Conveyancing – For Recovery on Property

Overall market fundamentals are buoyant with investment activity strong and the leasing market gathering momentum, which should provide the impetus for a turnaround in incentives and rents. “Infrastructure and land availability continue to be catalysts for industrial development and increasing site values, in both established and emerging areas

Conveyancing Solicitor growing population pressures have resulted in increasing amounts of industrial land being rezoned for residential use. This has had a pronounced effect on the value of industrial land particularly in south Sydney and inner Sydney suburbs.

Mixed use rezoning has further accelerated the erosion of traditional industrial land, which allows industrial areas to be redeveloped for residential use.

Thus if there was previously a review opportunity and the tenant refused to pay the GST or the tenant is not entitled to an input tax credit (eg. financial institution) or the tenant was slightly input taxed then the Less or must pay the GST with no opportunity to recover it from the tenant.

The Less or cannot even claim the input tax credit for the GST paid. In simple terms due to GST the Less or loses one-eleventh of the rental for the property. Thus the measures being introduced by the government do nothing to stop one party being disadvantaged.

The Property Council of Australia is currently lobbying the government with the following solutions to the current problems of GST and long term leases.

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The Government to make an amendment to the public ruling on review opportunities. Thus any lease containing rent-locking mechanisms such as caps, collars or ratchet clauses should remain GST-free where the rent cannot be increased to recover the tax.

The payment of GST on long-term contracts is an issue that has yet to be adequately addressed by either the Treasury Department or the Australian Tax Office.

Although the Treasurer stated that neither party should be at an unfair disadvantage by the Post 2005 GST requirement, at this stage it is obvious that the property owner is at a major disadvantage.The chart details the differential in percentage change for the median house price over the period 1980 to the year to date September 2002 for the Adelaide area.

This represents a higher increase than the 13.27% increase in 2001.The chart indicates that the Adelaide housing market is continuing to show growth in the year to date 2002. Adelaide median house price has had a positive percentage change since 1997.

Australia property Conveyancing median unit price is continuing to show sharp increases in the year to date 2002. The median unit price has increased by over 20% in the year to date 2002 which followed a 16.06% increase in 2001.

The table demonstrates that the strong house and unit market is not limited to one area of Adelaide but appears to be a trend across the inner, middle and outer areas.

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The REI of South Australia have indicated that the “South Australian market is showing stability and resilience in terms of vacancy rates with all indications continuing to show rental properties remain tightly held. The anecdotal evidence appears to indicate a vacancy rate of 1.5% to 2% for quality properties in the metropolitan area.

The rental for the houses in Adelaide appears to be strong with all types of dwellings in the Inner, Middle and Outer regions experiencing growth over the year to September 2002 with the exception of 4 bedroom houses in the Inner and Middle regions.

Rental for units in the inner, middle and outer regions of Adelaide also showed growth with the exception of 3 bedroom units in the middle region. The interest rate markets and monetary policy continue to be a factor in the development and investment real estate markets.

Housing Loan interest rates have since September 1999 been closely correlated with the movements in the PRP Research:The total dwelling units approved in South Australia has followed the trend of the previous four months and has risen in November 2002. “The private sector houses experienced a slight decrease in the November 2002 period.

Property conveyancing Adelaide Nationally, there has been sharp falls in building approvals. The approvals for private houses fell to their lowest level in 18 months due to a 11.6% monthly decrease (seasonally adjusted).

While the seasonally adjusted approvals for total dwelling units approved fell 25.6% in November 2002.” Adelaide City Council is reported to be undertaking a large redevelopment of the CBD following a report commissioned by the Council and Planning SA.

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The $200 million plus redevelopment and urban renewal project will be focused on the City’s central west precinct.The council has budgeted to spend $26 million on capital works associated with the project.” “The redevelopment will include 700 new homes, new retail facility and several major public areas.

The chart details the median price of units and houses in the Brisbane area from 1980 to the December quarter 2001.The chart demonstrates that the Brisbane median unit price is more volatile than the median house price.

The median unit price decreased in 2001 while the median house price continued to increase. Brisbane’s median house price is $200,000 while the median unit price is $165,000.The charts below detail the differential in percentage change for the median house and unit price over the period 1980 to the December quarter 2001 for the Brisbane Area.

The Median House Price has continued to increase in the year to date 2001, although at a lower rate than in 2000.The Median Unit Price has decreased to a negative percentage change in 2001. The Median Unit price has deceased to negative 4.18% in 2001 while the median unit percentage change was 23.38% in 2000

As conventional conveyancing.The chart shows the movement in median unit price is more volatile than the movement in the median house price.The above charts detail the Median Prices of house and units in the Inner, Middle and Outer zones of the Brisbane Metropolitan Region.

The two charts show that there is a higher price differential between the three areas for housing than there is for units. “The chart shows that differential in rental between the three areas increases as the size of the dwelling increases.

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It is interesting to note that the median rental of 3 bedroom units in the inner and middle areas of Brisbane is higher than the median price of 3 bedroom houses in the outer area.Vacancy rate data for Queensland centers have not been available since the June quarter 2000. Though anecdotal evidence suggest rising vacancy rates for units within the Brisbane CBD.

