2008 Summer

nicolez

THE PROPERTY REVIEW

A Quarterly Journal Published By

Tower & London

Summer 2008


THE PROPERTY REVIEW

A quarterly journal published by

Tower & London

Summer 2008

Enquiries regarding the Journal should be made to:

Tower & London

38 Alfred Street,

Milsons Point NSW 2061

Phone: 9956 6500 Fax 9956 6522

Email: reception@towerlondon.com

Disclaimer

Data and information in this document were obtained from sources we deem to be reliable. However, no

person should rely on any of the contents of this publication without first obtaining advice from a qualified

professional person. Tower & London gives no guarantees, undertakings or warranties concerning the

accuracy, completeness or up-to-date nature of the information provided. Tower & London Pty Limited

accepts no liability for any loss or damage suffered as a result of the use of any person of the contents of

this publication.


Table of Contents

For the planet

John Tower page 2

Changing lights

John Tower pages 3 - 5

A green start for the New Year

Tania Enwiya page 6

Green Lease

Kim Phuong page 7

Electricity products available

in New South Wales pages 8 - 9

Property Prices Review:

- Australian Capital Cities page 10

- Lower North Shore, Sydney page 11

- Rental movements page 11

- Tower & London Sept qtr sales page 12

- Tower & London Sept qtr leases page 12

Current Rentals page 13

Current Sales pages 14 & 15

Tower & London

Staff page 16

Offices

inside back cover

Page 1


For the planet

Tower & London aim to convert all the our management

portfolio to 100% renewable energy.

John Tower

Property valuer

Best of all, this can be done at no extra cost to the property

owner in the long-term; and, perhaps more importantly,

no extra cost to the tenant who will be signing up

for, more expensive,100% renewable energy.

We live in world that is threatened by slight changes in

temperature that will in turn cause colossal human suffering

and mass extinction of other inhabitants of this

planet. There has been considerable scientific evidence

that this change of temperature is caused by human activity,

mainly the emission of greenhouse gasses into the

atmosphere.

Scientists have documented changes in temperature and

rainfall patterns. The 10 hottest years on record have all

been since 1994 and average temperatures are now hotter

than any time over the last few thousand years.

Australians are responsible for the highest per capita

greenhouse emissions in the developed world, closely

followed by the United States, according to the Australian

Conservation Foundation. However, with the new

leadership in Australia, we have just joined the majority

of the world in ratifying the Kyoto Protocol and are active

in negotiations of post Kyoto targets.

The use of energy in the home is the largest source of

greenhouse gas emissions from Australian households.

The average household's energy use is responsible for

about eight tonnes of carbon dioxide (CO 2 ), the main

greenhouse gas, per year. Many of these emissions can be

abated through more efficient use of energy in our homes.

Conventional electricity

from the supply grid currently

produces the largest

amount of CO2 of any

energy source per unit of

energy used, except in

Tasmania where hydro

electric power is used.

Renewable energy sources produce no greenhouse

gases in operation and reduce or eliminate the need for

additional coal fired power stations and large hydroelectric

dams.

As property owners and occupiers, we are responsible

for a large chunk of greenhouse gasses emissions. We

must take responsibly for the damage we are causing

the environment. As Property Mangers, we at

The main article in this issue: Changing lights, discusses

the main types of light bulbs used in households and the

difference in energy efficiency between the various

types of globes. It describes each type and shows how

much energy can be saves by choosing the right type of

bulb. The savings aren’t just in energy use but also longevity

of the bulbs and the cost of replacing burnt bulbs

especially in an investment property.

The next article on page six, Tania introduces the Tower

& London 2008 Green Proposal, which aims to replace

all incandescent lamps in properties managed by Tower

& London at change of tenancy and a regular maintenance

programmed that will ensure all electrical and

smoke detectors are checked and maintained throughout

the year. During the first part of this year, all owners

will be sent a letter explaining, in full, the proposal; and

asking for their acceptance.

The next article written by Kim “Green Lease” deals with

what the tenant will do; as the owner changes the light

bulbs to reduce wastage of energy and save the tenant

energy cost, the tenant would also be required to contribute

by purchasing 100% renewable energy. This

would be in a form of a special clause to be inserted in

every new lease for a property with energy efficient

bulbs. Therefore the entire energy cost to the tenant

would be the same as it would have been if cheaper but

dirty electricity was purchased burning inefficient incandescent

bulbs; and contributing directly to climate

change.

The centre pages have an extensive list of electricity

products offered by the various electricity companies

which have varying portions of renewable energy components;

the best of course are those that are produced

by 100% renewable sources. The extra cost is included

and a star rating system, to assist the tenant decide

which supplier and product to subscribe to.

Changing bulbs for the owners property will ultimately

save them funds because of the longevity of the florescent

bulbs. For the tenants, changing power source but

using less energy because of the low energy light bulbs

fitted to the property will not cost them any more. There

are no losers, only winners: the environment and all of

us lovely creatures living in it.

Page 2


Changing lights

Household lighting energy use in Australia is increasing due to

the construction of larger homes and apartments; and the installation

of more light fittings per home. Most homes could

probably reduce the amount of energy they use for lighting by

50 percent or more.

Good lighting is about more than just light levels. The same level of light

can provide effective or ineffective lighting. Some lighting can make rooms

flat and featureless even when it's bright.

An efficient and effective lighting system will:

Provide a high level of visual comfort.

Make use of natural light.

