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Archive for April, 2009

Posted by admin on 17 April 2009

Today’s Friday and Fridays are for fun!

This is weird, but interesting! If yuo cna raed tihs, yuo hvae a sgtrane mnid too. Cna yuo raed tihs? Olny 55 plepoe out of 100 can.

i cdnuolt blveiee taht I cluod aulaclty esdnatnrd waht I was rdanieg. The phaonmneal pweor of the hmuan mnid, aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it dseno’t mtaetr in waht oerdr the ltteres in a wrod are, the olny iproamtnt tihng is taht the frsit and lsat ltteer be in the rgh it pclae. The rset can be a taotl mses and you can sitll raed it whotuit a pboerlm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the  wrod as a wlohe. Azanmig huh? yaeh and I awlyas tghuhot slpeling was ipmorantt!

Posted in just for fun! | No Comments »

Posted by admin on 16 April 2009

If landlords have felt the balance of power has been weighted toward tenants in the past, then they have a shock coming…. the new laws appear absolutely in favour of the tenants… until you have a closer look and then you realise that no-one really came out better off.

So what are the new laws? There are a few too many to list, but the laws we find most significant are the following:

End of Fixed Term Lease – the timeframe has changed from two weeks notice from the landlord to the tenant to 2 months notice….but the tenant still only needs to issue 2 weeks.  How is this fair I hear you ask?  Well, it’s absolutely not, but the thing is, the tenancy union obviously didn’t think this through, as now we’ll be asking tenants what they want to do 3 months into a 6 months lease and if they don’t want to resign, we’ll be putting the property on the market up to two months beforehand, meaning more inspections for the poor tenants.  Why, we ask, wasn’t it just 1 month from either party?  This would have made much more sense and been a much fairer solution.

Tenants now have the right to refuse for photographs to be taken for advertising purposes where they include personal items and this may affect sales.  If you’re a landlord and need to sell your property, you may not be able to take internal shots until the tenant moves out!  I thought we were in tough times – why would policy makers make it harder for investors?   Quick Tip – have professional photos and floor plans taken either while your own possessions are in the property, or when it’s vacant.

Tenant consent needed for Open for Inspections!  Again, this is absolutely ridiculous.  So not only are you not allowed to take photos of your own property in order to sell, but now you can’t allow people through by open home. The Tenancy Union (who advocated for much of the new laws) have failed their clients.  So now, instead of having 1-2 opens per week for approx 15- 30 minutes, we may need to go through 4 – 5 times per week to take the same amount of people through! 

To view the new laws at length, please visit www.rta.qld.gov.au and please don’t hesitate to advise your local member exactly what you think of the new laws…it’s the only way we might be able to effect change prior to inception on July 1.

We’re holding a seminar for landlords on May 13th 2009 and our special guest speaker will be the General Manager of the RTA, Fergus Smith. Here’s your chance to ask questions and give your views to the head of the Authority. To book your seat and for more info visit www.beesnees.com.au/seminar

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Posted in Brisbane landlords | No Comments »

Posted by admin on 16 April 2009

customs house brisbane

Brisbane has a lot of hidden gems. This is a shot of Customs House, but taken from the river boardwalk rather than out the front on Queen Street. Completed in 1889 in a construction boom time it was designed by Charles McLay. No doubt plenty of miserable souls looked through these bars to the freedom of the river below!

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Posted in Brisbane CBD, architecture and renovation, just for fun! | No Comments »

Posted by admin on 15 April 2009

Here’s a copy of the media release we’ve just sent out:

New statistics released today show the pressure’s coming off tenants in Brisbane’s inner city as the rental housing market finally grows.

According to Bees Nees Research the March quarter saw the supply of accommodation growing strongly, with 338 homes added to the rental pool.

Managing Director Rob Honeycombe says many of these are owners-residents who’ve been unable to sell and have instead rented their property.

“This increase isn’t due to lots of new property been built – construction of new investment properties is still very low. But with some owners unable to sell it’s no surprise those who have to move city for example are often choosing to rent their home”, Mr Honeycombe said.

