Margaret Price Real Estate Blog

Nov 13 Planning panel to review three storey building Great Lakes Advocate ELLE WATSON 10 Nov, 2010 12:37 PM A REGIONAL planning panel will review the development application of a $2.15m medical centre that exceeds Forster’s designated 13 metre height restrictions. The application for 47 Short St Forster, proposes the demolition of an existing house to make way for a three storey mixed use medical centre. As it exceeds the height limit for the coastal zone (by half a metre) the application will be assessed by the Hunter and Central Coast Joint Regional Planning Panel. “It is a little unusual but it has been done before. The Waste Transfer Station in Tea Gardens was the first to be assessed by the planning panel,” Great Lakes Council’s manager of Development and Assessments Wayne Burgess said. The applicant(s) listed as: A, F, R and M Ieroianni also propose to acquire a seven metre wide portion of the road, to be purchased from council and used for landscaping and driveway access with the building planned to fall on the site boundary. In 2000, council resolved to give the opportunity to landholders in this part of Short St to purchase part of the adjacent road reserve. A separate application has been lodged with council to close this section of road. “Council has previously sold a slither of land to a property around 40 metres from the subject site for the same purpose,” Mr Burgess said. At the Cape Hawke Hospital end of Short St, the proposal includes a basement car park, a café and medical surgery and dispensary on the ground floor, another two surgeries on the second floor and two residential apartments on the third floor. Pending their assessment the Hunter and Central Coast Joint Regional Planning Panel will provide a recommendation to council. http://www.greatlakesadvocate.com.au/news/local/news/general/planning-panel-to-review-three-storey-building/1993613.aspx Nov 12 Close encounter Close encounter unheard of ELLE WATSON 10 Nov, 2010 12:33 PM UNHEARD of by even the most seasoned fishermen a female humpback and her calf swam into Cape Hawke Harbour on Friday morning. Estimated to be as long as 18 metres, the mother and her calf spent around 45 minutes in the channel between Forster and Tuncurry breakwalls coming up for air and doing tumble roles for onlookers. “Nobody here has ever seen or heard of whales in the channel, they come in close off One and Seven Mile (beaches) but never in the channel,” said Marine Rescue commander Dennis Travers. “That’s certainly one advantage of living here.” At times the whales were less than 10 metres from crowds that gathered on the Forster and Tuncurry sides to catch a glimpse in the downpour. Among them was Forster photographer Shane Chalker, who regularly captures the gentle giants aboard the Amaroo. He said these humpbacks could have travelled close to shore for any number of reasons. “I couldn’t put it down to a single thing, maybe they were curious, maybe they got lost,” he said. “I’ve seen them close to the beaches but never that close.” Estimating the calf to be around two to three years old, Shane said even by humpback standards the mother was very big. “It’s amazing. I would have never believed it if I hadn’t seen it with my own eyes.” Speaking to fishermen, some who have trawled the waters for more than 30 years, Shane said none had ever seen or heard of whales coming in to the harbour. www.greatlakesadvocate.com.au Nov 4 Council Rate Rise Council Rate Rise - Have you had your say? http://www.greatlakesadvocate.com.au/news/local/news/general/feedback-rolls-in-on-rate-rise-plan/1986949.aspx Feedback rolls in on rate rise plan - Local News - News - General - Great Lakes Advocate www.greatlakesadvocate.com.au PEOPLE of the Great Lakes area have been having their say on whether they’re prepared to pay more for Great Lakes Council services and how much more they will pay. Oct 20 More than 100 submissions on Crown Harbour project THE public consultation period for the Forster Tuncurry Crown Harbour Project has ended. Some 130 submissions were received by the Land and Property Management Authority (LPMA) commenting on the plan to redevelop Cape Hawke Harbour and its surrounding Crown reserves. Asked if there were any standout concerns or improvements suggested, a spokesperson for the LPMA said: “submissions covered a range of minor concerns, as well as positive feedback and suggestions from the community. “Given the scope of the project, this degree of response is normal and will help refine the planning process,” the spokesperson said. The community submissions will be reviewed by City Plan Services, LPMA and Great Lakes Council before a final plan is released. Oct 19 The New Residential Tenancies Act 2010 The new Residential Tenancies Act 2010 includes some of the most sweeping changes to residential tenancies