Provide the best light for the task.

Provide controls for flexibility.

Have low energy requirements.

TYPES OF LIGHTS

Incandescent lamps

lncandescent lamps or bulbs are the most commonly used type of lighting. They

work by heating an electric element to white hot. They are inexpensive to buy and

are available in a wide range of shapes and sizes, but their running costs are high.

Incandescent lamps are the least energy efficient type of lighting. Almost all of the

electrical energy is converted into heat rather than light. Standard incandescent

bulbs only last about a thousand hours and must be regularly replaced. Incandescent

lamps are most suitable for areas where lighting is used infrequently and for

short periods, such as laundries and toilets.

Incandescent spotlights have built-in reflectors that increase their effectiveness

slightly as they reflect the light forward. Light output falls over time as some of the

tungsten in the filament evaporates and coats the glass bulb.

Halogen lights

Halogen lights are also a type of incandescent lamp. The halogens in the bulbs

prevent evaporated tungsten from depositing on the glass bulb. They are more expensive

to buy but last up to two thousand hours. They can be either 240V bulbs,

which are usually tubular and often used in uplighters and outdoor floodlights, or

low voltage bulbs typically used in downlighting. All halogen lamps require special

light fittings.

Low voltage halogen lamps are not low energy lamps. Low voltage halogen lamps

are slightly more efficient than normal bulbs of the same wattage, but they use a

transformer that can consume from 10 to 30 percent of the bulb energy, reducing

the efficiency gain. More efficient electronic transformers are available which reduce

transformer losses.

Low voltage halogen lamps are most suitable for highlighting features such as

paintings or for task lighting directly over a cooking area or study desk. If used, fit

lower wattage and more efficient bulbs. Efficient 35W lamps are available that produce

as much light as a standard 50W lamp.

Page 3


Fluorescent lamps

Fluorescent lamps are the most energy efficient form of

lighting for households. They work by causing a phosphor

coating in the inside of a glass tube to glow. Different

types of phosphor give different colour light.

Changing lights

Although more expensive to buy, they are much cheaper

to run and can last up to ten thousand hours. With careful

design they can replace incandescent and halogen

lights in most situations.

Fluorescent lamps are ideal for areas where lighting is

required for long periods of time, such as the living room

and kitchen, and for security lighting. They also produce

less heat, helping keep your property cooler in summer.

Fluorescent lamps use only about one quarter of the

energy used by incandescent bulbs to provide the

same light level.

Many people associate fluorescent lamps with cold, hard

lighting, but in fact they come in different colour temperatures

for different purposes. Warm white or daylight

lamps have a colour temperature of about 3000 K, which

is close to an incandescent bulb, and are suitable for

kitchens and living rooms. Cool white tubes have a

higher colour temperature, around 5000 K, and are more

suited to garages and workshops. When mixing different

types of lighting in a room try to use similar colour temperatures.

Compact fluorescent lamps (CFLs), also known as

long life bulbs, are usually designed to fit into conventional

bayonet or screw fitting light sockets. They come

in a range of shapes, most common is the 'stick' type,

but there are also globe style, or circular and 'square'

2D types.CFLs can replace incandescent light bulbs in

many light fittings.

When replacing an incandescent lamp with a CFL in an

existing fitting, it is usually better to use a slightly higher

wattage than recommended by the manufacturer to ensure

adequate light output. For example, use a 20W

CFL instead of a 15W to replace a 75W incandescent.

The light distribution of CFLs is different and may appear

less bright than the bulb they replace unless used

in a specially designed fitting. The light output also

drops slightly over time.

Ballasts

All fluorescent lamps need a ballast to start them. For

tubes, the ballast is separate and usually located in the

light fitting. CFL ballasts are generally built into the lamp

base. However, some CFLs have a separate tube and

ballast.

As the ballast is more expensive and

lasts longer than the tube, the tube is

detachable and can be replaced when

it fails. Few domestic light fittings are

currently specifically designed for

separate ballasts, although desk lamps

and some surface mounted models are

available.

There are two main types of fluorescent lamps - tubular

and compact.

Tubular lamps, also known as fluorescent tubes, are

available in a straight or circular style. They are cheaper

to buy than compact fluorescent lamps (CFLs), but unlike

CFLs require special fittings. Tubes are ideal for kitchens,

garages and workshops.

Ballasts can either be older magnetic

types or newer electronic versions.

Electronic ballasts are more expensive

to buy but much more energy efficient.

They also start the lamp quicker, produce

less flicker and last longer. Magnetic

ballast lamps cannot be dimmed, but

some electronic units can. They cannot

be used with standard light dimmers.

Page 4


Comparison of lighting costs

The cost of running a light is directly related to the

wattage of the globe plus any associated ballast or

transformer. The higher the wattage, the higher the

running cost. CFLs are actually cheaper when the

life cycle cost is considered.

The type of lighting you chosen will affect the amount of

electricity used, the lighting bill, and greenhouse gas

emissions.

The table below shows the lifecycle costs for lighting

systems using different globes to produce the same

amount of light. Lifecycle costs include purchase, running

and replacement costs.