Mr Honeycombe said the total bonds held by the Residential Tenancies Authority (RTA) for inner city properties had finally risen.

“The increase in the March quarter was the largest since early 2007 and the inner suburbs really needed it. We’ve had an acute undersupply for some time”, Mr Honeycombe said.

“Rents have naturally started to flatten as tenants have more to choose from and across the inner city have actually dropped slightly (a 2bedroom apartment dropped from $430 to $420/week). House rents are similar.”

In the CBD rents were up $10 to $520/week but areas like Kangaroo Point and East Brisbane dropped $40.

Mr Honeycombe says the lower stockmarket and superannuation returns may also be helping tenants. “We have a client who recently chose to rent spare bedrooms in her own home to provide a new income stream. Her investments aren’t providing a high enough return. We expect there’s many more stories like this out there.”

“With the flurry of first home buyers expected to slow after June and without new construction of any volume, we do expect the rental market to tighten once again. For the time being at least there’s more rental homes and that’s a breath of fresh air for tenants.”

If you’d like a suburb by suburb guide to median rents go to www.WhatRentMyHome.com.au for all the latest stats.

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Posted in Brisbane CBD, Brisbane landlords, Brisbane's rental market | No Comments »

Posted by admin on 13 April 2009

As anticipated in our earlier post the maxium speed for cars in the CBD will be 40km/h from tomorrow. Council’s now had state govt sign-off so while Ann and Turbot remain 60km/h all other streets in the city centre will now be reduced. There’s no doubt something had to be done, with too many accidents and drivers racing through the streets. But did anyone consider more pedestrian crossings? Last week we walked across Eagle Street illegally because it was a heck of a long way to either end’s crossing. Haven’t measured it but it must be 300 metres.

How many other spots like this are there in the CBD? Cars doing 50 or 40 won’t make much difference to safety if j-walking continues.

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Posted in Brisbane CBD | No Comments »

Posted by admin on 8 April 2009

Peter Hackworth, referred to as “The mother of Brisbane’s market scene”, has lost her bid to continue running the Saturday morning markets at West End’s Davies Park. The tender process has been won by a company called Blue Sky Events from Sydney and no surprise here … the current operators aren’t happy about the changes being proposed. Perhaps reducing the size of the space rented and therefore the cost will make it more economically viable, but one of the changes being floated is to do some “tidying up”. Blue Sky run the South Bank markets, also started by Hackworth and there’s a concern that it will remove the character and flavour that the locals come for. Souths Rugby League Football Club, who have been at Davies Park for over a hundred years, also put in a bid to manage the markets. They hoped to keep the proceeds from the markets in local pockets.

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Posted in West End | No Comments »

Posted by Rob Honeycombe on 8 April 2009

The site is adjacent to the landmark Torbreck tower.

The site is adjacent to the landmark Torbreck tower.

A development proposal to construct a multi storey residential tower next door to Torbreck was put on hold last year – a decision which proved to be the right one. The site has been held by the family of one of Highgate Hill’s long time residents for generations and the plans to build were in place until their joint venture partner, Gold Coast based developer Raptis Group, hit financial trouble.

Latest news is that creditors have approved a plan to get troubled Raptis Group back on its feet. The group went into voluntary administration under BRI Ferrier in January after a number of its major developments went bust, including the $700 million Hilton Hotel site in the heart of Surfers Paradise. The Dornoch Terrace site is a landmark project for Highgate Hill, a once in a generation opportunity.

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Posted in Highgate Hill | No Comments »

Posted by Rob Honeycombe on 8 April 2009

first home buyersSo the Reserve Bank dropped official rates yesterday and we now have a cash rate of 3%, the lowest since 1960. What’s next from the government for property? We all know confidence remains low but (while not wanting to talk things up) the worst may be over for real estate. In March the major property web portals had another big jump in traffic. Almost 5 million visitors went to realestate.com.au, up 11% on the same time last year.