in decades. The changes will affect the control and management of each and every rented residential property in NSW and will have a profound impact on property managers, landlords and tenants.. Some of the more notable changes are around charges for water usage: "For owners where water usage is currently being charged to the tenant (i.e. houses); please be mindful that once the new law has been executed, it will no longer be possible to charge tenant(s) for water usage unless water efficiency devices are fitted to coincide with the most recent Waterfix scheme." Consult the Water Fix Website for further information. And on vacating a property: "If a tenant is no longer under a fixed term agreement and the landlord wants the tenant to move out ‘without grounds’, the notice period increases from 60 to 90 days. If notice is given by a landlord just before the end of the lease, the notice period increases from 14 to 30 days." For a full list of changes to the Residential Tenancies Act 2010, click the link below to be taken to the Department of Fair Trading's Website: http://www.fairtrading.nsw.gov.au/About_us/Legislation/Changes_to_legislation/Renting_laws_are_changing.html?DCSext.ref=HomePageClick:Whats_new Oct 4 The footy and the fate of Australia's Economy The footy and the fate of Australia's economy Written By: Michael Yardney29-09-2010 from propertyupdate.com.au You might not think it’s possible. I mean, how could the fate of Australia’s economic future for the next two years lie in the hands of the AFL footy final winner? Well, according to an amusing little anecdote circulated by the NAB, whether the Saints or Magpies take the out the premiership decider match this coming Saturday could make all the difference to the country’s bottom line! Now whoever was entrusted with the highly important assignment of compiling the following statistics had an interesting task on their hands and one which they seemingly attacked with almost as much gusto as the coach’s of both St Kilda and Collingwood at half time last Saturday. Anyway, here’s a rundown of what they came up with… Only one month after Collingwood won the AFL Premiership in October 1990 (I always thought it was one day in September???), Paul Keating declared that we were in ‘the recession Australia had to have’. But wait, it gets more spooky and alarming…prior to this victory, Collingwood took out their previous premiership in 1958 and by 1960, yep you guessed it – Australia’s economy was back in the recessionary gutter! Oh, and then there was the 1953 Premiership and the resulting decline of the economy (okay, maybe not directly but come on – it’s pretty compelling evidence even if Collingwood’s win did coincide with the end of the Korean War boom). And finally, have a stab at the significant economic event that Australia suffered when Collingwood won an unprecedented four footy finals in succession; congratulations to those of you who answered the Great Depression! Coincidence you say? Well, Collingwood’s reign as AFL victors and economic detractors wasn’t limited to these dates. They claimed the Grand Final Flag a further five times in the 1910’s and 1930’s, which just happen to be the two decades that recorded Australia’s lowest GDP growth in the 20th Century. Now I don’t know about you, but I think this gives that legion of footy fans who find the Magpies insufferable a bit more validation, does it not? Now let’s look at the Saints’ tack record – in terms of both the footy and our nation’s fiscal stability. Poor St Kilda has only racked up one Premiership win in 1966. And as eerie as it might seem, they won by a point against, um, who was that again? Oh, yes Collingwood! Now I don’t want to spark any favouritism here (or do I?), but when Collingwood went down in 1966, Australia’s GDP went up! In fact it rose by 7.4% in 1967, which as the NAB’s genius research team points out, is a pace of annual growth that hasn’t been matched since! I’m not biased at all, but I can tell you now that on Saturday night, I hope I’m singing “Oh when the Saints go marching in…and support Australia’s economy…” That’s if I’m not too hoarse from all the barracking for St Kilda I’ll be doing beforehand! GO SAINTS! . Sept 30 Stamp Duty Bonanza for Victoria HOMEBUYERS pumped more than $46 million into the Victorian Government's purse at the weekend. The REIV said this stamp duty bonanza was fresh proof the tax must be reformed as rising property prices were providing the Government with a huge cash injection every weekend. Prospective homebuyers also said the stamp duty tax was a rip-off and called on the State Government to reduce the tax slug ahead of November's state election. REIV spokesman Robert La Rocca said around $640 million of properties changed hands in a busy weekend with the clearance rate hitting 72 per cent ahead of the AFL Grand