Running

cost over

10,000

hours*

Average

life

Purchase

cost

20 W

CFL

* Based on 10 cents per unit of electricity,

** Includes magnetic transformer losses.

EFFICIENT LIGHTING CHOICES

Choosing the right light

100 W

INCAN-

DESCENT

65W

HALO-

GEN

$20 $100 $75**

10,000

hours

$25

1 lamp

1,000

hours

$5

10 bulbs

@ 50c

2,000

hours

$20

5

lamps

@ $4

Total cost $45 $105 $95

The most energy efficient light is natural light. Well designed

north-facing windows, skylights and light tubes

let in light without adding to summer heat and winter

cold. Light coloured interior surfaces, especially in

south-facing rooms and hallways, reflect more light and

reduce the level of artificial lighting required.

Most rooms need two types of lighting. General lighting

is needed for all over illumination. Task lighting is used

to illuminate specific areas, such as benchtops and

desks. Different light bulbs and fittings should be used

for these two purposes. Accent lighting can also be used

for decorative or dramatic effects.

Use fluorescent lights where lighting is required for long

periods of time, such as living rooms, over kitchen

benches or on desks.

Most fluorescent lamps do not switch on immediately.

This is a design feature to lengthen the life of the tube.

Fluorescents also take a minute or so to reach their full

brightness so they may not be suitable in areas where

immediate light is required.

Changing lights

The light output of CFLs is reduced at low temperatures,

so they may not be suitable for outside use in very cold

areas, or you may need to use a higher wattage lamp.

The light output of most lamps reduces over time. This is

a problem with fluorescents as they last so long. To ensure

adequate light output over their life it is worth buying

a higher wattage lamp initially to offset the drop in light

output.

Downlights provide bright pools of light rather than general

illumination. Up to six downlights may be required to

light the same area as one pendant light. They can also

cause gaps in the ceiling insulation, particularly if they

require clear space to allow heat to dissipate. There are

other ways of lighting with fluorescents before installing

halogens. If used, lower wattage and more efficient bulbs

are recommended.

Choose light fittings that allow most of the light through

so a lower wattage lamp can be used. Some light fittings

can block 50 percent or more of the light.

Switches and controls

Provide multiple switches to control the number of lights

that come on at any one time. Using one switch to turn

on all the lights in a large room is very inefficient. Place

switches at the exits from rooms and use two way

switching to encourage lights to be turned off when leaving

the room.

‘Smart' light switches and fittings, use movement sensors

to turn lights on and off automatically. These are

useful in rooms used infrequently where lights may be

left on by mistake, or for the elderly and disabled. Make

sure they have a built-in daylight sensor so that the light

doesn't turn on unnecessarily. Models which must be

turned on manually and turn off automatically, but with a

manual over-ride, are preferable in most situations. Be

aware that the sensors use some power continuously, up

to 5W or even 10W in some cases.

Use of timers, daylight controls and motion sensors to

switch outdoor security lights on and off automatically.

Similar controls are particularly useful for common areas,

such as hallways, corridors and stairwells, in multi-unit

housing. Consider using solar powered lighting for garden

and security lights.

Modern dimmer controls for incandescent lights save

energy and also increase bulb life. Most standard fluorescent

lamps cannot be dimmed, but special dimmers

and lamps are available.

Use lights efficiently, Rooms are often excessively lit.

Make sure you are not using a higher wattage bulb than

is necessary. Decorating with light coloured finishes and

furnishings can allow lighting levels to be reduced

Finally, Clean light fittings regularly to allow more light to

pass through.

• This article has been reproduced from

www.yourhome.gov.au with some omissions.

Page 5


A Green start for the New Year

Type 20W CFL 100W incandescent

Tania Enwiya

Property manager/trainee valuer

Running cost over $19.20 $96

10 000 hours

Average life 8000 hours 1000 hours

Purchase cost $20 for 1 lamp $4 for 8 bulbs at 50c

Total cost for 1 lamp $39.20 $100

Australian households generate almost one-fifth of Australia's

greenhouse gases through everyday household

energy use and transport activities.

In fact, the average household in Australia emits over 8

tonnes of greenhouse gas each year solely through their

energy use. That's because most electricity comes from

burning coal and other fossil fuels.

One way you can help do this. Everyone can take action

to eliminate energy waste. It's easier than you think, and

the difference you can make is very surprising. Just by

being a little more aware about the way we use energy

each day, we can significantly reduce greenhouse gas

emissions, and cut our energy bills.

In Australia lighting currently represents 12 per cent of

greenhouse gas emissions from households. “Electric

lighting is a vital part of our lives but is still very inefficient.

We have been using incandescent light globes for 125

years and up to 90% of the energy each light bulb uses is

wasted, mainly as heat.”

A normal light globe is too hot to hold. – heat is wasted

and globally represents millions of tones of C02 that need

not be emitted into the atmosphere if we had used more

efficient forms of lighting.

These other forms of lighting such as the compact fluorescent

light bulb use around 20 per cent of the electricity to

produce the same amount of light. They can last between

4 and 10 times longer than the average incandescent light

bulb which can lead to major savings in household energy

costs very beneficial for your tenants. While they may be

more expensive to buy up front they can pay for themselves

in lower power bills within a year.

Based On 12c per KWH

• Figures provided by Mooreland energy foundation.

• This table differs from the one in “Changing Lights” as it has

different assumptions.

Tower & London 2008 Green Proposal

To avoid dangerous climate change we need to make

big cuts in emissions and we need to do it fast. This

means that individuals, organisations, governments

and business must act.

Tower & London would like to introduce to our clients

our plan for 2008 that we believe to be effective. We

plan gradually phase out inefficient light globes and

aim for replacing them with new energy efficient light

bulbs such as the compact fluorescent light bulbs

throughout each property.

