2010 June
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PROPERTY REVIEW<br />
<strong>June</strong> <strong>2010</strong><br />
Tower & London<br />
www.towerlondon.com<br />
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Tower & London<br />
PROPERTY REVIEW<br />
A monthly magazine published by<br />
Tower & London<br />
Table of contents<br />
Feature Property<br />
1602/55 Lavender St Milsons Pt.<br />
Front cover<br />
Message from John Tower<br />
From Boom to Gloom, So they Say! 3<br />
Current Sales 4-10<br />
Current Leasing 11-14<br />
Our Team And Office 15<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 />
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Message from John Tower<br />
John Tower<br />
Managing director<br />
Property Valuer<br />
From Boom to Gloom, so they say!<br />
I am always intrigued by the reporting of the property<br />
market fluctuations; it is not so much that the reporting is<br />
not factual, it appears mostly to be one or the other:<br />
boom or bust.<br />
In this column I wrote in April about the emphasis placed<br />
on a perceived property boom; the biggest problem with<br />
the reporting then was that they were relying on figures<br />
from the December quarter; and as we know: that quarter<br />
was fuelled by the First Home buyers cashing in on the<br />
Government grants.<br />
For two consecutive months the Reserve Bank of Australia<br />
(RBA) has held official interest rates as the same<br />
level. This month the Board of the RBA decided to leave<br />
the cash rate unchanged at 4.5%; in his media release<br />
the governor of the RBA, Glenn Stevens wrote:<br />
“In Australia, with the high level of the terms of trade expected<br />
to add to incomes and demand, output growth<br />
over the year ahead is likely to be about trend, even<br />
though the effects of earlier expansionary policy<br />
measures will be diminishing. Inflation appears likely to<br />
be in the upper half of the target zone over the next year.<br />
Consistent with that outlook, and as a result of actions at<br />
previous meetings, interest rates to borrowers are around<br />
their average levels of the past decade, which is a significant<br />
adjustment from the very expansionary settings<br />
reached a year ago. Taking all the available information<br />
into account, the Board views this setting of monetary<br />
policy as appropriate for the near term”<br />
It is very comforting for property buyers, and particularly<br />
to residential property investors to know that interest<br />
rates are at their “average levels”, and perhaps more importantly<br />
that they are likely to remain at these levels for<br />
the “near term”.<br />
I am particularly interested in the so called return of the<br />
property investor. I have touched on this before, and it<br />
is because I am in the business of dealing with hundreds<br />
of residential property investors. Interest rates or<br />
more importantly the stability of interest rates is crucial<br />
to the astute residential property investor for the following<br />
reasons:<br />
1. Most residential property investors borrow the<br />
majority of the value of the property.<br />
2. Income (rental return) is very stable, the fluctuations<br />
are minimal and vacancy factors are historically<br />
very low.<br />
3. Expenses are also very predictable, especially<br />
with modern apartment buildings, where most<br />
the investors are buying in.<br />
4. Government policies on Negative Gearing and<br />
Depreciation Allowances appear to be bipartisan.<br />
This leaves interest rate fluctuation levels as the only<br />
unknown factor; one can only predict its path, but<br />
mostly it’s a gamble. It is a much safer gamble when<br />
the Governor of the RBA assures us, just for the time<br />
being, that interest rates are likely to stay at this level.<br />
Mow that the herd of First Time Buyers have purchased<br />
their property, albeit, the wrong one and paid<br />
too much in the frenzy. Many of them will probably<br />
move back home to live with their parents after that<br />
mandatory six months. Thus, a new breed of property<br />
investor is being trained. The first thing they are going<br />
to get used to is the gap between the net income and<br />
