2007 Winter

nicolez

THE PROPERTY REVIEW

A Quarterly Journal Published By

Tower & London

Winter 2007


THE PROPERTY REVIEW

A quarterly journal published by

Tower & London

Winter 2007

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

1. Editor’s Column: World of Ideas, John Tower

2. Milsons Point/Lavender Bay: Now and Then,

John Tower

P. 2

P. 3-5

Featured Property:

28/110 Alfred Street, Milsons Point

3. Furnished VS Unfurnished, Kim Phuong

Featured Properties:

3/1-5 Albany Street, St. Leonards

607/48 Atchison Street, St. Leonards

4. Introduction to Property Valuation, Tania Enwiya

5. Property Prices Review:

- Australian Capital Cities

- Sydney

- Rentals from January Quarter (1/1/07 to 31/3/07)

Featured Properties:

14 Vernon Street, Hunters Hill

83/94-96 Alfred Street, Milsons Point

P. 6

P. 7

P. 8

P. 9

P. 10-11

P. 12

P. 13

P. 14

P. 15

P. 16

Page 1


World of Ideas

John Tower

I am very excited to launch The Property Review, this

journal is has been alluding me for a long time. Like

many business owners, I have tried, in different ways,

to communicate to my clients and others parties on

behalf of clients such as tenants, buyers and the service

providers employed. Indeed, over the past 14

years, I have produced newsletters, brochures and

glossy magazines. During the late 1980’s newsletters

were the new exciting medium to pass good information

to clients, ten years later, these became glossy

magazines with many full page advertisements. All

the major franchise chains have them now, in one

form or another. They are all very good at promoting

properties, but that is where they stop.

The Property Review is intended to be a good read. It

will have few properties featured in it, yet they will be

amongst many interesting articles, facts and figures,

and a bit of history. The majority of our readers will be

our clients, tenants and future clients and tenants.

Every quarter we will assemble interesting and important

facts and figures, these would include median

sale prices, the movement of property values and

rents. There will be actual lists of properties we have

leased during the quarter, feature articles on local areas

and sometimes legal and taxation matters affecting

property. I will be inviting property related professionals

to contribute articles to the journal; above all, I

will be looking for new and exciting ideas.

Owning a property in this prime location in Sydney is

a major asset, renting in this part of Sydney is expensive.

Corporate tenants are one the great driving

forces of the rental market. I am amazed at the misinformation

property owners have about the market.

Tenants appear to be more knowledgeable than owners

in many situations. Buyers: when property values

are increasing flock to buy any property at whatever

the asking price just to buy an investment property;

and when the values are not increasing: they don’t

buy. Yet often they get caught up in the hype of the

market and over pay and find themselves owing more

than the value of the property. Worst of all are those

that buy off the plan without a good knowledge of floor

plans and rely purely on the advertising material produced

by the marketing company; they queue up for a

launch of a new development eager to own a piece of

that proposed building, no matter what price.

Exaggerated property values are another area I

intend to investigate; I am often surprised at what

people pay, especially first time investors. The

questions I am often asked: how much is my

property worth? They expect an answer immediately!

and if the answer is not instant and inflated,

the reaction is usually very negative. Property

investment is not for those who wish to make

quick cash, it can happen but to very lucky few;

most who try to make quick cash returns, fail.

Residential property investment is for the longterm.

Those that hold on to good property, keep it

in good condition, move with times in it’s presentation;

will ultimately have a lifetime income

stream and capital gains to be cashed in at the

right time when the family can make real use of

the funds. Many of my clients began investing in

residential property in the mid 1990’s buying a

property at a time, every few years as equity is

mainly used to fund new investments, careful not

to over extend themselves with borrowing. Some

have a combination of sizes and styles of residential

dwellings. Most properties have doubled

in value since and are now showing more than

10% return on initial investment. No clever financing

deals, no exaggerated income prospects,

a healthy equity in each property or in the

whole portfolio; and thinking before buying.

If the least that The Property Review will do is to

encourage it’s readers to stop and think before

plunging into a purchase, then it would have succeeded.

