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Thursday 18 April 2013

"Perth home has movie star appeal"

"A LUXURY apartment where Hollywood star Ewan McGregor has been filming his new movie in Perth is up for grabs for $2.7m.

Buyers keen for a bit of stardust to rub off on their purchase will not only get stunning ocean views from the South Fremantle apartment but the kudos that the actor famous for his roles in Star Wars, Trainspotting and Moulin Rougen hung out there.
Scenes from the filming will be immortalised in McGregor's upcoming movie Son of a Gun.
The popular star enjoyed the vista from Apartment 16 at The Islands complex, by all accounts.
"We loved our time filming at Islands, the view from apartment sixteen was stunning and it was in such a great location with Fremantle just down the road,'' said a spokesperson for the Son of a Gun production.
"The apartment was always filled with natural light which made filming easy and we certainly never got sick of standing on the balcony looking at the water!''
Stocklands developers handed over the apartment to the star and crew to become part of Australian film history as a location for the much-anticipated psychological crime thriller.
The film is set for release in 2014 and will be the first full-length feature film for acclaimed short filmmaker and Pemberton-born writer-director Julius Avery, who is touted as Australia's next "break out'' director.
Stocklands general manager WA residential Col Dutton said it was an honour to be involved with such a high-profile film.
"The three-bedroom apartment chosen for Son of a Gun, has floor-to-ceiling windows in both the living room and master bedroom, providing 180-degree views of Carnac Island all the way up to Fremantle,'' Mr Dutton said.
"It was the perfect location to showcase the iconic WA coastline to movie-goers across the world.''
More than 70 per cent of the apartments and beach houses at the Islands development have now sold."

This article was sourced from PerthNow and was written by Claire Bickers. Pictures of this property can be found after the jump.

Thursday 11 April 2013

"Fee caps good news for renters"

 This article was sourced from PerthNow and was written by Claire Bickers.

"THE most vexatious part of securing a new rental home - "option fees'' which have previously cost renters hundreds of dollars - will now be capped at $50 or $100 dollars under new residential tenancy laws set to start in Western Australia mid-year. 

For months, stressed renters have been complaining in Perth of having to stump up potentially thousands of dollars just to be in the running as they applied for hard-to-find rentals in the overheated market.
The median rent is currently $470 and option fees have typically been one week’s rent – a figure which can rapidly spiral into the thousands if a candidate needs to make several applications to secure a home.
But now WA is to get a new Residential Tenancies Act taking effect midyear and the industry is debating who are the winners, with some claiming the new laws favour tenants and leave landlords in the lurch.
Perth rents were a political hot potato during the recent state election.
Abolishing option fees was one of WA Labor's campaign points.
The Barnett Government opted to cap the fee instead.
Another key change to the residential tenancy laws will mean a fixed term tenancy will no longer end automatically when the lease ends instead, a tenancy will only end is 30 day's written notice is given.
The new laws have also standardised residential tenancy agreements, created new minimum levels of security for rentals and made property condition reports compulsory at the start and end of a tenancy.
Residential tenancy agreements can currently take any form; from a verbal agreement, to written on the back of a coaster, to a fully outlined legal document.
Under the upcoming legislation, a new standardised written agreement will come into force but ``lessors'' (landlords) will still be able to add specific clauses.
Property condition reports are now compulsory.
And in another major change, the new act will require homes to be fitted with compulsory security measures, likely to include door and window security and exterior lighting.
According to new WA Commerce Minister Michael Mischin specific regulations, such as the kind of security measures which will be required, are currently being finalised and will eventually be published on the Department of Commerce website.
Previously only one fine of $20,000 was included in the legislation but with the updated laws, several misdemeanours will carry the maximum penalty.
Reiwa property managers network co-chairperson Michelle Rigg, who ran a seminar for Ausnet real estate agents last week on the changes, said the recent State election had likely pushed the start date back to July.
She said the changes held some clear benefits for tenants.
``One key thing for tenants is that the changes actually incorporate ways to deal with internal disputes between tenants,'' Ms Rigg said.
She said tenants who shared properties but fell out could now have their disputes heard, even if their names weren't on the lease.
The Department of Commerce will be running an education campaign on the new laws in the next few months.
THE CHANGES
Under the new laws:
Residential tenancy agreements will be standardised with the option to add any specific clauses to the agreement as long as they don't counteract those in the act.
Property condition reports must be completed at the start and end of a tenancy.
Security bonds must be lodged with the Department of Commerce's Bond Administrator.
Pet Bonds will now include any pet capable of carrying parasites that could affect humans where previously they only included cats and dogs. Like before, Pet bonds may only be used to fumigate.
Landlords will only be able to inspect their property a maximum of four times in a year and must notify the tenant whether the inspection will be before or after noon.
Inspections must be between 8am and 6pm on a weekday, 9am and 5pm on a Saturday or at any other time agreed by both parties.
Landlords will be required to contact a repairer within 24 hours for an essential repair or within 48 hours for other urgent repairs, with repairs to be completed as soon as possible.
A new minimum level of home security, yet to be finalised by the Department of Commerce, will be compulsory for all rentals and must be put in place within two years of the new laws commencing.
A tenancy will not automatically end when a fixed term tenancy agreement ends unless the owner or tenant gives the other party 30 days notice.
Option fees will be capped at either $50 or $100 dollars depending on the rent.
Only tenants who have breached their lease can now be placed on tenant databases and landlords must inform tenants of which databases they will be checking. If a landlord finds a tenant on a database they must inform the tenant in writing of ways they can get themselves removed from the database.
All standard forms will be available free from the consumer protection website.
For further details and other changes to the residential tenancy legislation see the Department of Commerce's website or the Residential Tenancies Amendment Act 2011. Information on specific regulations will be available soon."

