2008 Spring



A Quarterly Journal

Spring 2008


A quarterly journal published by

Tower & London

Managing Director: John Tower

Editor: Matilda Haddad

Design and Layout: Matilda Haddad

Published with thanks to Katherine Lim, Laura Scott & Luke Pickard

Enquiries regarding this journal should be made to:

Tower & London

38 Alfred Street,

Milsons Point NSW 2061

Phone: (61) 2 9956 6500 Fax (61) 2 9956 6522

Email: reception@towerlondon.com


The information contained in this publication is for general information purposes only.

Readers are advised that while an earnest effort has been taken to ensure the information in this

document was obtained from reliable sources, Tower & London gives no guarantees or warranties,

written or implied, over the accuracy of the information provided. Tower & London Pty Limited disclaims

all responsibility for any loss or damage suffered as a result of the use of the contents of this publication.

The views expressed in this publication are those of the writers and do not necessarily reflect the views of

the publisher.

C o n t e n t s

Rent hikes explained

John Tower 2

Generation Rent

Matilda Haddad 7

Property Prices Review:

- Australian Capital Cities 10

- Lower North Shore, Sydney 11

- Rental movements 11

Past Rentals 12

Current Rentals 13

Current Sales 14 & 15

Tower and London

Our Team 16

Our Offices 17

Page 1

The Emperors New Clothes

John Tower,

Property Valuer

The notion that

recent rent hikes

are a direct result

of rising interest

rates is problematic as there are many

other factors being ignored. Interest rates

have been increasing for years and yet

renters are only now being asked to pay


Below is a deep look at these factors, with

a view towards understanding how they, in

conjunction with interest rates, affect the

current rental market.

The Australian economy

has proven to be robust; riding on the back a

mineral resources boom, substantially fuelled

by China’s industrialisation and economic

growth. While areas of the economy like

manufacturing and tourism under perform, the

export of mineral resources is booming.

This is having profound effects on the

economy in areas of job growth and revenue

from company taxes, which on the surface,

appears to have led to budget surpluses, an

increase in government grants to families and

a lowering of individual taxes.

The material below is the first and last

paragraph found in the RBA’s Statement on

Monetary Policy that was issued last May:

“Inflation in Australia picked up

over the past year in an

environment of limited spare

capacity and earlier strong

demand. In these circumstances, a

significant slowing in the growth of

demand from the rapid pace of

2007 will be needed in order to

return inflation to the target over

time. There are signs that such

moderation is now occurring.”

“At it’s most recent meeting, the

Board considered whether the

current stance of monetary policy

was sufficiently restrictive to

reduce inflation over time. On

balance, the Board judged that the

setting of monetary policy was

appropriate for the time being. The

Board will continue to monitor

developments, and will make

adjustments to policy as needed to

ensure that inflation returns over

time to the medium-term target.”

A deeper look reveals the wealth and

growth is concentrated to the minerals rich

states such as Queensland and Western

Australia; whereas other states are faring

poorly in comparison.

Nevertheless, successive tax cuts and the

relatively low unemployment rate in recent

years has pushed the consumer price inflation

higher than what the Reserve Bank of

Australia (RBA) would like. The only lever the

Reserve Bank of Australia has is Monitory

Policy, being the cash rate and the base

interest rate and this must be used effectively.

Page 2

A mortgage is often the biggest financial

responsibility faced by individuals and families

in Australia. Therefore, the rate of interest

rate applied to mortgages is a major concern.

According to RBA’s report on Domestic

Economic Conditions, non performing loans

account for around 0.4 per cent of the value

of housing loans on bank’s domestic books

for March.

The RBA sets the level paid by banks on

the wholesale market, then banks charge

homeowners a premium on the cost of

borrowing, which in turn yields a profit for the

bank and its shareholders.

Interest rates set by RBA have climbed

steadily over the last few years. The major

banks also increased their rates, independent

of RBA’s hikes, to make up for their losses

overseas, particularly after the US-led credit

crunch and the cost of the supply of funds.

The shortage in the supply of funds has

led to two important consequences: banks

have passed on their costs to borrowers,

claiming high borrowing costs are affecting

their profit margins and then, as a result of the

crunch, smaller lenders with limited access to

funds, are unable to compete for customers

and are quashed out of the market.

At its most basic level, this means

mortgage repayments have risen to levels

that directly affect property owners, especially

as most Australians are already dealing with

other rising costs for petrol and food.

The Australian

Bureau of Statistics

(ABS) figures for

May 2008 show that,

in trend terms, the

total value of dwelling

finance commitments, excluding alterations

and additions, decreased by 3.6 per cent from

April and owner occupied housing and

investment housing commitments decreased

by 3.7 per cent and 3.4 per cent respectively.

This is a very steep decline from figures

recorded in late 2007.