We have entered into a long-term service agreement with a

licensed Electrician to perform the following every year.

1. Change all the incandescent lights to energy saving

lights.

2. Check all power points, ensure they are safe & working.

3. Replace the extractor bulb, if any. As it often blows.

4. Replace the smoke alarm battery are required by the

regulation & ensure the smoke alarm is working properly.

The cost will be:

• $100 plus GST every year, plus the cost of material such

as globes batteries and new power switches if necessary.

• Cost of light globes depending on the quality, availability

and discount seasons (8000 – 10000 Hrs $10-$15 approximately).

Not only tenants will be benefiting by cutting down their

electricity bills but you will also cut down your bills as

changing light bulbs, by law, is an owner’s responsibility.

Compare the difference between standard incandescent

light globes and compact fluorescent lights.

Page 6

• Replacement of light bulbs is guaranteed for one year so

no labor or service charge will applicable to changing

light bulbs and smoke alarm batteries between

tenancies during the year (as in Kim’s article)

All properties with new low energy light fittings will

have special clauses in the lease ensuring the tenant

will purchase 100% renewable electricity.

All our landlords will be sent a letter detailing this

new service agreement for their consideration.


Green Lease

Kim Phuong

Manager, St Leonards

TENANTS BENEFIT FROM USING

100% RENEWABLE ENERGY

One of the biggest problems facing our generation is the

environment. There has been increasing publicity on the

issues of climate change, greenhouse gas emissions &

its effect on the entire world.

long life efficient CFLs they would be using less energy,

the end result as far as their electricity bill is concerned

it would be neutral, that is they will not be paying more.

This means that even though you pay approximately

6.1 cents more per unit for green electricity (based on

the Green Electricity Watch 2007 survey table on the

next two pages & connecting GreenEarth Solar from

Origin, for example) the tenant will be saving by using

10% less electricity for the same amount of light.

Taking the steps in order to become carbon neutral is

not hard and not expensive. That would leaves us wondering

why the majority of people won’t switch on to it.

Most people are aware of the climate change and the

effect of human activity on increasing the planet’s temperature.

And the problems associated with a small

degree of warming and how catastrophic it would be for

all the inhabitants of this beautiful place.

Australia is known as one of the largest greenhouse gas

emitters per capita; even though we have become more

aware of the ways to decrease energy consumption and

reduce our CO2 footprint on the environment not enough

people are taking it on themselves to act on.

I would like to proudly advise that Tower & London have

taken the steps. Our own office electricity is now sourced

from 100% Green Power accredited renewable energy,

we are also using fluorescent lighting & timers that automatically

switch off display spotlights in order to reduce

the amount of power we use.

We have also thought about it on a larger scale. In order

to spread the responsibility we will now make it a point in

our leases to undertake to sign up all new tenants on

100% renewable energy. If you could imagine a real estate

agency with all its managements connected to using

energy that does not derive from burning of fossil fuels

then you can imagine the difference it would make.

We will be recommending to all our clients to change all

the light bulbs in their investment property from incandescent

to the compact fluorescent light bulbs. Once this

is done each CFL bulb will save about 80% in lighting

costs as they use a fifth of the electricity to produce the

same illumination as the incandescent ones.

If all of our landlords agree with our 2008 Green Proposal

(describes by Tania in her article on the previous

page) that is by replacing all the light bulbs to energy

efficient lights; and in tern, all the tenants agree to subscribe

to 100% renewable energy, we would all save

2,800 tonnes of Greenhouses gasses from polluting

the atmosphere every year just from the properties

that Tower & London manage.

Although some tenants may argue that the cost of

switching to green power is a bit more expensive. Yes it

is; however the fact that the landlord would have replaced

all the energy wasteful lights bulbs that they

would find in almost every other property they rent with

We cannot simply ignore all the scientific information

and warnings about the effects of climate

change; we are fortunate that we have this level of information

and knowledge and the means to deal with it.

Renewable energy has to be the long-term answer to

global warming. The only way to make renewable energy

more attractive financially is subscribe to it, the

more people use the more in demand it becomes and

the more funds are spent to increase the investment in

renewable sources; the cheaper it becomes. Some time

in the near future it would be competing with coal powered

or nuclear powered electricity generators.

We are not aware of any other Real Estate Management

company proposing such a scheme; however if it

successful, it is likely to be adopted by a wider range of

property companies and may become a standard feature

in all leases in the future.

We urge all our current tenants to change their energy

subscription to 100% renewable energy. The table in

the next two pages provides you with an independent

classification of all the providers of energy and it rates

them. We recommend that you choose a four star rating

to ensure that you are not damaging the environment

while you take space on this planet.

Page 7


Electricity products available in New South Wales

Rating Product Company How much of

your electricity

is green?