Given the widely held doctrine that movements in the residential property market are closely aligned with the movements in housing loan interest rates we have examined historical and current housing interest rates Like Best conveyancing solutions in Melbourne .

The chart details housing loan variable rates for banks, building societies and mortgage managers from September 1999 to March 2002.

One of the Federal Liberal Government’s election promises was to extend the First Home Owners Grant past the finishing date of 30th December 2001.

Housing Loan interest rate movements have since September 1999 been closely correlated to movements with the cash rate. As at March 2002 the indicator lending rates range from 5.75% – 6.05%.

The additional $7,000 First Home Owners Grant for new houses ended on the 31st December 2001. For contracts to purchase or build a new home from 1 January 2002 to 30 June 2002 the additional grant has been reduced to $3,000.

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The chart details the median price of units and houses in the Canberra area from 1980 to the September quarter 2002.The Canberra house and unit market continued to show strong growth in the September 2002 quarter. Median houses prices in the Canberra region continued to grow strongly while unit prices demonstrated a sharp increase.

The Median House price has continued to show strong growth in 2002 with a 4.6% increase in the September quarter 2002.While the median unit price has increased to over $190,000 in the year to date 2002 which represents over a 21% increase over the year 2001 like Best conveyancer in Sydney, NSW.

The chart details the differential in percentage change for the median house price over the period 1980 to the year to date September 2002 for the Canberra area.

The Canberra median house price showed a 11.61% increase in the year to date 2002. This PERCENTAGE CHANGE IN MEDIAN HOUSE PRICE 11.61% INCREASE IN MEDIAN HOUSE PRICE represents a lower increase than the 14.06% increase in 2001.

The chart indicates that while the growth in the Canberra housing market is still strong, the median house price is growing at a slower rate than 2001.

The chart below detail the differential in percentage change for the median unit price over the period 1980 to the year to date September 2002 for the Canberra area.

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The Canberra median unit price continued to show strong growth in the year to date (YTD) 2002. The Canberra median unit price increased 21.12% in the YTD 2002 which followed a 11.85% increase in the year 2001.The chart indicates that the Canberra unit market is continuing to perform strongly in 2002.
The following table details the percentage change over the year for houses and units in Canberra based on region (September 2002 data).

The table demonstrates that all dwelling types in each of the regions has shown an annual percentage increase of over 20% with the exception of Outer South units and West and North houses. This shows that the strong performing Canberra market is not limited to a particular region but is performing across the board.

Best settlement agent Perth review The table demonstrates that the Inner Central region of Canberra has the highest median house and unit price.The REI of Australian Capital Territory have indicated that the vacancy rate for rental properties in Canberra “declined 0.9 percentage points to 2.7% in the September quarter 2002.

All types of dwellings in the Canberra house market showed a positive change over the year ranging from 6.0% to 13.6% with the exception of 4 bedroom houses in the inner south which showed a 4% decrease. The Canberra unit market showed positive rental growth from 2.9 % to 37.8%.

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The Canberra market appears to be showing strong growth over the year in rental for both houses and units. The increase in the median rental and the decrease in the vacancy all indicate a buoyant and healthy rental market in the Canberra region by property conveyancing specialists Adelaide .

 

 

The interest rate markets and monetary policy continue to be a factor in the development and investment real estate markets. Housing Loan interest rates have since September 1999 been closely correlated with the movements in the cash rate.

As at November 2002 the indicator lending rates range from 6.35% – 6.55%. It is interesting to note that the Building Society housing loan interest rate has reduced in November 2002 from 6.45% to 6.40%, whilst all other housing loan rates remained stable.The facilities in the development include an indoor pool, tennis court and putting greens. The property is due for completion in 2004 and apartments are now available for presale starting at $225,000.

The Defense Housing Authority has reportedly purchased the 18-hole Queanbeyan pitch and putt course for a new $13 million housing development. The chart details the differential in percentage change for the median house price over the period 1994 to the year to date September 2002 for Central Coast and Hunter Region..

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The average annual percentage change for the three areas over the shown period is 7.07%. The chart indicates that the Central Coast and Hunter house markets are continuing to perform strongly in the year to date 2002. and library in business the Hunter region had the highest percentage change of 15.99% in the year to date 2002 which followed an increase of 10.51% in the year 2001.

The unit price in both the Gosforth and Wrongs local government area experienced increases in 2002 but at a lower rate than 2001.The chart shows that there is not a great differential between rental in the Wyong and Newcastle regions.The differential in the rental of premises in Gosford and premises in the Wyong and Newcastle region increase as the size of the dwelling increases.

The Newcastle region has had the highest annual change in median rental with 8.1%, 4.5% and 3.0% increases in 3 bedroom, 1 bedroom and 2 bedroom premises respectively.The vacancy rate and median rentals indicate a healthy rental market in the Central Coast and Hunter region.The interest rate markets and monetary policy continue to be a factor in the development and investment real estate markets.