Final weekend, which is traditionally a very slow weekend. This was down on the same time last year, but prices remain strong with a five-bedroom home in Balwyn, east Melbourne, going under the hammer for almost $3.5 million. Related Coverage * Buyers hit harder than ever Herald Sun, 17 Sep 2010 * Slug adds five years to mortgage Herald Sun, 16 Sep 2010 * Hard for families to get ahead Herald Sun, 16 Sep 2010 * Calls to end great stamp duty rip-off NEWS.com.au, 15 Sep 2010 * Thousands rort first home-owners grant Adelaide Now, 16 Jul 2010 End of sidebar. Return to start of sidebar. Find and compare infochoice Save now Home loans, savings accounts and more Victoria has the highest stamp duty rates in the country with homebuyers spending $3.6 billion on it last year. Mr La Rocca estimates this weekend generated around $46 million. He said the current strength of the property market underlined the need for cuts to stamp duty. "The State Government cut rates four years ago when rising property prices caused stamp duty returns to balloon out - that time has come again," he said. "This weekend shows once again the need for cuts to stamp duty rates." Essendon resident Brook Sumner warned the "excessive" stamp duty levies were forcing people to invest overseas or interstate. "We are looking to buy, but we think the stamp duty is over the top. We have thought about buying an investment property overseas for that very reason in New Zealand where the taxes are a lot less," he said. "I have read in the paper the revenue the government is receiving is going up and up. I'm not sure whether we are getting any benefit out of that." At an auction in Yarraville, Astrid Wemyss-Smith called on the Brumby Government to look at introducing a similar scheme to New South Wales were there is no stamp duty on new homes under $600,000. "I think it's also out of line with other states as Victoria has the highest duty in the country. It puts a lot of pressure on people," Yarraville's Andrew Jinks said. Read more: http://www.news.com.au/money/property/stamp-duty-bonanza/story-e6frfmd0-1225926498625#ixzz10vpJLqzG NSW is not far behind and it is certainly something to lobby government about. Sept 5 Help for House Prices? Someone must have gotten out the broom in Canberra last week. Along with clean-ups of new childcare centres (canned) and home insulation rebates (dumped), were changes to the laws that have allowed temporary residents to buy Australian real estate. While doing its about-turn on foreigners investing in property, the Federal Government admitted Australian first-home buyers were being priced out of the market. Temporary residents will now have to seek approval from the Foreign Investment Review Board (FIRB) to buy any real estate in Australia. They will also be required to sell their Australian property when they leave the country. And the review board will be given the means to ensure the laws are enforced. The crackdown will also target vendors and real estate agents, who will reportedly face civil penalties if they were involved in transactions that breached the Foreign Acquisitions and Takeovers Act. The sudden changes come on the back of news that the Council of Australian Governments has agreed to take a closer look at Australia's seemingly relentless upward trend in house prices. House prices have been zooming along so fast lately, that it feels like they are about to take off, all by their own and hit the stratosphere. That's not withstanding news that there appears to be some slight weakening on the horizon, at least in some parts of the country. Having said that, the weekend produced good results in Melbourne, with auction results outdoing Sydney. There's some new housing figures due out this week from Australian Property Monitors so it will be interesting to see whether they show the annual price increases are continuing to enter double digit figures. The COAG leaders acknowledged the housing market is facing substantial pressures because our population growth and economic recovery are fuelling demand, and supply is just not keeping up. Making more private land available to developers was discussed by COAG; so too was the popular first home owners scheme, which offers a $7000 government grant to Aussies buying their first home. Economist Saul Eslake recently had this to say about first home owner's grants: "First home owner grants, increases to first home owner grants, stamp duty concessions, things like that, all they do is put more money in the hands of would-be buyers who in turn hand it over to sellers by paying more for dwellings than they otherwise would. This is why I often refer to these things not as first home owners grants, but as second time or third time vendor grants, because that's where the money ends up. It doesn't do anything to increase the supply of housing." Eslake was