Page 3

Developments in financing

activity and in the established

housing market generally point

to a more subdued demand

this year.

Young Australians, who by

previous generations

standards, would normally be

opting for home ownership at

this stage in their lives, are

turning to renting instead.

This demographic, along with older owner

occupiers, are being deterred by the current

high interest rates, stamp duties and the lack

of any signs of capital gains to be accrued

from participating in the housing market,

despite the current trend for rising rents.

HIA Chief Economist, Harley Dale,

believes the Junes figures, which register a

seventh consecutive trend decline for building

approvals, signal a weakening in residential

construction over the second half of 2008 and

an inability of the housing industry to keep up

with demand.

“The responsiveness of supply to

growing demand has been crippled

by draconian regulation, ridiculous tax

grabs, restrictive land release

programs, and a failure to deliver

required industry skill packages,”

added Mr Dale.

A look at building approvals from late 2007

to the present shows a repetitive pattern of

decline. Most pronounced are the low figures

recorded for units. This is perhaps a reflection

of the waning confidence developers have

over the return of investors to the market,

particularly those who buy big chunks off the


According to the Housing

Industry Association (HIA),

building approvals weakened

last June, following a big drop

in May. These figures have

reached their lowest level

since the end of 2006.

On a seasonally adjusted basis, total

building approvals fell by 0.7 per cent in June,

following a drop of 7.8 per cent in May. The

number of detached house approvals was

down by 0.8 per cent and approvals for the

more volatile multi-unit segment eased by 0.5

per cent following a 20 per cent drop the

previous month.

Over the six months leading up to June

2008, detached house approvals fell 2.4 per

cent and multi-unit sector the decline was a

sharper 13.3 per cent.

Photograph courtesy of constructionphotographs.com

On a state by state basis, the number of

seasonally adjusted building approvals in

June fell by 34.5 per cent in Tasmania; 16.5

per cent in New South Wales, 7.6 per cent in

South Australia and 6.5 per cent in Western

Australia. Similarly, the trend number of

building approvals fell by 6.4 per cent in the

Northern Territory and 1.5 per cent in

Queensland. Only Victoria and the Australian

Capital Territory saw some improvements,

with recorded figures up by 9.9 per cent and

17.4 per cent respectively.

Page 4

The preliminary estimated resident

population (ERP) of Australia at 31 December

2007 was 21,181,000 persons. This is an

increase of 331,900 from the figure estimated

at the same time the previous year.

The increase is the largest

recorded for a 12 month period since

the ERP concept was introduced in


According to the demographic

statistics provided by ABS, this puts

the rate at 1.59 per cent, making it the

fastest annual growth rate recorded

since 1.78 per cent in 1988.

The growth of Australia's population has

two components: natural increase (number of

births minus number of deaths) and net

overseas migration (number of arrivals minus

number of permanent departures).

Natural Increase: at the end of 2007, this

was estimated to be around 147,400 persons.

This figure is a whopping 15,000 higher than

the 132,400, which was recorded for 2006.

Net Overseas Migration (NOM): for the

year ended 31 December 2007, it was

estimated 410,900 persons arrived into

Australia while 226,400 departed. The

contribution made to the population growth by

NOM (55.6%) was higher than that of natural

increase (44.4%).

This population increase puts a constant

strain on the housing market, particularly

affecting rental vacancy rates and the

average cost of renting.

There are 1.6 million renter households in

Australia. The current shortage of well

positioned and affordable housing suggests

that a very large section of the population can

be described experiencing some level of

‘housing stress’.

The Federal Government, aware of the

shortage of reasonably priced properties, has

launched the National Rental affordability

Scheme, which promises to provide 50,000

new and affordable homes for renters at 20

per cent below the market rate. The

Government also promises to supply a further

50,000 homes if this does not

appropriately ease the strains of

the shortage.

These recent increases

suffered by renters have been big

news items in the media. The

rising costs of living and renting

is presented through numerous

‘hard luck’ stories that depict

desperate families and young

Australians queuing up at opens and battling

a bidding war in order to find suitable housing.

Australian Property Monitors recently

reported that Australian capital cities had

experienced double digit rent increases over

the past year and judged Sydney and Perth

as the least affordable places to live in

Australia. The average rent for a two bedroom

apartment is Sydney is now $400 per week

compared with $360 per for the same period

last year, similar increases are typical for

three bedroom houses.

The Real Estate

Institute of NSW

(REINSW), estimates

Sydney’s July vacancy

r a t e s i n p r i m e

residential areas (within

10 kilometres of the city), to be around 1.2.

have been fluctuating between 1.5 and 0.8

per cent over the past 12 months and have

rested at 1.2 in the latest July figures.

REINSW believes a

vacancy rate of

around 3 per cent is

most desirable as

this is when supply

adequately meets


Page 5

The ingredients for rent rises are all there:

• Investors are not buying, therefore

developers are not building. Bingo!