the interest payment every month.<br />
For the astute investor though, buying an investment<br />
property is about timing and choice. Timing: is to buy<br />
when it is not a frenzy, some know when there is one,<br />
but for most, when it is over; and they are holding a<br />
huge mortgage. Choice: is to buy an investment property,<br />
not one that one likes in a nice building, but one<br />
that is well located to public transport, in a good building<br />
that is well managed.<br />
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Current Sales<br />
4/36 Milner Crescent, Wollstonecraft<br />
Auction: Saturday 1:00pm 7 August <strong>2010</strong><br />
Townhouse with light and space surrounded by trees<br />
In the midst of gum trees near Wollstonecraft Station, and nearly hidden<br />
from the street level, is a collection of distinctive townhouses; this one,<br />
just like a house, with a double front door on its own. The three bedrooms<br />
on the top floor are delightful, all looking out onto trees; the main has an<br />
ensuite. Downstairs and the spaces are expansive, surrounded by sliding<br />
doors with timber shutters, separating the wraparound courtyard and garden<br />
from the internal spaces. The midday sun, in winter, creates a spectacle<br />
of light and colour, slightly shaded by the trees and shaped by the<br />
shutters. Lock-up garage in secure parking area; total lot area is 226 sqm.<br />
Inspection: Sat 12:30pm-1:00pm<br />
Contact: John Tower 0408 216 979<br />
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Current Sales<br />
707/9 William Street, North Sydney<br />
For Sale $525,000<br />
Under contract<br />
Open Inspection Saturday 11:00am-11:30am<br />
In the Heart of North Sydney modern building with Gym and outdoor<br />
pool; this great one bedroom apartment has city and harbour views;<br />
the lounge and bedroom open to a large balcony with massive views.<br />
Details and Viewing: Coco Huang 0402 248 628<br />
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Current Sales<br />
2/2 Banksia Road, Bellevue Hill<br />
For Sale $1,185,000<br />
3 Bedroom Townhouse filled with light<br />
Centrally located in Bellevue Hill near the Royal Sydney Golf Course; and in a small<br />
block of four, townhouse 2 is perfectly positioned to escape the street noise and capture<br />
light; the massive living room opens to a peaceful and private timber courtyard. Three<br />
good bedrooms, all with built-ins and opening to a balcony, the main is delightful with<br />
walk-in wardrobe and a superb ensuite, another bathroom upstairs and a powder room<br />
off the kitchen; and double lock-up garage securely below.<br />
Details and Viewing:<br />
John Tower 0408 216 979<br />
Coco Huang 0402 248 628<br />
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Current Sales<br />
1602/55 Lavender Street, Milsons Point<br />
For Sale $3,950,000<br />
3 Bedrooms, 2 Bathrooms, 2 Parking spaces and<br />
one spectacular view<br />
The last building to the North of Milsons Point; and to the east of Clark Park “Latitude”<br />
Winner of the 2008 UDIA National Awards for Excellence, is Mirvac’s finest building in<br />
Milsons Point, perfectly perched on the 16th floor and capturing the ultimate harbour view<br />
is this superb apartment. All rooms wrapped in glass, opening onto balconies with shutters<br />
and enjoy harbour views spanning across to the Blue Mountains, large square deck<br />
perfectly positioned at the front of the property.<br />
Details and Viewing: John Tower 0408 216 979<br />
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Current Sales<br />
1603/2 Dind Street, Milsons Point<br />
For Sale $1,230,000<br />
3 Bedrooms, 2 Bathrooms, Parking and<br />
North Easterly Aspect<br />
“The Pinnacle” is a superbly appointed and secure building commanding a grand position<br />
on the harbour. Apartment 1603 is situated on the northern and eastern side of the building<br />
capturing warm winter sun and glimpses of Neutral Bay. Three good bedrooms, all<br />
with built-in wardrobes, two with own balconies. Large open living space with timber floor<br />
boards and ample light.<br />
Details and Viewing: John Tower 0408 216 979<br />
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Current Sales<br />
