2010 March

nicolez

By the Bay on the Park

PROPERTY REVIEW

A monthly magazine published by

Tower & London

March 2010


PROPERTY REVIEW

A monthly magazine published by

Tower & London

March 2010

Table of contents

Message from John Tower

Sydney Property Market in 2010 3

Feature Property

1/11 John Street, McMahons Point 4

Current Sales 5-7

Current Leasing 8-12

Interest Rates for housing 13

Stamp Duty in NSW 14

Our Team And Office 15

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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Message from John Tower

John Tower

Managing director

Property Valuer

The Australian Bureau of Statistics (ABS) Latest figures

on housing approvals point to 44.3% increase in

total housing approvals over the past year from December

2009, seasonally adjusted that is a staggering

53.3% increase in over just 12 months.

A useful guide to the relationship between supply and

demand is the vacancy factor currently at 1.7% which

is historically low but steadily rising over the past 12

months, as around 3% is considered to be more of a

balanced supply and demand.

Sydney property market in 2010

There are many property commentators who are predicting

substantial increases in property values in Sydney

this year, as Australia has escaped the recession that

most industrialized nations suffered; let’s just examine

this more closely.

The economy is going well at the present, residential

property values have largely been on the increase in all

Australian cities. To be more specific unit values in the

North Sydney Local Council have increased by 3.8% as

of September 2009. The logic then is if

the economy continues to grow at this

level, residential property will continue

to increase in value, more or less at this

pace. Often though, the strength of the

economy is not the only determinate;

and the strength of the economy is also

dependent on the health of other major

economies such as the US, Europe and China. Our

economy has survived a technical recession largely because

China kept buying our mineral resources. For the

time being it appears that China is going to keep on buying

from us; and the US is edging, ever so slowly, out of

the doldrums; yet lately, Europe is looking shaky.

Supply and demands is another major determinant, most

commentators agree on how little we build in relation to

population growth. The Housing Industry Association’s

(HIA) survey of Australia’s large volume residential builders,

the New Home Sales report found that the market

has rebounded by 9.5% in January 2010. More specifically

the new home unit market rose by 4.1% following a

14.5% increase in December 2009. This is considered a

promising start for the recovery of the housing construction

sector; which in tern may encourage investors to

come back to the residential housing market.

According to opening Statement to house of Representative

Standing Committee on Economics. “The

effect of the temporary first-home buyers’ boost is fading,

but underlying demand is solid as a result of population

growth and there is something of an ‘underhang’

of earlier low construction to work off. Credit costs and

availability are adequate for households. While for developers

credit remains quite difficult to access, it looks

like we have seen a turning point in approvals for multi

-unit construction. Housing prices have been rising

quite smartly over the past year”.

seasonally adjusted

that is a staggering

53.3% increase in

over just 12 months.

The Board lifted the cash rate in

October, November, and December

2009 and now in March.

The RBA’s decision to increase

the cash rate by 25 bases points

to 4% was vindicated when a day

later the GDP figures for December

came out pointing to 0,9 increase in the quarter.

Interest Rates, in my view, are the main determinant to

property values in this economic phase we find ourselves,

it appears that the major banks will stick to the

rate rises passed down by the RBA, or below it, as the

response to Westpac’s hike in December 2009, above

the RBA increase, has been dealt with harshly; and the

other banks took advantage of it.

In conclusion, this will be an active and exciting year

for property buyers and sellers, I don’t think residential

property prices will go through the roof, but there will

be a healthy increase, if all goes well.

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Feature Property: 1/11 John Street, McMahons Point

Location...

McMahons Point is a beautiful peninsular

situated just over the bridge after Milsons

Point, adjoining North Sydney to the north; it

is on of Sydney’s finest locations. Surrounded

by water and parks of Sydney Harbour,

Berry’s Bay and Lavender Bay.

Dream Home...

The original occupants of

this region were the Cammeraygal

(or perhaps

Quiberie tribal affiliations

seem to have been loose

and amorphous). These

people lived along the

foreshores and in bushland,

cliffs and rock shelters

prior to European settlement.

Arrchitecture and heritage has been largely preserved in

McMahons Point as there has been a long-term plan

during the seventies and eighties which ended in disapproval,

and in the mean time the existing properties

were saved from high-rise developments, leaving this

locality with rich architectural diversity.

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

from riding a bicycle over the bridge and watching the stunning sunsets over the harbour to taking

walks around the water front opposite the Opera House and strolling under the Harbour

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

children to play in, or places of serene quietude to sooth the mind.