Some markets (but not all) are witnessing more sales. In making the rate cut announcement the Reserve Bank’s Governor confirmed there’s been more activity. “Demand for credit is weak overall, though credit for owner‑occupied housing is picking up”, he said. The chatter about the market right now is getting more positive. The big surge of course has been from first home buyers, keen to take up the $7000 boost to the usual grants. In the last quarter of 2008 the govt handed out 7,659 FHOG giftbags, up a whopping 39% on the previous 3 months. And we can’t help wondering if Swan and Rudd will feel that when the boost offer expires on June 30th it’ll be time to shift their support to another market.

Reserve Bank deputy Ric Battellino might agree. He last week told a Brisbane seminar the grant’s benefits could quickly be eroded. “By all accounts the bottom end of the housing market has picked up a lot in recent times and it doesn’t take long for the average house price to increase by $20,000 and leave the homebuyers no better off than they were before.” Market analyst Michael Matusik is opposed to the grant. “The FHOG is inflationary, distorts the normal cycle and creates few new homes over the longer term.” He argues in a time of undersupply we should have incentives to build new housing.

Some commentators worry that removing the first home boost will punish the lower end of the market. But our view is there’s a whole bunch of forgotten buyers on the sidelines getting closer to acting. Investors might just be the next busy audience as they recognise the opportunities on offer.

How should the government support the housing market? We’d love to hear your comments…

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Posted in Brisbane's sales market, property taxes and rates etc, trends in Brisbane property | 1 Comment »

Posted by Rob Honeycombe on 7 April 2009
Will property developers take a risk?

Will property developers take a risk?

Marketing is all about perceptions and Hyundai USA have a remarkable new offer for car buyers. Buy one of their cars then if you lose your job you can return it for a refund. And Hyundai will make your car payments for you for 3 months, saying “It’s easier to find a job when you have a car”!

Are they nuts?! A recent Colmar Brunton survey of Australians found that while unemployment here might tip 7% almost half of us feel less secure in our jobs. Hyundai USA know that while lots of people worry, only a few jobs will be lost. They’re taking some risk but how many cars will they sell if they sit on their hands? Big risk in that.

So where’s the real estate connection? That same Australian survey showed 52% of us believe now is a good time to buy a property. But they’re not buying. Real economic problems are effecting home buyers, but how much more damage is being done by perceived problems?

There’s a lot of buyers looking and waiting in Brisbane right now. Rents have risen, costs of ownership are low and buyers have plenty of choice. You can sense that the most common conversation of 2010 might well be, “I wish I’d bought in 2009!” But fear of the unknown is stopping many.

When might one of our nation’s big builders or developers take Hyundai’s lead?

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Posted in Brisbane's sales market, real estate marketing | No Comments »

Posted by admin on 7 April 2009

The Washington Post’s Mensa Invitational once again asked readers to take any word from the dictionary, alter it by adding, subtracting, or changing one letter, and supply a new definition.Here are some recent winners:

1. Intaxication : Euphoria at getting a tax refund, which lasts until you realize it was your money to start with.

2. Reintarnation : Coming back to life as a hillbilly.

3. Bozone (n.): The substance surrounding stupid people that stops bright ideas from penetrating. The bozone layer, unfortunately, shows little sign of breaking down in the near future.

4. Giraffiti : Vandalism spray-painted very, very high.

5. Sarchasm : The gulf between the author of sarcastic wit and the person who doesn’t get it.

6. Inoculatte : To take coffee intravenously when you are running late.

7. Hipatitis : Terminal coolness.

8. Decafalon (n.): The gruelling event of getting through the day consuming only things that are good for you.

9. Glibido: All talk and no action.

10. Dopeler effect: The tendency of stupid ideas to seem smarter when they come at you rapidly.

11. Arachnoleptic fit (n.): The frantic dance performed just after you’ve accidentally walked through a spider web.

12. Beelzebug (n.): Satan in the form of a mosquito, that gets into your bedroom at three in the morning and cannot be cast out.

13. Caterpallor (n.): The color you turn after finding half a worm in the fruit you’re eating.

Posted in just for fun! | No Comments »

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