But I am aiming for more, in the way of

ideas: the success of property investment begins

with the purchase, but then: it has to maneuver

through the market, the building management,

the tenancy, the upkeep, law and taxation. The

Property Review will assist to steer you through.

Page 2


Milsons Point/Lavender Bay, now and then

Milsons Point/Lavender Bay is bounded by the suburb

of North Sydney, Middlemiss Street and Lavender

Street in the north, generally by Ennis Road and

Broughton Street in the east, Lavender Bay in the

south and generally by the suburb of McMahons

Point and Miller Street in the west. Milsons Point is

named after James Milson, an early land owner. It

was previously known as Murdering Point. Lavender

Bay is named after the boatswain, George Lavender.

Milsons Point/Lavender Bay

and adjoining localities.

Obtained from North Sydney council

web site.

Development of the area dates from 1805 when the

first land grant was made, with land used mainly for

grazing. Some growth occurred in the 1830s, following

the establishment of ferry services across the

Sydney Harbour. Subdivision and sale occurred

during the 1850s with a number of large stately

homes built overlooking the bay.

Milsons point C.1915

Parts of the information contained in this article has

been derived from North Sydney Council web site.

Page 3


Milsons Point/Lavender Bay, now and then

Further growth occurred from the 1890s, following

the establishment of a tram service and the opening

of the North Shore railway line. Then continued

in the early 1900s, although some houses and public

buildings were demolished in the mid 1920s to

make way for the approaches to the Sydney Harbour

Bridge. Some growth occurred from the

1930s, following the construction of the Sydney

Harbour Bridge. The most significant development

occurred in the post-war years.

Development has continued in more recent years,

with the dwelling stock nearly doubling between

1991 and 2001. Milsons Point/Lavender Bay has

experienced a massive increase in population between

1996 and 2001, a result of new dwellings

being added to the area, especially medium and

high density housing.

110 Alfred Street, one of the

first buildings in Milsons Point

to be converted to residential

apartments by Walker developments.

Many of the commercial buildings constructed during

the 1970s and 1980s have been converted to

high density residential apartments with a small

portion of commercial and retail component. New

high rise towers were also constructed up to 21

floors and many of the apartments enjoy spectacular

views of the Harbour, the bridge and Opera

House.

The Colonnades,

Distinctively different.

This trend that began in the boom time of the late

1980s has continued in Milsons Point almost unabated

as one building was completed another

commenced construction. Refurbishment of office

buildings and construction of brand new building

has been very popular with most of the large residential

development companies such as Mirvac,

Walker development and more recently Platino

Properties converting the old Yellow pages building

in Glen Street. Mirvac has just completed an

amazing conversion of 55 Lavender Street, Milsons

Point and achieving prices per square meter never

seen before in Milsons Point . The increase in the

supply of property has not reflected on the prices

as many predicted, in fact, on the contrary: values

have continued to increase throughout the 1990s

55 Lavender Road. The latest

conversion by Mirvac. Most

apartments look out onto Lavender

Bay.

Page 4


Milsons Point/Lavender Bay, now and then

Rents have also kept a good pace, as with modern

secure buildings close to major transport facilities,

Milsons Point has been sought after by professional

people and corporate tenants for their executive

staff. Since the early 1990s the demand

has been consistently high.

Some of the properties are exposed to unreasonable

noise levels from Luna Park, have had their

rents devalued since the most recent opening of

Luna Park, also the tenants tend to stay for shorter

periods as the noise gets to them after a while.

This of course has a direct relationship to the values

of property. Properties that are affected by the

noise will have lower value than those that are not.

That is until when and if Luna Park shuts down, for

the last time with a little luck and common sense.

Bradfield Park, nearly became a parking station

for Luna Park. Thankfully it has been

preserved. New children's play ground; and

down below, boys during lunch enjoy a game

of football.

Milsons Point/Lavender Bay is nearly surrounded

by parks. Starting from the west with Watt Park

around Lavender Crescent down to Railway Avenue,

then at the Lavender Bay Wharf is the small

Quiberie Park connected to the bay side walk way

around Lavender Bay past Luna Park and all the

way to Kirribilli passing under the Harbour Bridge.