speaking in his capacity as an economist with think tank The Grattan Institute but it's interesting to note he also sits on the Federal Government's National Housing Supply Council. If COAG's review means the first home owners' scheme is about to be phased out, it's a measure sure not to be popular with first home buyers. But will they lose out in the end, or was the extra money all a mirage, anyway, as Elsake suggests? Should first home buyers get in now to beat any potential phasing out of the state-based grants? Not that it's even been officially flagged yet, and we don't know if it will be. But for those who reckon it could be on the way out and are worried about "missing the boat", they'd be better off worrying about buying when the time is right for them than rushing. If the grants are phased out, that's bound to fire up the first home buyers segment a little and temporarily edge up lower-end prices, which may wipe out the value of the $7000 bonus anyway. The review is sure to be on the radar of the Reserve Bank when it meets next week but until it leads to a tangible impact on the numbers, it's unlikely a mere announcement of a housing review will have much of an effect on interest rates. This month it seems rates could easily go either way. Reserve Bank governor Glenn Stevens has been talking in recent days about how lending rates are now "pretty close" to average. But the board could be torn. The economy is mixed. On one hand the resources sector is in the throes of a "once-in-a-century" build-up in investment. However, consumer are spending less at the shops, and households are wary of taking on big amounts of debt in the wake of the global financial crisis. What factors do you think the Council of Australian Governments should discuss to help ease house prices? Will this fresh focus by governments achieve anything? to read more go to http://blogs.domain.com.au/2010/04/help_for_house_prices.html Sept 2 RP Data Blog.. House Prices here compared to the United States This is some information that has been published by RPdate on their blog... US housing markets in stark contrast to Australia’s The latest news to come out of the US housing market is that new home sale volumes have slumped to levels not seen since 1963 and established home sales have fallen to a decade low. The new home sales figures are considered to be a leading indicator for established home sales market, suggesting the US housing market is likely to be in for further pain. New home sales US Despite the fall away in volumes, the plunge in housing prices appears to have abated. According to Core Logic’s House Price Index (www.corelogic.com) house prices have stabilized about 24% lower than where the peaked back in September 2005. Core Logic’s forecasts suggest that the US housing market is likely to continue to be held back by distressed sales and predicts further but modest falls in home values going forward: “Home price volatility and collateral risk remain very high. The stabilization phase and policy intervention since the spring of 2009 has run its course. Prices are expected to further moderately decline as the economy remains weak through the fall” said Mark Fleming, chief economist for CoreLogic. Aust v US Home Values The weakness in the US housing market comes at a time when a variety of key indicators remain in ill health: * National unemployment remains at 9.5% (compared to Australia’s 5.3%) * Mortgages more than 90 days in arrears are estimated to be at almost 10% of all loans. The situation is even worse in states like Nevada, California and Florida where the 90 days arrears rate is estimated to be around 20% of all loans (the percentage of Australian home loans more than 90 days in arrears is estimated at 0.6% of all housing loans) * Housing supply is estimated to be at around 12 months (double the estimate for Australia which has about 6.0 months of supply currently advertised for sale) * The 30 year fixed mortgage rate has fallen to 4.5% (the large majority of US home loans are locked in for 30 years) and is expected to fall a further 50 basis points by the end of the year. Note that mortgage rates aren’t pegged to the cash rate like they are in Australia. That fact, plus the fact that home loans are largely at ‘fixed’ rates makes it difficult for borrowers to take advantage of the low interest rate environment. * Core Logic research indicates that more than 11.3 million, or 24 percent, of all residential properties with mortgages had negative equity at the end of the fourth quarter of 2009 (a borrower is in negative equity if they owe more on the mortgage than the home is worth). Core Logic also suggests that the typical US home owner with negative equity won’t move into positive equity until around 2015/16. In worse hit markets a move back to positive equity isn’t likely until around 2020. A few