />

2009 and now in <strong>March</strong>.<br />

The RBA’s decision to increase<br />

the cash rate by 25 bases points<br />

to 4% was vindicated when a day<br />

later the GDP figures for December<br />

came out pointing to 0,9 increase in the quarter.<br />

Interest Rates, in my view, are the main determinant to<br />

property values in this economic phase we find ourselves,<br />

it appears that the major banks will stick to the<br />

rate rises passed down by the RBA, or below it, as the<br />

response to Westpac’s hike in December 2009, above<br />

the RBA increase, has been dealt with harshly; and the<br />

other banks took advantage of it.<br />

In conclusion, this will be an active and exciting year<br />

for property buyers and sellers, I don’t think residential<br />

property prices will go through the roof, but there will<br />

be a healthy increase, if all goes well.<br />

3<br />

3


Feature Property: 1/11 John Street, McMahons Point<br />

Location...<br />

McMahons Point is a beautiful peninsular<br />

situated just over the bridge after Milsons<br />

Point, adjoining North Sydney to the north; it<br />

is on of Sydney’s finest locations. Surrounded<br />

by water and parks of Sydney Harbour,<br />

Berry’s Bay and Lavender Bay.<br />

Dream Home...<br />

The original occupants of<br />

this region were the Cammeraygal<br />

(or perhaps<br />

Quiberie tribal affiliations<br />

seem to have been loose<br />

and amorphous). These<br />

people lived along the<br />

foreshores and in bushland,<br />

cliffs and rock shelters<br />

prior to European settlement.<br />

Arrchitecture and heritage has been largely preserved in<br />

McMahons Point as there has been a long-term plan<br />

during the seventies and eighties which ended in disapproval,<br />

and in the mean time the existing properties<br />

were saved from high-rise developments, leaving this<br />

locality with rich architectural diversity.<br />

This is a most exciting location to be living in, there is no limit to the possibility for a good life,<br />

from riding a bicycle over the bridge and watching the stunning sunsets over the harbour to taking<br />

walks around the water front opposite the Opera House and strolling under the Harbour<br />

bridge to the tranquil Lavender Bay and around to Berry's Bay and Balls Head with parks for the<br />

children to play in, or places of serene quietude to sooth the mind.<br />

11 John Street is perfectly position as the end of the Street and the last property in the locality to<br />

the west. In front is the Berry’s Bay and adjoining Waverton Park to one side. This would have to<br />

be the quietest location in McMahons Point<br />

4<br />

4


1/11 John St McMahons Point<br />

With a great locations comes a fantastic property, sprawling 25 meters across the front with a large deck<br />

allowing every room with a door onto it, just a few steps up from the street level and the Bay is perfectly<br />

clear; this is a great example of indoor/outdoor living. Three double bedrooms, the master with ensuite<br />

and dressing room, two bathrooms, large rectangular lounge room adjoined by the ideal dining room finished<br />

with solid timber floors; separated and easily accessed is a full size kitchen with family dining area<br />

opening onto a wide outdoor private entertaining area with views across the Bay.<br />

The deck is an amazing 131 square meters hugging the full width of the property, and parking is a double<br />