A beautiful walk

around Lavender

Bay.

Then there is the newly landscaped Bradfield Park,

considered one of Sydney’s most important public

spaces, stretching from the corner of Lavender

and Alfred Streets hugging the railway line past

Milsons Point station and continuing all the way

down to the harbour under the Bridge, the recent

children's playground on the corner of Alfred and

Fitzroy streets is a splendid addition by North Sydney

Council.

The beauty of Sydney Harbour is the main attraction

of wanting to be residents of Milsons Point; but

that is not the complete picture: the accessibility to

good private schools in Kirribilli and North Sydney,

the recently re-established parks and children’s

playgrounds, the trains, buses and ferries, the

beautiful walks along the Harbour and the Olympic

swimming pool are all contributing factors for the

demand to live in Milsons Point & Lavender Bay.

Views from Aquarelle, one of

the new medium rise buildings

near Luna Park

Page 5


28/110 Alfred Street, Milsons Point

Here is an example of what can be achieved in Milsons Point:

Stanic Harding Architects brought this apartment back to its

shell allowing for a new design to fill it with light and harbour

views while separating public from private spaces. A typically

adequate modern apartment has been spectacularly transformed.

By applying the most advanced architectural designs

and the use of space age building materials.

A remarkable Macassar ebony veneer cabinet decorates the

living room, concealing entertainment equipment is an example

of the extensive and cleaver joinery applied throughout the

apartment. The kitchen wrapped by a cornerless pod on one

side and a gorgeous dining table on the other; could only be

equipped with Gaggenau.

The generous Master bedroom quarters extended by a dressing

room forming part of a luxurious ensuite. The second bedroom

extended to a size of main bedroom and fully fitted;

separated by another dramatic bathroom is the third bedroom

that doubles up as a functioning study. The unit area including

balcony is 163sqm + 30sqm for tandem Parking + 5sqm for a

lockable storeroom.

The semicircle balcony cradles the entire harbour side of the

apartment where brilliant Sydney harbour views compete with

stunning interior design. Double secure parking and storage

below; near Milsons Point trains and ferries. Offered at

$1,550,000. For viewing arrangement contact John Tower -

0408 216 979

Page 6


Furnished verses Unfurnished

Kim Phuong

The question many owners of

investment property ask themselves

is whether they should

furnish their property. There

are both positive and negative

sides of furnishing an investment property. Before

making the decision it is important to consider the

difference and discuss it with your Managing Agent

who would have a better knowledge of the market

where your property is situated.

The first thing investors should think about is

whether there is a demand for furnished properties

in the area. Some parts of Sydney such as Milsons

Point have a higher demand for furnished properties

opposed to areas such as Camperdown which

has more of a demand for unfurnished properties.

This is due to the demographic status of people the

area attracts.

This then leads to the question of what type of tenants

do you want to attract. Even though there are

higher numbers of unfurnished properties in the

rental market, you will find that there are certain

sectors of the market who will want furnished properties.

These people are more likely to want the

property for a specific term such as students, people

who are in between homes e.g. waiting for their

own place to be renovated, people who have been

contracted for work or corporate tenants who will

only use the property during the week for work but

then return home for the weekend. These are tenants

who are willing to or are able to pay a higher

rent for the convenience of not having to purchase

all the items that are required for everyday living.

As an established agency in the lower north shore

area we find that a total of 22.5% of our managements

are furnished properties and are usually limited

to studios and one to two bedroom properties.

The main reason for this is that larger properties

are usually sought by families who have their own

belongings and furniture gathered throughout the

years. Families tend to require a lease for a longer

term as they prefer stability and will not like the disruption

of constantly moving especially if they have

children.

The advantage of about having furniture is that the

landlord can show the property in a unique and different

light from other similar properties on the market.

It is the best way to highlight the better features

of the property or downplay those that are not so

great such as the amount of space the property

has. If the property is small there are ways in

which space saving furniture can transform the

property, when people are inspecting an empty

property, they may struggle to visualize all their

belongings fitting in the property of that size.