Extra Charge

per unit of

green electricity

Extra cost

per week

(estimate)

Basis of

cost

GreenEarth Solar Origin 100% 6.1 cents $8.05 Variable

GreenEarth Wind Origin 100% 5.5 cents $7.22 Variable

GreenEarth Wind

Offset 100%

Greenchoice

200%

Greenchoice

100% WIND

Climate Neutral -

Emerald

Origin 100% 5 cents $6.57 Variable

ActewAGL 200% 5.5 cents $14.45 Variable

ActewAGL 100% 5.5 cents $7.22 Variable

Climate Friendly 100% 4 cents $5.25 Variable

Greenchoice 20 ActewAGL 107% 5.5 cents $7.70 Fixed

COzero Home

100%

PureEnergy Premium

COzero 100% 4.8 cents $6.02 Variable

Energy Australia 100% 6.2 cents $8.38 Fixed

PureEnergy 100 Energy Australia 100% 5.4 cents $7.08 Variable

Greenchoice 15 ActewAGL 80% 5.5 cents $5.78 Fixed

Ark Climate Residential

Ark Climate 100% 4.4 cents $5.78 Variable

INgreen Pure Integral 100% 4.4 cents $5.78 Variable

INgreen Future Integral 100% 6.6 cents $8.67 Variable

Greenswitch 100% Green Switch 100% 5 cents $6.57 Variable

Jackgreen 100% Jackgreen 100% 3.3 cents $4.40 Fixed

foreverGREEN Country Energy 95% 3.5 cents $4.40 Fixed

Greenchoice 50% ActewAGL 50% 5.5 cents $3.61 Variable

Greenchoice 10 ActewAGL 53% 5.5 cents $3.85 Fixed

Climate Neutral -

Green

Climate Friendly 50% 4 cents $2.63 Variable

Greentricity 100%

Australian Power

and Gas

100% 4.6 cents $6.00 Fixed

COzero Home

50%

COzero 50% 4.8 cents $3.01 Variable

GreenEarth Origin 20% 3.8 cents $1.00 Fixed

GreenEarth Wind

Offset 20%

Origin 20% 5 cents $1.31 Variable

Page 8


Greenchoice 25% ActewAGL 25% 5.5 cents $1.81 Variable

AGL Green Energy AGL Energy Ltd 100% 5.5 cents $7.22 Variable

Greenchoice 5 ActewAGL 27% 5.5 cents $1.93 Fixed

Greenchoice 10% ActewAGL 10% 5.5 cents $0.72 Variable

COzero Home 20% COzero 20% 4.8 cents $1.20 Variable

livingGREEN Country Energy 47% 5.3 cents $3.30 Fixed

Greenswitch 50% Green Switch 50% 5 cents $3.28 Variable

Jackgreen 50% Jackgreen 50% 3.3 cents $2.20 Fixed

TRUenergy Wind

Power

Greentricity 50%

TRUenergy 100% 5.8 cents $7.59 Variable

Australian Power

and Gas

50% 4.6 cents $3.00 Fixed

PureEnergy 10 Energy Australia 10% 7.5 cents $0.92 Fixed

Jackgreen 25% Jackgreen 25% 3.3 cents $1.10 Fixed

LiteGreen Country Energy 19% 6.2 cents $1.54 Fixed

INgreen Power Integral 10% 11 cents $1.44 Variable

INgreen Living Integral 10% nothing $0.00 no charge

countrygreen energy

- residential

Country Energy 9% 12.1 cents $1.50 Fixed

Jackgreen 10% Jackgreen 10% nothing $0.00 no charge

Greenswitch

500kWh

Greentricity 10%

Green Switch 7% 5 cents $0.48 Variable

Australian Power

and Gas

10% 7.6 cents $1.00 Fixed

INgreen Home Integral 10% nothing $0.00 no charge

TRUenergy Planet

Plus

TRUenergy 50% 5.8 cents $3.79 Variable

AGL Green Living AGL Energy Ltd 20% 3.8 cents $0.99 Fixed

AGL Green Spirit AGL Energy Ltd 10% 7.5 cents $0.99 Fixed

TRUenergy Planet TRUenergy 20% 5.8 cents $1.52 Variable

TRUenergy Planet

Starter

TRUenergy Go

Green

Electricity products available in New South Wales

TRUenergy 10% 5.8 cents $0.76 Variable

TRUenergy 10% nothing $0.00 no charge

Very good Good Fair Poor Very Poor

One retailer, Red Energy, sells only non-accredited renewable electricity. Buying their products will not reduce greenhouse

emissions or increase the amount of new renewable energy in Australia.

The above information has been obtained from the 2007 Green Electricity Watch

www.greenelectricitywatch.org.au

Page 9


Property Prices Review

Australian Capital Cities, Median House prices

(Source: Real Estate Market Facts)

in $1,000

Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07

Sydney 558 553 544 538 531 525 521 520 521 521 521 522 528

Melbourne 370 366 359 357 358 358 361 364 370 375 381 394 404

Brisbane 303 306 306 307 309 312 316 320 325 330 335 345 358

Adelaide 254 261 267 271 274 276 277 280 283 289 293 299 308

Perth 251 258 267 277 291 307 325 352 384 414 438 452 457

Canberra 365 365 366 364 367 368 369 373 377 382 387 413 420

Hobart 242 252 261 263 266 269 271 276 282 285 288 296 303

Darwin 249 257 262 269 279 296 311 328 350 360 374 385 389

600

550

500

450

400

350

300

250

200

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Sydney

Melbourne

Brisbane

Adelaide

Perth

Canberra

Hobart

Darw in

Houses

The availability of housing

finance and the relatively undersupply

of housing has reflected

in increases across all

major cities in Australia. Brisbane

& Melbourne recorded

the highest percentage, 3.8

and 2.5 present respectively

during Sept quarter. Sydney

prices were still below Sept 04,

three years on. Whist Perth

house prices have risen more

than 82% for the same period.

