2010 March

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.
2
2

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.
3
3

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
4
4

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
5
5

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
6
6

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
7
7

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
8
8

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.
9
9

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.
10

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.
11
11

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.
12
12

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.
13
13

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)
14
14

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
15
15

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/
16