There are instances where people fall in love with

the way the property is set up but on the other

hand people have different ideas on what is considered

more to their taste and may not take the

property as they do not like the furniture at all. Unfortunately

the landlord cannot change this unless

they are willing to pay for the costs of either having

the furniture moved into storage or purchasing

new furniture which is very unlikely. The key point

is the furniture must be purchased carefully so that

it suites most tastes in that segment of the market.

The cost associated with furnishing a property can

be expensive. The initial outlay of purchasing everything

from furniture down to kitchenware can

amount into the thousands. Then later there is the

issue of whether the furniture may look outdated

compared to the newer properties that come into

the market. If this is so then it will mean that the

property will stay

empty for a longer

period of time and

the owner may have

to resort to updating

the furniture to keep

up with the trends of

people.

The other costly aspect

is that the owner is fully responsible for the

repair or replacement of every item provided to the

tenant.

Some owners have anxiety over whether there are

costs of replacing items that the tenant has damaged.

Even though larger bonds are collected, in

some cases the bond will not cover the total cost

so it falls on the owner to have the property made

ready for the next tenants. The benefit of furnishing

property is that it can be leased out for a

higher rent than an unfurnished property. It also

allows the owner to claim a tax depreciation allowance

to cover for fair wear and tear.

Regardless of whether you decide to furnish or to

leave the property unfurnished my advice to all

investors is that landlord’s insurance should be

taken out on the property to safeguard your investment

from all the unsuspected losses that you

may incur.

Page 7


3/1-5 Albany Street, St. Leonards

Over the past few years St Leonards has been transformed

from an older style suburb to a modern and exciting place to

live. North Sydney Council rezoned a number of streets near

the railway stations to medium and high rise apartment buildings

with a small component of commercial retail suites.

Many buildings has been completed, mostly of medium to high

quality finishes. Nearly one thousand new apartments have

been built and a brand new station with plaza shops and a

huge fountain in the middle.

1-5 Albany Street is one of these new buildings, this one is

very special as it has good retail shops below and funky cafés.

Only a few minutes walk to the station and a short stroll to Willoughby

Road with all its good restaurants this location is perfect.

The building is a medium rise two year old construction of

modern Face Brick finish, serviced by fast lifts and security

system. The building comprises many studios, one, two and

three bedroom apartments.

Apartment three is one of the larger studios/one bedroom

units. This apartment has a bedroom area that can be closed

off. Combined lounge/dining are serviced by a modern fully

equipped kitchen, modern bathroom, internal laundry and a

private balcony.

The property is offered beautifully furnished and equipped;

and leased at $380 per week. A good investment at an asking

price of $338,000 fully furnished. Viewing details : Emma

Surtees 0405 030 243.

Page 8


607/48 Atchison Street, St Leonards

Atchison Street is in the heart of the new developments

in St Leonards. Recently North Sydney Council closed a

portion of it; and the plan is to increase the footpath area

for the balance of the street past number 48: Arden.

Arden was completed in 2004, there is no compromise to

the quality throughout the building. Serviced by two fast

lifts and an attractive and elegant entry foyer. Many

shops on the ground floor and some commercial suites.

Best of all: the café downstairs will deliver to all the

apartments. Nearly breakfast-in-bed.

Unit 607 is on the south west of the building attracting

plenty of light; it offers spacious living and dining area

which flows from the open plan kitchen complete with

Smeg appliances and plenty of cupboard space.

This neatly designed 2 bedroom + study features an

abundance of natural light and the latest in fixtures and

fittings & stretches over 110sqm (including car space).

Study area is complete with large windows for natural

light. Main bedroom and living area have access to covered

entertaining balcony. It also features large mirrored

built-ins and ensuite.

Unit offers reverse-cycle air-conditioning, internal laundry,

and extra cupboard space. Security building with

gym facilities, and an onsite building manager. Viewing

details: Emma Surtees 0405 030 243.