Australian Capital Cities, Median Unit prices

(Source: Real Estate Market Facts)

in $1,000 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07

Sydney 377 376 373 370 368 364 362 361 358 359 356 358 360

Melbourne 289 291 293 295 298 299 303 306 312 315 319 328 340

Brisbane 232 235 236 238 245 252 259 268 273 276 282 290 302

Adelaide 189 197 202 205 210 208 211 214 217 219 221 227 234

Perth 196 203 210 220 233 244 258 280 302 324 341 353 362

Canberra 285 289 293 296 301 302 303 301 302 304 307 318 327

Hobart 181 192 203 212 215 209 209 222 225 225 226 230 236

Darwin 172 176 185 188 199 216 232 248 255 269 279 282 300

400

Units

350

300

250

200

150

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Page 10

Sep-07

Sydney

Melbourne

Brisbane

Adelaide

Perth

Canberra

Hobart

Darwin

Sydney unit prices are still

stagnant, still below what they

were three years ago; such a

shortage of rental accommodation

and yet no pressure on

values yet. Whilst, for the first

time Perth unit prices have

overtaken Sydney. Melbourne

prices increased by 3.6%, Brisbane

by 4.1% and Darwin a

whapping 6.3 percent over the

Sept quarter; What's going on

there?


Lower North Shore Median House Prices

Lower North Shore Median Unit Prices

(Source: Property Focus REINSW)

Local Gov Area Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07

Mosman 1562 1604 1788 1615 1679 1780 1675 1711 1802 1558 1675 1750 2,154

North Sydney 851 903 971 924 931 930 907 950 1071 920 998 925 995

Willoughby 897 880 1012 938 934 948 1007 946 981 903 1075 1131 1150

Sydney General 500 505 511 495 517 521 516 525 520 524 516 525 525

Houses

2400

2200

2000

1800

1600

1400

1200

1000

800

600

400

Houses, Lower North Shore

T

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Mosman

North Sydney

Willoughby

Sydney General

Median prices for houses

in Mosman have increased

above $2 million

for the first time, this however

could be due to some

very pricy properties selling

that quarter. The

strength in the upper end

of the market continues

unabated. North Sydney

had a healthy increase as

well, whereas Willoughby

is more or less the same

as the previous quarter.

(Source: Property Focus REINSW)

Local Gov Area Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07

Mosman 485 479 518 505 533 500 425 500 456 500 515 500 525

North Sydney 484 520 512 505 510 490 495 513 500 490 497 545 548

Willoughby 423 431 440 423 468 466 456 465 450 459 445 475 487

Sydney General 370 370 380 370 364 363 358 357 359 351 348 361 361

600

550

500

450

400

350

300

250

200

Units, Lower North Shore

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Mosman

North Sydney

Willoughby

Sydney General

Units

Mosman unit are on a

different pace to

houses, whilst the

units prices are not

changing by much,

houses are leaping

ahead. North Sydney

did not move much,

but Willoughby is

showing a small but

consistent increase in

values over the past

two quarters.

Rents

Weekly rents

(Source: Property Focus REINSW & Tower & London)

Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 change

Inner Sydney

(city & suburbs close by) 1Br Unit 380 380 380 380 400 380 400 5.3%

Upper Quartile (25% of prices 2Br Unit 470 470 470 490 500 525 525 11.7%

are higher than the upper quartile) 2Br house 450 450 450 494 485 500 523 16.2%

3Br house 625 620 625 650 680 696 689 10.2%

Tower & London Protfolio Milsons Point office 516 524 528 535 537 528 535 3.7%

St Leonards office 402 412 416 421 454 465 440 9.5%

Page 11


Tower & London Sept Quarter Sales

ADDRESS Bedrooms Bathrooms Parking Sale Price

SOLD

45/2 Palmer St 3 2 2 850,000

311/88 Berry St 1 1 1 450,000

501/15 Atchison St 1 + study 1 n/a 330,000

303/48 Atchison St 2 2 1 430,000

703/93 Pacific Hwy 1 1 0 280,000

1003/37-39 McLaren St 3 2 2 1,380,000

701/15 Atchison St 1 + study 1 1 399,000

408/2-4 Atchison St 1 1 398,000

106/1-3 Larkin st 1+ study 1 1 340,000

Tower & London Sept Quarter Leases

ADDRESS Bedrooms Bathrooms Parking

Furnished (F)/ Unfurnished

(U)

