Notice the ever popular “Reverse Garbage” on Montague Road are doing workshops for kids over the school holidays. There’s some very creative people at the centre and it’s one of those places that’s typical of West End – plenty of fresh ideas and people prepared to share with the next generation too.
Archive for September, 2008
Posted by admin on 27 September 2008
Posted by admin on 25 September 2008
It seems every agent is talking about reducing vacancy periods and maximising rents. Let’s face it, in this market, it’s easy to accomplish by doing very little. Tenants are screaming for rental properties and are willing to jump through hoops to secure one. If we were comparing the rental market to the sales market, this is certainly a Landlord’s market and has been so for some time now.
Despite it being a Landlord’s market, there still seems to be some properties that aren’t renting with ‘minimum fuss and at the maximum rent’ and I can enlighten you on the reason why – because the lettings clerk/Property Manager didn’t think to bring the lease into the best periods of the year – to GUARANTEE you achieve the best rent with the very shortest vacancy period. And, it’s because they are only open to, or think about, the traditional 6 and 12 months leases despite the period of year the re-let is occurring.
The simple facts are this: most people when choosing to change jobs, change schools, change any significant part of their life, usually do so at the start of a new year. This usually then leads them to change their living arrangements. This means that competition is at its highest during these January and February months. If the usual practice is for to take a 6 or 12 month lease, it follows then that June/July will also be quite a competitive time. The law of supply and demand shows that when demand is at its highest, prices rise. When at its lowest, prices fall.
Why then do we still see some leases falling due for renewal in March/April (over Easter – when every man and their dog is off to Straddie/Frazer/insert fun 4WD adventure), September/October (exceptionally quiet period – I know I’m too busy watching all the footy finals!), between December 15th and January 2nd – (Um, party hat and vino while looking at rental properties? I don’t think so!). And why do we still see some leases fall on Sundays, Public Holidays and during big local events?
It’s really very simple: ensure your lease is due for renewal during the best periods of the year. Firstly, your tenant won’t want to move because they can see that 30 other people are turning up to each inspection with applications ready, along with an I’ll do anything attitude, so they’ll accept that larger rent increase so you’ll even save on a let fee! Secondly, if your tenant does choose to move because they are changing jobs, schools etc, you will catch another eager tenant willing to jump through hoops to secure your property AT THE HIGHEST RENT, YESTERDAY.
So the next time your Property Manager says, “I have an application, the tenants would like a 6 or 12 month lease”, take note – is it March? Then why not ask for a 10 month lease? Don’t be scared of longer term leases either for eg. 13 months, your property manager can insert a rent increase sometime during the lease (for eg. after six months) as long as it’s negotiated at the start of the lease. Is it September? How about a 4 or 10 month lease? Remember, it’s a Landlord’s market, you can design your rental terms to ensure you are squeezing every cent from that investment property of yours!
If your property manager is not attending to these things without you needing to ask, are they looking after your best interests?
Posted by admin on 10 September 2008
A new landmark at South Bank has changed our city’s skyline, with the 60m high “Wheel of Brisbane” now up and running. Think England’s famous “London Eye”, only smaller. With its 42 gondolas carrying more than 300 people when full, your 13 minute spin will give you a great sticky-beak over inner Brisbane. It’s now the biggest observation wheel in Australia and is owned and operated by a European company. The official line is that it’ll be at South Bank for 2 years.
The new Wheel is one of the few places the general public can actually find a high point to see our city. Business execs in office towers and the handful of penthouse dwellers drink the views in daily of course! The energetic can do the Story Bridge Adventure Climb, where the summit tips 74 metres, and the views are breathtaking. Now under construction in the CBD, Austcorp’s “Vision” tower will include an observatory on its 60th and 61st floors (approx 180 metres above ground!). Expected to be complete in 2012 it’s an exciting addition to the city and our tourism drawcards.
Posted by Rob Honeycombe on 10 September 2008
Beggars, as most first home buyers consider themselves, can not be choosers. So the September 1st cut in their stamp duty thresholds are definitely welcome. In the Sunshine State there’s now zero duty on a first home of $500,000 or less, up from the previous cut-off of $350k. Despite the recent interest rates cuts it’s still tough to get into the market so governments need to act. All other owner-occupiers got a small reduction too with the 1% flat rate extending to $350k, up from $320k. These are all great news for home buyers in Bundaberg and Cooktown. But in downtown Brisvegas they’re the proverbial drop in the bucket. We don’t have too many $400,000 homes! The first home buyer concessions stop at $550k, so for example buying a $750k home to occupy will come with a stamps bill of $19,600, down just $150 since the changes.
Now we don’t want to be seen to be ungrateful… but is $150 really going to help inner-Brisbane home buyers? Pizza and beer on move-in night maybe, while the government coffers swell with another twenty grand.
Hidden in the government’s detail is the increase on duty for investment purchases. That same $750,000 property bought as a rental now has a tax grab of $26,775, up $500 since Captain Bligh’s changes! This will flow on to tenants in higher rents of course, possibly reducing their savings and guaranteeing they never take advantage of those lower duties on their own purchase!
Meantime this week’s new ABS construction stats show loans for new houses have dropped to their lowest level since 2002. We’re not building enough and ANZ Bank’s senior economist says the growing housing shortage is setting the scene for “the mother of all housing booms”. They say pent-up housing demand is heading for record levels.
Serious initiatives have to be looked at for improving the supply of new housing, including long overdue reductions in taxes on new land releases. For inner city suburbs what about Morris Iemma’s idea (remember, used to be the NSW Premier!) for home owners to build and rent a “Fonzie Flat” in the backyard. Fonzie starred in TV’s “Happy Days” and his was over the garage. Morris suggested owners could earn rent from the flats but still retain the Capital Gains Tax exemption for their otherwise owner-occupied homes.
In the meantime maybe that $150 stamps reduction could be changed to a free letterbox for every new home built?!
Posted by admin on 9 September 2008
Why is abbreviation such a long word?
How did a fool and his money get together?
What’s another word for thesaurus?
What was the best thing before sliced bread?
Why isn’t phonetic spelled the way it sounds?
If corn oil comes from corn, where does baby oil come from?
Borrow money from pessimists – they don’t expect it back.
Half the people you know are below average.
Why do psychics have to ask you for your name?
And whose cruel idea was it for the word “Lisp” to have a “S” in it?
If love is blind, why is lingerie so popular?