Investors are a key ingredient.

Developers rely on investors more than

owner occupiers. Many properties are

sold as investments off the plan and a

good percentage of these transactions

take place even before construction

finance is approved. When investment

is down, properties are sold to owner

occupiers and this reduces the share

of accommodation available for rent.

• Generation Y put a lot of pressure on

the rental market: renting is not an intrinsic

part of this demographic, in fact, if given the

chance and affordability space, Gen Y would

flock to the market, using the Internet to

source important property information. But,

resultant from the deficiency of adequate, well

placed and affordable property, Australia’s

young adults are choosing to rent homes that

are near where they need or want to spend

their time. This in turn directly affects vacancy

rates and rent prices.

• Australia’s Population increase also

affects supply and demand: the number of

people leaving Australian shores is not

enough to level out the demand for

accommodation placed on the rental market

because of a growing population with limited


• Building approvals are down because

Governments impose many restrictions

and taxes on the developers: The NSW

government in particular imposes heavy

taxes on property developers. Real

Estate Institute of New South Wales

(REINSW) President Steve Martin

believes pressures could be eased if tax

relief and other incentives are offered.

It must also be noted that governments

have always imposed taxes of varying

degrees, so why does it matter now and not

between 2002 and 2004 when apartment

buildings were mushrooming everywhere?

Building approvals are slipping, but the

affects of these should not be affecting

current rent levels. The drop in last June’s

figures will not be felt for another 18 months

to two years, when the buildings are


The question then is: why are

investors not buying, even

though rents are high and

o c c u p a t i o n i s v i r t u a l l y

guaranteed? Rate of return on an

investment apartment is currently at

5.1%, much higher than when the

market was running hot in 2003. It is

the value of a property, together

with the interest rates, that makes

residential property unattractive to invertors.

Unfortunately, in Australia there are

investors who fuel the property market when

things are looking up and then desert the

market when sentient is not favourable. It is

my opinion that one of two things must

happen so that investors return to the market.

First, interest rates must come down so

that the real cost of owning an investment

property becomes less of a burden. This is

most likely, given the latest economic

indicators. Or, alternatively, property values

must come down, as the continuation of rising

rents can only last as long as tenants can

afford it and most tenants have almost

reached this peak.

More should be done to attract middle

level investors to the residential property

market. Small family superannuation funds

should be encouraged to participate and then,

when more cashed up investors

begin to partake, interest rate levels

will cease to be as significant.

Interest rates are only one factor in

the purchasing decisions made by

investors. The others are property

values, rental return, building

expenses, capital gains and long term

viability of the locality. These factors, in

conjunction with the other economic and

societal conditions in Australia, affect the

Australian rental market.

Page 6

G e n e r a t i o n

Matilda Haddad,

Communications Advisor

A discussion on renting in

Sydney is not complete

without also taking a look at

‘Generation Y’ and their

presence in the housing


As described by the Centre for Affordable

Housing, housing is a high price commodity.

Although the last census shows the median

gross individual income increased by 24 per

cent between 2001 and 2006, house prices

have doubled in all the major capital cities,

making affordable home ownership an

unattainable pipe dream for many of

Australia’s young people.

The First Home Owner Grant has been

fixed at $7,000 for over eight years and with

doubling house prices, it

no longer adequately

provides the bolster it

once did.

Figures from the

NSW Department of

Housing and Australian Bureau of Statistics

(ABS) show that first home buyers account for

barely one in six (18.4 per cent) of all home

purchases. As a result, the Real Estate

Institute of Australia (REIA) has called on the

government to make it easier for first home

buyers to get into the market by doubling the


R e n t

average annual wage,

where as in 1996 only

four times the average

annual wage was

needed. Also, home

buyers now dispense

around a third of their income (32.3 per cent)

on mortgage repayments where as in 1996 it

was 17.9 per cent.

A McCrindle report highlighting the

importance of young Australians participating

in the economy and the housing market

shows this demographic make up around 20

per cent of the population (4.2 million).

Generation Ys are more formally educated

than their predecessors and with improved

high school retention rates in years 10 and 12

and record levels in university admittance,

one would assume Australia’s young people

would be economically better off, but many

are not.

Further education delays entry to the work

force and increases the competition in labour

markets amongst graduates. As a result,

many young people are finding themselves

either underemployed or struggling to find

stable, long-term employment.

With reports showing that 40 per cent of Gen

Y are employed on a casual basis and

McCrindle research uncovering that 57 per

cent of Gen Ys still rely on their parents for

some financial support, it is no wonder that 67

per cent of this demographic believe home

ownership may be unattainable in their


House prices, the global credit

crunch; increased fuel costs; the

rising cost of travel and food,

coupled with increasing interest

rates and mortgage repayments, push young

people into the renting market or force them

to stay at home till much later in life.