lock-up garage in a secure parking area.<br />

Strata Levies:<br />

Council Rates:<br />

Water Rates:<br />

Total Area:<br />

$2,125 PQ<br />

$327 PQ<br />

$157.75 PQ<br />

308 square meters<br />

Details & Viewing: John Tower 0408 216 979<br />

Asking Price: $1,980,000<br />

5<br />

5


Current Sales<br />

1702/2 Dind Street, Milsons Point $1.69 Million<br />

Stunning location and convenient life style from this<br />

contemporary apartment with Harbour and City views.<br />

Two bedroom + study (third bedroom), Master bedroom<br />

with ensuite. Second bedroom and study both<br />

have access to balcony. This fantastic apartment has<br />

granite kitchen with gas cooking and Gaggenou appliances.<br />

Generous living and dining areas, marble flooring,<br />

huge balcony caters for alfresco entertaining. and<br />

DLUG. At this reduced price there is room to create a<br />

wonderful contemporary home or investment. Total area<br />

148sqm plus an additional 10sqm exclusive use.<br />

Located in a security building with reverse cycle air<br />

con, 24 hour concierge, pool and gym. Walking distance<br />

to ferries, trains and shops<br />

Strata Levies:<br />

Council Rates:<br />

Water Rates:<br />

Total Area:<br />

$2,310 PQ<br />

$649 PA<br />

$125 PQ<br />

148 square meters<br />

Details & Viewing: John Tower 0408 216 979<br />

6<br />

6


Current Sales<br />

The Beautiful AREA building<br />

One internal bedroom apartment with enclosed<br />

balcony offered in this colourful<br />

modern building in St Leonards village centre.<br />

Open living space sprawling to the enclosed<br />

balcony that can used as a study or<br />

a separate dining room, modern bathroom<br />

and kitchen, internal laundry and built-ins<br />

for the bedroom.<br />

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

Price: $420,000<br />

Details Coco Huang 0402 248 628<br />

One Bedroom plus study nook<br />

Striking timber floor boards and floor to ceiling<br />

glass windows are the main attraction to this fine<br />

property, situated on the north side of the Nexus<br />

building in the heart of St Leonards village centre.<br />

Internal bedroom with timber shutters to main living<br />

area, a small study nook just to the side near<br />

the fully equipped kitchen, and an internal laundry<br />

on the way to the bathroom. The living room is<br />

open and sunny, only in winter, with a good outlook<br />

towards Willoughby.<br />

605/15 Atchison St St. Leonards<br />

Price: $420,000<br />

Details: Coco Huang<br />

7<br />

7


Current Leasing<br />

48 Alfred Street, Milsons Point $680pw<br />

This fully furnished one bedroom apartment facing Lavender Bay<br />

offers unique Harbour views. Complete with a balcony, internal<br />

laundry, air conditioning, built-ins, swimming pool, gym and security<br />

parking. Conveniently located close to all transport and local<br />

shops<br />

38-46 Albany St St Leonards<br />

Ari Building $700 pw<br />

Modern, spacious three bedroom apartment in a secure building<br />

with two bathrooms, all bedrooms have built in wardrobes, internal<br />

laundry, modern kitchen with gas cook top, ducted airconditioning,<br />

good size balcony and secure parking. Minutes walk<br />

from St Leonards station & Crows Nest shopping strip<br />

38 Alfred Street, Milsons Point $680pw<br />

Located in the landmark building Port Jackson Tower this apartment<br />

features two bedrooms, modern kitchen and bathroom,<br />

sunny balcony with Internal laundry & one security parking. This<br />

building offers a gym, sauna, pool and spa. Perfectly located<br />

closed to ferry, trains and shops.<br />

8 Munro Street, McMahons Point $630 pw<br />

Two floors on Berry’s Bay<br />

A delightful location on top of the building at the most private<br />

and quiet corner of the Bay, this two storey apartment<br />

has two full sized bedrooms, the main opening to a private<br />

balcony and a bathroom on the top floor, living room with<br />

another balcony and kitchen on the lower level. Tranquil<br />

sounds and pleasant water views are enjoyed from both<br />

levels of this rare property, and the western sun is filtered<br />

by the tops of the majestic trees. Available on 14/04<br />

8<br />

8


Current Leasing<br />

1 McDougall Street, Kirribilli $610pw<br />

This superb unfurnished two bedroom apartment features a modern<br />

open plan kitchen, combined lounge and dining with a balcony situated<br />

off the living areas offering a pleasant leafy outlook with water<br />

glimpses. In addition the two bedrooms have built-ins, bathroom plus<br />

ensuite to the main, internal laundry, air conditioning and undercover<br />

car space.<br />

184 Raglan Street, Mosman $800pw<br />

Open Inspection-Sat 27 /03 11:30-11:45AM<br />

The newly renovated fully furnished unit boasts three bedrooms two<br />

of which have built-ins. There is timber flooring thought the whole<br />

unit, also with a balcony. Both the bathroom and separate toilet have<br />

been renovated using the same design and match perfectly. Modern<br />

kitchen with gas cooking and a lock up garage.<br />

39 McLaren Street, North Sydney $700pw<br />

This two bedroom, two bathroom apartment is superbly furnished<br />

and is located in The McLaren building in the heart of North Sydney.<br />

Additional features include a large balcony, superb north-easterly<br />

views, internal laundry, built-in wardrobes, parking for one car plus<br />

there is a swimming pool in the complex.<br />

59 Upper Pitt Street, Kirribilli $500pw<br />

Charming two bedroom apartment with polished timber floors in the<br />

living area, high ceilings, renovated bathroom and kitchen with dishwasher<br />

and internal laundry equipped with a washing machine/dryer.<br />

9<br />

9


Current Leasing<br />

77 Berry Street, North Sydney $420pw<br />

Beau Monde is a new tower with excellent facilities such as a<br />

gym, luxurious pool, concierge and a shopping centre. This modern<br />

unfurnished studio has an open bedroom with built-ins, modern<br />

bathroom and internal laundry.<br />

47-55 Milson Road, Cremorne Point $700pw<br />

Spectacular modern apartment of size and style in an enviable<br />