2102/ 2 Dind Street, Milsons Point<br />
For Sale $2,180,000<br />
Spectacular views from wide open spaces<br />
The Pinnacle is the finest apartment building in Milsons Point; this could possibly<br />
be the best value apartment offered. Spectacular harbour views from every<br />
room of this rambling property, perched on the 21st floor watching the sun set<br />
and displaying magical colours. The main bedroom and the second bedroom<br />
are almost identical in size and a smaller 3rd bedroom. The living room is<br />
massive with a separate dining nook. Modern kitchen, two bathrooms and a<br />
powder room are lined with marble tiles. Double lock-up garage, 24 hour concierge,<br />
three fast lifts, indoor swimming pool, a gym and a beautiful lobby.<br />
Details and Viewing: John Tower 0408 216 979<br />
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Current Sales<br />
327/38-46 Albany Street, St Leonards<br />
For Sale $400,000<br />
1 Bedroom Apartment in the Aria<br />
In the heart of St Leonards Village Centre is this medium sized colourful and efficient<br />
building; on the third floor opposite the wonderful street trees we offer this nice one<br />
bedroom (internal bedroom) unit, comprising an enclosed balcony which double up<br />
as a large dining area or study. Modern, tidy and ready to move in or have it leased<br />
for $400 per week.<br />
Details and Viewing: Coco Huang 0402 248 628<br />
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Current Leasing<br />
38-46 Albany Street, St Leonards - $710PW<br />
Modern Three Bedroom Apartment<br />
Modern naturally lit three bedroom apartment in a security building<br />
with two bathrooms, internal laundry, modern open plan kitchen with<br />
gas cook top, ducted air-conditioning, balcony and two secure parking<br />
spaces.<br />
Minutes walk from St Leonards train station & Crows Nest shopping<br />
strip.<br />
31-39 Elamang Avenue, Kirribilli - $850 PW<br />
Brilliant Waterfront Apartment<br />
Two bedroom apartment with large North facing terrace capturing<br />
harbour & bay views. Two bathrooms, main bedroom with ensuite,<br />
walk in robes and balcony. Large living area with full glass frontage<br />
opening onto a sun-drenched balcony. Private lane leading to lockup<br />
garage.<br />
7 Northcliffe Street, Milsons Point - $500PW<br />
One of the Finest Buildings<br />
This ultra modern fully furnished studio apartment has generous<br />
space and ample light. Timber floors throughout, high quality and<br />
fully equipped kitchen, fold-away bed neatly preserves a good living<br />
space. Close to trains and ferry.<br />
55 Lavender Street, Milsons Point - $1100PW<br />
Classy & Elegant<br />
Latitude is the newest and most exciting building in Milsons Point.<br />
Occupying the front north side of the building and enjoying distant<br />
harbour and district views is this extra large two bedroom apartment.<br />
It is fully furnished with comfortable furniture and has luxurious bathrooms,<br />
a delightful kitchen, open plan living & secure parking space.<br />
Few minutes walk to train station and ferry wharf.<br />
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Current Leasing<br />
110 Alfred Street, Milsons Point - $1000PW<br />
Best of North Shore Living<br />
This fully furnished 3 bedroom apartment offers the best of northshore<br />
living. Located near the hub of restaurants and public<br />
transport, it boasts a large balcony with views, generous kitchen<br />
and large living/dining area. It also has two bathrooms, built-ins<br />
and one secure parking space.<br />
30 Glen Street, Milsons Point - $390PW<br />
Ultra Modern Fully Equipped Studio<br />
The timber floor entry greets a small but thoroughly modern kitchen,<br />
the bathroom has a full size bath and built in laundry with<br />
washer and dryer. The living space has a lift bed with lounging<br />
benches all round, a built in desk and dining table for two. A completely<br />
furnished and equipped studio in one of the best buildings<br />
in Milsons Point with indoor pool and gym, just across the park<br />
from the train station.<br />
33 East Crescent Street, McMahons Point - $1100 PW<br />
Harbour Front Panorama<br />
This is a superb waterfront apartment enjoying interrupted harbour,<br />