Rental Price

LEASED

Camperdown

419/1-3 Larkin Street 1 1 n/a U 350

Neutral Bay

5/67 Kurraba Rd 1 1 1 U 295

4/67 Kurraba Rd 1 1 1 U 300

401/206-210 Ben Boyd Rd 1 1 1 U 385

North Sydney

408/88 Berry St 1 1 1 F 500

403/28 West St 2 2 1 U 550

1107/77 Berry St 1 1 1 F 530

Milsons Point

102/38 Alfred St 2 2 1 U 750

98/48 Alfred St 1 1 1 U 530

902/12 Glen St 2 2 1 F 575

502/12 Glen St 2 2 1 F 650

3/110 Alfred St 1 1 1 F 450

608/8 Glen St 1 1 0 F 530

17b/70 Alfred St 1 1 1 U 525

707/9 William St 1 1 1 F 500

103/67 Carrabella St 2 1 1 U 550

1905/55 Lavender St 3 2 2 F 1100

3/8 Munro Street 2 1 1 U 550

2/169 High St 2 1 0 U 600

1003/93 Pacific Hwy 1 1 0 U 350

703/12 Glen St 2 2 1 U 600

1003/38 Alfred St 3 2 2 U 850

St Leonards

408/2-4 Atchison St 1 + study 1 1 U 400

509/15 Atchison St 1 + study 1 1 U 420

703/15 Atchison St 2 + study 2 1 F 600

607/48 Atchison St 2 + study 1 U 535

804/48 Atchison St 1 + study 1 n/a U 410

901/48 Atchison St 1 + study 1 1 F 450

218/38-46 Albany St 3 2 1 U 600

2003/3 Herbert St 2 2 1 F 680

Wollstonecraft

2/3 Boronia St 2 2.5 1 U 500

2F/11 River Road 1 1 1 U 350

Page 12


Current Rentals

$420 per week

501/48 Atchison St,

St Leonards

Modern spacious one bedroom

apartment with study in a secure

apartment building, with combined

lounge/dinging, modern

kitchen with stainless steel appliances,

large balcony, air-con

and internal laundry. Access to

gym facilities and close to trains

and shops.

$440 per week

17/7 Northcliff St,

Milsons Point

This spacious, fully furnished

studio apartment comes complete

with ultra modern fixtures

and fittings. The bed neatly

falls back leaving a large room

with space for a couple to live

very comfortably. Fully

equipped internal laundry and

near transport.

33/8 Hardie St,

Neutral Bay

38-46 Albany St,

St Leonards

$490 per week

Renovated and fully furnished

one bedroom unit with a stylish

interior design & modern

furniture. The unit features an

internal laundry, parking

space & balcony with district

views. Close to public transport

and Neutral Bay’s trendy

$620 per week

Modern 3 bedroom unit comprising

a modern kitchen and bathroom,

an ensuite in the main

bedroom and a good size balcony

which is perfect for entertaining.

Other features include

built-ins and ducted reverse cycle

air-conditioning. The security

building is a short walk away

$680 per week

13/47-55 Milson Rd,

Cremorne

Spectacular fully furnished

apartment of size and style in an

enviable location. Features include

a large entertaining deck,

fully equipped kitchen, two bedrooms,

plus study, two modern

bathrooms, an internal laundry

and a lock-up garage in a se-

$1000 per week

54/110 Alfred St,

Milsons Point

This is an extra large 3 bedroom

apartment with study and

2 bathrooms. All bedrooms with

built-ins. Harbour views and

balcony access from every

room, located in a security

building, within walking distance

to train station & shops. This

apartment also includes security

car space.

1/184 Raglan St,

Mosman

In a much sought-after location

close to the delightful shopping

strip in the heart of Mosman,

this fully furnished and equipped

apartment offers three large

bedrooms, stunning bathroom,

timber floors and a lock-up garage.

Buses to ferry just minutes

from the doorstep.

24 Locksley St,

Killara

Family home in immaculate condition

surrounded by a beautiful

garden. Three main bedrooms

and a teenager’s retreat. Stunning

modern kitchen which

opens onto patio—perfect for

entertaining during the warm

summer months. Private swimming

pool set amongst tall trees.

$830 per week

$1600 per week

14/1 Harbourview Crescent,

Milsons Point

403/30 Cliff St,

Milsons Point

$1250 per week

In a quiet location with great

Lavender Bay views and Harbour

Bridge outlook, this sophisticated

three bedroom

apartment is offered fully furnished

with the finest pieces.

The kitchen is brand new with a

quaint breakfast area indoors or

on the balcony. Double lock up

garage and just minutes walk to

the station.

$2,500 per week

The most recent and spectacular

apartment on Lavender Bay

is offered with first-class views

of the harbour. The three bedroom

plus study apartment

has exquisite interior design

applied; a kitchen to die for

and six star bathrooms. Double

secure parking and only a

short stroll to catch the ferry or

the train.

Page 13


For Sale

406/55 Lavender Street, Milsons Point

Ultra modern one bedroom apartment in a brand new and immaculate

Mirvac building with state of the art deigns and features. Superb

kitchen and a very useful balcony with shutters overlooking the beautiful

and tranquil Lavender Bay. Minutes to transport and local shops.

Asking Price: Auction—16th Feb 2008 onsite @ 12noon

Viewing: By Appointment

Details: Milsons Point Office Ph:9566 6500

503/55 Lavender Street, Milsons Point

Tranquil Lavender Bay views form an enclosable balcony of this fabulous

unit in Mirvac’s latest creation, Latitude. One bedroom apartment

of good proportions and extremely attractive to professional tenants.

Asking Price: $580,000

Viewing: By Appointment

Details: Milsons Point Office Ph: 9956 6500

1518/30 Glen Street, Milsons Point

Ultra modern two bedroom apartment used as two units, a one bedroom

and a studio, air-conditioner, built-ins, internal laundry, 24 hour

Concierge, 25 meter indoor lap pool, spa & sauna & gym in a security

building. Minutes to trains, shops, restaurants & ferry. Secure parking

Asking Price: $795,000

Viewing: By Appointment

Details: Milsons Point Office Ph: 9956 6500

10/1 Harbourview Crescent Milsons Point

Perfect location on Lavender Bay in a classic Mirvac apartment building;

this three bedroom two bathroom apartment has a near new

kitchen and a recent general upgrade. All bedrooms open onto balconies

all enjoying tranquil views of the harbour and lavender Bay. Double

lock-up garage.