points to take from the short summary above are that Australia’s housing market is radically different to that of the US. We have a housing shortfall, strong population growth, a robust financial system, low unemployment, improving economic conditions and a residential market that appears to be moderating in growth in a controlled fashion. Importantly, mortgage arrears have not moved upwards suggesting that Australian borrowers are coping with the increased level of interest rates quite reasonably. Secondly, it looks like the US market has a long way to go before a recovery can be celebrated. While home prices appear to have stabilized, volumes remain extremely low and continue to show further falls. The housing market is arguably going to present the largest hurdle for a broad based US economic recovery and an improvement in conditions doesn’t seem to be on the drawing board any time soon. for more information go to http://blog.rpdata.com/ Aug 23 Local Environmental Study for Lot 15 DP 713933 Carmona Drive, South Forster This is also in the pipeline: Carmona Drive is located at the end of Cape Hawke Drive, on the right hand side before you take the hill to the lookout. This is what the council has said: Great Lakes Council adopted the Local Environmental Study for Lot 15 DP 713933 Carmona Drive, South Forster on 12th August 2008. The Study, prepared by Umwelt (Australia) Pty Ltd, examines the capability and suitability of the site for low density rural residential development and requirements for conservation, having regard to the subject site's relationship with the surrounding Booti Booti National Park and adjoining rural residential precinct. The findings will inform Council's position on the potential future rezoning of the site to achieve an appropriate mix of development and conservation. As part of the LES, a set of future character and housing design guidelines have been prepared in the event that Council wishes to pursue low density rural residential development within the subject land. As part of the statutory rezoning process for this site, Council is awaiting authorisation from the Department of Planning to exhibit the corresponding draft local environmental plan. The public exhibition dates will be advertised in the local paper once these are known. Aug 22 Rezonings for Failford and South Forster The Great Lakes Council is looking to rezone areas of Failford and South Forster. The following is from their website... Council has placed on exhibition a draft Local Environmental Plan (LEP) that proposes to rezone land at the western end of Failford Rd, at Aquatic Rd and at South Forster. The land at Failford Rd and Aquatic Rd is proposed to be rezoned to 1(d) Rural Residential, 1(d1) Small Holdings and 7(a1) Environmental Protection and the land at South Forster is proposed to be rezoned to 2(a) Low Density Residential, 4(a) General Industrial and 7(a1) Environmental Protection. The draft Local Environmental Plan and the supporting Background Rezoning Reports are being publicly exhibited from 11 August to 17 September 2010. Persons wishing to view the formal statutory exhibition of this draft planning instrument may do so at Council's Administration Building, Breese Parade Forster between 8.15am and 4.30pm Monday to Friday (public holidays excepted). The draft Plan Local Environmental Plan and the Background Rezoning Report are also available for viewing on Council's web site during the exhibition period. Please note that the web site does not comprise part of the statutory exhibition. The statutory exhibition is at Council's offices. So if you are interested in seeing the details either go to the council chambers or have a look on line. Aug 12 You Can't Always Rely On Your Lawyer's Signature This is an interesting article and one worth remembering. written up by Tim O'Dwyer Solicitor. Several months after contracting to buy six beach resort units, as well as the resort’s management and letting rights, Fred Sutton had second thoughts about his company’s purchase. No matter that the seller company had already made some post-contract concessions: a price reduction on the rights contract, and extensions of time for finance and the completion date of both contracts. Each contract was conditional on the other, so a valid termination of one meant the consequential crashing of the other. “Can you get me out?” Sutton asked his conveyancing lawyer - two days before settlement. Because the signed, sealed and delivered contracts appeared binding, with everything in place for settlement, the lawyer was not hopeful. But, in the course of anxiously looking for any less-than-obvious loopholes, he mentioned what he was about to his secretary. “I have a vague recollection,” she volunteered, “that the disclosure statement was unsigned when the draft contracts arrived.” “I think I made a note,” she