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PROPERTY REVIEW<br />

<strong>June</strong> <strong>2010</strong><br />

Tower & London<br />

www.towerlondon.com<br />

1


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 />

2<br />

2


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 />

3<br />

3


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 />

4<br />

4


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 />

5<br />

5


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 />

6<br />

6


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 />

7<br />

7


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 />

8<br />

8


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 />

9<br />

9


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 />

10<br />

10


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 />

11<br />

11


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 />

12<br />

12


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 />

13


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 />

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 />

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