Department of Housing figures show the

average home now costs seven times the

Things are currently very tight

in Sydney. Vacancy rates have

dropped dramatically, moving

between 0.9 and 1.4 from May to

July. These figures, released by

the Real Estate Institute of NSW

(REINSW), show a recurring trend. They are

a drastic drop from 1.6 per cent recorded at

the beginning of last year and a major dive

from around the desirable 3 per cent mark

recorded at the start of 2006.

Page 7

Housing affordability is not only a strain on

wannabe home owners but renters too. The

increased demand for well positioned housing

has pushed Sydney’s rents sky

high. The June figures recorded

by Australian Property Monitors

show the median weekly asking

rent in Sydney as $400 for units

and $420 for houses, almost a

200 per cent increase from the

start of the decade.

RP Data break down the discouraging

median weekly rent figures further:Marrickville

rents rose around 16 per cent, while other

popular suburbs like Leichhardt and

Woollahra saw rent increases of 22.9 percent

and 28.3 percent respectively. A home that

was leased for $525 per week in North

Sydney a decade ago can now be leased for


Using the law of supply and demand, it is

forecasted that the next figures will be bleaker

still as Sydney’s population grows by what the

RINSW estimate as 1400 a week. Adding to

the pressures is the significant decline in the

number of new building approvals and

construction recorded over the last few years

and the significant decline in investment.

A look into the property market over the

last 20 years shows a correlation between the

social changes that have occurred in Australia

and the increasing generation

gap between Xs and Ys.

Low home ownership figures can

also partly be explained by

looking at what each generation

considers important. While

previous generations placed

greater importance on saving,

marriage, starting a family and home

ownership, the report found that one-fifth of

25-29 year olds are still living with their

parents, many hold off starting a family well in

their 30s and 59 per cent are renting.

The report also

shows that because of

the higher levels of

university admittance,

Gen Y begin adulthood

already in debt from

Higher Education

Contribution Scheme (HECS) responsibilities.

This debt, coupled with the increased

adoption of credit cards as a part of their

financial management, means this generation

currently owes a hefty $60 billion in total.

With a lot of young people

trapped in a cycle of long-term

renting, many cannot afford to

save an adequate amount for a

deposit on an investment or

their own home.


Income and Wealth Report

highlights the difference between the saving

and spending behaviour of Generation Y with

the behaviour of Generation X when they

were the same age in 1989.

The report shows that although 41 per

cent of Gen Y are saving for a deposit on a

property, only 25 per cent have saved more

than $10,000 so far, which can partly explain

why home ownership figures are down 9.1

per cent from 1989.

The generational gap in

home ownership figures can

also be explained through a

look at housing affordability.

According to the HIA, housing

affordability is at a record low in

Sydney and with the cost of

borrowing set to improve in

2009; median house prices are expected to

continue to rise, further shutting out first home

buyers, while increasing the prosperity of

home owners.

The BIS Shrapnel’s Residential Property

Prospects, 2008 to 2011 report agrees;

improved lending rates will only increase

house prices and in Sydney, these prices are

expected to increase by 18 per cent in the

next three years.

Page 8

With these escalating house prices, it is no

wonder that the proportion of Australian

households owning their homes outright has

fallen from 42 per cent in 1995 to 34 per cent

as of the last census.

Auction clearance rates for the

beginning of July also reflect the current

affordability crisis. Sydney’s auction rate

stood at around 49 per cent, this is well

under last year’s recorded rate of 59 per


Of course affordable

Sydney housing does

exist, but it is found

predominantly on the

outskirts of the suburbs, far

from work or in areas considered unattractive

because of their detachment from friends and

family; trendy eateries, bars; gyms, nightspots

and other social environments.

It seems Australia’s young adults are

unwilling to sacrifice their lifestyles for home

ownership, creating a shift in social values

and making city living the new young

Australian dream.

With labels like ‘sponges’, ‘spoilt’, selfish

and ‘KIPPERS’ (Kids in Parents Pockets

Eroding Retirement Savings) being thrown

around households and in the media, it is

clear that Generation Y do not have a sound

reputation, but what is ignored are the factors

that led to this pigeonholing.

Ask this generation what they want for

themselves and for their futures and most will

agree that one day, and most probably when

they are in their 30s, they do want to be

investors and home owners. But, it will only

happen under the right economic and social


Many are discouraged from the housing

market because of the unmanageable costs

of a mortgage. According the ABS: “the

difference in costs between younger and

older owners with a mortgage is largely a

reflection on the difference in house prices,

and hence the amount borrowed, at the time

Page 9

of purchase. On average, recent home buyers

paid higher prices than those who bought

their homes ten or more years ago”.

