Just attended a seminar with Andrew Wilson, economist for Fairfax Media presenting. After some short term adjustment in the last quarter, he is seeing the Sydney market on the move with a prediction that growth should be in 3-4% bracket by the end of 2016. Investor activity is rebounding as low vacancy rates and rising house rents push up yields.
In recent months, a policy to get rid of negative gearing on existing residential property and increase capital gains tax has been all over the media.
This policy – if ever adopted – directly affects the millions of Australians who own any property, whether it’s an investment or their own home. It also affects the 18 million Australians who have a stake in property through their superannuation funds.
But as well as falling house prices, the knock-on effects will see jobs destroyed and government revenues fall, rental prices increase and may even send the Australian economy into recession.
It is important that we all understand the ramifications should this policy be implemented. See link https://negativegearingaffectsyou.com/
It is important that we all understand the ramifications should this policy be implemented
Disregard the commentary in the newspapers - if you have a property to sell on the lower north shore of Sydney, the time is right to sell.
Low stock levels and increasing buyer frustration over this first quarter of the year is producing some great sale results. If you are thinking of pressing the "Go" button and are concerned that you may have missed the peak of this cycle you may be pleasantly surprised to hear that good quality homes are still selling and selling well.
As an avid supporter of The Shake It Up Foundation, I am so excited to see that researchers from La Trobe University part funded by the Foundation, have developed a breakthrough test that will help detect early onset of Parkinson's Disease, thereby allowing early intervention to stave off the aggressive symptoms. Great Work Guys!
Coco Republic is now stocking a selection of four new cashmere throws from local Sydney based brand, IN BED. The throws are made from the highest quality 100% pure Mongolian cashmere and treated with a special washing technique to make them feel unbelievably soft to touch and drape. The throws are available in winter colours grey marle, navy, ecru and duck egg blue.
When styling your home to sell, make sure your doona covers are white and then add a touch of colour with one of these throws - just perfect!
The Sydney prestige market is again seeing interest as business confidence improves, according to the Real Estate Institute of New South Wales.
“Sydney is back in business again,” REINSW President Malcolm Gunning said.
“After seven years of caution the Sydney prestige market is showing solid signs of growth as confidence returns to the marketplace following the GFC.
“Business conditions play a key role in this market and we are seeing prices return to where they were previously due to the outlook appearing solid in the future.
At Galetto Real Estate we are seeing strong interest in the $4M plus bracket with all our properties selling at that level and competitively. Confidence has undoubtedly come back into the world economy and that is why we have seen an increase in interest in the prestige market. Optimism is in the air and this is reflective of the sales at the top end.
Nova Radio kindly invited my daughter Dominique, aged 12, to read the weather forecast this week on air. It was all very exciting and Galetto Real Estate even got a plug too – good on you Fitzy and Wippa, and of course Matt de Groot. Thanks Guys.
Good luck to all the runners. Its a great cause. The major sponsors are The Shake It Up Foundation - raising money to find a cure for Parkinson's disease.
Special mention to Dominique who is taking part and has reached her goal on her fund-raising page - well done. Every dollar counts!
Attended a great fundraising luncheon today at The Mint, in aid of Parkinson's Disease research. Listened to Gavin Hastings, former captain of The British Lions and Scotland chat about Lions Tours past and present. Very entertaining and very relevant given the final play off on Saturday.
All funds raised, 100%, will go to The Shake It Up Foundation, our favoured charity. Did you know that 30 people a day are diagnosed with Parkinson's Disease in Australia? The Foundation's mission is clear - to find the cure.
Great lunch, great venue and a very likeable and entertaining public speaker - all in aid of a great cause.
As part of the celebrations for the 150th Anniversary of the NSW Police Force and also a fund-raiser for the RNSH Children's Ward, the NSW Police Force held a dinner in October 2012 at Athol Hall in Mosman. Galetto Real Estate won the successful bid for a day out with the Mounted Police.
Today was the day - and what fun we had! We were collected by the Police Porsche and driven in style to the Mounted Police Barracks in the City. We were able to watch these stunning horses being trained, help hose and scrub them down after their training session and then feed them with carrots and hay. We enjoyed a fabulous BBQ lunch cooked by our very own Mounted Police and then rode home in style in the Porsche again.
Thanks to the great hospitality extended to us by the Mounted Police, we had a wonderful day. The horses are obviously well loved and it was such a pleasure to spend the day with them.
The Federal Government have released draft legislation for public consultation, following its announcement in the 2012-13 Budget of plans to scrap the perk.
Assistant Treasurer David Bradbury says the discount isn’t necessary to attract foreign investment.
If the change takes effect, non-residents will be entitled to claim a discount on capital gains accrued prior to May 8, 2012. The asset must be valued as at that day.
The loss of discount would also apply to the sale of other property such as mining assets. The government expects the plan will save them $55 million over the forward estimates period.
Obviously the removal of this "discount" will make overseas investors reconsider their option to purchase property in Australia and possibly look to other countries for their investments.
Consultation on the draft legislation will close on April 5.
Team Galetto are training hard for the mad dash up Awaba Street on June 2nd. Registrations are now open for the 13th annual Balmoral Burn. We are strong supporters of the Humpty Dumpty Foundation, and the morning's events are always fun-filled for the whole family. Go to humpty.com.au for registration details. If we can do it, puff, gasp, puff....so can you!
We just love this stunning Timothy Oulton Axel Double Bookcase newly launched from Coco Republic - superb piece to liven up any room
This is an exciting week in Mosman for our senior citizens. There are plenty of activities scheduled by the council. Here is a link to the Mosman Council website. Make sure to jump in and get involved - enjoy!! http://www.mosman.nsw.gov.au/events/3710/seniors-week-2013
"Do not follow where the path leads, rather go where there is no path, and leave a trail."- David Perkins
With the abundance of real estate agencies on the lower north shore of Sydney and the plethora of agents within them, my philosophy with establishing a successful boutique agency is "when the others zig, I zag". It's worked for us! There is no point in being the same as everyone else, one needs differentiation.
Every apartment above ground level in NSW will be required to fit safety devices to prevent children falling out of windows.
Over five years all windows above the ground floor in existing residential strata schemes must be fitted with locks or safety devices which can prevent the windows from opening more than 12.5 centimetres, or the width of a baby's head.
The proposed safety measure, to be enforced in May, will cost between $10 and $40 per window and will need to be organised by Strata Managers.
My advice to landlords, given the incidence of children falling from windows, is to allow us to independently organise for the window locks on your investment property to be carried out now. Why wait for up to 5 years, given the risks associated and the liabilities which could stem from this, let alone a possible death of a child?
Mosman's Exciting news is that the ever-popular Avenue Road Cafe is changing hands. The new owners are friends and clients of mine. James has done an amazing job of working 24/7 to build a hugely successful business. Now it is up to local residents Deb and Gavin, to take it to yet another level. And watch out for the wine bar extension - excellent idea and much needed in Mosman. Cheers to that too!!
We are seeing a surge in interest from overseas investors, and there is no doubt that this is helping to support our economic growth. Many foreign investors are purchasing a property as a residence for family members who are studying in Australia or they themselves are moving here to enable their children to get the best education they can from primary school through to university.
Confidence is building rapidly in the housing market. Investors are back in force as they see the market has bottomed and is strengthening quickly. Apartments in the $600,000 plus bracket are being snapped up fast. Rentals are strong and ROI is around 5%