2007 Winter

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