Generation Y will, more than likely,

end up doing exactly as their parents

did, the main differences being they will

do it in their 30s instead of 20s and their

homes and families will be on a smaller


The demise in building approvals,

investment and construction; hefty

interest rates, the shift towards further

education, which delays entry into the

workforce as well as directly impacts on

savings, and of course, the shortage in the

supply of affordable and well positioned

homes for rent and for sale can all partly

explain why many of Australia’s young adults

have not achieved as much as their parents

did by adulthood.

It is often said that ‘Baby Boomers,’ those

born after World War Two and up to the early

60s and ‘Generation X,’ those born between

the early 60s and the early 80s, endured

hardships and sacrifices to ensure their

‘Generation Y’ offspring were better educated

and more ‘comfortable’ in every sense

of the word.

Although intentions were virtuous,

the research into current trends shows

previous generations may actually have

disadvantaged young Australians from

entering the housing market through their

property investments and own wealth


According to Steve Martin, president of

REINSW, many property investors took

advantage of last years market opportunities

by selling their rental properties and cashing

in on their superannuation. These properties

were predominantly sold to owner-occupier

households, and this impacted directly on

vacancy rates rent prices in NSW and

severely disadvantaged many young

Australians. And with rent prices so high, it is

no wonder many Gen Ys are staying home for

longer. And for those that do fly the nest,

many are unable to accrue any real savings,

let alone a deposit for a home.

Property Prices Review

Australian Capital Cities, Median House prices

(Source: Real Estate Market Facts)

in $1,000 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08

Sydney 544 538 531 525 521 520 521 521 521 522 538 537 546

Melbourne 359 357 358 358 361 364 370 375 381 394 431 428 435

Brisbane 306 307 309 312 316 320 325 330 335 345 383 376 394

Adelaide 267 271 274 276 277 280 283 289 293 299 320 323 338

Perth 267 277 291 307 325 352 384 414 438 452 455 462 462

Canberra 366 364 367 368 369 373 377 382 387 413 425 437 448

Hobart 261 263 266 269 271 276 282 285 288 296 317 312 323

Darwin 262 269 279 296 311 328 350 360 374 385 400 399 407

















Darw in


House prices in Brisbane,

Canberra and Adelaide rose

slightly in the March quarter

while these was less of a

change in Melbourne and

Sydney. Perth has come to a

grinding holt, the very low

volume of sales could be

hiding the true nature of these

prices, but overall, they are

reasonably steady.














Australian Capital Cities, Median Unit prices

(Source: Real Estate Market Facts)

in $1,000 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08

Sydney 373 370 368 364 362 361 358 359 356 358 361 364 368

Melbourne 293 295 298 299 303 306 312 315 319 328 368 358 367

Brisbane 236 238 245 252 259 268 273 276 282 290 330 318 333

Adelaide 202 205 210 208 211 214 217 219 221 227 250 249 262

Perth 210 220 233 244 258 280 302 324 341 353 370 366 369

Canberra 293 296 301 302 303 301 302 304 307 318 346 341 352

Hobart 203 212 215 209 209 222 225 225 226 230 245 245 252

Darwin 185 188 199 216 232 248 255 269 279 282 320 302 308







Melbourne and Perth have

joined the ranks of Sydney ‘s

prices and Canberra is not too

far behind.























The rest of the cities only

showed slight improvements in

March, after a very weak

December 07.

Unit prices are looking

healthier than houses, but this

may be resultant from a

reduced number of apartment

buildings. A couple of cuts in

interest rates could spark

things up once again.

Page 10

Lower North Shore Median House Prices

(Source: Property Focus REINSW)

Local Gov Area Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08

Mosman 1788 1615 1679 1780 1675 1711 1802 1558 1675 1750 1954 1788 1813

North Sydney 971 924 931 930 907 950 1071 920 998 925 995 1103 1089

Willoughby 1012 938 934 948 1007 946 981 903 1075 1131 1150 1210 1038

Sydney General 511 495 517 521 516 525 520 524 516 525 538 551 554

Houses, Lower North Shore



























North Sydney


Following a large drop in

September last year,

Mosman house prices

have leveled while North

Sydney’s prices rose and

then leveled. Conversely ,

Willoughby is showing

signs of weakness.

Overall, prices are either

coming down or leveling.

More activity might show

a slightly different picture.

Lower North Shore Median Unit Prices

(Source: Property Focus REINSW)

Local Gov Area Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08

Mosman 518 505 533 500 425 500 456 500 515 500 525 527 460

North Sydney 512 505 510 490 495 513 500 490 497 545 548 552 551

Willoughby 440 423 468 466 456 465 450 459 445 475 487 485 500

Sydney General 380 370 364 363 358 357 359 351 348 361 361 369 363
















Units, Lower North Shore









North Sydney


Sydney General


Lower north shore areas

appear to be stable, with

the exception of Mosman.