added. When her boss revisited the files, he was delighted to discover that his secretary (bless her precautious heart!) had made more than a note. This law office veteran had actually fixed a stick-it-note (with the words “not signed by seller”) on this critical document, then she had taken a photocopy of the duly noted signature-less disclosure statement. Section 206 of the relevant state statute requires unit sellers to give prospective buyers, before they enter into contracts, a statement “signed by the seller or a person authorised by the seller” disclosing financial and other details about the body corporate. A buyer may cancel a subsequent contract anytime before settlement if the seller has not complied with this section. Sellers (agents and lawyers) beware! Here the seller’s lawyer had sent Sutton’s lawyer a letter enclosing the proposed units contract, the proposed rights contract and a detailed disclosure statement. None of these had been signed, apart from the letter (which the seller’s lawyer had signed). After some minor amendments had been agreed to Sutton signed all three documents. These were then returned to the seller’s lawyer who, after the seller had signed and dated the contracts and disclosure statement, forwarded them to Sutton’s lawyer. Clearly, in Sutton’s lawyer’s opinion, Section 206 had not been complied with before either contract was entered into. So he promptly terminated each contract and requested the refund of his client’s deposits. More about "You can't always rely on your lawyers signature"... To read more about this article you can go to..... http://reic.com.au/blogs/australian_real_estate_blog/archive/2010/07/27/you-can-t-always-rely-on-your-lawyer-s-signature.aspx Aug 7 Sun is Shining The sun is shining in beautiful Forster today! We hope your having a great weekend Aug 6 Report from Sales and Property Management Department Aug 6 With Spring Approaching...... Spring is a great time for vendors to list their homes; the long days filled with sunshine make properties look fresh and bright. We have a few tips for you if you are are considering selling: 1) Choose your agent wisely... 2) Spring clean early - don't wait till September, use this beautiful weather to your own advantage and start your spring cleaning now! 3) Create street appeal - put yourself in a buyers shoes and view your property with fresh eyes. It won't take much; but a pretty pot plant here or a small statue there will look appealing to buyers. 4) Attend to maintenance - ensure there are no lights out within your property. 5) Now your home is Photo Ready for a Spring Listing! Aug 2 Great win to the Dolphins Congratulations to the Forster Tuncurry Rugby Union Dolphins on a great win against Nabiac, it looks like they are on track for the upcoming finals. Parramatta Rugby League team didn't go quite as well, however they need to win their next games, so we are off to support them next Friday when they play the Titans at the Gold Coast and the following Friday when they play the Broncos in Brisbane. We have been renting so many properties lately and are in short supply, we need to obtain some more to help out our approved tenants. If you are thinking of renting your property, please call in to our office or give us a quick call to set an appointment. We would love to hear from you. July 30 Have a great weekend At last the sun is shining for a great weekend! Hopefully the mighty eels will have a win over the roosters tomorrow night - go the Hayne plane. Good luck to the Forster Tuncurry Dolphins Rugby Union team playing Nabiac at their home ground in Tuncurry - game starts at 3 PM if you want to attend and cheer them on! Best wishes to everyone competing in sporting events over the weekend. Don't forget our office is open tomorrow from 9.00am to 4.00pm for all your real estate enquiries. July 30 Sales Report July 29 Great Open House Attendance As a result of yesterdays open house inspection 20 people braved the wet miserable weather and came and inspected 16 Toby Street. Now we have fantastic applications and are in need of more homes to rent. July 28 Open for Rental Inspection The Property Management Department has an open house today at 16 Toby Street between 2.30pm and 3.00pm, dont miss out this is a hot listing. Application can be obtained at the property. See you there. July 28 Hot Deals on Holiday Rental Accommodation Our latest Hot Deals on Holiday Rental Accommodation July 27 Local Experience Whether you are a first time buyer or an experienced investor looking for Commercial Property or Residential Investment, you will find useful information about how to choose the "right" property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed real estate decision in todays market. July 27 Sales Report July 26 Property Management Report July 25 Tenant Tips Property Management Tips