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Archive for June, 2007

Posted by Rob Honeycombe on 21 June 2007

pet ownershipWith more domestic animals in Queensland than humans it was only a matter of time til we heard the patter of little paws throughout the inner city. While landlords may not be as open to the idea, owner-residents are bringing their 4-leggers with them in big numbers. Across Australia almost two-thirds of households have a pet – there’s 819,000 dogs and 443,000 cats in this state alone!

So rather than designing near city apartments, townhouses and small lot homes to be child-friendly, architects need to be thinking about the moggies and rat-sized dogs that provide company (and security) for so many Brisbanites. In many countries of course pets have co-habitated with us for many years in medium and high density. Experts say a view of the outside world, places for play and noise separation from neighbours are some of the big issues.

Inner city living appeals to households pre-kids, no-kids and post-kids and naturally these groups are often the same ones to enjoy a pet’s company. So it’s simple logic that if you go to sell you’ll take longer and may get a lower price if pets aren’t allowed in your building and a huge part of your market is ruled out. Landlords know that allowing a pet often produces a premium rent, and managed well, the impact on the property should be minimal if any.

Despite what you’ve heard most apartment buildings can accept pets. The standard Queensland by-laws give the committee rights to approve an animal, and it’s rare for the developer to have changed these in the set-up. Usually it’s the committee that haven’t had help dealing with the issue so, worried about potential for complaints (and in an unpaid and thankless job) they naturally duck for cover when the question’s raised. We recently sold a penthouse apartment where the owners’ main reason for moving was to buy a dog. One major development recently promoted its pet-friendliness as a key selling feature in a big ad campaign.

Of course there’s also a market for those who aren’t happy to share the lift with a sniffy-nosed mutt and some buyers are seeking out apartments where pets are banned. But with so much interest, and money, in the issue we do expect plenty more inner city buildings to bite the bullet and adopt some sensible rules for living in harmony with our furry, feathered and finned companions.

Posted by admin on 21 June 2007

News that Australia’s biggest apartment developer has bought his first Brisbane site confirms our city’s now finally ‘grown up’, even for the most cynical of southerners. Having reportedly described us as a “backwater” in years gone by, Meriton’s Harry Triguboff now plans a 70 storey tower for the CBD’s Adelaide Street.

Harry’s privately owned company built 1200 apartments last year, mostly in downtown Sydney and also on the Gold Coast. Sydney-siders know him for his competitive pricing and aggressive council planning submissions, and Harry’s never been afraid to lead the market by offering supply where demand’s not yet proven. With good design we think these Brisbane apartments will sell well, but the man BRW Magazine recently named Australia’s 7th richest wouldn’t be too concerned if they don’t. Triguboff says he’s currently sitting on 3000 unsold apartments (yes, 3 thousand!) and he’s enjoying their strong rental growth.

That’s some nest egg!

Posted by admin on 20 June 2007

Three sons left home, went out on their own and prospered. Getting back together, they discussed the gifts they were able to give their elderly mother. The first said, “I built a big house for our mother.” The second said, “I sent her a Mercedes with a driver.” The third smiled and said, “I’ve got you both beat. You remember how Mum enjoyed reading the Bible but she’s almost lost her eyesight? I sent her a remarkable parrot that recites the entire Bible. It took elders in the church 12 years to teach him. He’s one of a kind. Mum just has to name the chapter and verse, and the parrot recites it.”

Soon thereafter, mum sent out her letters of thanks:”Milton,” she wrote one son, “The house you built is so huge. I live in only one room, but I have to clean the whole house.” “Gerald,” she wrote to another, “I am too old to travel. I stay most of the time at home, so I rarely use the Mercedes. And the driver is so rude!”

“Dearest Douglas,” she wrote to her third son, “You have the good sense to know what your mother likes. The chicken was delicious!”

Posted by Rob Honeycombe on 7 June 2007

West End housesIn Australia some 80% of residential rentals are provided by private landlords, so any changes in property’s appeal as an investment can have a quick and dramatic effect on rental prices. According to Macquarie Bank the UK government provides more than half of London’s rentals, and in the USA massive trusts own large tracts of residential apartment rentals. Despite having this more resilient supply source both of those countries are also witnessing strong rental growth.

Locally a number of issues have combined recently to persuade some investors away from the residential market: tax rate reductions have reduced the net benefits, the stock market’s been delivering excellent returns, and superannuation’s new tax status has seen that vehicle soak funds away from residential property. With surging housing demand (including the highest net overseas migration in 17 years) it’s no surprise most forecasters are pointing to further strong rent rises.

Queensland’s tenancy laws are currently undergoing another review and landlords are watching with interest to see whether the Residential Tenancies Authority will provide any new disincentives to property investment. As any government body should the RTA is responding to consumer concerns including the failure of some agents and owners to respect tenant’s rights. Among their proposed changes: new options for tenants to challenge rent rises, limits on inspection times and the option for some tenants to cancel their lease if the property’s up for sale.

Bees Nees City Realty have approached the RTA’s General Manager Fergus Smith for further info and he’s agreed to speak at our special breakfast for landlords on Wednesday June 20th 2007 . If you’d like to come to the breakfast as our guest and hear what changes might affect property investors RSVP’s are essential. Please email rsvp@beesnees.com.au or call Michelle on 07 3214 6888. We’re holding it at the Convention Centre at South Bank at 7.15 for 7.30am to 8.45am. Public consultation on the Act’s review closes on the 22nd June and there’s more info at www.rta.qld.gov.au

Posted by admin on 7 June 2007

Even the most vocal Republicans in Brisbane will be enjoying this long weekend and there’s plenty of celebrations and festivals across the inner city (though none of them seem to be in honour of the British lady or her birthday!) Our own Queensland Week celebrations culminate with the “Big Queensland BBQ” at Roma Street Parklands on Saturday. There’s a special appearance from the singing, dancing Hi5 team so every Brisbanite under 9 years will be there! Rosalie Village has its Cheese Carnivale this Sunday with a Brazilian-themed street festival, live entertainment and 30 cheese stalls.

And New Farm’s Powerhouse art centre celebrates its reopening after renovations with live music acts, free comedy performances and an exhibition of photojournalism. A great long weekend to get out and about in our magnificent city!

And happy birthday your Majesty!

Posted by admin on 6 June 2007

If there was ever any doubt we’re a shallow bunch… a recent survey’s confirmed Australians check out eachother’s homes before getting serious with a date. According to the www.realestate.com.au questionnaire 72% say a clean and tidy home are “essential” qualities in a partner and, in a finding that’s sure to upset some of the “fabulous darling” interior designers, twice as many respondents want a cosy home versus a trendy one.

And if you’re single and have 45+ years on your odometer don’t even think about renting…. almost 2/3rds of those eligible bachelors and bachelorettes will run a mile when they find out you don’t own your own home!