The massive drop in

prices may reflect a low

number of sales.

The figures for June and

September 08 may show

an improvement.


(Source: Property Focus REINSW & Tower & London)

24 month

Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 change

Inner Sydney

(city & suburbs close by) 1Br Unit 380 380 380 400 380 400 420 450 18.4%

Upper Quartile (25% of prices 2Br Unit 470 470 490 500 525 525 550 560 19.1%

are higher than the upper quartile)

2Br house 450 450 494 485 500 523 540 550 22.2%

3Br house 620 625 650 680 696 689 738 750 21.0%

Tower & London

Management Portfolio

Milsons Point

Branch 524 528 535 537 528 535 545 565 7.8%

St Leonards

Branch 412 416 421 454 465 440 470 508 23.3%

Page 11

A glance at some past rentals


Bedrooms Bathrooms Car Space (Un)furnished? $ per Month


39 Rosalind Street 1 1 1 Unfurnished 1,955


11 Railway Street 4 3 2 Unfurnished 4,128


24 Locksley Street 3 2 2 Unfurnished 6,083


2 Elamang Avenue 1 + Study 1 0 Unfurnished 2,064

17 Elamang Avenue 3+ Study 3 2 Unfurnished 6,083

19 Holbrook Avenue 3 1 1 Unfurnished 2,824

Milsons Point

38 Alfred Street 2 2 1 Unfurnished 2,738

38 Alfred Street 2 2 1 Unfurnished 2,955

38 Alfred Street 1 1 1 Unfurnished 2,173

48 Alfred Street 1 1 1 Furnished 1,955

48 Alfred Street 1 1 1 Furnished 2,390

70 Alfred Street 1 1 1 Unfurnished 2260

110 Alfred Street 1 1 0 Furnished 2,042

2 Dind Street 2 2 1 Furnished 4,041

8 Glen Street 1 2 1 Unfurnished 2,303

12 Glen Street 2 2 1 Unfurnished 2,824

12 Glen Street 1 1 0 Furnished 1,803

30 Glen Street 1 1 1 Furnished 2,607

30 Glen Street 1 1 1 Furnished 2,738

55 Lavender Street Studio 1 0 Unfurnished 2,390

55 Lavender Street 1 1 0 Unfurnished 2,259

Neutral Bal

8 Hardie Street 1 1 1 Furnished 2,129

North Sydney

39 McLaren Street 2 2 1 Furnished 3,150

5 Middlemiss Street 1 1 0 Unfurnished 1,521

93 Pacific Highway Studio 1 0 Furnished 1,738

28 West Street 3 2.5 2 Unfurnished 2,955

9 William Street 1 1 0 Furnished 2,260

St Leonards

38-46 Albany Street 3 2 2 Unfurnished 3,150

38-46 Albany Street 3 2 1 Unfurnished 3,042

1-5 Albany Street Studio 1 0 Furnished 1,955

15 Atchison Street 2 + Study 2 1 Furnished 2,824

48 Atchison Street 1 1 0 Furnished 2,042

48 Atchison Street 3 2 2 Unfurnished 3,259


187 Kent Street 1 1 0 Furnished 2,607


13-17 Sinclair Street 1 1 1 Furnished 1,728

36 Milner Crescent 3 2.5 1 Unfurnished 2,607

5 Rocklands Road 1 1 2 Unfurnished 1,782

Page 12

2 Dind Street Milsons Point

C u r r e n t r e n t a l s

Situated in the most sought after building in Milsons point, this apartment has

views across the harbour to the eastern suburbs. Brilliantly designed, it features

two bedrooms with renovated bathrooms and a brand new kitchen that boasts first

class appliances. Timber floors highlight a living and dining area that opens onto a

full length balcony. Offered with fortnightly cleaning.

Experience some of the most dramatic and inspiring city and harbour views from

this contemporary apartment. Every room with a view! Featuring three bedrooms

(3rd room bed or study), two bathrooms, a large living area and a balcony. Granite

kitchen with gas cooking, Gaggenou appliances, marble flooring and DLUG.

Located in a security building with reverse cycle air -conditioning, 24 hour

concierge, pool and gym. Walking distance to ferries, trains and shops.

38 Alfred Street, Milsons Point $745pw

Enjoy the highest standard in contemporary living in this bright New York style

apartment. Upstairs is a beautifully designed kitchen with marble bench tops and

stainless steel splash backs, connected through arched doorways to a dining area

overlooking the Opera House and CBD. A uniquely designed staircase flows down

to the living area, bedroom and study adds character to this adorable living space.

103 Kirribilli Ave, Kirribilli $650pw

This spacious two bedroom apartment is situated in the best position for

uninterrupted views of the City and harbour. The lounge and dining areas overlook

this stunning view, inviting you to relax and enjoy the scenery from the comfort of

your own home and from two different balconies. Featuring two and a half bathrooms,

security parking, pool, gym, spa & sauna and only minutes to trains, ferries,

shops and local cafes, this apartment should not be overlooked.