location. On the northern end it opens onto a large entertaining<br />

deck soaked in winter sun; on the other side is a delightful and<br />

fully equipped kitchen. On the eastern side are the three bedrooms,<br />

one can be used as a study, separated by two modern<br />

bathrooms. Internal laundry and a lock-up garage.<br />

30 Glen St, Milsons Point<br />

Cozy and Convenient Studio $385 per week<br />

This studio apartment is located in a security building which offers<br />

24 hr concierge, gym, pool, spa & sauna. Capturing lovely glimpses<br />

over Lavender Bay and only three minutes to shops and train. White<br />

goods, electricity and gas are also included.<br />

2B Brady St, Mosman<br />

Bridal Wood Gardens<br />

Bridal Wood gardens is a luxurious complex near a major shopping<br />

centre, cafes, cinema and transport. 2 bedroom with built-ins, overlooking<br />

gardens, 2 bathrooms, air conditioning, L-shaped living/<br />

dinning room, internal laundry, balcony and tandem parking.<br />

10


Current Leasing<br />

67 Kurraba rd, Neutral Bay $350 Per week<br />

Top level apartment in security building boasting an open kitchen,<br />

large built-ins, as well as an ensuite and carspace. Shared laundry.<br />

Pleasant walk to Neutral Bay Wharf.<br />

12 Glen Street, Milsons Point<br />

One bedroom in secure quality building with pool and gym. Partly<br />

furnished with bed, washing machine, clothes dryer and refrigerator<br />

in apartment. Internal laundry, balcony and minutes to<br />

transport and shops.<br />

55 Lavender Street, Milsons Point<br />

Brand new Mirvac building of exceptional quality with luxurious<br />

amenities. Large one bedroom apartment on the east side<br />

opening to full span balcony with movable and adjustable shutters.<br />

Quality and fully fitted kitchen, bathroom and laundry. Fully<br />

furnished with brand new furniture. Opposite Clarks Park and<br />

only a short stroll to station and ferry wharf.<br />

11 Napier Street, Drummoyne<br />

Modern three bedroom townhouse in a quiet street in<br />

Drummoyne close to the harbour and ferry with some bridge/<br />

city glimpses. On the ground floor there is a spacious L-<br />

shaped living area with brand new hard wood flooring, and<br />

plantation style shutters, modern kitchen, laundry room and<br />

separate toilet.<br />

11<br />

11


Current Leasing<br />

8 Hardie Street, Neutral Bay $450pw<br />

Renovated and fully furnished, north facing one bedroom unit with<br />

stylish interior design & modern furniture. The unit features an<br />

internal laundry, parking space & balcony with district views.<br />

30 Glen Street, Milsons Point $750pw<br />

This beautiful ultra modern apartment has serene Lavender bay<br />

views from every room. This apartment has 2 bedrooms, 2 bathrooms,<br />

a balcony, internal laundry & security parking. 24 hour<br />

Concierge, pool and gym. Including microwave, fridge, dishwasher<br />

and dryer. Also includes secure storage.<br />

.<br />

15 Atchison Street, St Leonards<br />

Nexus is a modern and popular building near St Leonards’ plaza and railway 110 station. Alfred This Street, two Milsons bedroom Point unit with $480pw has a small<br />

sunroom at the rear and quiet side of the building with two modern bathrooms, Fully equipped kitchen and a secure parking<br />

space.<br />

One bedroom apartment in modern building, fully furnished with<br />

modern kitchen and bathroom. Security building with balcony and<br />

internal laundry. Close to station shops and cafes, fantastic location.<br />

40 King Street, Waverton $430pw<br />

This chic one bedroom apartment features a contemporary openplan<br />

gas kitchen, bathroom, internal laundry, combined lounge/<br />

dinning, private balcony and double bedroom with decent sized<br />

built in robes. The apartment also contains a security car space,<br />

gym and roof top terrace.<br />

12<br />

12


Current Interest Rates for housing<br />

Flexi first Option Home loan<br />

Premier Advantage Package ($250,000 plus) (Pro Pack)<br />

6.31<br />

6.06<br />

NAB Base Variable Rate Home Loan 6.53<br />

Simplicity PLUS<br />

Breakfree Home Loan Package<br />

($250,000 - $699,999)<br />

6.21<br />

5.96<br />

Complete home Loan Standard<br />

Wealth Package ($150,000 - $350,000)<br />

6.86<br />

6.11<br />

St George Basic Home Loan 6.35<br />

Mortgage Simplifier 6.19<br />

RAMS Easy Start (24 months)<br />

RAMS Basic Loan<br />

RAMS SmartWay Pro Pack<br />

5.89<br />

6.26<br />

6.19<br />

Aussie Standard Variable 6.69<br />

Premium Plus Package >$750,000 5.99<br />

Variable Rate 6.23<br />

Notes:<br />

<br />

<br />

<br />

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

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<br />

or a Finance Broker.<br />

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<br />

be used as a guide for general information.<br />

13<br />

13


Stamp duty on purchase of land 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 />

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

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

by which the dutiable value exceeds<br />

$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<br />

over $1m<br />

part, 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<br />

immaterial whether or not the transaction is effected by a written instrument or by other<br />

means, including electronic means.<br />

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

effected by a 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<br />

to pay the duty.<br />

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

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

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

14<br />

14


Our offices<br />

Head Office in Sydney<br />

Port Jackson Tower<br />

38 Alfred Street,<br />

Milsons Point, NSW 2061<br />

Phone: (612) 9956 6500<br />

Fax: (612) 9956 6522<br />

Hong Kong Branch<br />

Suite 1905 Lippo Centre<br />

Tower 2, 89 Queensway,<br />

Admiralty Hong Kong<br />

Phone: (852) 2918 8788<br />

Fax: (852) 2918 9808<br />

Our Team<br />

15<br />

15


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 />

16

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