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

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

be the quietest location in McMahons Point

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1/11 John St McMahons Point

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

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

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

and dressing room, two bathrooms, large rectangular lounge room adjoined by the ideal dining room finished

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

opening onto a wide outdoor private entertaining area with views across the Bay.

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

lock-up garage in a secure parking area.

Strata Levies:

Council Rates:

Water Rates:

Total Area:

$2,125 PQ

$327 PQ

$157.75 PQ

308 square meters

Details & Viewing: John Tower 0408 216 979

Asking Price: $1,980,000

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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 Sales

The Beautiful AREA building

One internal bedroom apartment with enclosed

balcony offered in this colourful

modern building in St Leonards village centre.

Open living space sprawling to the enclosed

balcony that can used as a study or

a separate dining room, modern bathroom

and kitchen, internal laundry and built-ins

for the bedroom.

327/38-46 Albany Street, St Leonards

Price: $420,000

Details 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.

605/15 Atchison St St. Leonards

Price: $420,000

Details: Coco Huang

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Current Leasing

48 Alfred Street, Milsons Point $680pw

This fully furnished one bedroom apartment facing Lavender Bay

offers unique Harbour views. Complete with a balcony, internal

laundry, air conditioning, built-ins, swimming pool, gym and security

parking. Conveniently located close to all transport and local

shops

38-46 Albany St St Leonards

Ari Building $700 pw

Modern, spacious three bedroom apartment in a secure building

with two bathrooms, all bedrooms have built in wardrobes, internal

laundry, modern kitchen with gas cook top, ducted airconditioning,

good size balcony and secure parking. Minutes walk

from St Leonards station & Crows Nest shopping strip

38 Alfred Street, Milsons Point $680pw

Located in the landmark building Port Jackson Tower this apartment

features two bedrooms, modern kitchen and bathroom,

sunny balcony with Internal laundry & one security parking. This

building offers a gym, sauna, pool and spa. Perfectly located

closed to ferry, trains and shops.

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. Available on 14/04

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Current Leasing

1 McDougall Street, Kirribilli $610pw

This superb unfurnished two bedroom apartment features a modern

open plan kitchen, combined lounge and dining with a balcony situated

off the living areas offering a pleasant leafy outlook with water

glimpses. In addition the two bedrooms have built-ins, bathroom plus

ensuite to the main, internal laundry, air conditioning and undercover

car space.

184 Raglan Street, Mosman $800pw

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

The newly renovated fully furnished unit boasts three bedrooms two

of which have built-ins. There is timber flooring thought the whole

unit, also with a balcony. Both the bathroom and separate toilet have

been renovated using the same design and match perfectly. Modern

kitchen with gas cooking and a lock up garage.

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

Cozy 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

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 Leasing

8 Hardie Street, Neutral Bay $450pw

Renovated and fully furnished, north facing one bedroom unit with

stylish interior design & modern furniture. The unit features an

internal laundry, parking space & balcony with district views.

30 Glen Street, Milsons Point $750pw

This beautiful ultra modern apartment has serene Lavender bay

views from every room. This apartment has 2 bedrooms, 2 bathrooms,

a balcony, internal laundry & security parking. 24 hour

Concierge, pool and gym. Including microwave, fridge, dishwasher

and dryer. Also includes secure storage.

.

15 Atchison Street, St Leonards

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

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

space.

One bedroom apartment in modern building, fully furnished with

modern kitchen and bathroom. Security building with balcony and

internal laundry. Close to station shops and cafes, fantastic location.

40 King Street, Waverton $430pw

This chic one bedroom apartment features a contemporary openplan

gas kitchen, bathroom, internal laundry, combined lounge/

dinning, private balcony and double bedroom with decent sized

built in robes. The apartment also contains a security car space,

gym and roof top terrace.

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Current Interest Rates for housing

Flexi first Option Home loan

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

6.31

6.06

NAB Base Variable Rate Home Loan 6.53

Simplicity PLUS

Breakfree Home Loan Package

($250,000 - $699,999)

6.21

5.96

Complete home Loan Standard

Wealth Package ($150,000 - $350,000)

6.86

6.11

St George Basic Home Loan 6.35

Mortgage Simplifier 6.19

RAMS Easy Start (24 months)

RAMS Basic Loan

RAMS SmartWay Pro Pack

5.89

6.26

6.19

Aussie Standard Variable 6.69

Premium Plus Package >$750,000 5.99

Variable Rate 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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