Page 9


Introduction to Property Valuations (Source: API “Valuation Principals and Practices”)

Tania Enwiya

A valuer’s assessment is always in writing, and

must be able to withstand scrutiny by other professional

valuers and, if necessary, by a court.

A valuation is an assessment of the market value of

a property, at a specific date. “Market Value is the

estimated amount for which an asset should exchange

on the date of valuation between a willing

buyer and a willing seller in an arms length transaction,

after proper marketing, wherein the parties had

each acted knowledgeably, prudently and without

compulsion.”

Purposes of valuation

The reasons for property valuations is when there is

a reason that involves the title of the property or a

planned change to the title such as:

• Mortgage purposes

• Sale of property or transfer of title

• Deceased estate

The Valuation Process

Valuation involves market analysis and comparison.

When carrying out a valuation a valuer carries

out a thorough analysis of comparable transactions

(sales or and lease) and applies the result of this

analysis to the valuation of a given property by applying

an accepted valuation method.

A valuer conducts an internal and external inspection

of the subject property as at date of valuation.

Market research relating both to sale and leasing

data can be retrieved by a valuer from various

sources such as the council (under property sale

law, councils must be notified of property sales)

and/or government property related websites. Data

on property rentals and expenses is obtained from

real estate agents or from owners and tenants.

• Stamp duty and capital gains proposes

• Self managed superannuation funds

Direct Comparison Approach

• Extensions and refurbishments

One of the common methods used when valuing

residential property is Market Comparison “direct

comparison” approach. This approach has the valuer

Who is qualified to conduct these valuations.

A Real Estate Agent may provide an appraisal, but

this is not a valuation, as an agent is not trained in

proper analysis of property values. A registered valuer

is trained, qualified and authorised by registration

to conduct property valuations.

break down pieces of comparable Market evi-

dence into units of comparison. These units of

comparison could include dollars per square meter.

The units of value applicable to that particular

valuation task depend on market behaviour. The

valuer’s task is to research the property market to

determine how buyers and sellers make their decisions.

In determining which units of comparison to

The valuer is an expert, providing a specific professional

service in return for a professional fee. This

apply; it is important that the valuer does not impose

his/her opinion on the market but rather the

means that the valuer has a duty to conduct proper

valuer’s opinion should reflect how the market is

research, and to use sound and professional judgement.

operating.

Page 10


Introduction to Property Valuations

Direct comparison requires the valuer to examine

sales of properties similar to the property being

valued and after making appropriate adjustments;

value is placed on subject property based

on the value of sales. Factors are taken into account

when making these adjustments including

size, location, views, aspects, quality and general

state of repair and presentation of residence,

number of bedrooms and bathrooms, and other

features of the property.

For example a two bedroom unit plus study sold

for $450, 000 and another similar two bedroom

unit without study in the same locality sold for

$420 000. Therefore…it is fair to say that a willing

purchaser would pay $30 000 extra for a

study. Knowing the price of each comparable

unit eg: study area.

Economic factors influencing the market

Theories of market determination of price and

quantity are a central part of economic analysis.

Factors that influence the property values and

the number of transactions include; Macro factors

which influences the economic market hence

the property market and the Micro factors which

influence the sub-markets/sector eg: sale sector

and/or leasing.

Macro factors – the property market is sensitive

to the interest rate environment. The purchaser

of a property is usually reluctant to purchase a

property in times of a high interest as their costs

of their repayments are greater. Therefore they

require a high income to service the same size

loan when compared to a lower interest rate environment.

Interest rates movements are set by

the Reserve Bank.

Micro factors – Although property markets are

driven by the economy there are certain factors

which influence certain individual markets. These

include; demand and supply, the different property

sectors will be at different stages of their cycle

depending on the level of demand and supply

within each sector.

Social and Economic factors – change in focus to

residential housing to apartment developments.

Trends have changed especially in the cities.

Political factors – governments can influence

property markets with planning regulations. They

can control the amount of new land supply making

sure its affordable within the location and can

stimulate some while depressing others.

Physical factors influencing values

Location, Outlook and Aspect. An elevated

site with views will usually be worth more than

a similar site located at the bottom of a building.