55 Lavender Street Milsons Point $1200pw

Only a short stroll from the ferry wharf and train station, this apartment crosses

from North to South - on the Northern side, the lounge room opens onto a sunny

balcony. The Southern side boasts views of the Harbour Bridge, Opera House and

the sparkling water. It has three good sized bedrooms, two bathrooms, a modern

kitchen and undercover parking, and is offered complete with white goods.

38 Alfred Street, Milsons Point $790pw

Latitude is the newest and most exciting building in Milsons Point. Found on the

19th floor and occupying the front north side of the building, this extra large fully

furnished unit enjoys distant harbour and district views. It features two large

bedrooms with luxurious bathrooms, a delightful kitchen, an open plan living space

warmed by the sun and secure parking. Luxurious and conveniently located, you

may just find yourself asking to extend the minimum 9 month lease.

1-3 Peel Street, Kirribilli $980pw

A two story penthouse style apartment. Entry on the lower level opens onto a

large lounge and dining area. Passing the laundry room with ample linen

cupboards leads to a large kitchen with great cupboard space and gas cooking.

The large living area with balcony is great for entertaining while upstairs has three

good sized bedrooms with high ceilings. The 2.5 bathrooms, mini storage room,

two storage cages and two secure parking spaces make this a rare find.

48 Atchison Street, St Leonards $750pw

Page 13

C u r r e n t s a l e s

88 Berry Street North Sydney

This North facing, fully furnished unit has one bedroom, one

bathroom and security parking. Ideal for a first home buyer or

an investor, bringing in an income of $400pw.

47 square meters internal. North Sydney conveniences and

transport are just around the corner.

Asking Price: $370,000

Details: Milsons Point Office Ph:9566 6500

55 Lavender Street, Milsons Point

Found in Mirvac’s latest creation, the ‘Latitude’ building, this

good sized one bedroom unit features tranquil Lavender Bay

views form an enclosable balcony. This unit is extremely

attractive to professional tenants.

Asking Price: $550,000

Details: Milsons Point Office Ph: 9956 6500

30 Glen Street, Milsons Point

Twin key property in a prime location. The first unit has one

bedroom, one bathroom, internal laundry, a secure car space

and storage. The second is a fully furnished studio. Both units

have air-conditioning and access to pool, gym, sauna and

concierge. A combined return of approx 900pw.

Asking Price: $740,000

Details: Milsons Point Office Ph: 9956 6500

7 Northcliff Street, Milsons Point

This apartment is possibly one of the largest studios in Sydney;

and comes complete with ultra modern fixtures and fittings. The

bed neatly folds away, leaving a large room with a lot of space.

Fully equipped internal laundry and kitchen. Short walk to ferry

and stations.

Asking Price: $450,000

Details: Milsons Point Office Ph: 9956 6500

6 Waiwera Street, McMahons Point

An East facing terrace with three bedrooms and two bathrooms.

The main bedroom features an ensuite, balcony and walk in

wardrobe. The fireplace and high ceilings in the lounge give

extra character, while the separate dining area, private

courtyard and sandstone terrace with views are great for

entertaining. Living Approx 180sqm, total approx 220sqm.

Asking Price: Auction date 27 th September on site

Viewing: contact Ewald Ler’che 0414 921 391

Page 14

2 Dind St, Milsons Point

C u r r e n t s a l e s

Spectacular harbour views can be seen from every room of

this modern three bedroom and two bathroom apartment in

Milsons Point’s ‘The Pinnacle’. Also features an exquisite

granite kitchen with gas cooking, Gaggenou appliances,

marble flooring and has double security parking.

Asking Price: $1.7M

Details: Milsons Point Office Ph: 9956 6500

77 Berry Street North Sydney

This sun soaked, one bedroom, one bathroom, North aspect

apartment in Beaumonde Tower has a good sized modern

living space with access to a balcony, pool, gym, sauna, one

car space and lock up cage. The kitchen is equipped with a

gas stove and dishwasher and the laundry is internal. Total


Asking Price: $520,000

Details: Milsons Point Office Ph: 9956 6500

77 Berry Street North Sydney

This near new studio with spectacular harbour views can be

found in the heart of North Sydney, in the popular and iconic

Beaumonde Tower. Quality fittings, a balcony, access to the

building's gym, pool and sauna and with 24 hour concierge

and one parking space makes this studio is a rare find.

Asking Price: $420,000

Details: Milsons Point Office Ph:9956 6500

28 West Street, North Sydney

This 3 bedroom, 2.5 bathroom, North East facing townhouse

features a courtyard, separate living and dining areas,

internal laundry, huge double lock-up garage with a storage

room and a balcony. Boasting 153 square meters and 222

square metres in total, it has access to an indoor pool, gym,

spa and sauna.