Asking Price: $1,300,000

Viewing: By Appointment

Details: Milsons Point Office Ph: 9956 6500

45-49 Chandos Street, St Leonards

Preliminary advertisement; this building is under construction, it will

comprise of three bedroom plus study apartments and penthouses,

unique concept by only providing large spaces. North facing apartments

have uninterrupted and expansive district views.

Prices will be from $690,000. For initial interest and viewing appointment

contact John Tower on 0408 216 979.

Page 14


For Sale

1702/2 Dind St, Milsons Point

Spectacular harbour views from every room of this modern 3 bedroom

two bathroom apartment in the Pinnacle, the most sought after

building in Milsons Point. Double secure parking.

Asking Price: $1.7M

Viewing: By Appointment

Details: Milsons Point Office Ph: 9956 6500

1804/2 Dind St, Milsons Point

Massive 159 square meter north facing two bedroom + 2 bathroom

apartment. North facing with two balconies and double lock up garage

in luxurious building in prime position in Milsons Point.

Asking Price: $1.07M

Viewing: By Appointment

Details: Milsons Point Office Ph: 9956 6500

1118/1 Sergeants Lane, St Leonards

In a landmark building in the most prominent position in St Leonards.

Studio apartment with separate bedroom area. Full bathroom, very

convenient kitchen leading to the lounge room and balcony. Leased

at $300 pw with potential for an increase.

Asking Price: $280,000

Viewing: By Appointment

Details: St Leonards Office Ph: 9906 8442

1 Cnr Macdonalds Rd & Thompsons Rd, Pokolbin

Cypress Lakes Resort is a first class facility in Hunter Valley; a golf

club and resort facility with health club and swimming pools and

restaurants in the heart of Pokolbin. Unit 756 is a two bedroom

apartment in a building of only two, featuring two full bathrooms,

internal laundry and a delightful kitchen.

Asking Price: $350,000

Viewing: By Appointment

Details: Milsons Point Office Ph: 9956 6500

104 ‘The Reef’, Forster

This three bedroom apartment is the home or holiday location most

only dream of, with spectacular views, quality fittings throughout,

main bedroom with ensuite and separate walk-in wardrobe, double

secure UG parking and storage room. 170m2 + 50m2 balcony.

Cafes and restaurants on the ground floor and a one minute stroll

Asking Price: $930,000

Viewing: By Appointment

Details: Milsons Point Office Ph: 9956 6500

Page 15


Tower & London staff

John Tower

Property Valuer , CEO

John Tower, the founder of the business,

is a licensed Real Estate Agent and a

Registered Property Valuer. His qualifications

include Diploma in Valuation,

Advanced Diploma in Real Estate

Agency and a Masters Degree in Marketing

Management. John's hands-on

approach provides personal and long-term commitment to his clients.

Rosalind Oey

Client Liaison & Registered JP

Rosalind was born in Singapore and

moved to Australia in 1984. Rosalind

studied and worked in the hospitality

industry before making Real Estate her

chosen career since 1997. Rosalind is a

licensed Real Estate Agent and her focus

is customer service.

Kim Phuong

Management Administration - St Leonards

Kim has completed a Bachelor of Commerce

Degree majoring in Tourism Management.

She had three years experience

in the customer service industry

before joining the team at Tower & London

in early 2001, now manages the St

Leonards office.

Ewald Ler’che

Sales Manager

Born in Austria and became an Australian

resident in 1982. Ewald has a Physical

Education background as he won in Australian

Championships in 1984, 1985 &

1986. Later he entered a new career in

Real Estate. He relocated to Sydney in

2000 and recently joined Tower & London

as Sales Manager to continue his career in North Shore Real Estate

Tania Enwiya

Property Management - St Leonards

Tania has completed an Advanced Diploma

of Property Valuation. She is becoming

a licensed real estate and registered

property valuer and wants to get

her masters in Urban Estate & Development.

She has been working in the property

industry for four years and have had

two years experience in property valuation.

Luke Pickard

Property officer—Milsons Point

Luke has a background in hospitality,

since joining Tower & London he has

began a traineeship in Real Estate.

Luke is currently employed as property

officer in the Milsons Point office.

Alex Howard

Reception—Milsons Point

A recent addition to the Tower & London

team, Alex has worked in various administration

roles since finishing school.

Through working at Tower & London,

Alex hopes to gain knowledge and experience

in the Real Estate and industry

in the hopes of a career in Property Management.

Jennifer Jiao

Accounts/Administration—Milsons point

Jennifer arrived to Australia in 2000,

since she has completed Bachelor of

Accounting in Sydney University and in

Central Queensland university; joined

Tower & London in 2007 looking after

Trust accounting.

Page 16


Tower & London offices

Head Office

38 Alfred Street,

Milsons Point NSW 2061

T: (02) 9956 6500

F: (02) 9956 6522

St. Leonards Branch

15 Atchison Street,

St. Leonards NSW 2065

T: (02) 9906 8442

F: (02) 9906 8446

Hong Kong Branch

Suite 1905,

Lippo Centre Tower 2,

89 Queensway, Admiralty

Hong Kong

T: (852) 2918 8788

F: (852) 2918 9808


Useful Resources

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.dtf.wa.gov.au/cms/osr_index.asp

P: 9262 1100 F: 9226 0834

Real Estate.com.au

http://www.realestate.com.au/

Domain.com.au

http://www.domain.com.au/

Tower & London

http://www.towerlondon.com

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