A property with good amount of light coming

through has an advantage.

Surrounding developments; the closer your

property is to public transport schools shops

and other local community facilities the higher

the worth.

Physical Characteristics; Age of the property,

number of bedrooms and bathrooms, number

of living areas.

Size and shape ; The design and the usefulness

of the space is always a factor, not just

the size of the property.

Inclusions/fixtures ; properties are fitted with

various levels of inclusions, these do affect

their value, however overcapitalization is also

common.

In conclusion, property valuations are an imperative

part of property ownership, they apply facts

and common sense to stakeholders in property;

and a degree of confidence and reassurance for

those that are anticipating the property market.

Page 11


Property Prices Review

Australian Capital Cities, Median House prices

(Source: Real Estate Market

Sydney is still below Dec 2003 to Dec 2005, Melbourne and Canberra have increased. Trend prices for

Brisbane, Adelaide and Hobart have continued their steady , unbroken upward movement since June

2001. Perth has had an amazing increase to $415,000. Darwin is up by 20% over the year.

in $1,000 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

Sydney 325 460 533 553 525 521

Melbourne 295 330 367 366 356 373

Brisbane 189 205 258 305 312 329

Adelaide 150 178 223 260 275 286

Perth 171 193 223 258 306 415

Canberra 214 244 323 365 368 382

Hobart 125 144 192 252 268 285

Darwin 189 207 216 265 295 360

600

500

400

300

200

100

0

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

Sydney

Melbourne

Brisbane

Adelaide

Perth

Canberra

Hobart

Darwin

Australian Capital Cities, Median Unit prices

Prices in Sydney have declined since June 2004. Melbourne prices have grown since December 2001

annually. Canberra grew slightly in December 2006. Brisbane, Perth, Darwin & Adelaide prices have

shown a steady increase since 2001. Hobart prices have declined over the last quarter but up for the year.

in $1000 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

Sydney 288 329 365 376 365 356

Melbourne 230 262 288 291 299 315

Brisbane 165 173 205 235 253 276

Adelaide 110 134 167 197 208 218

Perth 123 147 178 203 244 323

Canberra 157 197 264 289 302 304

Hobart 88 96 148 203 209 225

Darwin 149 155 155 185 216 269

(Source: Real Estate Market Facts)

400

350

300

250

200

150

100

50

0

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

Sydney

Melbourne

Brisbane

Adelaide

Perth

Canberra

Hobart

Darw in

Page 12


Sydney Median House Prices

(Source: Property Focus REINSW)

Generally, Sydney median house prices have stabilized, showing only less than 1% reduction. North Sydney

Local Government area has shown a sight increase, Mosman has not changed and Willoughby recorded

a healthy 3.6% increase. Volume of sales is slightly down in North Sydney and Willoughby but firing

again in Mosman over last year’s sales.

Prices

Volume

Local Gov. Area

Annual

Median Price Change

Lower

10 year % Quartile

Upper

Quartile

No of

sales

Annual

change 10 year %

North Sydney 945 1.06 107.61 790 1,320 455 -2.78 -25.9

Mosman 1,750 0 145.79 1,250 2,600 378 23.13 -12.09

Willoughby 930 3.6 126.71 800 1,225 778 -5.7 -28.95

Sydney General 526 -0.67 135.74 355 715 46,794 3.47 -5.8

Sydney Median Unit Prices

(Source: Property Focus REINSW)

Median unit prices in Sydney general are slightly down. Unit prices have stabilized in North Sydney over

the past year. Mosman is showing a large reduction down by 7.43%. Willoughby is slightly down as well.

Sales volumes are down across Sydney, as property investors are staying out of the market, the number

of sales continues to plummet.

