2008 Summer

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