Thursday 4 April 2013

"RBA leaves cash rate on hold"

The following article was sourced from Rates Direct.

"The RBA announced today that the cash rate will remain unchanged at 3.00% (for the third straight month). This was no surprise and was in-line with what analysts had predicted.

"The RBA has taken the view that the easing they've done so far has yet to work its way into the economy," said Gareth Berry, a currency strategist at UBS AG Singapore. "If they do cut at all this year, it's not going to be immediate."

For Australian consumers right now still represents a good time to benefit from competitive home loan market driven by major banks. There are some amazing products and offers currently being offered which provide additional opportunities to save more."

"Making sense of the market"

The following article is sourced from the Acton Real Estate April 2013 newsletter.

"Buyers, it's time to panic, you'll never find a house, and prices will soon be out of your reach - you should rush out and buy whatever you can, pay whatever is necessary. Sellers, the market is on fire, prices are rising and you can ask whatever you like for your home. These are some of the messages we've been hearing lately in the news, current affairs shows and newspapers. Should we believe them? What is really happening?

Are properties in short supply? 
Listings have fallen significantly over the last year, from 14,000 at this time last year to around 8,400 now. This is below the 12,000 that is considered to be ideal for a balanced market, however this is still much higher than the 4,800 properties that were available at the height of the boom in the June quarter of 2006.
Increased buyer activity has reduced the supply of property, but there is still plenty to chose from. Some areas are experiencing greater demand than others, and there may be fewer properties available in these areas, however a neighbouring suburb may have more on offer. There is no need to rush out and buy the first house you see - unless of course you absolutely love it!
If you are thinking of selling, this is a very good time to put your property on the market.

Properties are selling faster
 At the time of writing, according to the latest REIWA statistics, properties in the December 2012 quarter took an average of 62 days to sell, down from 79 days in the March 2012 quarter, but not close to the 36 days in the booming June 2006 quarter.
Yes, some properties are selling at their first home open, a few are selling almost as soon as they come on the market. Is this a reason to panic? No, what it does mean is that if they don't want to miss out on any opportunity buyers should register their interest with local agents, so that when a property meeting their criteria comes on the market they are notified immediately and have a chance to act.
 And while some properties are selling very quickly, sellers cannot assume that their property will sell as soon as it hits the market. Demand varies from suburb to suburb and within price brackets. The greatest demand is still being felt in the under $500,000 price range.

Prices are booming (or are about to) 
The announcement that the median price had risen to $510,000, above the previous high of $505,000, caused a bit of a stir. "Houses more expensive than ever", "Perth prices at record highs" were some of the media's comments. The median is just the middle price and more sales in higher price brackets (which is what is occurring) can lead to a higher median, while more sales in lower price brackets can see the median fall.
We are starting to see prices rise slightly and conditions suggest that further modest price rises are on the cards.
If supply tightens further and buyers feel they must buy at any cost, then we will see a more significant rise. However first homebuyers are still the driving force behind the market, and if they are deterred by price rises and decide not to buy we may see reduced demand and a softening in the market.
One of the factors behind prices rises is a buyer's willingness to pay. If a seller decides to ask a higher price and someone is willing to pay that amount, then we will see prices rise. If buyers think it is too much and look elsewhere and are prepared to wait for a cheaper property to come along, we will have a reasonable check on prices.
Overall, a boom is not expected, and sellers cannot just ask whatever they like for their property; buyers are still cautious about price and careful with their finances, they won't pay inflated prices.

I'll have to pay above the asking price 
This is happening in some cases, but only when there are several buyers interested in a property. These buyers will have to compete against each other if they want to secure the property, but unlike at an auction, they don't know what the other buyers are offering and so must make their offer as attractive as possible. This may mean offering above the asking price.
If you are the only buyer, then you can make whatever offer you like, but you are advised not to make a 'cheeky' offer to try and get the property for a bargain price. As we know, demand is strong and most sellers can afford to wait and see if another, better, offer comes along. They may even refuse to negotiate if they feel your offer is insulting.
Sellers, don't let stories of properties selling for above the asking price sway you when it comes to setting price. Buyers are very market savvy, and have a good idea of what a property is worth. Trying to take advantage of market conditions and adding on another $10,000, $50,000 or $100,000 may delay, or even cost you a sale. The properties that are selling quickly are those that are reasonably priced, so be guided by your agent. If you really want to see what the market is willing to pay, try selling your property via the auction process."