Prices

Volume

Local Gov. Area

Annual

Median Price Change

Lower

10 year % Quartile

Upper

Quartile

No of

sales

Annual

change 10 year %

North Sydney 505 0.2 77 396 680 1,485 -17.55 -3

Mosman 483 -7.43 78.8 380 695 435 -17.46 -8.81

Willoughby 460 -1.5 80.39 387 530 660 -31.11 -4.49

Sydney General 359 -1.91 102.75 299 500 24,632 -25.63 -4.02

Rents

(Source: Property Focus REINSW & Tower & London)

Median rents for Inner Sydney have been increasing in all types of residential property described below as

the supply is limited and the demand is increasing, vacancy factors have been approaching 1% across

Sydney. Tower and London portfolio of properties in Milsons Point has shown a reasonable increase of

4.1%, but more interesting is the new apartments in St Leonards are increasing at a rapid pace of 12.9%

over the past 12 months.

Weekly Rents

Change in

Median

Dec-05 -

Dec-06

Mar-06 -

Mar-07

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

Inner Sydney

1Br Unit 320 320 320 330 6.5%

2Br Unit 380 390 390 400 5.3%

2Br house 380 400 400 400 5.3%

3Br house 475 500 493 510 7.4%

Tower & London Milsons Point office 516 524 528 535 537 4.1%

Portfolio St Leonards office 402 412 416 421 454 12.9%

Page 13


Properties Leased during March Quarter 2007 by Tower & London

ADDRESS Bedrooms Bathrooms Parking Facilties

Furnished (F)/ Unfurnished(U)