bridge and opera house views from a north-easterly setting. On two<br />
levels, the property has three bedrooms and two bathrooms; the polished<br />
timber floors of the lounge open onto a fabulous balcony wrapping<br />
around it and the dining room. Security parking space for one<br />
car.<br />
48 Atchison Street, St Leonards - $650PW<br />
Furnished Executive Apartment<br />
“Arden” is one of the finest modern buildings in St Leonards Village<br />
Centre. This superior north facing two bedroom apartment comes fully<br />
furnished. It comprises of two bedrooms, two bathrooms, combined<br />
living room, internal laundry, fully equipped kitchen, balcony & secure<br />
parking.<br />
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Current Leasing<br />
38-46 Albany Street, Milsons Point - $670PW<br />
Timber floors, skylights and marble bathrooms<br />
This fabulous two bedroom top floor apartment is filled with light<br />
and spaciousness; two bedrooms and two bathrooms warped<br />
around the front of the building and skylights, perfectly polished<br />
timber floors throughout leading to a full size balcony on top of<br />
the building. Secure parking, near St Leonards station in the<br />
heart of the village.<br />
27 Waruda Street, kirribilli - $1000PW<br />
Opposite to the Opera House<br />
Situated on the edge of Sydney Harbour with spectacular views<br />
of the iconic Opera House, city skyline and Harbour Bridge; we<br />
have an exclusive and elegant two bedroom apartment. This<br />
apartment has been renovated to the highest standard and can<br />
be leased fully furnished or un-furnished as required. The kitchen<br />
is open plan overlooking the combined lounge/dining which<br />
leads to the waterfront balcony. Wooden floorboards flow<br />
throughout, the bathroom is modern and built in robes are provided.<br />
31-39 Elamang Avenue, Kirribilli $950 PW<br />
Spectacular Waterfront Apartment<br />
Positioned right on the waters edge at Careening Cove this renovated<br />
3 bedroom, 2 bathroom unit is one of a kind. Kitchen opens<br />
up to a sun filled lounge room with floor to ceiling glass to capture<br />
the picturesque water views. Main bathroom is equipped with<br />
separate bath and shower & second bedroom with built-ins. Also<br />
includes internal laundry & lock-up garage.<br />
1-5 Albany Street, St Leonards-$450PW<br />
Fully Furnished Studio/1Bedroom<br />
Spacious studio/one bedroom apartment in the popular Trinity<br />
Building with sleek modern kitchen and bathroom, separate bedroom<br />
area, built ins, internal laundry and balcony.<br />
Close to transport and Crows Nest cafes and shops.<br />
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Current Leasing<br />
143 Kurraba Road, Neutral Bay - $350PW<br />
Waterfront Studio Apartment<br />
This quaint waterfront building looks out over the tree tops of<br />
Neutral Bay and Kurraba Point Reserve.<br />
The Unit has Built in Robes and timber floors, with pool and Garden<br />
access. Close to public transport and the Sydney Ferry<br />
Wharf.<br />
55 Harbour Street, Mosman - $460PW<br />
Modern and Stylish<br />
Located in the heart of Mosman, this one bedroom unit is now<br />
available. This unit boasts a balcony and an internal laundry, and<br />
comes fully furnished. Easy access to the shopping centre and<br />
public transport.<br />
2 Dind Street, Milsons Point - $580PW<br />
One Bedroom Dream Apartment<br />
An elegant and luxury spacious 1 bedroom unfurnished with security<br />
car parking space for rent.<br />
This apartment has a fantastic view of the Lavender Cove. Great<br />
recreations within the development for your enjoyment include an<br />
indoor pool, gym and sauna.<br />
8 Hardie Street, Neutral Bay - $450PW<br />
Stylish and modern one bedroom unit<br />
Fully furnished, north facing one bedroom unit with stylish interior design<br />
& modern furniture.<br />
The unit features an internal laundry, parking space & balcony with<br />
district views.<br />
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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 />
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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 />
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