Asking Price: $820,000

Details: Milsons Point Office Ph: 9956 6500

93 Pacific Highway, North Sydney

Enjoy magical, floor to ceiling harbour, city and bridge views

from this two bedroom and two bathroom unit. With a fully

equipped kitchen, and luxurious bathroom, this immaculately

furnished unit is stylishly finished and decorated with

modern, high quality furniture. Also comes with one parking


Asking Price: $695,000

Details: Milsons Point Office Ph: 9956 6500

Page 15

O u r T e a m

John Tower, Property Valuer & CEO

As a licensed real estate agent and

Property Valuer, John’s approach is

hands-on, providing long-term service

and commitment to clients. His

qualifications include a Diploma in

Valuation, an Advanced Diploma in Real

Estate Agency and a Masters of

Marketing Management.

Luke Pickard, Property Manager

Moving from hospitality management to

real estate, Luke began a traineeship

with Tower & London in late 2007. He

is currently undertaking a Certificate

Three in Property through Real Estate

Training Solutions and wishes to

advance further in his career within the

property industry.

Kim Phuong, Senior Administrator

With three experience in customer

service, Kim joined Tower & London in

early 2001 as an Administrator & worked

her way to becoming the manager of the

St Leonards branch. She has completed

a Bachelor of Commerce, majoring in

Tourism Management.

Tania Enwiya, Property Manager

After gaining an Advanced Diploma of

Property Valuation, Tania is now on her

way to becoming a licensed real estate

agent and registered property valuer.

She also aims to complete a Master of

Urban Estate Management. She has

been working in the property and

valuation industry for four years.

Katherine Lim, Property Manager

Joining Tower & London with nine years

experience in corporate residential

leasing and a degree in Marketing from

Macquarie University, Katherine now

works in leasing at the Milsons Point

branch. Her history includes working with

developers and real estate consultants

such as Knight Frank.

Laura Scott, Property officer,

Laura joined Tower & London with six

years experience in customer service

and administration. She has earned an

Advanced Diploma in Business

Advertising and a Business Certificate

and is now about to undertake her

Certificate Three in Property.

Matilda Haddad, Communications Advisor

While completing a BA with a triple

major in Education, English & Sociology,

a Master of Media Practice & a

Graduate Certificate in Strategic Public

Relations, Matilda worked in several

customer service and administration

roles. She joined Tower & London in

May 2008 as Editor of Property Review.

Ewald Ler’che, Sales Manager

Moving to real estate from a physical

education background where he won

several weight lifting championships,

Ewald is now a sales manager at the

Milsons Point branch. He has been with

Tower and London for 16 months and

has ten years experience in the real

estate industry.

Candy Trinh, Administrator

After moving to Australia in 2004, Candy

completed a Diploma in Media and

Communications, Visual Arts & Design

and a an Advanced Diploma in Business

Management. She is currently employed

as an administrator for the Milsons Point


Jennifer Jiao, Accounts

After arriving in Australia in 2000,

Jennifer completed a Bachelor of

Accounting from Sydney University and

Central Queensland University. She

joined Tower & London in 2007 with a

history in customer service and is now

looking after trust accounts while

undertaking her CPA.

John Ellis, Project Marketing

Joining Tower & London in May 2008

with a Diploma in Marketing & seven

years experience in property, John’s

roles include managing investor

portfolios, assisting developers with

sales and marketing strategies as well

as selling projects both off the plan and

after completion.

Zheng Ye (Annie), Sales Coordinator

Working in the Hong Kong office as a

Partner, Annie is the Hong Kong and

China sales coordinator for Tower and

London. She has a Finance and

Accounting Degree from Macquarie

University and is currently undertaking

an MBA at Tsinghua University.

Page 16

O u r O f f i c e s

Head Office

38 Alfred Street

Milsons Point

NSW 2061

Sydney, Australia

T: (02) 9956 6500

F: (02) 9956 6522

St. Leonards Branch

15 Atchison Street

St. Leonards

NSW 2065

Sydney, Australia

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

Shenzhen Branch

Regus Anlian Centre

Level 26, Anlian Plaza

4018 Jin Tian Road

Futian District,

Shenzhen 518026


T: (86) 755 3395 5633

F: (86) 755 3395 5999

Page 17

Useful Resources

Tower & London


Department of Fair Trading


P: 9895 0111 F: 9895 0222

Consumer, Trader & Tenancy Tribunal


P: 1300 135 399 F: 1300 135 247

Real Estate Institute of NSW


P: 9264 2343 F: 9267 9190

NSW Department of Lands


P: 9228 6666

Office of State Revenue


P: 9262 1100 F: 9226 0834

Reserve Bank of Australia


Real Estate.com.au




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