Rental Price

Camperdown

103/1-3 Larkin Street 1 1 n/a n/a U 350

205/1-3 Larkin Street 1 1 n/a n/a U 330

615/1-3 Larkin St 1 1 1 n/a U 390

110/1-3 Larkin St 1+Study 1 n/a n/a U 330

Crows Nest

2/3 Boronia St 2 1 1 n/a U 500

503/28 West St 2 2 1+V G+P+S U 570

128 West St 3 2 1 n/a F 650

4/19 Crows Nest Rd 2 2 1 n/a U 450

Drummoyne

1/11 Napier St 3 2.5 1 n/a U 530

Milsons Point

406/38 Alfred St 2 2 1 G+P+SS U 600

601/38 Alfred St 1 1 1 G+P+SS F 525

2002/38 Alfred St 3 2 2 G+P+SS U 1500

202/38 Alfred St 2 2 1 G+P+SS U 580

504/38 Alfred St 2 2 1 G+P+SS U 600

65/48 Alfred St 1 1 1 G+P F 490

103/48 Alfred St G+P F 550

17b/70 Alfred St 1 1 1 G+P F 525

54/110 Alfred St 3 2 1 n/a F 900

3/35 Arthur St 2 1.5 1 n/a U 780

B33/2 Brady St 3 2 2 n/a U 780

1605/2 Dind St 3 2 2 G+P+S+C U 1250

709/8 Glen Street 1 1 n/a G F 500

1605/12 Glen Street 2 2 1 n/a U 600

803/12 Glen St 2 2 1 G+P U 600

802/12 Glen St 1 1 n/a G+C F 580

2003/30 Glen St F 580

17/1 Harbourview Cr. 3 2 2 n/a U 850

406/55 Lavender St G+P U 450

906/55 Lavender St 1 1 n/a G+P U 500

508/55 Lavender St 1 1 n/a G+P F 550

1602/55 Lavender St 3 2 2 G+P U 1750

2003/55 Lavender St 2 2 1 G+P U 950

303/55 Lavender St 1 1 n/a G+P F 490

503/55 Lavender St 2 1 1 G+P U 500

205/55 Lavender St 1 1 n/a G+P U 480

1/5 Middlemiss St 1 1 n/a n/a U 280

10/48 Upper Pitt St 2 1 1 n/a U 450

438/38-46 Albany St 3 2 1 n/a U 580

9/1-5 Albany St Studio/1 1 n/a n/a U 340

1408/3 Herbert st 1 + Study 1 1 G+P+SS F 455

607/48 Atchison St 2 1 1 G U 520

North Sydney

509/88 Berry Street 1 1 1 n/a F 530

803/93 Pacific Hwy 1 1 1 n/a U 330

502/93 Pacific Hwy 1 1 1 G U 330

1103/93 Pacific Hwy 1 1 n/a n/a U 330

1107/77 Berry St 1 1 n/a G+P+SS+C F 520

6/166 Pacific Hwy 1 1 1 n/a F 450

1/3 Plunkett St 3 1 1 n/a U 615

33/8 Hardie St 1 1 1 n/a F 460

25 McDougall St 2 1 n/a n/a U 680

Sydney

728/187 Kent St 1 1 n/a P +G F 550

507b/317 Castlereagh St Studio 1 n/a n/a U 285

Waverton

9/10 Carr St 3 2 1 n/a U 570

4/1 Moodie St 2 1 1 n/a U 395

Woolstonecraft

54/13-17 Sinclair St 1 1 1 n/a F 380

Key: G gym P pool

SS spa/sauna C conceirge

Page 14


14 Vernon Street, Hunters Hill

Hunters Hill Waterfront

This stunning 4 bedroom, 3 level house features an in

ground pool, gym room and even a guest retreat. Once

you enter the house you are greeted with a marble floor

foyer, complete with Grand chandelier. On this level is a

formal lounge/dining area, lounge room with floor to ceiling

wooden cupboards and shelves, a huge light

drenched kitchen with views over the lush green backyard

& pool and the sweeping water views.

Walking up the staircase on your left hand side is an enchanting

mural giving you the impression that you are

looking out over Sydney Harbour, the Opera House and

Sydney Harbour Bridge in the distance. Sweeping

around to your right brings you to the bedrooms. The

king size master bedroom features its own separate

dressing room with an abundance of cupboard space

along with an ensuite complete with a corner spa bath.

On the lower level there is a massive gym room with

floor to ceiling mirrors, a guest retreat that includes a

kitchen, bedroom, bathroom and a lounge room. This

level also features a bar area. For Lease at $5,000 per

week. Viewing details: Rosalind Oey: 0419 694 172.

83/94-96 Alfred Street, Milsons Point

PORTOFINO is one building in Milsons point that

attracts a certain type of sophisticated occupier.

Nearly opposite the station it is ideally located for

public transport or just a short stroll down to catch

the ferry.

Milsons Point continues to attract corporate tenants

because of the many features of the area mentioned

in an article in the issue: Milsons Point/

Lavender Bay, now and then. This building is no

exception, serviced by two fast lifts, high tech security

and a gym, it is one of the most desired.

Unit 83 is a large three bedroom penthouse style

apartment with split level. Two bathroom and two

balconies enjoying views of the City and Lavender

Bay. Two lock-up parking spaces, built’ ins, air conditioning,

brand new timber floors in the living area

and a great harbour view. For lease at $950 per

week. Viewing details: Rosalind Oey: 0419 694

172.

Page 15


Tower & London staff

John Tower

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. He is supported

by key staff who are passionate about the

quality of their work.

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.

Emma Surtees

Property Management & Sales - St Leonards

Emma was working in a customer service

environment before becoming a licensed real

estate agent. She has worked at Tower &

London since 2004. Her goals are to travel the

world and to be a successful real estate agent.

Tania Enwiya

Property Management - Milsons Point & 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.

Mandy Lai

Accounts/Administration - Milsons Point

Mandy was born in Hong Kong and came to

Australia with her family when she was eight

years old. She has completed a Bachelor

Degree in Social Work and joined Tower &

London to pursue her career in real estate and

currently studying Certificate III in Property.

Ewald Ler’che

Born in Austria and became an Australian

resident in 1982. Ewald has a Physical Education

background. He competed in Australian

Championships in 1984 and 1985, and

was a power-lifting champion – South Coast,

NSW. In 1988, he entered a new career

working in Real Estate. He relocated to Sydney

in 2007 and recently joined Tower &

London as Sales Manager to continue his

career in Real Estate specialising in the

North Shore area.

Leah Klaus

Leah was born and raised in Tumut and have

just moved to Sydney to join the Tower &

London team. She completed her HSC recently

and will start studying Certificate III in

Property soon. Her goal in life is to have a

successful Real Estate career.

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

5 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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